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. 16 (Korea Bizwire) — South Korea’s Housing and Urban Guarantee Corporation (HUG) has introduced a stringent “one-strike-out” policy to immediately initiate foreclosure proceedings against foreign landlords who fail to return tenants’ rental (jeonse) deposits, aiming to curb financial risks associated with non-compliant property owners. HUG announced on Friday that the new measure, effective since [...]
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. 12 (Korea Bizwire) — The Korea Minting and Security Printing Corporation (KOMSCO) has suspended gold bar sales as global demand for the precious metal surges, fueled by renewed fears of a tariff war under newly re-elected U.S. President Donald Trump. On April 10, gold spot prices closed at $2,908.17 per troy ounce, marking the [...]
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 [...]
SEOUL, Feb. 7 (Korea Bizwire) — The International Monetary Fund (IMF) has cautioned that downside risks to South Korea’s economy remain significant, citing prolonged political uncertainty as a key factor that could dampen investment and consumer sentiment while heightening financial volatility. In its 2024 Annual Consultation Report on South Korea, released on February 7, the IMF [...]
SEOUL, Feb. 7 (Yonhap) – Acting President Choi Sang-mok on Friday emphasized the importance of close communication with parliament to expedite the passage of a bill designed to enhance the country’s capital markets. The revised bill, which recently failed to pass, includes provisions for corporate tax reductions for high-performing companies and a separate taxation scheme [...]
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 [...]