SEOUL, Mar. 28 (Korea Bizwire) — South Korea’s financial system remains relatively stable, but debt payment burden and asset deterioration may increase amid extended monetary tightening, a central bank report showed Thursday. In its report on financial stability, the Bank of Korea (BOK) said despite woes over a possible rise in soured property development-related loans [...]
SEOUL, Feb. 8 (Korea Bizwire) — President Yoon Suk Yeol pledged on Thursday to implement various policy support measures aimed at assisting small business owners and vulnerable groups struggling with loan repayments due to the impact of the COVID-19 pandemic. Yoon made the remarks during a government-public debate, the 10th in a series of sessions [...]
SEOUL, Jan. 12 (Korea Bizwire) – Troubled builder Taeyoung Engineering & Construction Co. has received 96.1 percent of support from creditors to move forward with a debt restructuring program, its main creditor said Friday. The level of support was higher than the 75 percent that Taeyoung was required to have for the debt rescheduling program, [...]
SEOUL, Nov. 28 (Korea Bizwire) — Nearly 4 in 10 South Korean construction firms were unable to service their debts with earnings in 2022 due mainly to falling profitability, a poll showed Tuesday. A total of 929 local builders had an interest coverage ratio of below 1 last year, accounting for 41.6 percent of all [...]
SEOUL, July 3 (Korea Bizwire) — Some 3 million people are struggling to maintain a minimum standard of living due to their debt and the repayment of loans with interest, a central bank report said Sunday. According to a report from the Bank of Korea, which was submitted to Rep. Yang Kyung-sook of the Democratic [...]
New York, June 22 (Korea Bizwire) — New research supported by the Open Society Foundations shows that increasing delays in resolving sovereign debt crises in some of the world’s poorest countries are significantly adding to the human cost of defaults—cutting economic growth, reducing life-expectancy, and worsening child mortality rates. The analysis, The Human Costs of the [...]
SEOUL, April 30 (Korea Bizwire) — Debt among those in their 20s and 30s jumped more than 27 percent over the past three years since the COVID-19 pandemic hit, indicating they suffered financial difficulties due to rising home prices and an economic slowdown, central bank data showed Sunday. In the fourth quarter of 2022, overall [...]
SEOUL, March 28 (Korea Bizwire) — Debt held by South Korean wage workers in their 20s jumped 15 percent on-year in 2021, much higher than 7 percent growth on average for all wage workers, data showed Tuesday. Bank and nonbank loans extended to paid workers in the country averaged 52.02 million won (US$40,107) per person [...]
SEOUL, March 1 (Korea Bizwire) — A significant number of young Koreans have debts that are more than three times what they earn every year, largely due to rising housing prices and investment fever, a report showed Tuesday. According to data analyzed by the Korea Institute for Health and Social Affairs, households represented by young [...]
SEOUL, Dec. 20 (Korea Bizwire) — Nearly 60 percent of South Koreans aged between 40 and 64 held debt in 2021 as more people took out loans to purchase houses amid soaring property costs, data showed Tuesday. The proportion of middle-aged South Koreans who borrowed money from banks or other financial institutes came to 57.3 [...]