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Hyundai Development Company to Reshuffle Business Structure

Hyundai Development Company to Reshuffle Business Structure

SEOUL, Dec. 7 (Korea Bizwire) — Hyundai Development Company is converting to a holding company through a major structure reshuffle. At a board meeting held on Tuesday, plans were announced to divide the current structure of HDC into two, including a holding company and a separate operating company with official names yet to be determined. Through [...]

Banks to Implement Stricter Rule for Mortgages in Q4 Next Year

Banks to Implement Stricter Rule for Mortgages in Q4 Next Year

SEOUL, Nov. 27 (Korea Bizwire) — South Korea’s financial regulator said Sunday it will require first-tier banks to implement a stricter rule for mortgage lending in the fourth quarter of next year, in a fresh bid to better manage growing household debt. Currently, people’s repayment ability for home mortgages is calculated on a ratio that [...]

Investment Firms Announce “Chain ID”, World’s First Blockchain-Based Identification System

Investment Firms Announce “Chain ID”, World’s First Blockchain-Based Identification System

SEOUL, Nov. 1 (Korea Bizwire) – Members of the Korea Financial Investment Association (KFIA) gathered in Seoul’s Yeouido financial district on October 31 to announce the test run launch of “Chain ID”, an identification system built on blockchain technology that was described by KFIA Chairman Hwang Young-key as “the world’s first successful attempt in commercializing [...]

South Korea Ranks 22nd in Per Capita Net Financial Assets

South Korea Ranks 22nd in Per Capita Net Financial Assets

SEOUL, Oct. 11 (Korea Bizwire) — South Korea ranked 22nd in the per capita net financial assets among 53 major economies last year, a report said Wednesday. The average South Korean had 28,180 euros in financial assets including cash, bank deposits, stocks, insurance and pensions last year, according to a global wealth report by the [...]

Overseas Equity Funds Rising in Popularity

Overseas Equity Funds Rising in Popularity

SEOUL, Sept. 8 (Korea Bizwire) — South Korea’s publicly offered overseas investment funds are regaining popularity among local investors, data showed Friday, as they seek tax benefits and higher returns. According to the data by the Korea Financial Investment Association, the combined net worth of such funds came to 39.4 trillion won (US$34.9 billion) as [...]

Gap Between Single-Income and Dual-Income Households Narrows

Gap Between Single-Income and Dual-Income Households Narrows

SEOUL, Sept. 6 (Korea Bizwire) – Average incomes for dual-income and single-income households between April and June, at 5.47 million won and 3.69 million won, respectively, are the closest they have been since the fourth quarter of 2015 (October through December) according to figures provided by Statistics Korea. Dual-income households earned only 1.48 times what [...]

Bank of Korea More Pessimistic Than Before, but Still Cautiously Hopeful

Bank of Korea More Pessimistic Than Before, but Still Cautiously Hopeful

SEOUL, Aug. 28 (Korea Bizwire) — The Bank of Korea submitted a report to the Strategy and Finance Committee of the National Assembly today in which it predicted that this year’s economic growth would fall short of 3 percent despite the improving global economy and supplementary revisions made to the national budget. The central bank [...]

What Retirement? Elderly Continue to Work Into Their Twilight Years

What Retirement? Elderly Continue to Work Into Their Twilight Years

SEOUL, Jul. 26 (Korea Bizwire) — On July 25, Statistics Korea released its findings on the labor market for the elderly (ages 55 to 79). Titled “Results of Supplementary Research on the Elderly Labor Market for May, 2017”, the report contains extensive insight into the elderly population’s general work history, pensions, and attitudes towards work [...]

Financial Services Industry Readies for Battle as Floodgates to Individual Retirement Plans Open

Financial Services Industry Readies for Battle as Floodgates to Individual Retirement Plans Open

SEOUL, Jul. 24 (Korea Bizwire) — A decision to allow business owners and government employees to access Individual Retirement Plans (IRP) has the financial services industry abuzz. On the July 23, industry sources confirmed that the IRP’s current parameters for applicable clients will be expanded starting July 26.  The reason for general excitement among banks, [...]