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Tue, January 31, 2023 | 21:55
Refinancing burden spreads to more non-bank financial firms
Insurers and capital funding companies that are specialized in asset-based leasing and car loans are struggling with liquidity shortages, as steep hikes in the key interest rate put the pressure for refinancing on non-bank financial firms. The banks have been offering high deposit interest rates in past months, prompting investors to pull their money out from the debt and sho...
1.2 mil. homeowners to be subject to 'pricey home' tax
A record 1.2 million homeowners this year will be asked to pay a tax which is disputed as a punitive measure against those owning a single “pricey home” or multiple homes, according to the government. It is the first time more than 1 million homeowners will be subject to the so-called comprehensive real estate tax which was introduced in 2005.
BOK expected to hike key rate by quarter percentage point at Thursday's meeting
The Bank of Korea (BOK) is anticipated to go for a 25 basis point increase at this year's final rate-setting meeting to strike a balance between inflation and the adverse effects of its accelerated credit tightening in 2022, according to analysts, Sunday. Scheduled on Thursday, the meeting will come as the currency and stock markets here took a beating in general throughout t...
Hana, SK join hands to strengthen digital innovation
Hana Financial Group, jointly with SK Telecom and SK Square, have formed a strategic partnership to combine their expertise in finance and information and communications technology (ICT) to take lead together in innovative financial services using digital technology, the banking group announced on Sunday. It said the three will jointly invest in Web 3.0, the third generation ...
Appointment of 'parachute CEOs' likely once more in finance sector
The government appears to be preparing to fill in top posts of multiple financial services companies with pro-government figures, with tenures of targeted firms' CEOs set to expire starting in December. Such possible preparation for “parachute appointees,” meaning those who have been appointed into high-level positions due to their connections with the current government or r...
Lenders set aside more loan loss reserves against chain of economic risks
Major banks in Korea are setting aside more loan loss reserves to cope with a chain of pandemic-induced economic pressures that are pushing more borrowers toward the possible risk of default. The default risks used to center on small business owners, whose sales plunged due to the spread of the COVID-19 virus and social distancing measures following the pandemic outbreak. The...
KB Kookmin Bank wins science ministry award for AI-based banking services
KB Kookmin Bank has won an award from Minister of Science and ICT Lee Jong-ho for offering innovative banking services using up-to-date technology, the lender announced on Thursday.
Students honored for offering insights on MZ customers, ESG in economic essay contest
The Korea Times awarded seven winners of its annual economic essay contest for university students, Tuesday, who wrote about one of two challenges faced by the finance industry - attracting tech-savvy Generation MZ, a Korean term referring to Millennials and Generation Z, as customers, and better implementing the principles of environmental, social and corporate governance (E...
Dispute over tax increase on hefty capital gains worries investors
The government and the main opposition Democratic Party of Korea (DPK) remain poles apart over the timing of expanding their capital gains tax policy to tax more investors on stocks, bonds, derivatives and other financial products. The discord worries retail investors who trusted that the plan to impose taxes of up to 25 percent on annual capital gains exceeding 50 million wo...
Hana Bank runs media wall-based art exhibition to enhance offline services
Hana Bank is showcasing collections of a New York art gallery on a media wall at its private banking center in Seoul, as a part of efforts to offer a range of services for offline customers in the digital banking era, the company said Tuesday. The media wall exhibition has been made possible in cooperation with Easel, a Seoul-based company that specializes in providing art-re...
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