(Bloomberg) A Korean builder whose plan to restructure debt prompted a rating agency to warn of spillover risk slid on Thursday, fueling concerns in a nation on alert for crises in project finance.Most Read from BloombergConfidential Jeffrey Epstein Documents Unsealed by New York CourtFed Sees Rates Staying High for Some Time With Cuts Eyed in 2024Saving the Panama Canal Will Take Years and Cost Billions, If It’s Even PossibleTech Stocks Log Four-Day Losing Streak, Bonds Rise: Markets WrapIra
South Korea's top four financial groups KB, Shinhan, Hana and Woori are expected to post a combined net profit of over 17 trillion won ($13 billion) this year, buoyed by their moneylending business, according to market tracker FnGuide. While the four firms posted an estimated net profit of 16.55 trillion won last year, the projected figure for this year is 17.23 trillion won, marking a 4.1 percent growth o.
Three local ratings agencies are coming under heavy criticism for slashing credit ratings for Taeyoung Engineering and Construction, only hours after the troubled builder filed for debt workout, on Dec. 28 of last year. They are Moody s Investors Service-affiliated Korea Investors Service, Korea Ratings and NICE Investors Service.
(Bloomberg) Jitters about South Korea’s credit market extended into Tuesday, with bank and developer shares sliding and JPMorgan Chase & Co. warning of insolvency risks for financial firms and developers due to real estate exposure. Most Read from BloombergIran Sends Warship to Red Sea After US Sinks Houthi BoatsQuake Hits Northwestern Japan, Killing Four, Wrecking HomesIndia’s Crude Oil Imports From Russia Plunge on Payment IssuesUS Pushed Dutch Maker of Chip Equipment to Block Chinese Sales