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Reporter : Yi Whan-woo
Wed, October 5, 2022 | 15:44
Finance minister nominee says fiscal policymakers should join monetary policy meetings
Deputy Prime Minister and Minister of Economy and Finance nominee Choo Kyung-ho cited the need for key fiscal policymakers to maintain their right to join monetary policy meetings of the central bank and speak up with their opinions. Choo's view comes amid the growing importance of coordination between fiscal and monetary policies, with the incoming Yoon Suk-yeol administrati...
Woori Bank employee arrested for allegedly embezzling $47 million
A Woori Bank employee was arrested for allegedly embezzling more than 60 billion won ($47.1 million) from the bank, according to police and the lender, Thursday. The amount is far more than that of other financial crimes involving banks in the past, according to financial authorities, which points to the possibility of the country's fourth-largest bank potentially having a se...
Korean won dips to lowest level in 25 months on growing uncertainties
The Korean won dipped to the lowest level in over two years Wednesday, as the local currency is quickly losing ground against the U.S. dollar amid lingering uncertainties over a faster-than-expected U.S. Federal Reserve tapering coupled with fears of slowing growth in China. The weakening of the local currency can be a double-edged sword for the Korean economy, while the rapi...
External risks feared to derail Korea's economic recovery
The Korean economy is feared to lose growth momentum further in the coming quarters as multiple headwinds, such as the Ukraine-Russia war and soaring energy prices, are set to weigh on the nation's exports that underpinned economic performance in the first quarter. The concerns come as the Bank of Korea (BOK) reported Tuesday that the nation's gross domestic product (GDP) gre...
Finance minister nominee vows to overhaul national pension system
Finance Minister nominee Choo Kyung-ho has called for an overhaul of the state pension fund, which experts agree is crucial considering the country's aging and shrinking population.
KDB chairman under increased pressure following failed deals
Korea Development Bank (KDB) Chairman Lee Dong-gull appears to be pushed further into the corner following a series of botched business deals that could possibly be used as an excuse by the incoming Yoon Suk-yeol administration to sack him.
Vietnam's 1st envoy to Korea on return visit to mark 30 years of bilateral ties
Nguyen Phu Binh, Vietnam's first resident ambassador to Seoul, is visiting South Korea again this week after serving his term in the 1990s, on the occasion of the 30th anniversary of bilateral relations. Currently a standing member of Vietnam Union of Friendship Organizations (VUFO), Nguyen is one of the six high-profile figures invited to Seoul from Sunday to Saturday to mar...
Fears of stagflation grow amid inflation, rate hikes, weakening won
The specter of stagflation, a deadly cocktail of stagnant growth and inflation, has been growing, as a triple whammy of rising prices, interest rate hikes and the weakening Korean won have combined to weigh heavily on the Korean economy. Such fears come as the ongoing Russia-Ukraine war, coupled with escalated COVID-19 lockdown restrictions in parts of China, have hampered ec...
Samsung affiliates boost values of real estate in vicinity
Real estate values are increasing in areas where Samsung's affiliates operate or their investment is underway, according to data, Sunday, indicating the influence of the nation's No. 1 conglomerate on regional markets and economies.
Eximbank to reopen Singapore office by June
The Export-Import Bank of Korea (Eximbank) will reopen its office in Singapore in the form of a corporate entity by June at the latest, after it shut down its operation in the city state during the 1997 Asian financial crisis, the state-run lender said on Thursday.The envisioned office, KEXIM Global (Singapore) Ltd., will come as multiple global businesses have been exiting H...