SEOUL, Nov. 19 (Korea Bizwire) – South Korean banks will likely impose tougher rules for screening mortgages in non-capital areas starting next year, joining government-led efforts to rein in the country’s runaway household debt, industry sources said Thursday. The financial authorities have asked local banks to use the debt-to-income (DTI) ratio when they screen mortgage [...]
SEOUL, Nov. 11 (Korea Bizwire) – Household loans extended by local lenders increased at the fastest clip last month, central bank data showed Wednesday, amid the rising possibility of a looming U.S. rate hike. Outstanding household loans extended by local banks reached 624.8 trillion won (US$539.3 billion) as of the end of October, up 9 [...]
Samsung Electronics has announced that its Samsung Pay mobile payment system now has more than one million subscribers, only two months after its launch. (Image : Yonhap) SEOUL, Oct. 26 (Korea Bizwire) – Samsung Electronics has announced that its Samsung Pay mobile payment system now has more than one million subscribers, only two months [...]
SEOUL, Oct. 4 (Korea Bizwire) – The financial regulator said Sunday that it will allow public and private pension funds to invest in exchange traded funds (ETFs) in a bid to provide a safer and decent yield-generating investment tool in the low rate environment. An ETF refers to an investment fund traded on stock exchanges [...]
SEOUL, Sept. 30 (Korea Bizwire) – A group of 119 minority shareholders filed a class action suit against Daewoo Shipbuilding & Marine Engineering Co. (DSME) on Wednesday, demanding 4.1 billion won (US$3.47 million) in compensation for losses from an investment made based on the company’s doctored financial statement. The plaintiff filed the suit with the [...]
SEOUL, Sept. 30 (Korea Bizwire) — A youth employment fund proposed by President Park Geun-hye drew 1.92 billion won (US$1.62 million) from about 50,000 people in the first five days after its creation on Sept. 21, the presidential office said Wednesday. Park proposed to establish a private fund that helps create jobs for young people [...]
SEOUL, Sept. 14 (Korea Bizwire) – As more chiefs of financial firms are jumping on the wage cut bandwagon, high-ranking officials in financial circles are contemplating joining the trend. According to industry watchers, executives from three major financial holding companies including KB, Shinhan and Hana decided to cut their own wages. However, other financial firms are waiting [...]
SEOUL, Sept. 10 (Korea Bizwire) – While TV home shopping companies are making profits greater than one trillion won by selling insurance, consumers are facing damages because of dishonest sales tactics. In the meantime, insurance has settled as one of the main revenue streams for home shopping businesses, and the commissions received from insurance companies [...]
SEJONG, Sept. 7 (Korea Bizwire) – A tax investigation into high-income professional workers such as lawyers and doctors showed that they turned out to have omitted an average of 330,000 won from every 1,000,000 won they made, and the overlooked amount is increasing. According to the National Tax Service, the average portion of income omitted [...]
SEOUL, Aug. 30 (Korea Bizwire) – Samsung Electronics Co., the world’s largest handset maker, slipped to the world’s 13th most valuable IT company by market cap as the tech giant’s shares suffered losses this year due to a bleak business outlook, a report showed Sunday. Samsung, South Korea’s most valuable company, had remained in the [...]