SEOUL, Nov. 24 (Korea Bizwire) — Nonghyup Financial Group Inc., a major South Korean financial holding firm, said Friday it will ramp up efforts to expand its presence in Indonesia and other Southeast Asian countries. Nonghyup Financial Group said it will actively push to make forays into Indonesia in an effort to secure a foothold [...]
SEOUL, Nov. 23 (Korea Bizwire) – Loans extended to local businesses rose slightly in the July-September period from a quarter earlier on increased operating expenses and facility investments, central bank data showed Thursday. Outstanding corporate loans came to 1,036.6 trillion won (US$952 billion) in the third quarter, up 2 percent from the preceding three months, according to data compiled by the Bank of Korea (BOK). In terms of [...]
SEOUL, Nov. 23 (Korea Bizwire) – South Korean savings banks’ household lending has soared nearly 20 percent over the past year to top the 20 trillion-won (US$18.3 billion) mark despite their high interest, central bank data showed Thursday. Savings banks’ outstanding household loans stood at 20.6 trillion won as of end-September, up 19.8 percent from [...]
SEOUL, Nov. 21 (Korea Bizwire) – KB Kookmin Bank, South Korea’s largest retail lender, will focus on providing customized services to the public without drastic job cuts or sharply reducing the number of outlets, the lender’s new president said Tuesday. After integrating some redundant branches, KB Kookmin Bank currently operates 1,061 outlets in South Korea, [...]
SEOUL, Nov. 20 (Korea Bizwire) — The number of car accidents caused by senior drivers more than quadrupled over the past 10 years, insurance data showed Monday, leading to 304.8 billion won (US$277.21 million) in damage. The accident tally for private drivers from the Korea Insurance Development Institute showed there were some 29,000 accidents caused [...]
SEOUL, Nov. 17 (Korea Bizwire) – Despite record KOSPI earnings, only a small number of conglomerates have reported significant increases in profits this year. According to reports from the Korea Exchange, the accumulated net earnings of 525 KOSPI-listed companies during the first three quarters were estimated to be around 92.5 trillion won, up 34.2 percent from [...]
SEOUL, Nov. 16 (Korea Bizwire) – South Korea is continuing efforts to create its own Goldman Sachs, with the government encouraging firms to become larger in size to compete with international investment banks. The Financial Services Commission (FSC) is pushing for the establishment of a major competitive South Korean investment bank by creating an environment where [...]
SEOUL, Nov. 16 (Korea Bizwire) –South Korean listed firms’ dividend payouts to foreign investors jumped more than 20 percent in the first nine months of the year due mainly to increased earnings, central bank data showed Thursday. Local listed companies paid foreign investors US$14.09 billion in dividends in the January-September period, up 20.5 percent from [...]
SEOUL, Nov. 14 (Korea Bizwire) – A portmanteau of “chat” and “robot”, chatbots are computer programs designed to simulate human conversation in both spoken speech and text format. With the seemingly inevitable advent of artificial intelligence approaching nearer by the day, South Korean airlines, entertainment and banking industry players are taking measures to get ahead [...]
SEOUL, Nov. 13 (Korea Bizwire) — South Korea will extend a tax break to companies listed on the KOSDAQ stock market and revamp listing rules to help small and medium-sized firms raise funds through the junior market, the country’s financial regulator said Monday. Details of the tax incentive, including how much tax will be deducted, [...]