Articles by Song Seung-hyun
Song Seung-hyun
ssh@heraldcorp.com-
9 in 10 experts predict housing slowdown this year
More than 90 percent of real estate experts predicted a decline in housing prices this year, while 1 in 2 said the housing market could see a rebound next year, according to a KB Financial Group report released Sunday. The report said transaction prices of houses nationwide fell 1.8 percent last year, a first in 10 years. Daegu showed the highest decline with 5.2 percent, followed by Daejeon with 4.4 percent and the greater Seoul area with 2.7 percent. The number of transactions also plunged alm
Industry March 5, 2023
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Internet-only K-Bank reaps record profits
K-Bank, a South Korean internet-only bank, posted record-high profits last year, extending gains after it swung to black for the first time in 2021. The bank recorded a net profit of 83.6 billion won ($63.7 million) in 2022, marking a 272 percent increase from the previous year's net profit of 22.5 billion won, according to K-Bank on Thursday. K-Bank’s net profit in 2021 was a turnaround from a loss of 105.4 billion won in 2020. It was the first annual net profit that the internet-o
Industry March 2, 2023
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Samsung Electronics top stock pick in Feb.; SM ranks No. 4
Market bellwether Samsung Electronics was the top stock pick among investors in February, with the total trade volume of its stocks soaring to 16.17 trillion won ($12.3 billion) on the nation’s main bourse Kospi, according to data from the Korea Exchange on Wednesday. The tech giant’s daily trade volume was 808.9 billion won on average last month. Posco Chemical, a battery materials company that has recently inked a whopping 40 trillion won supply deal with Samsung SDI, had the sec
Industry March 1, 2023
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Tensions heat up over SM acquisition
Hybe, the Korean entertainment agency behind BTS, announced on Tuesday that it has submitted a petition to the Financial Supervisory Service asking for an investigation into a "suspicious" large purchase deal of SM Entertainment stocks. The request comes amid Hybe’s bid to take over its rival agency after becoming its largest shareholder. “On Feb. 16, an abnormal purchase of 2.9 percent (683,398 shares) of SM's issued shares took place at IBK Investment Securitie
Industry Feb. 28, 2023
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Tax, interest repayments make up 27% of households’ spending
South Korean households used a record high portion of their spending on non-consumption expenditures such as interest repayments and tax, according to data released on Monday by the Korean Statistical Information Service. Household non-consumption expenditure includes money spent on tax payments, insurance payments, and interest payments on borrowed money, among other expenditures. As non-consumption expenditures increase, disposable income used for the personal consumption of goods and serv
Industry Feb. 27, 2023
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Security token guideline aims to 'allow issuance,' not just to regulate: FSC
Making blockchain-based tokens operational here is a part of South Korea's "serious" efforts in adopting regulatory changes to make its capital market more attractive to foreign investors, the top financial regulator said Friday. Financial Services Commission Vice Chairman Kim So-young stressed that recently released guidelines on security tokens were created to “allow issuance of blockchain-powered digital tokens," during a press conference with foreign media outlets h
Industry Feb. 24, 2023
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AmCham Korea calls for extension to foreign workers’ tax benefit
The chairman of the American Chamber of Commerce in Korea called on the Korean government to offer flat income tax benefits for foreign workers on a permanent basis. During a press conference held at the IFC Forum in Seoul to commemorate the 70th anniversary of the US-Korea alliance and the founding of AmCham Korea on Thursday, AmCham Korea CEO James Kim said the 20-year flat income tax benefit for foreign workers should be extended further, citing other countries who offer them on a permanent
Industry Feb. 23, 2023
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[Newsmaker] Korean banks’ oligopoly hinders global competitiveness: FSS chief
The head of Korea’s top financial watchdog criticized the current oligopolistic system dominated by five major commercial lenders, which hinders them from sharpening their global competitiveness. “If (Korean banks) stay the way they are now, they will likely have a hard time gaining an edge in the global market,” Financial Supervisory Service Chief Lee Bok-hyun said during a meeting with foreign investors in Seoul on Wednesday. This meeting was organized by the FSS to provide i
Industry Feb. 22, 2023
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Local banks cut lending rates amid rising criticism
Top commercial Korean banks are moving to lower their lending rates further amid backlash from financial authorities and the public against its presentation of a social contribution plan that was deemed inadequate for easing pressing burdens from high rates. Many have demanded South Korean banks share their profits with society after they enjoyed a bumper year on last year's interest rate hikes. The top four Korean financial groups -- Shinhan, KB, Hana and Woori -- saw their combined ne
Industry Feb. 21, 2023
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South Korea’s life satisfaction among lowest in OECD
South Korea ranked near the bottom on reported levels of life satisfaction among member countries of the Organization for Economic Cooperation and Development, according to a report released this month. Statistics Korea's report Quality of Life Indicators in 2022 showed that South Korea ranked 36th among 38 OECD countries in terms of life satisfaction, based on data collected from 2019 to 2021. The country had a score of 5.9 out of 10, substantially lower than the OECD average of 6.7. Thi
Industry Feb. 20, 2023
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FSS urges tougher regulations for big tech's finance biz
South Korea’s financial watchdog emphasized the need for a stronger regulatory system to prepare for new risks that might arise as big tech companies expand their finance business. “There should be in-depth discussion and research on introducing entity-centered regulations for big tech,” Lee Bok-hyun, chief of the Financial Supervisory Service, said during a speech at the Diagnosis and Future Tasks of Big Tech's Financial Industry seminar held in Myeong-dong, Seoul, Fr
Industry Feb. 19, 2023
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Banks under fire for ‘insufficient’ contribution to Korean society
Local banks are hurriedly laying out plans to carry out profit-sharing corporate social responsibility activities after President Yoon Suk Yeol condemned them for enjoying hefty bonuses even as people suffer under higher interest rates. But the efforts appear to be falling short of quelling public criticisms. According to the Korea Federation of Banks on Wednesday, its new social corporate responsibility project will bring a support effect of around 10 trillion won ($7.8 billion) to society ov
Market Feb. 16, 2023
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Business-friendly environment for foreign firms vital for trade: KITA
In order to improve Korea's suffering trade deficit, a Korean trade lobby group on Wednesday called for the government to ease regulations for foreign businesses. “Korea's export industry, which is mainly composed of intermediate goods and semiconductors that are sensitive to economic fluctuations, is one cause of the sluggish exports. But fundamentally, the global export market share is the key problem,” KITA Vice Chairman Jeong Marn-ki said during a press conference held
Industry Feb. 15, 2023
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[Photo News] Teaming up for global business hub
James Kim (left), chairman and CEO of the American Chamber of Commerce in Korea, meets with Foreign Minister Park Jin on Tuesday at the ministry's building in Seoul. They are said to have discussed measures to nurture Korea as the top business and investment destination for global companies. (American Chamber of Commerce in Korea)
Industry Feb. 14, 2023
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Top 5 banks' hefty bonuses under fire
The top five Korean banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup – handed out hefty bonuses last year, after they posted record earnings thanks to higher interest income. The five banks’ bonuses in 2022 amounted to a combined 1.38 trillion won ($1.08 billion), up 35 percent on-year, according to data provided to the Democratic Party of Korea’s Rep. Hwang Un-ha by the Financial Supervisory Service. The FSS data showed that NongHyup gave out the greatest amount in bo
Industry Feb. 14, 2023
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