SEJONG, Aug. 8 (Korea Bizwire) – Global credit appraiser Standard & Poor’s (S&P) raised South Korea’s sovereign rating one notch to a record high of AA from AA- on Monday, with a stable outlook on the country’s steady growth and flexible fiscal and monetary policies. “The upgrade reflects our assessment that Korea’s strong record of [...]
SEOUL, Aug. 8 (Korea Bizwire) – Nearly half of new apartment units in Seoul are smaller than 60 square meters, industry data showed Monday, reflecting the trend that more people prefer smaller housing. Of 15,980 apartment complexes built between January and August of this year, 45.1 percent, or 7,205 units, have a total floor area [...]
SEOUL, Aug. 5 (Korea Bizwire) — Hedge funds in Korea (private equity funds usually available to those with significant financial resources) are attracting wealthy investors – leading to a surging market. A hedge fund is an investment in a variety of assets, with limited regulations, that often generate higher returns than other investment products with similar [...]
SEOUL, Aug. 4 (Korea Bizwire) – Insurance companies have been caught recommending expensive health insurance plans intended for the elderly and people with chronic diseases to otherwise healthy customers. These expensive insurance plans are referred to as Simple Evaluation Insurance (SEI), and were designed to meet demand from the rising number of elderly Koreans and [...]
SEOUL, Aug. 2 (Korea Bizwire) – South Korea’s top financial regulator unveiled a set of measures Tuesday to foster big investment banks, a move that could expedite the mergers and acquisitions of local brokerage houses. The Financial Services Commission (FSC) said it will allow brokerage houses with a capital base worth more than 4 trillion [...]
SEOUL, August 2 (Korea Bizwire) – The Financial Supervisory Service (FSS) revealed on August 1 that of 85,000 joint sureties issued by 10 loan companies, 23,000 (27.1%) had individuals in their 20s as co-signers. The value of joint loans co-signed by someone in their 20s added up to 79.5 billion won ($71.5 million). Large financial institutions, [...]
SEOUL, Aug. 2 (Korea Bizwire) – Last April, Hong Kong-based China Ocean Resources Co. announced that it was sued by another Hong Kong firm for failing to pay back loans and interest, and that 30 percent of its subsidiary shares were sequestrated. The disclosure has since proven to be inaccurate. Since then, the company has [...]
SEOUL, Aug. 2 (Korea Bizwire) – South Korea’s job market recovery stalled in the first quarter of this year amid weak economic growth despite improvements in other members of the Organization for Economic Cooperation and Development (OECD), data showed Tuesday. South Korea’s employment rate for people aged 15-65 stood at 65.9 percent for the January-March [...]
SEOUL, Aug. 1 (Korea Bizwire) – The American dollar has regained some strength in the second quarter, and according to industry analysts, companies producing chemicals and raw materials for the pharmaceutical industry were among those who reaped the most benefits from the dollar’s appreciation. Korea is a heavily export-reliant country with over 50 percent of [...]
SEJONG, Aug. 1 (Korea Bizwire) – South Korea’s exports fell by more than 10 percent in July, with the rate of decline returning to double digits after single digits in May and June, the trade ministry said Monday. Outbound shipments came to US$41 billion last month, down 10.2 percent from the same month last year, [...]