SEOUL, Feb. 19 (Korea Bizwire) — South Korea’s customs agency said Wednesday it busted 300 cases of crimes related to foreign exchange (FX) transactions worth some 2.6 trillion won (US$1.8 billion) in 2024. The number of such crimes jumped 52 percent last year from 198 cases tallied a year earlier, and the combined value of [...]
SEOUL, Feb. 18 (Korea Bizwire) — Gold and dollar deposits at South Korea’s major banks have reached record highs as investors seek safe-haven assets amid global economic uncertainty and a strong U.S. dollar. According to financial industry data released on February 18, the combined balance of dollar deposits at the country’s five largest banks—KB Kookmin, Shinhan, [...]
SEOUL, Feb. 18 (Korea Bizwire) — The management rights of Inspire Entertainment Resort, a major integrated resort on Yeongjong Island near Incheon, have been transferred from U.S.-based Mohegan to global private equity firm Bain Capital. Inspire announced on Monday that Bain Capital had exercised its acquisition rights, taking over the management of its parent company, [...]
SEOUL, Feb. 18 (Korea Bizwire) — Samsung Electronics Co. Chairman Lee Jae-yong received the largest amount of dividends in South Korea last year, a corporate data tracker said Tuesday. Leaders Index surveyed 560 companies, which provided dividends in the form of cash and cash equivalents to their shareholders in 2024 to count up their overall [...]
SEOUL, Feb. 17 (Korea Bizwire) — The South Korean Financial Supervisory Service (FSS) announced on February 16 that investors will now be able to confirm dividend amounts before investing in quarterly dividends, following recent regulatory changes. The amendment to the Capital Markets Act, which took effect this year, removed provisions that had fixed quarterly dividend record [...]
SEOUL, Feb. 16 (Korea Bizwire) — The number of self-employed individuals in South Korea who failed to repay their debts increased by 35% in 2024, as high interest rates and prolonged domestic economic stagnation deepened financial distress, new data shows. The burden was particularly severe for those aged 60 and older, with defaults in this group [...]
SEOUL, Feb. 12 (Korea Bizwire) – South Korea’s antitrust regulator said Wednesday that it has launched a reinvestigation into allegations that the country’s four major banks colluded on setting lending limits, the loan-to-value (LTV) ratio. The Fair Trade Commission (FTC) has dispatched its investigators to the headquarters of Shinhan Bank and Woori Bank as part [...]
SEOUL, Feb. 10 (Korea Bizwire) — South Korea’s major banks are rapidly closing physical branches, citing the rise of digital banking and cost-cutting measures, even as they continue to report record-high interest income. The trend, however, is sparking concerns over reduced financial accessibility for elderly customers and those unfamiliar with mobile banking. KB Kookmin Bank [...]
SEOUL, Feb. 9 (Korea Bizwire) — As South Korea’s once-booming commercial real estate sector faces a downturn, banks are seeing a sharp rise in lawsuits from borrowers seeking to void their debt obligations. Many of these legal disputes stem from investments in knowledge industry centers, a type of commercial property that had gained popularity as an [...]
SEOUL, Feb. 9 (Korea Bizwire) — South Korea’s Financial Supervisory Service (FSS) announced on February 9 that it will enhance access to corporate disclosure information for foreign investors by expanding English-language content on its electronic disclosure system (DART) and launching a new open data platform on Sunday. The updated English DART system now allows real-time access [...]