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Finance

Wed, August 17, 2022 | 08:17

KakaoBank employees at loss over employee stock ownership plan

KakaoBank's stock price rose by 4.78 percent, ending at 32,900 won ($25) on Thursday's trading session, following the previous day's solid first-half earnings report. The digital bank raked in a record-high net profit of 123.9 billion won in the first half, which is a 6.8 percent year-on-year increase. Despite enjoying a stock price high since late June, employees of the inte...

Anna J. Park | 2022-08-04 17:21

KB Kookmin Bank faces lawsuit over peak wage system dispute

The union of KB Kookmin Bank said Thursday that it filed a lawsuit calling for management to pay employees the amount of salary that was cut due to a disputed peak wage system. Adopted by numerous businesses, the system put a ceiling on wages and gradually cut the annual salaries of senior-level workers several years before retirement after their pay reached what's deemed as ...

Yi Whan-woo | 2022-08-04 16:18

Hana Securities forms strategic partnership with Vietnam's BIDV Securities

Hana Securities has signed a strategic cooperation agreement with BIDV Securities Company (BSC), a Vietnamese brokerage firm, aiming to consolidate its foothold for further expansion in the Southeast Asian country. According to Hana Securities, the company chief, Lee Eun-hyung, who's also Hana Financial Group's co-vice chairman, signed the cooperative MOU with the Vietnamese ...

Anna J. Park | 2022-08-04 16:12

Yoon gov't urged to allow conglomerates to enter biz sectors designated for SMEs

The Yoon Suk-yeol administration is being urged to scrap a longstanding, over-decade-old policy aimed at holding back conglomerates from entering businesses exclusively designated for small and medium-sized enterprises (SMEs), by a state-run think tank in a recent report. Introduced in 2011, the policy was intended to protect SMEs from larger businesses and help them enhance ...

Yi Whan-woo | 2022-08-04 16:01

Korea to unveil inflation-combating measures ahead of Chuseok holiday

Korea plans to roll out additional measures to tame inflation ahead of the Chuseok fall harvest holiday set for September, government officials said Thursday.

2022-08-04 14:53

Discarded currency down 14.1% in H1 amid increase in non-cash payments

The amount of bills and coins discarded due to severe damage shrank 14.1 percent on-year in the first half amid increased prevalence of non-cash transactions, data showed Thursday.

2022-08-04 13:50

Pelosi's Taiwan visit pushes Korean confectionery shares to soar

U.S. House Speaker Nancy Pelosi's visit to Taiwan is having an unexpected positive effect on Korean confectionary companies. Their stock prices rose steeply on Wednesday on reports that China banned importation of Taiwanese food items on the eve of the contentious visit.

Yoon Ja-young | 2022-08-04 09:00

Gen MZ financial relief programs stir up fairness debate

Financial relief programs for those in their 20s and 30s who struggle with loan repayments have stirred up debates about equity and fairness among older people, who also have trouble paying off loans but are excluded from receiving the financial benefits due to their age. The programs are run by the government and private banks, in line with President Yoon Suk-yeol's push to ...

Yi Whan-woo | 2022-08-03 16:29

Major bank executives receive hefty bonuses

Executives of the country's four major banks - KB Kookmin, Shinhan, Hana and Woori - received bonuses worth 108.3 billion won ($82.6 million) between 2020 and May this year, data showed Wednesday.The banks already face growing criticism for reaping hefty profits over hikes on the key interest rate, while low-income borrowers are struggling to repay their debts.

Yi Whan-woo | 2022-08-03 16:29

Foreign reserves grow for 1st time in 5 months in July

Korea's foreign reserves increased for the first time in five months in July, thanks to increased operation profits and expanded deposits in foreign currency, central bank data showed Wednesday.

2022-08-03 10:32

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