SEOUL, Nov. 24 (Korea Bizwire) — Finance Minister Choo Kyung-ho has vowed to continue efforts to boost foreign investors’ access to the South Korean market and create favorable conditions for corporate investment, his office said Friday. Choo made the remarks during a market opening ceremony at the London Stock Exchange on Thursday (local time), as [...]
SEOUL, Nov. 20 (Korea Bizwire) – South Korean banks’ net profit rose sharply from a year earlier in the third quarter on an increase in interest income, preliminary data showed Monday. The combined net profit of 20 banks in the July-October period came to 5.4 trillion won (US$4.15 billion), up 38.2 percent from a 4.2 [...]
SEOUL, Nov. 19 (Korea Bizwire) – A survey reveals that over half of the companies listed as intending to venture into new businesses such as secondary batteries and artificial intelligence (AI) had no track record of actually promoting such initiatives. The Financial Supervisory Service (FSS) released a report on Sunday titled ‘Follow-up on the Results [...]
SEOUL, Nov. 10 (Korea Bizwire) – The government is poised to announce a series of measures later this year to break the monopoly held by banks as they have been raking in record profits from interest income, according to sources from the presidential office on Friday. This decision follows President Yoon Suk Yeol’s strong criticism [...]
SEOUL, Nov. 10 (Korea Bizwire) – Working-class individuals in South Korea are finding themselves compelled to resort to revolving loans carrying an annual interest rate of 20 percent. This shift is a consequence of savings banks and card companies, typically the go-to sources for emergency funds among ordinary people, raising the bar for access to long-term [...]
SEOUL, Nov. 7 (Korea Bizwire) – South Korea has experienced the easing of an economic slowdown on the back of the recovery in the semiconductor industry amid persistent external uncertainties, a state-run think tank said Tuesday. “The economic slowdown begins to ease, led by the semiconductor industry, while external uncertainties persist, as indicated by high [...]
SEOUL, Oct. 26 (Korea Bizwire) — PayPal Holdings, Inc., the multinational operator of an online payment system, was ordered to pay over 900 million won (US$663,863) in fines Thursday for a personal data breach involving some 23,000 customers. The Personal Information Protection Commission decided to impose combined fines of 922 million won on the Singapore-based [...]
SEOUL, Oct. 23 (Korea Bizwire) – In the current bond purchasing trend, individual investors are transitioning from bonds with maturities exceeding 10 years to short-term bonds with maturities of less than one year. As interest rates surge and bond prices decline, driven by the Federal Reserve’s indication of a prolonged tightening stance, individual investors are displaying [...]
SEOUL, Oct. 19 (Korea Bizwire) — Foreign investors sold a net 1.71 trillion won (US$1.26 billion) worth of South Korean stocks in September, extending their selling spree for a second consecutive month, data showed Thursday. After the sell-off, foreigners owned some 663.7 trillion won worth of local stocks, or 26.7 percent of total market capitalization, [...]
SEOUL, Oct. 18 (Korea Bizwire) — More foreign financial firms than expected have expressed their intentions to directly participate in the South Korean foreign exchange market, the country’s currency authorities said Wednesday. According to the Bank of Korea, some 30 overseas financial institutions seek to register with the country’s foreign exchange authorities for the trading [...]