Industry

Moving, divorce and high rates fuel U.S. self-storage industry boom

Self-storage in the United States, where people store surplus belongings, has grown into a giant industry with annual revenue topping $40 billion. An analysis said the United States accounts for about 90 percent of global self-storage capacity and has more facilities than the combined U.S. store counts of major chains including Starbucks and McDonald’s. Demand has been driven by “four Ds” such as death, moving and divorce, as well as remote work and higher mortgage rates.

Finance

Shinhan Financial Q3 cumulative net profit tops 5 trillion won, up 12.7 percent

Shinhan Financial Group said nine-month net profit rose 12.7 percent from a year earlier to 5.03 trillion won, supported by higher interest and fee income and improved results at non-bank units such as securities and cards. Third-quarter net profit fell 12.9 percent from the previous quarter to 1.58 trillion won, as non-interest income shrank on lower securities trading value and higher market rates.