Household lending surges at last minute over BOK’s rate hike, stricter lending rules

Despite the Parliament’s approval of the nomination of the Financial Services Commission’s new chairman on Friday, concerns remain over his familial ties with the chairman of Korea Investment Holdings, the parent group of a major South Korean brokerage firm. The FSC chief nominee, Koh Seung-beom, is the brother-in-law of Kim Nam-goo, chairman and CEO of Korea Investment Holdings, which controls Korea Investment & Securities, the nation’s second-largest securities company

Amid controversial regulatory efforts being made to keep cryptocurrency trading in order, Upbit appears to have solidified its leadership in the market. Upbit retained its title as South Korea’s largest cryptocurrency exchange in terms of cash parked, and the number of subscribers and transactions, data showed Sunday. According to the data from Rep. Yoon Do-hyun of the People Power Party, a member of National Policy Committee, Upbit had 5.3 trillion won ($4.5 million) deposited its acc

Amid recurring industrial accidents such as the 2018 Taean Power Plant tragedy, the 2020 Icheon fire incident, and the death of a worker at Pyeongtaek Port in April, social interest regarding the need for health and safety in outsourcing arrangements has been steadily growing. Meanwhile, with the increase in outsourcing of work across all industries, the vague division of roles and responsibilities between companies and contractors, and the lack of authority of contractors/subcontractors that

Industrial accidents at workplaces caused an estimated loss of nearly 30 trillion won ($25.6 billion) last year, data showed Sunday, with the country seeking to impose heavy punishment on employers in the event of workplace disasters starting next year. The losses caused by industrial accidents were estimated at 29 trillion won in 2020, up 8.5 percent from a year earlier, according to the data compiled by the Ministry of Employment and Labor. The total number of deaths from industrial accident

South Korean stocks are likely to move in a tight range next week as investors' profit-taking mode may be balanced against the US Federal Reserve chairman's dovish comments. The benchmark Korea Composite Stock Price Index (Kospi) closed at 3,133.9 points Friday, up 2.4 percent from a week ago. The weekly gain came as investors bet that the US Federal Reserve would not hurry its timeline for tapering its stimulus and policy interest rates in the Jackson Hole meeting that took place Friday (US t

South Korea on Friday saw its first public real estate investment trust debut on the domestic stock market this year, with more debutants headed for the listing soon. D&D Platform REIT, which holds office and industrial portfolios at home and abroad, started trading on the Korea Exchange‘s main board Kospi Friday. A REIT refers to a vehicle designed to offer dividend returns to its investors through investments in securitized real estate assets. The nation’s first multisector

South Korean stocks finished higher Friday after a choppy session as investors await the comments from the chief of the US Federal Reserve about its tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) increased 5.37 points, or 0.17 percent, to close at 3,133.9 points. Trading volume was low at about 512 million shares worth some 10.9 trillion won ($9.3 billion), with gainers outnumbering losers 586 to 259. Foreigners sold a ne

Loan maturity likely to be extended amid the fourth wave of the COVID-19 pandemic

South Korean banking giant KB Financial Group is ramping up its push to venture into the Indonesian financial industry, as its securities brokerage arm awaits a regulatory approval to set foot in the largest economy in Southeast Asia. KB Securities, a Seoul-based investment bank and brokerage house, said Friday it is poised to inject some 50 billion won ($42.8 million) in capital to become a new shareholder of an undisclosed midsized Indonesian firm dedicated to securities underwriting and bro

South Korea on Friday inked an agreement to expand a joint loan facility program with the Inter-American Development Bank (IDB) in a bid to support infrastructure development in Latin America. Finance Minister Hong Nam-ki and IDB President Mauricio Claver-Carone signed the agreement between the Economic Development Cooperation Fund (EDCF), South Korea's lower-interest loan scheme with emerging countries, and the regional development bank, according to the Ministry of Economy and Finance. The a

South Korean stocks opened steeply lower Friday as investors await the results of the meeting in Jackson Hole, Wyoming, for clues about the US Federal Reserve's stance about its tapering timeline. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.65 points, or 0.31 percent, to trade at 3,118.88 points in the first 15 minutes of trading. The KOSPI and its global stock peers retreated amid concerns that the Fed could start rolling back its accommodative policies as early as later t

South Korea's outbound shipments are predicted to increase 34.5 percent on-year in August on strong global demand for chips and automobiles despite the protracted COVID-19 pandemic, a poll showed Friday. Exports are expected to reach $53 billion won this month, according to the survey of seven brokerage houses by Yonhap Infomax, the financial news arm of Yonhap News Agency. Imports are estimated to rise 44.8 percent on-year in August to $51.8 billion, resulting in a trade surplus of $1.2 bil

Businesses and individual borrowers in South Korea voiced criticism on Thursday over the central bank’s decision to raise its key interest rate for the first time in 15 months, due to a possible increase in their debt burdens. In an effort to counter growing inflationary pressure and household debt, the Bank of Korea hiked its key rate by 0.25 percentage point to 0.75 percent. The move is likely to exacerbate debt-servicing burdens, particularly for the self-employed and small business