(LEAD) S. Korea to extend loan maturity again for pandemic-hit firms, merchants

(ATTN: ADDS remarks, details in paras 3-5)

SEOUL, Sept. 15 (Yonhap) — South Korea’s financial regulator said Wednesday local banks will extend loan maturity and delay interest payments again for smaller firms and merchants hit hard by the COVID-19 pandemic.

Local lenders have decided to extend the measures by another six months until March next year, Financial Services Commission Chairman Koh Seung-beom said in a meeting on small merchants.

To help support small merchants, state-run financial institutions will supply liquidity worth about 4 trillion won (US$3.4 billion), Koh said.

A fourth wave of the pandemic, which has lasted for more than two months, has dealt a heavy blow to food, tourism and retail businesses, Koh said.

Although the measures are extended, financial authorities will also come up with a plan to “orderly normalize” pandemic-era stimulus schemes, Koh said.

Since March last year, lenders have extended loan maturity for small and medium-sized enterprises and smaller shop owners by six months twice to help ease their financial burden caused by the COVID-19 pandemic.

Smaller merchants and self-employed people have suffered extended business slumps as the face-to-face service segments have taken a beating from the pandemic.

(LEAD) S. Korea to extend loan maturity again for pandemic-hit firms, merchants

kdh@yna.co.kr
(END)

Internet Explorer Channel Network
News Related

OTHER NEWS

Singapore firms worry most about rising costs; 40% see losses this year: SCCCI survey

Sentiment on financial performance remains depressed, albeit improved from last year. SINGAPORE (THE BUSINESS TIMES) – Some 57.3 per cent of Singapore businesses surveyed saw their costs rise this year, ... Read more »

Retailers hope for sales recovery amid 'Living with COVID-19' scheme

SEOUL, Oct. 19 (Yonhap) — Beset by curfews and fewer customers amid the coronavirus pandemic, the retail industry in South Korea is now pinning hopes on a business rebound, as ... Read more »

Delhi Capitals' Rishabh Pant inks NFT deal with Rario

The NFTs would give cricket fans worldwide the opportunity to relive Pant’s explosive moments. Delhi Capitals captain and wicketkeeper Rishabh Pant signed a lucrative deal with cricket NFT platform Rario. ... Read more »

(EDITORIAL from Korea Times on Oct. 19)

Long way to goMoon and Kishida disagree on historical issues President Moon Jae-in and Japanese Prime Minister Fumio Kishida failed to narrow their differences on key issues, such as Japan’s ... Read more »

(EDITORIAL from Korea Herald on Oct. 19)

Disappointing signalsMoves by Kishida suggests improvement in Seoul-Tokyo relations is way distant New Japanese Prime Minister Fumio Kishida sent an offering to a controversial war shrine in Tokyo on Sunday, ... Read more »

(EDITORIAL from Korea JoongAng Daily on Oct. 19)

A weird investigation In the National Assembly’s audit of the Gyeonggi provincial government on Monday, opposition lawmakers vehemently attacked the prosecution for its half-baked investigation into the grave Daejang-dong land ... Read more »

Cabinet did not stop improving Russia's investment climate in pandemic - Mishustin

According to Prime Minister, the capacities of existing enterprises were expanded in several regions of the country at once Read more »

Green energy transition more relevant than ever for Russia - Mishustin

Prime Minister added that the Russian government is already actively developing a regulatory system and a financing system for launching climate projects Read more »

Yandex sees interest in driverless deliveries in Dubai — company

At the moment, the negotiations between the potential partners are underway Read more »

Novatek does not believe in emergence of gas OPEC

Last week, Saudi Arabian Energy Minister Prince offered the Russian Deputy Prime Minister to consider the possibility of cooperation on the gas market Read more »

Russian PM invited foreign investors to jubilee SPIEF in 2022

It was reported that the jubilee 25th St. Petersburg International Economic Forum would be held from June 15 to 18 Read more »

Media: Number of new market participants in China's Sanya up 65% in January-September

Sanya attracts around 24,100 businesses and 19,700 individual entrepreneurs Read more »

Russian economy's volume above pre-crisis level, PM says

It was reported that gross domestic product moved up by 4.7% over eight months of this year Read more »

European gas consumers didn't ask Novatek to increase supplies

At the moment, about 80% of the company's supplies on the spot market go to the Asia-Pacific countries, while Europe's portion is insignificant Read more »

Retail tomato prices skyrocket to Rs 93 per kg in metros as unseasonal rains damage crop

The retail price of tomatoes rose to Rs 93 per kg in metros on Monday on sluggish arrival in mandis amid reports of crop damage, owing to unseasonal rains, according ... Read more »

Russia, Guinea-Bissau to exchange business missions — Lavrov

The topics refer to cooperation in such spheres as natural resources tapping, infrastructure development, agriculture and fisheries Read more »

Putin orders to consider regular transit transportation over Northern Sea Route from 2022

The most important aspects to consider are the development of the port infrastructure, support of navigation safety and cost efficiency of transportation, and the need to support such traffic all over the year Read more »

