Korea Times AI content 2 team Reporter
Value context and insight. lkm@koreatimes.co.kr
About 400 creditors of the troubled local builder Taeyoung Engineering & Construction will seek the recovery of 1.37 trillion won ($1.05 billion) in shaky loans and project financing guarantees exceeding 9.18 trillion won on Jan. 11, state-run lender Korea Development Bank (KDB) said Monday.
Household debt will be the largest downside risk to the Korean economy in 2024. Falling exports driven by China's slowdown and weakening consumer spending will also be among headwinds for the export-dependent country. Still, the worst of the chip downcycle is coming to an end and improvement in the sector is expected to boost exports in the months to come.
An officeworker surnamed Kim is thinking about packing meals to eat at work everyday.
The performance of the country’s top financial groups will deteriorate in 2024, hamstrung by sustained high interest rates and hefty contributions to so-called mutual growth funds set up to help small businesses, market watchers said Friday.
Taeyoung Engineering & Construction filed for corporate debt restructuring, prompted by a failed payment of 48 billion won ($37 million) on a project financing debt due Thursday.
The overseas growth drive of Kakao Corp. is sputtering, hindered by repeated failures of its subsidiaries to ink acquisition deals with industry leaders in the U.S. and Europe, according to market watchers, Wednesday.
BNK Kyongnam Bank is coming under heavy criticism for internal control failures, as clearly illustrated by cases involving an employee embezzling 300 billion won ($231 million) and a senior official trading stocks using borrowed names, according to market watchers, Wednesday.
The months-long dispute among the owner family of Hankook & Company ended in a victory for current Chairman Cho Hyun-bum, the second son of Honorary Chairman Cho Yang-rae, according to market watchers, Tuesday.
Korea’s combined household, business and government debt is expected to top 6,000 trillion won ($4.6 trillion) this year, Bank for International Settlements (BIS) data showed Thursday. Korea was the only country to see its total debt-to-GDP ratio rise among OECD members.
A plan by 18 local commercial lenders providing a combined 1.6 trillion won ($1.2 billion) in financial aid to small businesses and self-employed people is facing efficacy and eligibility requirement concerns, market watchers said Thursday.