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Reporter : Yi Whan-woo
Sat, October 8, 2022 | 07:40
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...
Kepco, Korail, LH face drastic restructuring
Korea Electric Power Corp. (Kepco), Korea Railroad Corp. (Korail), Korea Land and Housing Corp. (LH) and other laxly managed state-owned firms are facing possible drastic restructuring, as President Yoon Suk-yeol and Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho have vowed to reform their operations. During a weekly Cabinet meeting, Tuesday, Yoon sug...
Korea urged to develop action plans for net-zero transition
Korean businesses should perceive the global challenge to achieve net-zero greenhouse gas emissions as an opportunity to nurture new growth engines, although the transition to fulfill such goals can be costly and demanding, according to a McKinsey & Company partner who advises on advanced industries in Korea. Speaking at the 2022 Korea Times Forum at the Korea Chamber of Comm...
Higher wage demand feared to further hike prices
The soaring inflation is likely to prompt the labor circle to demand a sharper increase in the minimum wage, which employers fear could push costs further upward. According to sources, Monday, the labor community is calling for the minimum hourly wage for next year to be raised by 29.5 percent to 11,860 won ($9.19) compared to this year.
Korea to cut fuel tax by maximum cap of 37%
The government said Sunday it will cut the fuel tax by the maximum legal cap of 37 percent from the current 30 percent, to deal more effectively with mounting inflationary pressure compounded by a steep rise in global energy and commodity prices. Announced during an emergency meeting of economy-related ministers, the expanded tax cut policy will become effective July 1 and wi...
Hana Bank, health service assessment agency to expand ESG cooperation
Hana Bank has signed a memorandum of understanding with the government-affiliated Health Insurance Review and Assessment Service (HIRA) on its path to expand private-public sector cooperation in the practice of environmental, social and corporate governance (ESG) values in management, the lender announced on Sunday. Under the deal, Hana Bank will be responsible for HIRA's maj...
Woori Financial holds 1st general meeting for ESG-focused foundation
Woori Financial Group Chairman and CEO Son Tae-seung, eighth from left, poses with Woori Bank CEO Lee Won-duk, seventh from left, and other CEOs of the banking group's affiliates during the inaugural general meeting of a charity foundation set up under the broader goal of supporting environmental, social and corporate governance (ESG) practices at Woori Financial Group's head...
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