SEOUL, Jan. 15 (Korea Bizwire) -South Korea’s finance minister and the central bank chief agreed Friday to strengthen cooperation in managing economic and monetary policies in a bid to tide over current challenges at home and abroad. At their first meeting since Finance Minister Yoo Il-ho took office on Wednesday, Yoo and Bank of Korea [...]
SEOUL, Jan. 13 (Korea Bizwire) – The State Bank of India (SBI), the southern Asian country’s No. 1 commercial bank, said Wednesday it opened a branch in Seoul in line with growing exchanges between the two nations. The branch, located in downtown Seoul, is the Indian bank’s first in South Korea, though the institution set [...]
SEOUL, Jan. 13 (Korea Bizwire) – South Korea’s new finance minister and the central bank chief will have their first meeting later this week to share their views on the economy in the face of falling oil prices and a Chinese rout, the Bank of Korea (BOK) said Wednesday. Finance Minister Yoo Il-ho, who took [...]
SEJONG, Jan. 12 (Korea Bizwire) – South Korea’s tax revenue rose sharply on-year in the first 11 months of 2015 thanks to higher cigarette prices and increased real estate transactions, the finance ministry said Tuesday. In the January-November period, the government collected some 206.2 trillion won (US$171 billion) in taxes, up 16.8 trillion won from [...]
SEOUL, Jan. 12 (Korea Bizwire) – South Korea’s top financial regulator warned of greater financial market volatility on Tuesday, vowing to properly deal with it with a sense of alertness in order to ensure market stability. The local market has suffered a setback, facing a double whammy of China’s stock market rout amid concerns over [...]
SEJONG, Jan. 8 (Korea Bizwire) - South Korea’s finance minister nominee said Friday that he has no plan to tighten a set of eased mortgage regulations amid rising public demand to tackle mounting household debt. The government eased the loan-to-value (LTV) and the debt-to-income (DTI) rules in August 2014, shortly after the inauguration of Finance Minister [...]
SEOUL, Jan. 7 (Korea Bizwire) – The South Korean economy, which has been struggling with exports and flaccid domestic demand over the past year, is facing a triple whammy of weakening growth in China, geopolitical uncertainties surrounding North Korea and stubbornly weak international crude prices, watchers said Thursday. South Korea’s economy, which was rocked by [...]
SEOUL, Jan. 7 (Korea Bizwire) - South Korea’s top financial regulator on Thursday stressed the need for careful risk management to maintain financial stability in the face of resurfacing geopolitical risks and external uncertainties. Financial Services Commission (FSC) Chairman Yim Jong-yong made the remarks at a meeting held with officials from relevant government agencies and experts [...]
SEOUL, Jan. 7 (Korea Bizwire) – South Korea’s central bank head will attend a bimonthly meeting of central bank governors from around the world, where they will exchange views on the latest financial market conditions, the Bank of Korea (BOK) said Thursday. BOK Gov. Lee Ju-yeol will head to Basel, Switzerland, on Friday for the [...]
SEOUL, Jan. 7 (Korea Bizwire) – An interest rate hike of just 0.25 percentage points will likely cause the household debt service burden to rise by 1.9 trillion won (US$1.6 billion) per year, hurting consumer spending and affecting overall growth, the central bank said Thursday. In a report submitted to Rep. Park Won-suk of the [...]