SEOUL, Feb. 7 (Korea Bizwire) — The number of exclusive insurance agents in South Korea has increased despite the growing influence of independent insurance agencies (GAs) in the market, according to industry data released on February 6. Unlike GA agents who sell products from multiple insurers, exclusive agents are directly employed by insurance companies and sell [...]
SEOUL, Feb. 6 (Korea Bizwire) — South Korea is set to enter a new era of capital market competition as Nextrade, the country’s first alternative trading system (ATS), begins operations on April 4. The Financial Services Commission announced at its second regular meeting on February 5 that it would grant final approval for Nextrade’s multilateral trading [...]
SEOUL, Feb. 6 (Korea Bizwire) – South Korea logged a current account surplus for the eighth straight month in December, backed by strong exports and an increased trade surplus, central bank data showed Thursday. The country’s current account surplus reached US$12.37 billion in December, following the surplus of $10.05 billion a month earlier, according to [...]
SEOUL, Feb. 5 (Korea Bizwire) - The South Korean central bank said Wednesday that uncertainties remain high regarding prices of global oil and farm produce, the local currency and domestic demand, which could affect inflation down the road. Bank of Korea (BOK) Deputy Gov. Kim Woong made the assessment during a meeting meant to check [...]
SEOUL, Feb. 4 (Korea Bizwire) — South Korea’s economic outlook is growing increasingly uncertain as global trade tensions intensify, raising concerns that the country’s real GDP growth rate could fall to the mid-1% range this year. Compounding the risks of domestic political instability, the latest wave of U.S. tariff hikes on key trading partners has further [...]
SEOUL, Feb. 4 (Korea Bizwire) - South Korea’s financial watchdog said Tuesday that it will map out a stricter supervisory system for banks and take stern measures against their lack of internal control systems and risk management. According to the Financial Supervisory Service (FSS), Woori Bank, KB and NH Nonghyup had extended inappropriate loans worth [...]
SEOUL, Feb. 3 (Korea Bizwire) — The Bank of Korea (BOK) disposed of nearly 3.38 trillion won ($23.1 billion) worth of damaged or contaminated banknotes and coins in 2024, a slight decrease from the previous year. According to a report released on Monday, the central bank discarded approximately 474.89 million currency units last year, down 1.9% [...]
SEOUL, Feb. 3 (Korea Bizwire) — The popularity of commercial properties in South Korea’s auction market has waned significantly, with both successful bid rates and price ratios falling as businesses struggle with decreased sales during the economic downturn. According to data from GG Auction, a specialized auction data firm, Seoul saw 258 commercial property auctions from [...]
SEOUL, Feb. 3 (Korea Bizwire) — In a sign of shifting market dynamics, new applications for reverse mortgages in South Korea increased while cancellations decreased as the real estate market showed signs of cooling at the end of last year. According to data from the Korea Housing Finance Corporation’s housing finance statistics system, new reverse mortgage [...]
SEOUL, Feb. 2 (Korea Bizwire) — South Korea’s gross domestic product (GDP) per person is estimated to have exceeded the US$36,000 mark last year, data showed Sunday. The GDP per capita for 2024 is estimated at $36,024, up $454, or 1.28 percent, from a year earlier, according to the data compiled by the Ministry of [...]