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Reporter : Anna J. Park
Tue, January 31, 2023 | 22:25
Korea urged to diversify supply chains amid escalating US-China tensions
Korea is being advised to strengthen the diversification of its key supply chains, as the intensified rivalry between the U.S. and China is expected to negatively impact the country's core industry sectors of semiconductors and automobiles.
Bank loan interest rates could reach 14-year high, raising household debt burden
With the U.S. Federal Reserve taking giant rate hike steps three consecutive times in a row, local banks' housing loan interest rates are fast approaching a 14-year high - by the end of the year - overshadowing the Korean economy's growth potential and looming large in regard to the household debt crisis.
Won-dollar rate soars to 1,409.7 on Fed rate hike
The Korean won to U.S. dollar exchange rate soared above the 1,400 level for the first time in more than 13 years on Thursday in the wake of the U.S. Federal Reserve's overnight hike of its key interest rate by 75 basis points for the third straight time in a desperate bid to fight inflation. With the U.S. Fed's hawkish attempt to curb inflation, the won-dollar exchange rate ...
Kyobo Lifeplanet Life Insurance appoints new CEO
Kyobo Lifeplanet Life Insurance has appointed Kang Tae-yoon as the new CEO to lead the company for the next two years. His term is slated to end in September 2024. Kang's appointment ended the era of the firm's long-serving former CEO, Lee Hak-sang, who led the company during the past decade, since the firm's official launch in 2013.
Korea seeks to attract investment from Saudi oil money
Saudi Arabia's sovereign wealth funds seek investment opportunities in Korea, particularly in the area of gaming and cultural sectors, as they paid a visit to Korea this week. According to the Seoul Metropolitan Government, the city and “Invest Seoul ― the metropolitan government's investment arm ― invited key officials of two Saudi sovereign wealth funds to stay in Seoul fro...
Financial regulator to investigate solar energy loans
The Financial Supervisory Service (FSS) has started looking into allegations of bad loans related to solar energy development during the former President Moon Jae-in administration. The FSS said Wednesday it is planning to look into banks'detailed records regarding their approved loans related to solar energy development since 2017.
KIC posts worst investment loss during H1
The Korea Investment Corporation (KIC), a sovereign wealth fund in the country, posted its worst investment loss in its asset evaluation for the first half of this year. According to data submitted by the KIC to Rep. Yang Kyung-sook of the main opposition Democratic Party, the KIC logged a 13.83 percent investment loss during the first six months of this year.
Board thwarts Woori Financial's attempt to acquire BNP Paribas Cardif Life
Woori Financial Group aims to push ahead with the expansion of its non-banking business portfolio, but the financial group's recent attempt to acquire BNP Paribas Cardif Life could not overcome the board's opposition. According to the investment banking industry, Woori Financial has been positively reviewing the option of acquiring the life insurance company in recent months....
HYBE's stock price on rollercoaster ride due to BTS' military exemption issue
The stock price of HYBE - the management company of K-pop behemoth BTS - rose by 2.27 percent on Monday, ending a losing streak lasting three consecutive sessions, following the release of a public survey that approved the group members' exemption from mandatory military service. The stock price went up as high as 164,000 won at 9:10 a.m. Monday, just 10 minutes after trading...
Watchdog's move to strengthen bank reserves feared to hurt dividend payouts
Financial authorities plan to act on their new right to request banks to strengthen cash reserves, but market watchers are concerned that the move might hurt year-end dividend payouts by listed lenders. According to the Financial Services Commission's (FSC) latest taskforce meeting, aimed at better responding to financial risks, the top financial regulator plans to adopt a ne...