SEOUL, Nov. 19 (Korea Bizwire) – A survey reveals that over half of the companies listed as intending to venture into new businesses such as secondary batteries and artificial intelligence (AI) had no track record of actually promoting such initiatives. The Financial Supervisory Service (FSS) released a report on Sunday titled ‘Follow-up on the Results [...]
SEOUL, Nov. 17 (Korea Bizwire) — The International Monetary Fund (IMF) recommended South Korea maintain a restrictive monetary policy to bring inflation under control, though the country is expected to reach its inflation target of 2 percent by the end of next year. The organization made the call in its report on the South Korean [...]
SEOUL, Nov. 15 (Korea Bizwire) – The delinquency rate for bank credit card loans, encompassing both cash advances and card loans, has experienced a notable surge in recent times. As per a report from the Bank of Korea on Tuesday, the delinquency rate for credit card loans at general banks—encompassing both commercial and regional banks—reached 2.9 [...]
SEOUL, Nov. 14 (Korea Bizwire) – South Korea will continue to play a key role in supporting developing nations’ responses to climate challenges as the Green Climate Fund (GCF) marked the 10th anniversary of the foundation this year, Seoul’s finance ministry said Tuesday. Established in December 2013, the GCF has been the world’s largest climate [...]
SEOUL, Nov. 14 (Korea Bizwire) – The finance ministries of South Korea and China held an inaugural meeting on bilateral economic exchanges Tuesday to discuss ways to boost cooperation on various industrial and economic issues involving major private companies, officials said. The inaugural South Korea-China economic cooperation and exchange meeting was held in the Chinese [...]
SEOUL, Nov. 10 (Korea Bizwire) – The government is poised to announce a series of measures later this year to break the monopoly held by banks as they have been raking in record profits from interest income, according to sources from the presidential office on Friday. This decision follows President Yoon Suk Yeol’s strong criticism [...]
SEOUL, Nov. 10 (Korea Bizwire) – Five major commercial banks have been considering issuing a syndicated loan to help finance South Korean companies’ arms export to Poland, an industry source said Friday. Last year, South Korean companies secured major deals worth 17 trillion won (US$12.9 billion) to supply K2 tanks, K9 self-propelled howitzers, FA-50 light [...]
SEOUL, Nov. 10 (Korea Bizwire) – Working-class individuals in South Korea are finding themselves compelled to resort to revolving loans carrying an annual interest rate of 20 percent. This shift is a consequence of savings banks and card companies, typically the go-to sources for emergency funds among ordinary people, raising the bar for access to long-term [...]
SEOUL, Nov. 10 (Korea Bizwire) – The slump in domestic consumption, fueled by high prices and interest rates, is worsening. According to third-quarter corporate results, major department stores in Korea—Lotte, Shinsegae, and Hyundai—have experienced a decline in sales compared to last year. Additionally, the growth of the convenience store industry, resilient during the COVID-19 pandemic, is [...]
SEOUL, Nov. 9 (Korea Bizwire) — South Korea has launched a government-wide special scheme on the management of prices of key food and other items to bring inflation under control, the finance ministry said Thursday. Vice ministers of all government ministries are supposed to be in charge of monitoring prices of items concerned and implementing [...]