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K-Bank Raises Deposit Rate to Fend off Kakao Bank

K-Bank Raises Deposit Rate to Fend off Kakao Bank

SEOUL, Aug. 9 (Korea Bizwire) — K-Bank, South Korea’s first Internet-only bank, said Wednesday it has raised its deposit rate, in an apparent bid to fend off its competitor, Kakao Bank. K-Bank increased the rate it offers on a 1-year time deposit by 10 bps to 2.1 percent, compared with 2 percent offered by Kakao [...]

Rich get Richer? Wealthy South Korean Reap Rewards From Real Estate

Rich get Richer? Wealthy South Korean Reap Rewards From Real Estate

SEOUL, Aug. 4 (Korea Bizwire) —The rebound of the real estate market has resulted in hefty profits for affluent South Koreans with property investments, with business income growth hitting a seven-year high thanks to soaring real estate revenue. On August 3, Statistics Korea reported that for the first quarter, those in the upper 20th percentile [...]

Property Investors May Move Money to Stocks: Analysts

Property Investors May Move Money to Stocks: Analysts

SEOUL, Aug. 4 (Korea Bizwire) — South Korea’s real estate investors may move their money to the stock market following tough government measures to cool the overheating housing market, analysts said Friday. In a desperate bid to rein in soaring apartment prices, the government unveiled a package of measures Wednesday, including the designation of areas [...]

Holiday, Hot Weather Cause Credit-card Spending to Rise in Q2

Holiday, Hot Weather Cause Credit-card Spending to Rise in Q2

SEOUL, Aug. 4 (Korea Bizwire) – Credit-card spending by individuals rose 11.2 percent on-year in the second quarter, as a long holiday and hot weather boosted demand for air conditioners and other consumer goods, industry data showed Friday. According to the data by the Credit Finance Association, credit-card spending by individuals stood at 150 trillion [...]

Tougher Rules to Affect Some 400,000 Mortgage Borrowers

Tougher Rules to Affect Some 400,000 Mortgage Borrowers

SEOUL, Aug. 3 (Korea Bizwire) – South Korea’s stricter lending rules will likely affect about 400,000 potential mortgage borrowers in “speculative districts” in Seoul and the administrative capital of Sejong in the second half of the year, officials said Thursday. In its latest bid to rein in the overheating housing market, the government Wednesday designated [...]

Kakao Bank Attracts 1.5 Million Accounts in First Week

Kakao Bank Attracts 1.5 Million Accounts in First Week

SEOUL, Aug. 3 (Korea Bizwire) – Kakao Bank, South Korea’s second Internet-only bank, said Thursday it has attracted over 1.5 million accounts during the first week of operation, far outpacing the growth of its competitor and traditional banks. Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, started operations on July [...]

9 in 10 Small Business Owners Consider Downsizing After Minimum Wage Hike

9 in 10 Small Business Owners Consider Downsizing After Minimum Wage Hike

SEOUL, Aug. 3 (Korea Bizwire) — Small business owners in South Korea are making moves to adapt to the country’s new minimum wage hike, as a new survey shows nine in ten will downsize to offset the expected economic impact. The surprising findings from a survey conducted by the Korea Federation of Micro Enterprise last month [...]

Banks Urged to Tighten Mortgage Screening to Curb Property Speculation

Banks Urged to Tighten Mortgage Screening to Curb Property Speculation

SEOUL, Aug. 2 (Korea Bizwire) – South Korea’s top financial regulator on Wednesday urged banks and other financial institutions to tighten screenings of applications for home mortgages in a move to block speculative demand for homes before the government’s stricter lending rules go into force. Financial Services Commission (FSC) Chairman Choi Jong-ku made the remarks at [...]

South Korea to Raise Tax Rates for Rich People, Big Firms

South Korea to Raise Tax Rates for Rich People, Big Firms

SEJONG, Aug. 2 (Korea Bizwire) – South Korea will raise tax rates for the “super-rich” and big money-making companies, the finance ministry said Wednesday, in what many see as a move to finance the incumbent Moon Jae-in government’s pledges on job creation and expand social welfare. Under its biannual tax revision plan, which requires approval from [...]