SEOUL, Jan. 7 (Korea Bizwire) – An interest rate hike of just 0.25 percentage points will likely cause the household debt service burden to rise by 1.9 trillion won (US$1.6 billion) per year, hurting consumer spending and affecting overall growth, the central bank said Thursday. In a report submitted to Rep. Park Won-suk of the [...]
SEOUL, Jan. 7 (Korea Bizwire) – South Korea’s big three shipbuilders probably posted a record operating loss in 2015, stung by a combination of a prolonged industry slump, a series of order cancellations and a delay in the construction of offshore facilities, data showed Thursday. According to the industry data, the top three shipyards — [...]
SEOUL, Jan. 6 (Korea Bizwire) – South Korea’s securities industry faces an unabated wave of layoffs this year as brokerages strive to bolster their bottom lines and cut costs amid a bearish stock market and growing online stock trading, experts said Wednesday. Over the past several years, local securities companies have been trimming their workforces [...]
SEOUL, Jan. 6 (Korea Bizwire) – CJ Group, South Korea’s leading food and entertainment conglomerate, will step up its global expansion through mergers and acquisitions (M&A) in the bio and logistics business to foster new growth drivers, company officials said Wednesday. CJ has been grappling with stagnant growth after its chairman Lee Jay-hyun’s indictment on [...]
SEOUL/SEJONG, Jan. 5 (Korea Bizwire) – China’s sudden stock crash could increase financial volatility requiring tougher government monitoring though its impact on the local market would be limited, South Korea’s top economic policymaker said Tuesday. In a meeting with leaders from the country’s financial sector in Seoul, Finance Minister Choi Kyung-hwan pointed out Monday’s crash [...]
SEJONG, Jan. 5 (Korea Bizwire) -South Korea downplayed the impact of China’s stock market crash on its domestic financial market on Tuesday, saying the market will regain stability again. Chinese stock tumbled nearly 7 percent Monday on the year’s first trading session due to concerns over its manufacturing sector, rattling South Korean and other financial [...]
SEOUL, Jan. 3 (Korea Bizwire) – South Korean firms may experience a credit crisis this year after a number of them have suffered cuts in their credit ratings, market observers said Sunday. According to Korea Ratings, one of the country’s three largest credit appraisers, the number of local firms suffering credit rating downgrades in 2015 [...]
SEOUL, Dec. 31 (Korea Bizwire) - South Korea’s top central banker said Thursday he will continue an easing monetary policy in 2016 to boost growth while guarding against any financial instabilities. “It is necessary to put the focus on downward risks in economic growth and prices, while closely checking the macroeconomic circumstances,” Bank of Korea Gov. [...]
SEOUL/SEJONG, Dec. 30 (Korea Bizwire) - Corporate restructuring efforts aimed at bolstering South Korea’s overall competitiveness should entail pain sharing by all interested parties, the top economic policymaker said Wednesday. Chairing his last meeting of economy-related ministers in Seoul, Choi Kyung-hwan said all restructuring efforts must be resolved in a speedy manner for the best possible [...]
SEJONG, Dec. 30 (Korea Bizwire) – South Korea will sharply increase the budget allocated to beefing up security at its diplomatic missions in 2016, in the face of mounting threats to its diplomats and facilities, the government said Wednesday. According to the finance ministry, 26.5 billion won (US$22.6 million) will be set aside in the [...]