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Reporter : Yi Whan-woo
Tue, May 30, 2023 | 14:37
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..
Banks pressed to raise loan loss reserves over SVB, Credit Suisse fiascos
Major banks in Korea are under pressure to set aside more loan loss reserves amid fear of a global banking crisis prompted by the collapse of Silicon Valley Bank (SVB) and the newfound instability of Credit Suisse. Also known as bad debt reserves, loan loss reserves are a partial risk coverage provided by governments to lenders based on the estimated amount of accounts receiv...
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.
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 ...
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...
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.
Record loss prompts relocation debate on pension operator's investment division
The record investment loss suffered by the National Pension Service (NPS) has sparked a debate over whether its investment division should be relocated back to Seoul from Jeonju, North Jeolla Province, to foster a more favorable working environment.
Average annual salary at internet-only lenders tops W100 mil.
Three digital banks in Korea pay around 100 million won ($76,000) in average annual salary to their employees, the companies said Tuesday in their respective reports. The biggest of the three, KakaoBank said its executives and rank-and file-employees received 107 million won on average in 2022.
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...
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...
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