The US-led Trans-Pacific Partnership, one of the biggest trade deals in history, was signed in New Zealand on Thursday as protestors demonstrated over fears for jobs and sovereignty.   The ambitious deal, promising the elimination of nearly all tariffs among the 12 member nations, aims to break down trade and investment barriers between countries accounting for about 40 percent of the global economy. Andrew Robb, Minister for Trade and Investment (L) is welcomed with a local Maori elder as the M

World News Feb. 4, 2016

Lee Dong-gulLee Dong-gul, a former vice chairman of Shinhan Investment, has been tapped to head the state-run Korea Development Bank, the Financial Services Commission said Thursday. 　The financial regulator said in a press statement that it has decided to recommend the 68-year-old veteran banker as the sole candidate for the post to President Park Geun-hye. 　If appointed, Lee will succeed Hong Kyttack who is to move to the recently-established Asian Infrastructure Investment Bank in Beijing as

Feb. 4, 2016

The government said Tuesday that it would fully support corporate investment and hiring plans in order to keep the nation’s economic growth momentum for this year.　“The government will make every possible effort to support companies’ active hiring and investment, such as eliminating the regulatory factors that hinder job creation,” Deputy Prime Minister and Finance Minister Yoo Il-ho said.　The chief economic policymaker revealed the plan during a rare meeting between a group of government minist

Feb. 2, 2016

Embattled credit card companies may face stiff competition from online-only banks that are fast seeking ways to infiltrate the market, according to industry sources. 　One such entity is Kakao Bank, a consortium of three firms Kakao, Korea Investment & Securities and Kookmin Bank.  　“Our plan is to launch credit cards linked to our services and win the approval (from the government) within this year,” a Kakao Bank official told a local paper, although it has not revealed the details. 　If Kakao Ba

Feb. 1, 2016

South Korea will introduce an omnibus account system for foreign investors in the local stock market starting May to improve convenience and access, officials said Sunday.　The Financial Services Commission said the new system would simplify the current registration system that exclusively applies to foreign stock investors, institutional or retail. 　Under the new system, a global asset management firm or a brokerage house can open a single account to process orders from their clients. 　Currently

Jan. 31, 2016

Korea’s tax authorities said Wednesday they have launched a full-fledged investigation into 30 corporations and individuals on suspicions of offshore tax evasion.The National Tax Service said the probe would target companies and individuals who are suspected of having concealed their wealth using offshore paper companies in the British Virgin Islands and other tax havens. “We will conduct unprecedented intense tax investigations into companies and members of conglomerate families,” said Han Sung

Jan. 27, 2016

The Export-Import Bank of Korea said Wednesday it has allocated loans and guarantees worth 75 trillion won ($62.5 billion) in 2016 amid the sluggish global economy, vowing strong support for the nation’s future growth engines.　The official export credit agency increased its allocation for corporate loans and investment by 1 trillion won from the previous year to boost liquidity among promising exporters, bank officials said. 　Of the total, the agency plans to inject 3.5 trillion won for promisin

Jan. 27, 2016

The ailing South Korean economy grew 2.6 percent in 2015, the lowest in three years, largely due to slumping exports and manufacturing, the central bank said Tuesday.　The nation’s fourth-quarter gross domestic product rose 0.6 percent from the previous three months, according to the Bank of Korea’s preliminary report.　“Private spending and investment in the construction sector expanded at a fast rate in 2015 and growth in facility investment was steady, but the exports and investment in intellec

Jan. 26, 2016

Finance Minister Yoo Il-ho on Thursday vowed to deliver “tangible” recovery in domestic demand and exports through a continued focus on structural reform and economic stimulus measures. 　“We will remove all obstacles that have hindered economic growth and job creation,” Yoo said in his first ministerial meeting with economic bureaucrats on Thursday. “The government will also try to reinvigorate the entire economy by reviving consumption and export.” Financial Minister Yoo Il-ho attends his first

Jan. 21, 2016