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Reporter : Yi Whan-woo
Wed, October 5, 2022 | 14:45
Korean won may dip below 1,300 per dollar if Fed takes 'giant step'
The value of the Korean won is expected to fall below 1,300 won per U.S. dollar for the first time in nearly 13 years, if the U.S. opts to take a “giant step” by raising its benchmark rate by three-quarters of a percentage point during the U.S. Federal Reserve's rate-setting meeting scheduled to be held from Tuesday to Wednesday (local time), according to market analysts
Hana Bank ordered to compensate up to 80 percent of losses from controversial fund
The Financial Supervisory Service (FSS) has ordered Hana Bank to compensate up to 80 percent of the losses inflicted on customers over a fund scandal amounting to hundreds of billions of won, Monday. It was the first FSS decision on pending financial disputes after former prosecutor Lee Bok-hyun took office as FSS governor last week.
Time to embrace possible Korea-US interest rate gap reversal: experts
As 40-year-high inflation in the United States is fueling bets on the U.S. Federal Reserve's sharper-than-expected hike in its benchmark interest rate, the possibility of a reversal of the interest rate gap between the U.S. and Korea is higher than ever. Experts urge Korea to embrace that possibility gradually rather than taking excessive countermeasures to prevent it from ha...
Rhee stresses central banks' role as inflation fighters, hints at additional hikes
Bank of Korea (BOK) Governor Rhee Chang-yong underscored the role of central banks as inflation fighters, Friday, warning that inflation could worsen if countermeasures are not taken in a timely manner. He implied that the BOK might raise the benchmark interest rate again in July and August, following five other pandemic-era rate hikes that have been carried out since August ...
KB Financial builds global reputation with net zero campaign
KB Financial Group is building a global reputation as Korea's leading banking group, with its green campaigns under the leadership of Chairman and CEO Yoon Jong-kyoo. The company announced Friday that Yoon has been appointed as a member of the Glasgow Financial Alliance for Net Zero's (GFANZ) advisory board for the Asia-Pacific region.
Gov't to launch deregulation task force
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho underscored the need for a “drastic paradigm shift in economic policy,” Thursday, as the government is buckling down to stimulate a market-driven economy, with the aim of overcoming the structural crisis of low growth and polarization, as promised by President Yoon Suk-yeol. Choo said he will launch a spe...
Shinhan Bank runs fan voting for KBO All-Star game
Shinhan Bank, jointly with the Korea Baseball Organization (KBO), is running fan voting for the KBO All-Star game scheduled for July 16.The title sponsor of the country's professional baseball league, the bank said that the poll opened on Wednesday and will collect votes until July 3..
OECD cuts Korea's 2022 growth outlook to 2.7%, hikes inflation forecast to 4.8%
The Organization for Economic Cooperation and Development (OECD) lowered its 2022 growth forecast for Korea from 3 percent to 2.7 percent, Wednesday, in the latest bleak economic outlook for the world's 10th-largest economy. The OECD's forecast comes as a protracted war between Russia and Ukraine, China's COVID-19 lockdown and other global economic uncertainties impact the wo...
New KDB chairman faces bumpy road ahead
New Korea Development Bank (KDB) Chairman Kang Seog-hoon is facing a bumpy road with a series of politically sensitive - as well as long-pending - issues awaiting him. Kang was barred from entering his office on his first day of work in Yeouido, Seoul, Wednesday, as unionized members of the KDB were protesting his appointment.
Korea Customs Service holds workshop for African countries
The Korea Customs Service (KCS) is hosting a workshop for senior customs officials from 14 African countries to bolster exports of Korea's electronic customs clearance system and to enhance cooperation in administrative policies. The workshop began in Seoul on Tuesday and will run through Friday. It invites a total of 30 participants, including two ministerial-level officials...