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Financial authorities criticized the brokerage industry for its reliance on the real estate business and warned that they would hold firms accountable that fail to manage real estate project financing risks effectively.
Any discussions about easing the current restrictive monetary policy are premature, Bank of Korea Governor Rhee Chang-yong said, Thursday, aiming to moderate market expectations, particularly those anticipating swift rate cuts of up to 75 basis points throughout the year.
(Bloomberg) -- South Korea is again in damage control mode, seeking to contain fallout from a construction firm’s debt woes that risk replicating replicating a recent credit crunch.Most Read from BloombergIslamic State Claims Responsibility for Deadly Iran BlastsBusiness Insider Says Ackman’s Wife Plagiarized Doctoral ThesisJust a Billion Doesn’t Cut It on This Exclusive Florida IslandHuawei Teardown Shows 5nm Chip Made in Taiwan, Not ChinaChinese Stock Indicator With 100% Success Rate Is Flashi
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.