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Reporter : Yi Whan-woo
Thu, December 8, 2022 | 09:20
Household debt reaches new heights on surge in loans from non-banking financial firms
People are borrowing more money from private lenders and non-banking financial firms, which in turn has led the total amount of household debt in Korea to surge to a record 1,870.6 trillion won ($1.38 trillion) in the third quarter, according to the Bank of Korea (BOK). According to the BOK's preliminary data, Tuesday, outstanding household debt, including the amount of credi...
OECD slashes Korea's growth forecast to 1.8% for 2023
The Organization for Economic Cooperation and Development (OECD) lowered its growth forecast for Korea next year to 1.8 percent, Wednesday, down from its previous outlooks of 2.2 percent in September and 2.5 percent in June. The 2023 outlook for Asia's fourth-largest economy contrasts with a global economic growth forecast of 2.2 percent. The Paris-headquartered OECD assessed...
Financial authorities pressure banks over deposit interest rates amid liquidity shortage
Commercial banks are under pressure to lower deposit interest rates to prevent excess cash inflow due to steep rate hikes delivered by the Bank of Korea (BOK), which in turn, squeeze non-banking financial firms with liquidity shortages. The situation faced by the lenders is in stark contrast to what they have faced in past months when they were pressed to raise deposit rates ...
Refinancing burden spreads to more non-bank financial firms
Insurers and capital funding companies that are specialized in asset-based leasing and car loans are struggling with liquidity shortages, as steep hikes in the key interest rate put the pressure for refinancing on non-bank financial firms. The banks have been offering high deposit interest rates in past months, prompting investors to pull their money out from the debt and sho...
1.2 mil. homeowners to be subject to 'pricey home' tax
A record 1.2 million homeowners this year will be asked to pay a tax which is disputed as a punitive measure against those owning a single “pricey home” or multiple homes, according to the government. It is the first time more than 1 million homeowners will be subject to the so-called comprehensive real estate tax which was introduced in 2005.
BOK expected to hike key rate by quarter percentage point at Thursday's meeting
The Bank of Korea (BOK) is anticipated to go for a 25 basis point increase at this year's final rate-setting meeting to strike a balance between inflation and the adverse effects of its accelerated credit tightening in 2022, according to analysts, Sunday. Scheduled on Thursday, the meeting will come as the currency and stock markets here took a beating in general throughout t...
Hana, SK join hands to strengthen digital innovation
Hana Financial Group, jointly with SK Telecom and SK Square, have formed a strategic partnership to combine their expertise in finance and information and communications technology (ICT) to take lead together in innovative financial services using digital technology, the banking group announced on Sunday. It said the three will jointly invest in Web 3.0, the third generation ...
Appointment of 'parachute CEOs' likely once more in finance sector
The government appears to be preparing to fill in top posts of multiple financial services companies with pro-government figures, with tenures of targeted firms' CEOs set to expire starting in December. Such possible preparation for “parachute appointees,” meaning those who have been appointed into high-level positions due to their connections with the current government or r...
Lenders set aside more loan loss reserves against chain of economic risks
Major banks in Korea are setting aside more loan loss reserves to cope with a chain of pandemic-induced economic pressures that are pushing more borrowers toward the possible risk of default. The default risks used to center on small business owners, whose sales plunged due to the spread of the COVID-19 virus and social distancing measures following the pandemic outbreak. The...
KB Kookmin Bank wins science ministry award for AI-based banking services
KB Kookmin Bank has won an award from Minister of Science and ICT Lee Jong-ho for offering innovative banking services using up-to-date technology, the lender announced on Thursday.
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