SEOUL, July 20 (Korea Bizwire) — The value of Samsung Group shares owned by South Korea’s state pension fund jumped to 24.2 trillion won (US$21.2 billion) in the first half of the year, reaching a quarter of its total investment in the local stock market, data showed Wednesday. The National Pension Service (NPS), which manages [...]
SEOUL, July 19 (Korea Bizwire) – The loss ratio in the automobile insurance industry refers to the total loss paid by an insurance company in the form of claims out of total collected premiums, for which the ratio must be kept at 78 percent for insurance companies to avoid incurring losses. However, the car insurance industry in [...]
SEOUL, Jul. 18 (Korea Bizwire) — The volume of short-term “floating” capital in South Korea hit an all-time high of more than 950 trillion won (US$835 billion) amid record-low interest rates and increased uncertainties, data showed Monday. According to the Bank of Korea and the Korea Financial Investment Association, cash and other short-term capital totaled [...]
SEOUL, July 15 (Korea Bizwire) – The Bank of Korea (BOK) revealed on July 15 its ‘Adequacy Analysis of Recent Investment in Construction’ included in the Economic Outlook Report of July 2016, which showed serious concerns regarding the government’s economic stimulus plan focused on the construction industry. The BOK pointed out that Korea is following in the [...]
SEOUL, July 15 (Korea Bizwire) – A local court on Friday ordered three credit card companies hit by massive data leaks to pay fines for failing to fulfill their duties to protect customer information. In 2014, an employee at a local credit rating agency was found to have stolen card holders’ information, including bank account [...]
SEOUL, July 13 (Korea Bizwire) – Household loans extended by local banks continued to rise at a fast rate in June, apparently on record low interest rates, central bank data showed Wednesday. Outstanding household loans extended by local lenders came to 667.5 trillion won (US$582.67 billion) as of the end of last month, up 6.6 [...]
SEOUL, July 12 (Korea Bizwire) – The latest predictions of the future of the Korean asset management market indicate that the use of robo-advisors, AI-based asset management services, will become more prevalent in coming years. The AI platforms will serve as investment advisors that recommend specific financial products and investment portfolio composition via analysis of [...]
SEOUL, July 11 (Korea Bizwire) – Foreign banks in Korea are going all out to target high-net-worth individuals. With the prolonged decline in net interest margins and the prevalence of mobile banking, banks in Korea have seen former revenue streams dry up. Foreign banks are seeking a breakthrough by diversifying their services in asset management. [...]
SEOUL, July 8 (Korea Bizwire) – A recent assessment revealed the potential danger of South Korea’s underground economy playing a role in the financing of terrorism. The issue was brought to light on Thursday by professor Kang Kyoung-hun from Dongguk University during a public hearing into the dangers of money laundering in Korea organized by [...]
SEOUL, July 7 (Korea Bizwire) – “What is the use of interest rates if they are already too low? Aren’t you tired of entering long account numbers every time you transfer money?” Kakao Bank, an Internet-only bank, held a presentation to discuss its business model and the future of its services on Wednesday, July 6, at [...]