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Reporter : Yi Whan-woo
Fri, July 1, 2022 | 05:07
How will Korea-Lone Star dispute end?
A multi-billion-dollar suit filed by U.S. private equity firm Lone Star against the Korean government is drawing to an end, drumming up interest over how it will turn out after a 10-year legal battle. For the Korean government, losing the suit could mean having to pay $4.67 billion to Lone Star in compensation as the American company has demanded.
Finance ministry, World Bank co-host Seoul forum for developing countries
The Ministry of Economy and Finance co-hosted a forum with the World Bank in Seoul, Wednesday, to discuss their cooperation on innovation and digital technology for developing countries. The ministry said the two sides assessed ongoing projects under the Korea-World Bank Partnership Facility (KWPF), a joint initiative established in May 2013 with an objective of helping devel...
Looming 'big-step' rate hike heightens jitters among borrowers
Bank customers who took out loans are under mounting pressure to redeem their debt due to the growing possibility of the Bank of Korea (BOK) taking an unprecedented “big step” on the key interest rate. Almost eight out of 10 customers who borrowed money in Korea took out the loans on a floating interest rate, which tracks the benchmark interest rate. This means the more the b...
Hike in utility fees feared to have domino effect on inflation
Hikes in utility fees, including a sharper-than-expected increase in the electricity rate, Monday, are stirring up concerns of heightened inflation reminiscent of the Asian financial crisis in the late 1990s.Analysts said Tuesday that such an unwanted domino effect can push the annual inflation rate above 5 percent, which is higher than the mid to upper 4 percent range foreca...
Gov't pressure on banks contrasts with Yoon's pledge to limit market intervention
The recent calls from President Yoon Suk-yeol and Financial Supervisory Service (FSS) Governor Lee Bok-hyun for commercial banks to ease the burden on borrowers over fast-growing interest rates is raising questions over whether the Yoon administration is contradicting one of its objectives of facilitating a market-driven economy. The calls are being perceived by lenders as pr...
IBK chief focuses on financing SMEs in Vietnam
Industrial Bank of Korea (IBK) Chairman and CEO Yoon Jong-won is on a five-day business trip to Vietnam through Thursday, to bolster cooperation between the two countries on financing for small and medium-sized enterprises (SMEs), the lender said Monday. It said Yoon departed for Vietnam, Sunday, to check the state-run bank's support policy for Korean companies operating ther...
Politicians call on banks to ease borrowers' interest burden
Commercial banks are facing calls to lower lending rates as part of efforts to ease the burden placed on low-income borrowers, amid soaring inflation and a spike in the benchmark interest rate. Some in political circles joined in criticism recently against lenders that profit “excessively” from interest income, while borrowers are struggling to make repayments due to higher i...
Korean economy pushed closer toward 'perfect storm'
Korea is feared to be on the brink of a “perfect economic storm” that financial authorities have been warning about repeatedly for months, with the economy becoming more vulnerable amid the depreciation of the Korean won, plummeting stocks and soaring inflation. Authorities and economists warn the serious nature of the Korean economy in 2022 is conjuring up deja vu of the wor...
Korean currency weakens to 1,300 won level for 1st time in nearly 13 years
The Korean won weakened to the 1,300 level against the U.S. dollar for the first time in nearly 13 years, Thursday, heightening concerns over an accelerated hike in the benchmark interest rate, widening trade deficit and other problems linked to the won's rapid depreciation that can further slow the Korean economy. Analysts expect the local currency to continue to lose ground...
Shinhan Bank to set up joint venture for SME-focused digital platform
Shinhan Bank has signed a deal to set up a joint venture aimed at a tailor-made banking platform for small and medium-sized enterprises (SMEs) in partnership with an information and communications technology (ICT) firm, the lender announced on Wednesday. It said the deal with Douzone Bizon is anticipated to offer financing assistance to prospective SMEs, which struggle with r...
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