SEOUL, Nov. 30 (Korea Bizwire) — Internet-only Kakao Bank said Thursday it posted a cumulative net loss of 66.8 billion won (US$61.4 million) by the end of September, hit by higher marketing costs. Kakao Bank, which began operations on July 27, reported a cumulative operating profit of 17.3 billion won by the end of September, [...]
SEOUL, Nov. 30 (Korea Bizwire) – The board of Woori Bank on Thursday named its acting chief Sohn Tae-seung the new head of South Korea’s No. 3 lender, officials said. Sohn, the lender’s executive vice president and head of the global business group, was designated to lead the bank for a three-year term at a meeting of board members. Sohn, 58, has [...]
SEOUL, Nov. 30 (Korea Bizwire) – A new survey has revealed that the South Korean construction industry will continue to suffer from labor shortages next year without foreign workers. Findings from the survey conducted by the Construction Workers Mutual Aid Association show that the construction industry will need around 1.61 million workers next year. However, the [...]
SEOUL, Nov. 30 (Korea Bizwire) – The government will reimburse debts for nearly 1.6 million people to give a second chance to those haven’t been able to escape the debt trap for over a decade. According to the Financial Services Commission (FSC) on Wednesday, up to 6.2 trillion won will go towards the principal balance of [...]
SEOUL, Nov. 30 (Korea Bizwire) — South Korea’s central bank on Thursday raised the key rate by a quarter percentage point for the first time in more than six years amid clear signs of an economic recovery. In a widely expected move, the monetary policy board of the Bank of Korea (BOK) voted to increase [...]
SEOUL, Nov. 29 (Korea Bizwire) — South Korea’s financial authority on Wednesday announced that it will forgive up to 6.2 trillion won (US$5.7 billion) worth of bad debt, in the latest measure to help hard-pressed people who cannot pay back their debts. The move, which will affect some 1.59 million debtors, is aimed at reducing [...]
SEOUL, Nov. 29 (Korea Bizwire) – A new report has revealed over 75 percent of jobs in finance could evaporate when the fourth industrial revolution takes off in South Korea. According to the report released by the Hyundai Research Institute on Tuesday, nearly 760,000 jobs in the financial sector could be replaced with computers, accounting for [...]
SEOUL, Nov. 29 (Korea Bizwire) – South Korean funds for stock investment in Asia’s emerging economies have posted the highest returns among local overseas equity investment funds this year, a market tracker said Wednesday. The average return of equity investment funds for Asian emerging markets came to 37.4 percent as of Monday, the biggest yield [...]
SEJONG, Nov. 28 (Korea Bizwire) – South Korea’s economy is expected to grow at a brisk 3.2 percent this year, faster than the earlier estimate of 2.6 percent, on the back of improving exports and corporate investment, a Paris-based international organization forecast Tuesday. For next year, the Organization for Economic Cooperation and Development (OECD) revised [...]
SEOUL, Nov. 27 (Korea Bizwire) — Samsung C&T Corp., the construction unit of Samsung Group, said Monday it has won a US$602 million project to build an underground expressway in Singapore. Under the contract, Samsung C&T will design and construct the 1.25 kilometer stretch of the underground expressway between Novena Rise and Toa Payoh Rise, [...]