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The Korea Times

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Asia

The Korea Times

Finance

Economy

Thu, March 30, 2023 | 13:53

Financial authorities increase pressure on banks

Financial authorities increase pressure on banks

The Financial Supervisory Service (FSS) will be conducting a regulator inspection into Shinhan Financial Group and Shinhan Bank later this month, the watchdog agency said Wednesday. It will be the first of its kind conducted on Shinhan in four years. The FSS' regular inspection takes place every two to five years, during which the financial watchdog thoroughly examines a fina...

Anna J. Park | 2023-03-01 16:23

Korea seeks to overhaul banks' corporate governance

Exports down for 5th month in Feb. on falling chip demand

Exports down for 5th month in Feb. on falling chip demand

Korea's exports fell for the fifth consecutive month in February due mainly to weak global demand for semiconductors amid an economic slowdown, the industry ministry said Wednesday.

2023-03-01 09:43

Korea seeks to overhaul banks' corporate governance

Korea seeks to overhaul banks' corporate governance

One of the key areas that Korean banks are lagging behind global financial firms is corporate governance. Along with the country's complex regulations, a less-than-effective system of checks and balances has been cited as a key factor resulting in the undervaluation of stocks issued by Korean financial institutions compared to their earnings performances.

Anna J. Park | 2023-03-01 09:30

Financial authorities increase pressure on banks

Richest 10 percent hold 43 percent of assets in Korea

Richest 10 percent hold 43 percent of assets in Korea

In one episode of the popular reality TV show “I Live Alone,” actor Kim Kwang-kyu sighs in front of an apartment building in southern Seoul's affluent Gangnam District. He just searched for the market price of his old apartment, where he had lived for six years before moving out. “I was asked to buy this home for 1 billion won ($750,000).”

Lee Yeon-woo | 2023-03-01 08:28

Korea pins high hopes on China's reopening

Korea pins high hopes on China's reopening

China's reopening is fueling optimism in Seoul that sluggish Korean exports will bounce back and possibly offer a breakthrough for the country's trade-reliant economy that is struggling with slowed growth. During a Cabinet meeting in Seoul, Tuesday, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho urged all related ministries to “pay special attention t...

Yi Whan-woo | 2023-02-28 16:30

Trade terms worsen for 22nd straight month in Jan.

Trade terms worsen for 22nd straight month in Jan.

Korea's terms of trade worsened for the 22nd straight month in January from a year earlier as export prices fell at a faster pace than import prices, central bank data showed Tuesday.

2023-02-28 15:45

Banks' FX liquidity conditions 'sound' despite uncertainties: finance ministry

Banks' FX liquidity conditions 'sound' despite uncertainties: finance ministry

Korean banks are maintaining sound foreign exchange liquidity conditions, the finance ministry said Tuesday, despite the growing uncertainties in the global foreign exchange market.

2023-02-28 15:23

Finance minister urges passage of bill on tax incentives for chipmakers

Finance minister urges passage of bill on tax incentives for chipmakers

Korea's chief economic policymaker called Tuesday for parliament to promptly pass a bill on providing more tax incentives to chipmakers amid the prolonged downturn in exports.

2023-02-28 11:02

Korea's tax revenue down $5.14 billion in January

Korea's tax revenue down $5.14 billion in January

Korea's tax revenue fell 6.8 trillion won ($5.14 billion) in January from a year earlier amid the slump in the property and securities market, data showed Tuesday.

2023-02-28 10:59

1 in 5 young Koreans suffers from snowballing debt

1 in 5 young Koreans suffers from snowballing debt

One out of every four to five Koreans owes debts that are three times as much as their annual income due to costly borrowing rates and surging housing prices, a report showed Monday. Released by Korea Institute for Health and Social Affairs, the report said that the rate for debt-ridden young Koreans was up 2.6 times from 10 years earlier, when relevant data was compiled whil...

Yi Whan-woo | 2023-02-27 16:38

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