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Kim Myoung-soo, NICE Investors Service CEO, speaks during the NICE Credit Seminar 2024 held in western Seoul on Thursday. [SHIN HA-NEE]

Credit risk grows for petrochemical makers with Chinese walkaway

Korea's petrochemical manufacturers face growing credit risks as China pulls back and persistently high capital expenditures plague the industry.

2024.5.9

Financial Supervisory Service Gov. Lee Bok-hyun speaks during a press conference on March 11 at the agency's headquarters in western Seoul. [YONHAP]

Illegal short selling 'considerable issue' for global investment banks, FSS Gov. says

Recent instances of illegal short selling unearthed by financial authorities indicate “a considerable issue” in the management of global investment banks, Financial Supervisory Service (FSS) Gov. Lee Bok-hyun said Thursday.

2024.5.9

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A construction site in eastern Seoul in October 2022. [YONHAP]

Financial firms increased debt reserves 71% in 2023 over growing default fears

The nation's four major financial firms padded their debt provisions amid concerns over project financing defaults.

2024.2.13

Financial Services Commission Chairman Kim Joo-hyun, left, and Financial Supervisory Service Gov. Lee Bok-hyun speak during a meeting with CEOs of local brokerage companies in western Seoul on Thursday. [YONHAP]

FSS issues warning to firms behind struggling real estate projects

Financial regulators have urged financial companies to sell unprofitable property projects and to increase provisioning to prepare for any risks amid concerns about project finance debt.

2024.1.24

Bank of Korea Gov. Rhee Chang-yong speaks to reporters on Thursday after the Monetary Policy Board kept the rates unchanged at 3.50 percent for the eighth consecutive meeting. [YONHAP]

Rates likely to be frozen for months, BOK says

The chance of any further rate increases has grown weak as the rate is already high and inflation is slowly yet continuously easing, said the Bank of Korea (BOK) as it kept the interest rate steady at 3.50 percent.

2024.1.11

Bank of Korea Gov. Rhee Chang-yong at the Monetary Policy Board meeting held at the central bank office in central Seoul on Thursday. [JOINT PRESS CORP]

BOK freezes interest rates for eighth straight meeting

The Bank of Korea (BOK) kept interest rates unchanged at 3.50 percent for the eighth straight meeting on Thursday.

2024.1.11

Taeyoung Engineering & Construction (E&C)'s headquarters in Yeouido, western Seoul [YONHAP]

Embattled Taeyoung pressed to improve restructuring plan

Financial authorities and state-run bank pressed TY Holdings, the parent company of the indebted Taeyoung Engineering & Construction (E&C), to inject the outstanding $67.6 million from the sale of Taeyoung Industries into the construction arm.

2024.1.5

A corporate flag of Taeyoung E&C, shown at its headquarters in western Seoul on Wednesday [NEWS1]

Taeyoung E&C's restructuring proposal shot down by Korea's financial regulator

The chief of Korea's financial regulator criticized the self-rescue plan proposed by cash-strapped Taeyoung Engineering & Construction (E&C), pushing the mid-sized construction company to come up with a better proposal by this weekend.

2024.1.4

Finance Minister Choi Sang-mok, center, enters a meeting with financial policymakers in Seoul on Friday. [NEWS1]

Korea to inject more money into markets over Taeyoung E&C's workout application

The Finance Ministry said Friday it is ready to deploy additional liquidity facilities to address potential financial fallout and economic impact after Taeyoung Engineering & Construction (E&C)'s debt restructuring application Thursday.

2023.12.29

Taeyoung Engineering & Construction's headquarters in Yeongdeungpo District, western Seoul [YONHAP]

Struggling Taeyoung E&C files for debt restructuring

Taeyong E&C, Korea's 16th-largest builder, has filed for debt restructuring, raising concerns about the construction industry's debt crisis.

2023.12.28