Economy
Fitch upgrades Hana Bank's credit rating to A from A-
Fitch Ratings upgraded its rating on Hana Bank to A, up from A-, according to the bank, Friday.
Jun 14, 2024
Lee Kyung-min
Korea Times AI content 2 team Reporter
Value context and insight. lkm@koreatimes.co.kr
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Economy
Are retail investor-exclusive treasury bonds good investments?
gettyimagesbankBy Lee Kyung-minThe subscription of 10-year and 20-year Korea Treasury Bond by retail investors exceeded 126 billion won ($91 million), Thursday, propelled by the promise of up to 108 percent held-to-maturity increase in return, market watchers said Friday.The product was introduced by the government to grant equal access of retail investors to the vibrant market sector long limited to large institutional investors.Underpinning the explosive demand is separate filing of financial incomes eligible for a flat rate of 15.4 percent. This is a major tax break, since the financial income combined with other business or earned incomes can push up the rate to nearly 50 percent.However, the product is suitable only for long-term investors. A change in Treasury ownership mid-term is restricted, meaning short-term scalping is impossible. Scalping is an investment technique whereby an investor makes a small profit after holding a buy or a sell position for a very short time.Also, early redemption will remove the benefit of the flat rate, along with the high rates of returns.
Jun 14, 2024
Economy
Will 'accountability charts' root out embezzlement at banks?
Expectations are high that strengthened accountability of financial firm CEOs and executives will help eradicate embezzlement at banks, as enforced by the revised law on "accountability charts" whereby the major roles and responsibilities of managerial figures are defined, market watchers said Thursday.
Jun 13, 2024
Economy
Only institutional, foreign investors benefit from stock income tax, market watchers say
Institutional and foreign investors will emerge as undue beneficiaries of the planned enforcement of a capital gains tax on stock trading income at the expense of retail investors, market watchers said Wednesday.
Jun 12, 2024
Economy
Taeyoung's debt restructuring on swift course: KDB head
The board of Korea Development Bank (KDB) approved the capital reduction of Taeyoung Engineering and Construction (E&C), marking the latest development in the months-long debt restructuring of the troubled building developer, according to the creditor, Tuesday.
Jun 11, 2024
Economy
Dunamu Next Dream initiative helps youth deal better with money
Dunamu, the operator of Korea's leading crypto exchange Upbit, helped at least 300 young delinquent borrowers with debt redemption, living expenses and emergency loans without interest last year, according to the digital asset service provider, Tuesday.
Jun 11, 2024
Economy
Banks in dilemma over free FX conversion services
Commercial lenders are registering lower-than-expected foreign exchange (FX) conversion income, stymied by fierce market competition whereby card firms and banks are rushing to introduce free such services to lock in a greater number of outbound travelers, market watchers said Monday.
Jun 10, 2024
Economy
Korea's household debt-to-GDP ratio still among world's highest
Korea's ratio of household debt to GDP is among the highest of major economies, despite the revision of the base year to 2020 from 2015, data showed Sunday. The figure for corporate debt to GDP came to the fifth-highest, down from the previous fourth-highest.
Jun 9, 2024
Economy
Koreans' net purchase of US shares up 42-fold over past week on Nvidia stock split
Retail investors' net purchases of U.S. shares skyrocketed by over 41 times, data showed Sunday, propelled by May 22 reports of U.S. IT powerhouse Nvidia's 10-for-1 stock split scheduled on Monday (local time).
Jun 9, 2024
Economy
16 entities face tax audit for fraudulent financial consulting services
A total of 16 entities are under tax audit for organizing “leading rooms,” or fake online financial consultancies, the tax authorities said Thursday. Some of them used artificial intelligence-generated advertising materials featuring celebrities to help make their "services" look more legitimate and enticing.Many victims fall for the false promise of a windfall, prompted by financial anxiety and frustration. The sentiment is best encapsulated by the most common comment, “Everyone has made a fortune but me,” shared among members of an online community.
Jun 6, 2024