Industrial production falls 1.3% in September as effects from Hurricane Ida linger

Damaged power lines and homes can be seen days after hurricane Ida ripped through Grand Isle, Louisiana, September 2, 2021.Leah Millis | Reuters U.S. industrial production fell 1.3% in September, ... Read more »

POSCO unit confirms takeover talks with Australian gas producer Senex

SEOUL, Oct. 18 (Yonhap) — POSCO International Corp. on Monday said it is in talks to take over Australian coal seam gas producer Senex Energy Ltd. Earlier in the day, ... Read more »

Naftogaz of Ukraine applied for participation in Nord Stream 2 operator certification

According to CEO of Naftogaz Yuri Vitrenko, the company made this application to prove impossibility of certification of the gas pipeline Read more »

Investors expect the Fed and European Central Bank will keep rates low for too long, survey says

People wearing face masks walk in front of a big Euro sign in Frankfurt am Main, western Germany, as the European Central Bank (ECB) headquarters can be seen in the ... Read more »

Nord Stream 2 AG keen to provide market with extra capacities as soon as possible

The commissioning of the gas pipeline is planned for the end of 2021 Read more »

Experts: Northern Supplies program requires federal support, logistic centers

The so-called Northern Supplies are organized to Russia’s 25 regions Read more »

Nornickel finalizes upgrade of hydroelectric power plant in north of Krasnoyarsk Region

After the upgrade, the power plant’s capacity will be up to 511MWe instead of earlier 441MWe Read more »

Clean Arctic volunteers collect 120 tonnes of scrap metal on Novaya Zemlya

Five volunteers have been working on the Novaya Zemlya Archipelago since late August Read more »

Finance Ministry to seek rating upgrade in meeting with Fitch this week

Finance Ministry (Image: PTI) The Finance Ministry is likely to meet the representatives of global rating agency Fitch this week seeking a rating upgrade, CNBC TV-18 reported citing anonymous sources. ... Read more »

Russia to slap crypto miners with energy tariffs amid a wave of migration from China

There was an exodus of cryptocurrency miners to Russia after bitcoin mining operations in China were told to shut down in June. Russia is considering slapping special energy tariffs on ... Read more »

Gas price in Europe down to $980 per 1,000 cubic meters as trading opens

The total decline of the price compared to the previous trading day equals around 10% Read more »

Support for 2030 Busan expo bid

Kim Young-ju, the chairman of the Committee for World Expo 2030 Busan, and Chung Man-ki, the former vice trade minister and incumbent head of the Korea Industry Alliance Forum, pose ... Read more »

First Nord Stream 2 string filled with technical gas

Pre-commissioning steps for the second string are ongoing Read more »

Cryptocurrency: El Salvador working towards greener bitcoin mining by using volcanoes

Photo by: Sergei Tokmakov Terms.Law/Pixabay Cryptocurrency in El Salvador is going mainstream after it adopted digital currency as a legal tender in September. The country even installed a Bitcoin mining ... Read more »

(URGENT) S. Korea finalizes decision to raise greenhouse gas reduction goal to 40 pct: Moon

(END) Read more »

Korea Shipbuilding grabs 416 bln-won order for 2 container carriers

By Nam Kwang-sik SEOUL, Oct. 18 (Yonhap) — Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has signed a 416 billion-won (US$350.4 million) deal to build two container ... Read more »

China home sales plunge as Evergrande crisis deters buyers

BEIJING (BLOOMBERG) – China’s residential property slump dragged on last month as the debt crisis at China Evergrande Group spread to other developers, keeping buyers away. Home sales by value ... Read more »

Onion prices being stabilised with buffer stock release; efforts on to soften tomato, potato rates: Govt

Navi Mumbai: Heaps of onions at UP State Warehouse in Navi Mumbai, Monday, Sept 23, 2019. Onion prices are spiralling across the country, reportedly, due to shortage of supply. (PTI ... Read more »

Facebook will hire 10,000 European engineers to create metaverse

This investment is a vote of confidence in the strength of the European tech industry and the potential of European tech talent, the company said Read more »

Singapore non-oil export growth rises to 12.3% in September, higher than expected

SINGAPORE – Singapore’s non-oil domestic exports (Nodx) expanded at a faster pace in September from a month earlier, helped by growth in both electronics and non-electronics shipments. Nodx rose by ... Read more »

(URGENT) 1,437 more patients released from coronavirus treatment, total now at 311,781: KDCA

(END) Read more »

New Zealand inflation surges to fastest pace in 10 years

The Reserve Bank of New Zealand raised its official cash rate on Oct 6 and signaled more increases are coming. WELLINGTON (BLOOMBERG)- New Zealand inflation surged to the fastest pace ... Read more »

Major tour agencies forecast to swing to profit in 2022

SEOUL, Oct. 18 (Yonhap) — South Korea’s major travel agencies are expected to recover from the prolonged fallout of the COVID-19 pandemic and swing to a profit in 2022 on ... Read more »