SEOUL, Dec. 27 (Korea Bizwire) — South Korea’s overseas direct investment fell 5 percent on-year in the third quarter of this year amid the prolonged COVID-19 pandemic, the finance ministry said Tuesday. The value of investments made overseas by South Korean companies reached US$16.61 billion in the July-September period, down from $17.48 billion a year [...]
SEOUL, Dec. 27 (Korea Bizwire) — An increasing number of people are struggling to pay back loans with as interest rates continue to rise, a central bank report said Monday. The Bank of Korea (BOK) reported that the average debt service ratio (DSR) of mortgage borrowers in the third quarter of this year reached 60.6 [...]
SEOUL, Dec. 21 (Korea Bizwire) — South Korean securities firms were found to be borrowing at low interest rates but issuing loans to customers at significantly higher rates, the country’s financial regulator said Tuesday. Brokerage firms had borrowed funds at an interest rate of 3.02 percent as of Sept. 29, but the interest rates for [...]
SEOUL, Dec. 20 (Korea Bizwire) — Nearly 60 percent of South Koreans aged between 40 and 64 held debt in 2021 as more people took out loans to purchase houses amid soaring property costs, data showed Tuesday. The proportion of middle-aged South Koreans who borrowed money from banks or other financial institutes came to 57.3 [...]
SEOUL, Dec. 18 (Korea Bizwire) — Five major South Korean banks have offered a voluntary retirement program to their 2,400 employees this year despite record profits amid higher interest rates, industry sources said Sunday. The voluntary retirement plans at the five lenders — KB Kookmin, Shinhan, Woori, Hana, and NH Nonghyup – are accelerating as [...]
SEOUL, Dec. 16 (Korea Bizwire) — South Korea took advantage of post-pandemic recovery through early 2022, but this year was overall challenging for the export-dependent nation as it felt the pinch of inflation sparked by the Russia-Ukraine war resulting in monetary tightening moves and slowed exports. Earlier this year, the South Korean government painted a [...]
SEOUL, Dec. 9 (Korea Bizwire) — Foreign investors remained net buyers of South Korean stocks for the second straight month in November amid expectations the U.S. Federal Reserve will slow the pace of rate increases and China could ease strict coronavirus restrictions, central bank data showed Friday. Foreigners’ stock investment funds logged a net inflow [...]
SEOUL, Dec. 8 (Korea Bizwire) — Asset management firms in South Korea saw their combined net earnings plunge more than 40 percent in the third quarter due to declined fees and profits from securities investments amid sluggish financial markets, data showed Thursday. The combined net income of 414 asset management firms stood at 362.5 billion [...]
SEOUL, Dec. 8 (Korea Bizwire) — To bring higher satisfaction to customers and to protect the environment, South Korea’s banking industry is changing how new year calendars for customers are distributed. Woori Bank, for example, made its 2023 calendar using eco-friendly paper certified by the Forest Stewardship Council. To ensure easy recycling, the triangular stand [...]
SEOUL, Dec. 7 (Korea Bizwire) — South Korean banknotes saw their lifetimes increase on-year in 2022 as people use less cash and depend more on credit cards and internet banking for transactions, a central bank report showed Wednesday. According to the report from the Bank of Korea (BOK), the country’s smallest denomination bills, 1,000-won notes, [...]