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Last year, the number of newly minted coins hit the lowest value on record and the number of banking branches continued to drop, according to data on Monday. The Bank of Korea, the nation’s central bank, said newly issued coins last year amounted to some 36.4 billion won ($30.9 million) in value...
Shinhan Financial Group Chairman Cho Yong-byoung on Jan. 22 received a suspended sentence on influence-peddling charges in the flagship banking unit’s recruiting scandal, even as his leadership remains unscathed. The Seoul Eastern District Court handed the 63-year-old executive a six-month pris...
South Korea’s Finance Ministry is considering imposing a 20 percent tax on income from cryptocurrency transactions, officials said Jan. 20. The Ministry of Economy and Finance recently ordered its office of income tax to review a taxation plan for cryptocurrencies, according to officials. Previou...
Apple Inc. was the top pick by South Korean investors among foreign companies during the fourth quarter of last year as local investors joined the rush to buy shares in the U.S. tech giant on hopes of it making a rally, data showed on Jan. 6. Apple outperformed all other market-leading tech shar...
South Korean households have become less fiscally sound despite their debt growing at the slowest pace in over 15 years, a central bank report said Dec. 26. Outstanding household debt, including credit spending, came to 1,572.7 trillion won ($1.35 trillion) as of end-September, up 3.9 percent f...
South Korean and foreign securities firms saw their combined net profit fall 28.5 percent in the third quarter from a quarter earlier due in part to declines in commission fees, data showed Dec. 24. The combined net profit of 56 local and foreign brokerages in Korea stood at 988.9 billion won (...
The Tina River Hydropower Project, an infrastructure development project in the Solomon Islands involving South Korean companies, has secured a combined $240 million investment pledge from six investors, the project organizers announced on Dec. 16. Participating financial institutions include the ...
The value of South Korea’s investment funds exceeded 660 trillion won ($553 billion) last month, driven by an increase in money market funds and real assets funds amid lingering uncertainties from the Sino-American trade negotiations, data showed on Dec. 11. The net asset value of the funds ca...
Foreign investors in South Korea continued to recoup investments from the local bond market for three consecutive months, dragging the amount of locally listed bonds held by them to the lowest level in six months, according to the financial regulator on Dec.8. The latest data of the Financial Supe...
South Korea’s pension fund National Pension Service said on Dec. 4 it has picked five investment houses and earmarked some 200 billion won ($167.6 million) for its investment in startups, in a bold move to increase exposure to alternative assets. Knet Investment Partners, Premier Partners, IMM In...
Three South Korean institutional investors on Dec. 3 declared an end to coal exposure in their portfolios. This comes in line with the global push for responsible investment principles, such as environmental, social and governance criteria. DB Insurance, the Korea Teachers’ Credit Union and the ...
South Korea’s financial watchdog chief expressed concerns Dec. 2 over financial companies’ practices of seeking short-term gains, citing the recent misselling of derivative products that led to huge losses for investors. Financial Supervisory Service Gov. Yoon Suk-heun said in a meeting with ...
South Korea’s National Pension Service decided on Nov. 29 to hold off on plans to implement guidelines to influence its portfolio firms’ behavior amid controversy surrounding the guidelines. After a meeting of the NPS’ Fund Management Committee in Seoul, the world’s third-largest pension fund ...
JB Financial Group Chairman Kim Ki-hong shared his vision in the changing industry landscape with new staff, the company said Nov. 28. Kim urged some 90 entry-level employees of Jeonju-based Jeonbuk Bank and Gwangju-based Kwangju Bank to maximize their potential by developing key skills and compe...
Asset management companies in South Korea saw their combined third-quarter profit fall on-quarter, hit by a sharp decline in their investment income, data showed Nov. 26. The combined net profit of 275 AMCs came to 206.4 billion won ($175 million) in the July-September period, compared with a p...
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