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The Korea Times

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SCMP
Asia

The Korea Times

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Economy

Fri, March 24, 2023 | 06:24

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

Fitch keeps Korea's credit rating unchanged at 'AA-,' outlook stable

Fitch keeps Korea's credit rating unchanged at 'AA-,' outlook stable

Global credit appraiser Fitch Ratings said Monday it has reaffirmed Korea's sovereign rating at "AA-" with a stable outlook, while suggesting an economic growth of 1.2 percent this year.

2023-03-13 18:23

Financial markets show resilience to SVB collapse

Financial markets show resilience to SVB collapse

Financial markets in Korea remained resilient, Monday, in the face of the sudden bankruptcy of Silicon Valley Bank (SVB) that prompted concerns of an exodus of foreign capital in search of safer assets and a surge in market volatility. The benchmark KOSPI advanced 16.01 points, or 0.67 percent, to close at 2,410.60, following a three-day losing streak until Friday when SVB be...

Yi Whan-woo | 2023-03-13 16:57

Biden tells US to have confidence in banks after collapse

SVB collapse adds to woes of NPS' record investment loss

Large exposure limits for banks to be extended again amid SVB fallout

Large exposure limits for banks to be extended again amid SVB fallout

Large exposure limits for banks to be extended again amid SVB fallout

The financial authorities will extend the large exposure (LEX) limits for banks again this year because of expanding market volatility caused by the collapse of Silicon Valley Bank (SVB) following a liquidity crunch.

Lee Yeon-woo | 2023-03-13 16:00

Biden tells US to have confidence in banks after collapse

Financial markets show resilience to SVB collapse

G20 Sherpa ambassador highlights importance of understanding statistics

G20 Sherpa ambassador highlights importance of understanding statistics

Ambassador for International Cooperation on G20 Affairs Song In-chang, who is also an elite public official with expertise in economics and international finance, strongly advises the public to become savvy with statistics. His interest in statistics grew after realizing that a solid understanding of statistics is a precursor to drawing up beneficial policies, which in turn c...

Anna J. Park | 2023-03-13 09:00

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