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South Korean Economy Exposed to Dangers of Easy Credit

South Korean Economy Exposed to Dangers of Easy Credit

SEOUL, Oct. 16 (Korea Bizwire) — South Korea’s financial industry may have reached the point of excess where its growth will only undermine further economic development. According to the Korea Institute of Finance, credit lines at South Korean financial institutions tend to concentrate on unproductive household loans and small businesses that combine to hamper financial [...]

Stocks Accepted in Place of Electricity Bill Payment Greatly Devalued

Stocks Accepted in Place of Electricity Bill Payment Greatly Devalued

SEOUL, Oct. 15 (Korea Bizwire) — The value of stocks that the Korea Electric Power Corporation (KEPCO) accepted from other firms in lieu of payment for electric bills were found to have fallen sharply, incurring losses totaling 11.6 billion won. According to data submitted by KEPCO to lawmaker Eoh Kiy-ku of the Democratic Party, who [...]

S. Korean Crypto Exchange Bithumb Sold to Singaporean Consortium

S. Korean Crypto Exchange Bithumb Sold to Singaporean Consortium

SEOUL, Oct. 12 (Korea Bizwire) — South Korea’s biggest cryptocurrency exchange, Bithumb, has been sold to Singapore-based BK Global Consortium, industry insiders said Friday. BK Global finalized its contract with the digital money exchange’s largest shareholder, BTC Korea Holdings, on Thursday to buy 50 percent plus 1 stake for 400 billion won (US$352.5 million), according [...]

Ruling Party Raises Need to Adopt Dual-class Share System for Venture Firms

Ruling Party Raises Need to Adopt Dual-class Share System for Venture Firms

SEOUL, Oct. 11 (Korea Bizwire) — The ruling Democratic Party (DP) on Thursday raised the need to introduce a dual-class share system for venture companies in a bid to help them secure funds while defending their managerial rights. As a key management defense tool, the dual-class share system allows major shareholders to exercise multiple voting [...]

Samsung Electronics Tops List of Shares Sold by Foreigners, Institutions

Samsung Electronics Tops List of Shares Sold by Foreigners, Institutions

SEOUL, Oct. 8 (Korea Bizwire) — Shares of South Korean tech giant Samsung Electronics Co. topped the list of holdings sold off by foreign and institutional investors in 2018, market data showed Monday. During the first nine months of this year, offshore investors sold shares of Samsung Electronics worth 3.56 trillion won (US$3.15 billion), according [...]

Interchange Fees Stifling Small Business

Interchange Fees Stifling Small Business

SEOUL, Oct. 5 (Korea Bizwire) — Merchants in North Jeolla Province are struggling under the burden of interchange fees, according to a recent survey conducted by the Korean Confederation of Trade Unions (KCTU). Queried on the business expense that needs to be addressed most urgently, 59.3 percent of the respondents chose interchange fees. That is [...]

Growth of S. Korea’s Household Debt-to-GDP Ratio 3rd Fastest among Major Economies

Growth of S. Korea’s Household Debt-to-GDP Ratio 3rd Fastest among Major Economies

SEOUL, Oct. 3 (Korea Bizwire) –The ratio of household debt to gross domestic product (GDP) in South Korea increased at the fastest clip after China and Hong Kong despite a series of tightened lending rules, data showed on Wednesday. According to the data compiled by the Bank for International Settlements (BIS), South Korea’s household debt [...]

Accumulated P2P Lending Sharply Increases to Top 4 tln Won

Accumulated P2P Lending Sharply Increases to Top 4 tln Won

  SEOUL, Oct. 3 (Korea Bizwire) – Accumulated peer-to-peer (P2P) loans in South Korea are estimated at over 4 trillion won (US$3.57 billion) as of the end of August, data showed on Wednesday. P2P lending refers to a new type of loan extended to individuals or businesses through social network services and the Internet, covering [...]