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Mortgage Burden Likely to Get Heavier as BOK Lifts Key Rate

Mortgage Burden Likely to Get Heavier as BOK Lifts Key Rate

SEOUL, Nov. 30 (Korea Bizwire) — Households may have to cope with higher mortgage rates as the Bank of Korea (BOK) raised its key interest rate for the first time in a year, market watchers said Friday. In a widely anticipated move to cool property prices, the BOK lifted its key rate by 25 basis [...]

Credit Card Companies in Turmoil as Government Mulls Mandatory Fee Cuts

Credit Card Companies in Turmoil as Government Mulls Mandatory Fee Cuts

SEOUL, Nov. 27 (Korea Bizwire) — South Korea’s comprehensive plan to deal with credit card fees paid by merchants is taking a heavy toll on credit card companies. The implementation of the plan may result in losses among card companies year, forcing them to take emergency measures. “Credit card companies were stunned to find out [...]

Non-financial Information to be Used for Credit Evaluation: Regulator

Non-financial Information to be Used for Credit Evaluation: Regulator

SEOUL, Nov. 21 (Korea Bizwire) – The financial regulator said Wednesday it will allow financial institutions to use non-financial information for their credit evaluation of an individual who applies for a loan. Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remarks as the ruling Democratic Party and the government announced a set [...]

Kakao Pay’s Investment Products Sell Out on 1st Day

Kakao Pay’s Investment Products Sell Out on 1st Day

SEOUL, Nov. 20 (Korea Bizwire) — Kakaopay Corp., a South Korean mobile payment platform provider, said Tuesday that four investment products sold out in just four hours and 20 minutes on the first day of launch. On Monday, the company said it will launch a new service called Kakao Investment, allowing users to invest in [...]

Life Planners’ Employment in Jeopardy with Mandatory Employment Insurance

Life Planners’ Employment in Jeopardy with Mandatory Employment Insurance

SEOUL, Nov. 20 (Korea Bizwire) — A recent study suggests that 4 out of 10 life planners in South Korea may lose their jobs once employment insurance becomes mandatory for employees with jobs categorized as “special type of labor” in South Korea. Lee Ji-man, a professor at Yonsei University, will be presenting the details of [...]

Retail Investors Own Over 3 tln Won of Suspended Samsung Biologics

Retail Investors Own Over 3 tln Won of Suspended Samsung Biologics

SEOUL, Nov. 19 (Korea Bizwire) – Retail investors are estimated to hold more than 3 trillion won worth of Samsung BioLogics Co. shares, whose trading was suspended last week over window-dressing, a corporate researcher said Monday. As of last Wednesday, individual investors owned an estimated 9.6 million shares of Samsung BioLogics, or 14.53 percent, according [...]

Moon Proposes APEC Digital Economy Fund

Moon Proposes APEC Digital Economy Fund

PORT MORESBY, Nov. 18 (Korea Bizwire) — President Moon Jae-in on Sunday proposed the creation of an Asia-Pacific fund for digital economy to help promote regional cooperation and build capacity in developing countries. In an address to the Asia Pacific Economic Cooperation (APEC) summit in Papua New Guinea, Moon also presented his economic and social [...]

Turnover Rate of Deposits Nears 32-year Low

Turnover Rate of Deposits Nears 32-year Low

SEOUL, Nov. 15 (Korea Bizwire) — The turnover rate of deposits in South Korea hit a near 32-year low in September, central bank data showed Thursday, indicating that money circulation is clogged in Asia’s fourth-largest economy. The turnover rate of demand deposits came to 16.4 times for September, the lowest since January 1987, when the [...]