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Reporter : Anna J. Park
Tue, May 30, 2023 | 13:10
Korea's housing prices fell most among 56 major nations
While housing prices continued to rise in many countries during the third quarter this year, Korea turned out to be the country that posted the biggest fall globally in average housing prices during the period. According to U.K.-headquartered real estate company Knight Frank's quarterly “Global House Price Index” published for Q3 this year, Korea's housing prices fell by 7.5 ...
100 rich people in Korea own over 22,000 homes
The number of homes owned by the country's top 100 people, in terms of the number of homes they have, exceeded 22,000 as of November this year. The number is up by around 2,000 compared to last year.
KOSPI fell most among G-20 countries except Russia
Korea's benchmark KOSPI displayed the lowest rate of return this year out of G-20 countries' benchmark indexes, except for only Russia. According to data from the Korea Exchange (KRX), the KOSPI's annual rate of return this year - a comparison between the closing price of the first trading day in January and the closing price of Dec. 20 - stood at minus 21.93 percent.
Goldman Sachs becomes more pessimistic over Samsung's Q4 operating profit
Goldman Sachs has significantly lowered Samsung Electronics' operating profit estimate for the fourth quarter to 5.8 trillion won ($4.5 billion), which is about 25.6 percent down from its previous Q4 estimate of 7.8 trillion won. The projected number is also a 58.3 percent cut from Samsung's operating profit posted in the same quarter last year.
Securities firms resume issuing bonds
Local brokerage companies have begun issuing corporate bonds, as the country's credit market shows signs of stabilization this month, following a volatile credit crunch crisis over the past few months. With improved investor sentiment and market stabilization, corporate bonds' interest rates also fell slightly back to the five percent range from last month's six percent range.
Brokerages criticized for reaping massive profits from credit loans
Local brokerages are found to be making huge profits of hundreds of billions of won by offering credit loans to customers. According to Financial Supervisory Service (FSS) data submitted to independent lawmaker Yang Jung-suk, 29 brokerages obtained loans from the Korea Securities Finance Corp. (KSFC) at 3.02 percent interest, as of the end of September.
FSC-FSS heads' cozy relationship breaks from past distrust
For those who remember the uncomfortable relationship between the heads of the country's top financial regulator Financial Services Commission (FSC) and financial watchdog agency, the Financial Supervisory Service (FSS) over the past decade, the current harmonious relationship between the two leaders of the separate financial authorities is a pretty rare scene to witness.
FSS warns Shinhan and Woori over lack of internal controls
The country's top financial regulator has ordered Shinhan Bank and Woori Bank to make up for their weaknesses regarding their internal controls. The notifications by the Financial Supervisory Service (FSS) to the two major banks are aimed at preventing various kinds of financial accidents.
Household debt expected to drop for 1st time in 18 years
With rising interest rates and frozen asset markets globally, the country's household debt is expected to fall this year for the first time in 18 years, since records began back in 2003. According to data by five major local banks ― KB Kookmin, Shinhan, Hana, Woori and NH NongHyup ― the remaining amount of household debt, as of Dec. 15, stood at 693.6 trillion won ($529.4 bil...
Woori Bank-Musinsa collaborative branch extends operations
Woori Bank has decided to extend for three more months the operations of a special branch that collaborated with online fashion platform Musinsa. The branch is located at one of the fashion brand's off-line shops called “Musinsa Terrace” in the trendy Hongdae district of Seoul, where customers can listen to various vinyl records and take photos. The store is called “Won Recor...