SEOUL, March 23 (Korea Bizwire) — Shareholders of Hana Financial Group Inc. approved a third term for current Chairman Kim Jung-tai on Friday. Kim, 66, was nominated for a third term in January and the approval was made at the financial holding firm’s regular shareholder meeting earlier in the day. The chairman started his career [...]
SEOUL, Mar. 23 (Korea Bizwire) — Major foreign investment banks (IBs) have forecast South Korea’s central bank to hike interest rates once this year due to the fallout from growing protectionism and a slowdown in job creation, a report said Friday. The projection runs counter to views by some market watchers that the Bank of [...]
SEOUL, Mar. 21 (Korea Bizwire) — The government has announced a series of reforms to boost the South Korean financial technology industry, which could see brand new products including artificial intelligence-based insurance products introduced. The plans revealed by the Financial Services Commission (FSC) on Tuesday revealed a number of new financial products, including insurance products based [...]
SEOUL, Mar. 21 (Korea Bizwire) — Nearly 1 in 5 South Koreans has suffered from financial fraud or nearly fallen prey to financial scams, a poll showed Wednesday. According to the survey of 2,530 people, 2.6 percent of the respondents said they had fallen victim to voice phishing, Ponzi schemes and other financial scams at [...]
SEOUL, March 20 (Korea Bizwire) – Members of South Korea’s central bank policy board agreed to freeze the key rate last month as inflation pressure remained low and economic growth was moderate, according to minutes from the monetary meeting released Tuesday. The Bank of Korea’s (BOK) monetary policy board meeting on Feb. 27 held the base rate at 1.50 percent for the second time in a row since raising the rate for the first time in more than six years [...]
SEOUL, March 20 (Korea Bizwire) — South Korea’s household debt is rising rapidly in comparison to economic growth, and is nearing the size of the nation’s GDP. According to the Bank for International Settlements (BIS) on March 18, in last year’s Q3 South Korean household debt stood at 94.4 percent of GDP. This figure marked [...]
SEOUL, March 15 (Korea Bizwire) – Foreign currency deposits at banks in South Korea dropped for the second-straight month in February amid the strong U.S. dollar trend, central bank data showed Thursday. Foreign currency deposits held by banks here reached US$80.96 billion at the end of February, down $940 million from a month earlier, according to the data compiled by the Bank of Korea (BOK). It said [...]
SEOUL, March 14 (Korea Bizwire) – South Korean President Moon Jae-in on Wednesday promised his country’s continued cooperation with the Asian Development Bank (ADB), hailing the bank’s role in the development of countries in the region. “ADB’s contribution to the development and growth of our Asian region has been great. I believe ADB’s role will continue to be very important in the [...]
SEOUL, March 14 (Korea Bizwire) — The money supply in South Korean rose at the fastest clip in seven months in January on increased fiscal surplus, central bank data showed Wednesday. The country’s M2 totaled 2,556.1 trillion won (US$2.39 trillion) in January, up 5.5 percent from 2,414.9 trillion won a year earlier, the Bank of [...]
SEOUL, Mar. 8 (Korea Bizwire) — The more you earn, the more likely you are to collect receipts and avoid impulse buying, a new survey as revealed. Nearly 9 in 10 people whose monthly salary is over 10 million said they collect receipts, compared to only 65 percent of those who earn less than 2 million [...]