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Reporter : Yi Whan-woo
Wed, October 5, 2022 | 13:43
Korea embraces more market-driven economy under new president
Market-driven growth will be at the center of President Yoon Suk-yeol's vision for a full-fledged economic recovery, amid the looming specter of stagflation - a toxic mixture of stagnant growth and rising inflation. Yoon's economic reform plan accordingly reflects the demands of the corporate world to create a business-friendly environment, such as lifting and easing regulati...
Shinhan Financial chairman discusses climate change with UK environment minister
Shinhan Financial Group Chairman Cho Yong-byoung met with U.K. Minister for the Pacific and the Environment Zac Goldsmith and discussed the role of financial services companies of the private sector in tackling climate change and protecting biodiversity, the company said Sunday. It said the meeting took place last week on the occasion of Goldsmith's attendance at the World Fo...
Outgoing finance minister calls for extension of Moon's signature Korean New Deal
Outgoing Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki has expressed hope for the incoming government to maintain the Korean New Deal, a signature economic initiative of President Moon Jae-in. Speaking at his farewell press conference at the ministry in Sejong, Wednesday, Hong's comment came amid rampant speculation that the new administration will mos...
Fed's less-hawkish-than-expected tone to ease volatility in financial market: analysts
The volatility in the Korean financial market is likely to ease in the short term due to the latest half-percentage-point increase in the U.S. interest rate, as the level of the hike was within market expectation, according to analysts, Thursday. They said the Federal Reserve had been pointing repeatedly to such a “big-step” rate hike since its previous rate-setting meeting o...
Doubts raised over feasibility of incoming administration's key economic policies
Key economic pledges of President-elect Yoon Suk-yeol on fiscal policies, real estate and banking appear to be unattainable or require a considerable amount of time to achieve, as shown by a list of 110 major policy tasks announced by the incoming administration. The transition team came up with the 110 tasks following debates and research on whether Yoon's pledge should be k...
Incoming gov't set to bolster support for ESG management
The incoming administration of President-elect Yoon Suk-yeol is going full force to support environmental, social and corporate governance (ESG) management - principles that firms around the world are increasingly obligated to observe for sustainable growth. The incoming administration's commitment to ESG is comparable to that of the outgoing Moon Jae-in administration, which...
Who will lead FSC, KDB?
Who will be the next chief of Financial Services Commission (FSC) is drawing keen attention, with the incoming Yoon Suk-yeol administration still undecided on a possible nominee in the lead-up to its inauguration next Tuesday.
Finance minister nominee warns of prolonged inflationary pressure
Choo Kyung-ho, the nominee for deputy prime minister and minister of economy and finance, has warned that inflationary pressure may deepen after consumer prices rose 4.1 percent in March, which is the steepest rise in over 10 years. Speaking at a National Assembly hearing, Monday, Choo said while the soaring inflation is attributed to a spike in global oil prices, an oil tax ...
OK Financial faces double-edged sword of official recognition as conglomerate
OK Financial Group has grown into a conglomerate that is large enough to be listed on the Fair Trade Commission's (FTC) corporate watch list, which sources say will help improve the group's negative image ― an image that is heavily associated with the private money lending business. Yet, at the same time, being on the list is expected in some ways to put the brakes on the gro...
Commercial banks oppose loan interest rate-comparing platform for users
The major commercial banks appear to oppose the Financial Services Commission's (FSC) initiative to launch a mobile platform that helps users to choose loan products by comparing the lending rates offered by all banks nationwide ― both online and offline.
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