Posts Tagged “Interest”
Korea, an intriguing land of romantic legends, ancient ruins, breathtaking landscape, teeming modern cities and natural wonders, is regularly recording the appreciating number of tourists from all over the world every year. Tourists are discovering the hidden treasure with delight from this part of the peninsular region. It has become the mature and stable democracy since 1953. Though previously dubbed as âThe hermit Kingdomâ, it is now flaunting its bright plumage like a proud peacock.
People on Korea travel, most frequently visit the capital city, Seoul, the largest of the Korean metropolis and the tenth largest city in the world. There are many soaring skyscrapers in this seething city, ringed by mountains. It also offers myriad of attractions and thus, several experiences with vibrant nightlife and memorable dining. Travel Korea to enjoy all these along with some below mentioned places of interest for the tourists.
Some places of touristsâ interest in Korea
Andong- it has been the town of old culture and aristocrats. Andong folk museum and folk village display the relics of Korean culture. Traditional food is served in the restaurants. There is Hahoe Folk Village to its west, where the Mask Dance Festival is held in every autumn.
Jeju Island- it is entirely a different world as it has got fantastic infrastructure with regard to touristsâ facilities and accommodation. The place is also well known as honeymoonerâs delight. Its golden beaches and brightened landscape are really alluring. Jeju museum along with National museum and Folkcraft museum are worth visiting. Mt. Hallasan, present on this island, is the tallest mountain of the country. There is a Crater Lake, which should never be missed.
Busan- it is the port city and the second largest metropolis in Korea. One can have a birdâs view of the city from the Busan tower. In its proximity, is the U.N. cemetery, famous burial ground for U.N. soldiers during Korean War, which attract lot of tourists.
Seoul- it is the capital city having strong political and economic influence in Korea. It is a wonderful city having modern architecture, blended with traditional one. Monuments and palaces of intricately designed stones and modern skyscraper made up of glass and steel had made Seoul a great city. The Summer Palace in Seoul is remarkably a great piece of art and architecture.
Haeinsa- it is the old Buddhist temples, built in ninth century. It is considered the holiest Korean shrine lying amidst eerie Gayasan National Park. The entire Buddhist scriptures are printed on thousands of wooden blocks.
This is a video of my apartment in downtown Seoul, South Korea. Specifically my apartment is located in Jongno near two of the biggest palaces in Seoul. Visit www.goneseoulsearching.com to learn more about teaching English in Korea or finding an apartment in Korea.
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Shaw Capital Management Headlines : South Korea: High Interest Charged by Finance Companies Probed
http://www.syminvest.com
Source : THE DONG-A ILBO
Jul 2010
Seul, South Korea, July, 24 2010 – An investigation into finance companies began Friday after President Lee Myung-bak complained a day earlier that the companies are charging high interest rates while visiting a branch of a micro-finance foundation.
After a meeting with chief directors of micro-finance foundations at the Bankers Club in Seoul Friday, Financial Services Commission Chairman Chin Dong-soo told reporters that a probe will begin into finance companies imposing high interest rates on loans to individuals and devise countermeasures.
“A 30-percent interest rate is very high,” he said. “Through an in-depth investigation, we will devise measures to ease the burden on the working class.”
“The main operations of finance companies are leasing, installment financing and providing auto loans, but unsecured loans account for a significant share of their operations,” he added. “This means demand for livelihood funds and emergency loans is high in the market, but interest rates in the 30-percent level is excessive.”
The marketing share of unsecured loans among finance companies is around five percent and the amount of extended loans is about three trillion won (2.5 billion U.S. dollars). The interest rate on loans for individuals at such companies is an annual average of 32.6 percent and the default rate is near the legal limit of 44 percent.
Financial authorities estimate that the financing costs of finance companies are five to nine percent and that bad debt reserves are more than five percent. Though costs for management and collecting from borrowers are included, the combined cost of financing is under 10 percent, making 30 percent excessive, they said.
To improve the interest rate systems of finance companies, the commission and the Financial Supervisory Service will soon set up a fact-finding team to analyze financing and marketing costs of such companies and conduct on-site investigations if necessary.
Financial authorities will also crack down on the illegal practice of paying high fees to loan collectors to increase their numbers.
Finance companies will also be encouraged to make interest rate cuts by removing handling fees similar to upfront interest. Generally, they impose around three percent of the loan amount as a handling fee.
Credit card companies, which had been at the center of controversy for charging high interest for cash services, eliminated handling fees early this month.
Separately, financial authorities will reduce the interest burden on the working class, who are excluded from institutional financing, by invigorating micro-finance and the “sunshine loan” system designed to lend startup and emergency funds to low-income households at low interest.
Chairman Chin said, “After the Asia-wide foreign currency crisis and the latest global financial crisis, the financial situations of low-income households with low credit ratings have gotten worse,” adding, “We should help the working class` finances to gradually allow a soft landing by expanding guaranteed sunshine loans.”
He also told the micro-finance chief directors, “I urge operators of micro-finance foundations to return to the basics and make every effort to help low-income households with low credit ratings.”
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