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S.Korea’s household debt-GDP ratio highest worldwide: Report

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South Korea has the highest ratio of household debt to gross domestic product (GDP) among major economies in the world, a report showed on Monday, indicating it could crimp consumption and weigh on the economy down the road.

The country’s household debt stood at 104.2 per cent of its GDP as of end-June this year, the highest among 37 economies, Yonhap news agency reported citing the report by the Institute of International Finance.

Hong Kong came next with 92 per cent, followed by the UK with 89.4 per cent, the US with 79.2 per cent, Thailand with 77.5 per cent, Malaysia with 73.4 per cent and Japan with 63.9 per cent.

South Korea’s ratio was up 6 percentage points from a year earlier, also the fastest growth rate.

South Korea is the only country among those economies that has more household debt than its economic size.

South Korea is striving to rein in household debt, which has grown at a faster clip since 2020 amid nationwide efforts to stimulate the economy from the Covid-19 pandemic.

Household credit reached a record high of 1,805.9 trillion won ($1.53 trillion) in June, up 41.2 trillion won from three months earlier, according to central bank data.

Household debt swelled 7.9 per cent on-year in 2020, a faster growth pace than a 4.1 per cent hike the previous year. The debt jumped 10.3 per cent on-year during the second quarter of this year.

Analysts said households’ debt service burden could rise down the road, weakening consumer consumption and becoming a drag on the recovery of Asia’s fourth-largest economy.

The report also showed South Korean companies’ debt ratio coming to 115 per cent in the second quarter of the year, the fifth highest among those economies.

Hong Kong had the highest ratio with 247 per cent, trailed by China with 157.6 per cent and Singapore with 139.3 per cent.

South Korea’s state debt-to-GDP ratio came to 47.1 per cent, 26th among the nations, pointing to its relatively good fiscal soundness.

Crime

Man who issued death threat to Delhi CM Gupta, arrested from Ghaziabad

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New Delhi, June 7: A man who issued a death threat to Delhi Chief Minister Rekha Gupta has been arrested by a team from the North-West District Special Staff of the Delhi Police.

The accused was apprehended from Ghaziabad following swift investigative efforts after the threatening call was made late on Thursday night.

According to police officials, the threat call was made to the Ghaziabad Police Control Room (PCR) while the accused was allegedly under the influence of alcohol.

Shortly after the threat was received, the Delhi Police Control Room was alerted, and the matter was escalated due to the high-profile nature of the target.

Investigators identified the caller and tracked his location, but by the time authorities reached the source, the suspect had switched off his mobile phone.

After intensive tracing efforts, the Special Staff managed to arrest him from a hideout in Ghaziabad.

Preliminary interrogation has revealed that the accused is a law graduate (LLB), who had been facing personal turmoil due to a troubled marriage. His wife had recently left him, which reportedly pushed him into emotional distress.

Before making the death threat, he had placed another call in which he demanded to speak to his wife, police said.

Interestingly, the accused was found in possession of fake identification cards that appeared to be police credentials, raising suspicions that he may have attempted to impersonate law enforcement personnel.

Officers stated that he repeatedly tried to mislead the police during questioning.

“Assessment of the threat perception of VIPs or VVIPs is conducted by security agencies on the direction of the Ministry of Home Affairs (MHA),” a senior Delhi Police officer said.

Chief Minister Rekha Gupta is entitled to Z-category security under the standard protocol. Security agencies are expected to reassess her security cover following this incident, officials confirmed.

Police are continuing their investigation to determine whether the accused has any prior criminal history or links to other disruptive activities.

Authorities have also launched a separate enquiry into the use of forged police IDs found in his possession.

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National

Bakrid 2025: Muslims across India celebrate Eid al-Adha with prayers, sacrifice

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New Delhi, June 7: Muslims across India are celebrating Bakrid, also known as Eid al-Adha, on Saturday with religious fervour and devotion.

The day began with special congregational prayers held at mosques and Eidgahs in cities and towns nationwide, as people gathered in large numbers to mark the sacred festival.

Eid al-Adha, or the “Festival of Sacrifice,” honours the unwavering faith and obedience of Prophet Abraham, who was willing to sacrifice his son as an act of submission to God.

In commemoration of this act of devotion, Muslims around the world perform ‘qurbani’, the ritual sacrifice of animals such as goats, sheep, or buffalo, and distribute the meat among family, friends, and those in need.

In India, the festival is being observed with great enthusiasm. In Delhi and Noida, large numbers of devotees offered Bakrid prayers early in the morning at major mosques. According to announcements from local mosque committees, Namaz timings varied slightly, in Noida, prayers were held around 7:00 a.m., while in Greater Noida, the timings ranged from 6:45 a.m. to 8:15 a.m. depending on the mosque.

In Kalyan, Thane district of Maharashtra, police presence was heightened near the historic Durgadi Fort due to parallel events planned by the Thackeray and Shinde factions, both claiming to continue the legacy of Dharmaveer Anand Dighe’s “Ghantanaad” movement, a 39-year-old tradition.

In other parts of India, the celebrations continued peacefully.

In Khurja, Bulandshahr, Uttar Pradesh, large crowds assembled at the Eidgah for morning prayers.

In Bhagalpur (Bihar), thousands gathered at Tatarpur Masjid, CTS Ground, and Shahjangi Maidan to offer prayers. Similarly, in Bhopal (Madhya Pradesh), Eidgah Mosque saw significant attendance during the morning Eid al-Adha Namaz.

Bakrid celebrations are expected to continue throughout the day, with families coming together for festive meals, acts of charity, and community bonding.

Authorities across major cities have deployed additional security to ensure peaceful observances.

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National

J&K CM Omar Abdullah makes passionate appeal for statehood restoration

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Jammu, June 6: During his welcome address to Prime Minister Narendra Modi in Jammu and Kashmir’s (J&K) Katra town on Friday, Chief Minister Omar Abdullah made a passionate appeal for restoration of statehood.

During his welcome speech for the Prime Minister, CM Omar Abdullah said, “Jenab-e-Wallah (exalted sir), when you inaugurated the Katra railway station towards the end of my first term as the Chief Minister, Manoj Sinha ji was the Union Minister of State for Railways.

“He has been promoted as the Lieutenant-Governor while I have been demoted from the Chief Minister of a state to that of a Union Territory. I am confident that your goodself will soon address the issue and announce statehood to J&K”.

He also praised the Prime Minister for making the dream of a rail link to the Valley a reality.

“I was in class 8 and since then I have been hearing about a rail link to the Valley. The dream has been realised in your time sir.

“The start of the train service to the Valley will save us from the loot of the airlines companies who hike airfare to Jammu from Rs 5,000 to Rs 25,000 whenever the Srinagar-Jammu highway gets blocked.

“I must also pay my gratitude to Atal Bihari Vajpayee, who declared the rail link to the Valley a national priority project and made financial allocations for it,” CM Omar said.

On the stage with PM Modi, CM Omar’s body language was very cordial as the PM engaged him in some close to ear talk.

He was also in the forefront of all the official functions on Friday, including the inauguration of the Chenab Railway Bridge, the Anji cable stayed railway bridge, the flag-off ceremony of two Vande Bharat trains, one from Katra to Srinagar and the other from Srinagar to Katra.

CM Omar was among the dignitaries who welcomed the PM on the stage before the latter’s address to the public in Katra stadium.

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