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Reporter : Yi Whan-woo
Sat, December 3, 2022 | 13:59
Korea's debt-to-GDP ratio grows 2.5 times faster than advanced economies'
The ratio of national debt to gross domestic product (GDP) in Korea is rising fast, and it will grow more than 2.5 times as much as the combined average of the ratios of the world's 35 advanced economies between 2017 and 2022, a government source said Sunday on condition of anonymity. Citing data from the International Monetary Fund (IMF), the source said that the national de...
Hana Bank to host US real estate investment seminar
Hana Bank will host a seminar, Friday, on investing in real estate in the United States and opportunities to get a green card through such investment, the company announced on Tuesday. The seminar will take place at Club1, the VIP member club of Hana Bank, in southern Seoul's Samseong-dong.
Financial companies address IT safety over Kakao fiasco
Commercial banks are underlining their IT security measures aimed at protecting customers' data and ensuring undisrupted services, in the wake of the latest service malfunction suffered by the country's two major tech firms - Kakao and Naver. The malfunction was caused by a fire on Saturday at an SK C&C data center that Kakao and Naver had been outsourcing.
KB Financial to sponsor world badminton tournament in Indonesia
KB Financial Group is serving as the title sponsor of an international badminton tournament to be held in Malang, Indonesia, from Tuesday to Sunday, the banking group announced on Monday. A title sponsor is a patron of an event with the exclusive right to have its name appear in the event title in return for offering money, goods or services.
Foreign firms' tax evasion more than doubled since 2018
Foreign businesses have been increasingly engaged in tax evasion over the past four years, with the amount of unpaid taxes more than doubling between 2018 and 2021 to almost 200 billion won, data showed Monday. Compiled by the Korea Customs Service (KCS) and released by Rep. Yang Ki-dae of the main opposition Democratic Party of Korea (DPK), the data showed foreign firms evad...
Housing market hit hard by rising interest rates
Housing prices in Korea dipped to their lowest level in more than 10 years, data showed Friday, over a steep hike in the benchmark interest rate, which is detracting would-be home owners from borrowing money from banks. Real estate experts forecast that housing prices have not bottomed out yet and will continue to fall through the end of 2023.
Household debt poses serious threat to Korean economy amid soaring interest rates
Household debt in Korea is posing a great threat to the economy, as it is growing at a faster pace amid more aggressive credit tightening embraced by the Bank of Korea (BOK) over the past months to tame red-hot inflation.
Steep rate hike feared to deal further blow to borrowers
A sharper-than-expected rate hike in Korea is feared to deal a further blow to borrowers who have already been struggling with a snowballing amount of repayments. The Bank of Korea (BOK) carried out a second big-step rate hike, raising the benchmark interest rate by 50 basis points, Wednesday, sending the rate back to 3 percent for the first time since October 2012.
Choo holds multiple meetings with world finance leaders
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is holding a string of bilateral and multilateral meetings during his visit to the United States. The purpose of the trip is to attend a gathering of finance ministers from G20 countries as well as the 2022 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, D....
BOK delivers 2nd 'big step' rate hike to curb inflation, capital flight
The Bank of Korea (BOK) took another “big step” rate hike of half a percentage point Wednesday in a bid to fight inflation and prevent a possible capital flight amid the sharp depreciation of the Korean currency against the U.S. dollar. It was the second outsized rate increase following one in July, and the fifth consecutive monetary tightening since April. Wednesday's decisi...
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