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Tue, March 21, 2023 | 19:10

OECD lowers 2023 growth outlook for Korea to 1.6%

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..

Yi Whan-woo | 2023-03-17 20:00

Credit Suisse fiasco may cause ripple effect for local markets: analysts

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.

Yi Whan-woo | 2023-03-16 16:53

International marriages hit 3-year high amid eased entry restrictions

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 ...

Yi Whan-woo | 2023-03-16 16:18

FSC to strengthen capital buffer requirement on banks from Q2 or Q3 this year

FSC to strengthen capital buffer requirement on banks from Q2 or Q3 this year

Financial authorities aim to require banks to set aside an additional capital reserve called a “countercyclical capital buffer” (CCyB), on top of lenders' mandatory capital reserve buffers required for their banking business. This is to make the banking sector more accountable and adaptable to potential external liquidity threats.

Anna J. Park | 2023-03-16 15:47

Real estate accounts for more than 80% of richest Koreans' wealth

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...

Yi Whan-woo | 2023-03-16 08:22

Korea suffers lowest job growth in two years amid population decline

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.

Yi Whan-woo | 2023-03-15 15:44

Money supply down for 1st time in nearly decade in January: BOK

Money supply down for 1st time in nearly decade in January: BOK

Korea's money supply decreased for the first time in nearly 10 years in January, largely due to aggressive monetary tightening by the Bank of Korea (BOK), central bank data showed Wednesday.

2023-03-15 14:17

FSS chief flatly denies rumors about running for election

FSS chief flatly denies rumors about running for election

Financial Supervisory Service (FSS) Governor Lee Bok-hyun has flatly denied the long-standing rumor that he will run in the upcoming election, according to officials from the FSS. Lee reportedly stated in a closed meeting, held on Tuesday that he believes that "The FSS is an organization as important as the prosecution” and that he will “stick with the FSS like a leech and wo...

Lee Yeon-woo | 2023-03-15 14:02

Are Korean banks safe from SVB fallout?

Are Korean banks safe from SVB fallout?

The bankruptcy of Silicon Valley Bank (SVB) is raising questions over whether commercial banks in Korea are exposed to risks stemming from a sharp U.S. rate hike, which was behind SVB's downfall. Analysts said Tuesday that the management and business structure of Korean banks is quite different from that of SVB and that such differences enable local banks to withstand the adv...

Yi Whan-woo | 2023-03-14 16:12

Calls rise for bolstered deposit insurance coverage following SVB disaster

Calls rise for bolstered deposit insurance coverage following SVB disaster

The sudden collapse of U.S.-based Silicon Valley Bank (SVB) earlier this month has sent jitters across the Korean banking industry, resulting in increased calls to bolster the country's state-led deposit insurance coverage policy.

Anna J. Park | 2023-03-14 16:07

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