SEOUL, Nov. 27 (Korea Bizwire) — Woori Bank, South Korea’s fourth-biggest lender by assets, said Sunday it is considering adopting a “one-strike” policy to prevent corruption. The bank came up with 100 things to be overhauled or improved after discussions with 100 representing employees on Tuesday and Wednesday, Woori Bank said in a statement. Among [...]
SEOUL, Nov. 27 (Korea Bizwire) — South Korea’s financial regulator said Sunday it will require first-tier banks to implement a stricter rule for mortgage lending in the fourth quarter of next year, in a fresh bid to better manage growing household debt. Currently, people’s repayment ability for home mortgages is calculated on a ratio that [...]
SEOUL, Nov. 24 (Korea Bizwire) – South Korea’s terms of trade deteriorated slightly in October from a year earlier, as a rise in export prices was offset by a hike in import costs, central bank data showed Friday. The terms of trade index for products came to 101.74 in October, down 1.5 percent from a [...]
INCHEON, Nov. 24 (Korea Bizwire) – The Incheon Port Authority is ramping up efforts to attract investment at its new culture and tourist complex dubbed Golden Harbor, ahead of the opening of a new international ferry terminal at the Port of Incheon. The Incheon Port Authority (IPA) said on Thursday that the new Golden Harbor [...]
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) – South Korea’s major business associations remain less eager to sponsor the 2018 PyeongChang Winter Olympics only two months away due to strengthened anti-corruption laws, industry insiders people said Thursday. In a meeting arranged by Lee Hee-beom, who heads the winter sports games organizing committee, the country’s six leading business lobbies have been less willing to support the winter sports games [...]
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 Korea agreed Thursday to provide financial support worth up to US$2.5 billion toUzbekistan, including $500 million in official Economic Development Cooperation Fund (EDCF) loans, the presidential office Cheong Wa Dae said. The pledge came as part of the economic cooperation agreements signed shortly after a bilateral summit between South Korean President Moon Jae-in and his Uzbek counterpart, [...]
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 [...]
DAEJEON, NOV. 22 (Korea Bizwire) – The Daejeon municipal government has announced plans to support remodeling projects for aged buildings and lease them to low income earners in the region at affordable prices. The fifth-largest city in South Korea is expected to tackle its housing issues by providing financial support to encourage more owners of aged [...]