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Reporter : Yi Whan-woo
Fri, September 22, 2023 | 23:59
It may take longer for Korea to experience spillover effects as China reopens: KB report
Korea will need time before enjoying some of the spillover effects from China's reopening, a financial report hinted on Sunday, noting that Chinese consumers are unwilling to spend money as much as they did before COVID-19.
Gov't considers restoring Korea-Japan finance ministers' meeting
The government is considering resuming an annual meeting between the finance ministers of Korea and Japan in response to reconciliation efforts pledged by the leaders of the two countries at their latest summit, according to sources, Tuesday.
Shinhan, Woori shine in overseas business
Shinhan Bank and Woori Bank saw an increase in the net profits of their respective offshore businesses last year, driven by strong performances in Southeast Asia, according to data, Tuesday. The Financial Supervisory Service's (FSS) electronic discourse system showed Shinhan Bank's 10 corporate bodies abroad reported a combined net profit of 426.9 billion won ($326.2 million)...
SVB fiasco pressures banking groups to speed up reforms
The bankruptcy of Silicon Valley Bank (SVB) appears to be weighing on Korea's four largest banking groups in the lead-up to their shareholders' meetings scheduled for this week as they come under pressure to commit to reforms.
OECD lowers 2023 growth outlook for Korea to 1.6%
The Organization for Economic Cooperation and Development (OECD) lowered its 2023 growth forecast for Korea to 1.6 percent, Friday, down from 1.8 percent in its previous outlook given in November. The outlook for Asia's fourth-largest economy contrasts with a global economic growth forecast that has been revised up to 2.6 percent from the previous 2.2 percent..
Banks pressed to raise loan loss reserves over SVB, Credit Suisse fiascos
Major banks in Korea are under pressure to set aside more loan loss reserves amid fear of a global banking crisis prompted by the collapse of Silicon Valley Bank (SVB) and the newfound instability of Credit Suisse. Also known as bad debt reserves, loan loss reserves are a partial risk coverage provided by governments to lenders based on the estimated amount of accounts receiv...
Credit Suisse fiasco may cause ripple effect for local markets: analysts
The risk of failure faced by Credit Suisse could see financial markets in Korea rattled due to an increase in fear over a possible global banking crisis prompted by the collapse of Silicon Valley Bank (SVB), according to analysts, Thursday.
International marriages hit 3-year high amid eased entry restrictions
The number of international marriages hit a three-year high in 2022, with the year-on-year growth rate ticking up 27.2 percent as travel restrictions for international arrivals were eased in Korea following the strict COVID-19 measures. Statistics Korea said Thursday that the number of marriages between Koreans and foreign nationals fell to 16,700 last year, down from 23,600 ...
Real estate accounts for more than 80% of richest Koreans' wealth
Real estate accounts for more than 80 percent of the wealth owned by Koreans who rank among the richest 1 percent in the country, according to data, Wednesday. Statistics Korea data showed the wealthiest 1 percent of households in terms of net worth owned 3.28 billion won worth of assets in 2022. The amount was up by 379 million won from a year earlier. Net worth refers to th...
Korea suffers lowest job growth in two years amid population decline
Korea added the lowest number of new jobs in two years in February, when the number of newly hired people aged below 60 fell by more than 100,000 from the month before in the face of a rapid population decline. Statistics Korea announced, Wednesday, the number of employed people amounted to 27.71 million last month, up 312,000 from a year earlier.