A growing number of South Korean teenagers bought apartments in Seoul with financial support from their parents, data showed Monday.  People in their teens bought a total of 69 new homes for speculative purposes in the January-May period, a tenfold increase from a year earlier, according to data from the Ministry of Land, Infrastructure and Transport submitted to Rep. Park Sang-hyuk of the ruling Democratic Party. The young homeowners’ parents appeared to have handed cash to their

Market July 19, 2021

The fourth wave of the COVID-19 pandemic is likely to put the brakes on South Korea’s economic recovery, darkening the nation’s growth outlook for the third quarter, according to economists Sunday. "Daily new infections rose sharply during the summer vacation season, when private consumption is expected to grow. Possibilities remain that the local economy could contract in the third quarter, affected by the virus resurgence and the toughest Level 4 social distancing," sa

Economy July 18, 2021

It takes 20 years for the female employment rate to reach the same figure of female workers in their first year of marriage, suggesting that child births and rearing are still the main obstacles they face in continuing their careers, a report showed Tuesday. A survey conducted by the Korea Labor Institute, the employment rate among married women in the first year of marriage was 68.1 percent but the figure plunged to 40.5 percent when they reached the fifth year. The job rate of married women

Market July 13, 2021

Responding to rising demand for sustainability in corporate management, Woori Financial Group has decided to invest 100 trillion won ($87.3 billion) in financial products associated with environmental, social and governance, or ESG factors, including credit loans and bonds, by 2030, the banking giant said Monday.  The envisioned plan is part of the group’s mid-and long-term ESG strategies to promote sustainable growth under a new company vision titled “Good Finance for the Ne

Market July 12, 2021

This is the third installment of a series of articles investigating financial activities of seniors during rapid digitalization of the finance industry. -- Ed. Shin Young-sam, a 59-year-old retiree, remembers days at the office working in a tie and suit -- and the glamorous dinners he hosted with clients and colleagues. Leaving his work last year, he now carries a square-shaped backpack and walks around his neighborhood in Yongin, Gyeonggi Province, for his new job -- picking up lunch from r

Economy July 11, 2021

The finance ministers of South Korea and Argentina have shared concerns over the normalization of expansionary monetary policies by major economies, the Ministry of Economy and Finance said Friday. During a meeting ahead of the Group of 20 meeting of top finance and economic officials held in Venice, Italy, set for Friday and Saturday, Finance Minister Hong Nam-ki and his Argentine counterpart Martin Guzman raised the possibility that the withdrawal of monetary easing measures, including a i

Economy July 9, 2021

With apartment prices soaring in the South Korean capital of Seoul, a growing number of residents are leaving the city for its surrounding areas, data showed Thursday.  According to data from Statistics Korea, from January to May, an average of 8,823 people moved out of the city each month. The agency forecast that the total net outflow for 2021 would reach 100,000. This contributed to overall changes in population. While Seoul‘s population declined 102,475 in the last six months,

Market July 8, 2021

South Korean credit card issuer Hyundai Card said Wednesday it has launched new credit cards which offer ultimate rewards, exclusively for owners of Hyundai Motor’s premium luxury sedan Genesis. Branded as Genesis Card edition, it is subdivided into two types -- mobility service and electric vehicle service. Depending on their car models, the Genesis owners can choose which card to use.  Cardholders, who are registered at Hyundai Motor‘s membership program called Blue Member

Market July 7, 2021

As the local job market has remained in limbo due to the prolonged COVID-19 pandemic, a growing number of South Koreans in their 20s have started their own businesses, data showed Wednesday.  According to data compiled by Statistics Korea and the Ministry of SMEs and Startups, a total of 449,000 startups were launched by individuals between January and April amid a feeble employment market.  Of the total, people aged 30 and under opened 59,000 enterprises during the cited period, up

Economy July 7, 2021

More than half of South Koreans whose financial assets exceed 1 billion won ($893,000) believe that the local stock market may rally this summer on hopes of an economic rebound, a recent survey showed Tuesday.  According to the survey conducted by Samsung Securities, some 64 percent of the company’s 782 high net worth customers, said they look forward to a summer rally in the stock market. Among them, 68 percent forecast the country’s key stock index Kospi would hover around

Market July 6, 2021

Shinhan Card said Monday it plans to launch private label credit card featuring South Korean boyband BTS and other celebrities later this year, exclusively for K-pop fans. In partnership with Weverse Company, a fan community platform created by Hybe, the entertainment agency behind BTS, Shinhan will launch PLCCs that offer benefits and rewards to cardholders who buy albums or concert goods via Weverse Shop. A PLCC is a credit card branded jointly by two business entities that are intended to

Market July 5, 2021

South Korea’s top financial regulator will give a ruling on whether the late Samsung Group Chairman Lee Kun-hee’s two daughters -- Hotel Shilla CEO Lee Boo-jin and Samsung Welfare Foundation chief Lee Seo-hyun -- are qualified to become major shareholders of Samsung Life Insurance. This decision is expected to go in their favor, paving their way to become the company’s largest shareholders, industry sources said on Sunday. The policymaking Financial Services Commission is sl

Market July 4, 2021

South Korea has been a great experience for our family since relocating here with HSBC in late 2018. Our daughter who recently turned four is happily growing up.  For those who know me, I’ve always been a big believer that one can learn a lot from kids. From the endless creativity and ever more sophisticated negotiating skills to little things they learn from school, the thought-provoking interactions often provide valuable reflections on life and how we should think about future g

Market July 4, 2021

JB Financial Group on Thursday laid out mid-and long-term strategies to step up its sustainable business management focused on environmental, social and corporate governance values. In a statement, the holding group of Jeonbuk Bank and Kwangju Bank introduced its ESG goals under a new company vision titled “Marching toward a better future with JB Financial.”  The company will strive toward adopting a swift response to climate-related risks, achieving carbon neutrality, ethic

Market July 1, 2021

Housing polarization is rapidly deepening in South Korea, with the gap between the highest- and lowest-priced apartments widening to its greatest level on record in June, data showed Tuesday.  According to data from KB Kookmin Bank’s real estate services platform Liiv On, apartment prices in the top 20 percent range reached an average of 1.1 billion won ($978,000) this month, gaining nearly 200 million won on-year. This marked the highest number since the lender started to compile

Market June 29, 2021