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Reporter : Yi Whan-woo
Sat, October 8, 2022 | 06:25
Shinhan chosen for 2nd time as Seoul's 'safekeeper'
Shinhan Bank has won a bid to manage the Seoul Metropolitan Government's coffers worth nearly 48 trillion won ($38.9 billion) from 2023 to 2026, the lender announced Friday. The successful bid sees the country's second-largest commercial bank continuing to serve as the “safekeeper” of the nation's capital since 2019.
BOK raises key rate to highest level in 3 years to fight inflation
The Bank of Korea (BOK) raised its key interest rate, Thursday, by 25 basis points to 1.50 percent, the highest level since July 2019, in a desperate bid to curb inflation as well as a possible capital flight following the U.S. Federal Reserve's faster-than-expected tapering. The decision, which was made in the absence of a BOK governor, came as inflationary pressure mounts q...
Customs office seizes W120 bil. worth of fake designer goods
Counterfeit goods of luxury fashion brands from France and Italy are displayed in this photo released Thursday, after they were seized by the Seoul branch of the Korea Customs Service (KCS). More than 61,000 fake items, including handbags, wallets and clothes, worth an estimated 120 billion won ($98,000), were confiscated after they were smuggled in from China and stored in a...
FSS faces possibility of becoming public entity once more under Yoon administration
The Financial Supervisory Service (FSS) is facing the growing possibility of coming under government control again, after it was listed as a public entity and then delisted during the 2000s. Established in 1999, the FSS is categorized as a private entity, although it is directed by the Financial Services Commission (FSC).
Coordination on policy mix gets critical for incoming administration
The two nominees for the top posts of the nation's economic control towers are being urged to work closely, concerning the policy mix - fiscal policy and monetary policy - as the incoming Yoon Suk-yeol administration seeks to expand government spending and curb soaring inflation at the same time.
Green financing, offline operations critical for banks to become Seoul's next 'safekeeper'
KB Kookmin, Shinhan and Woori banks are competing in a bid to manage the Seoul Metropolitan Government's coffers for the next four years, with their commitments to carbon neutrality as well as offline operations newly added to the list of qualification criteria.
Yoon's economic team tasked with juggling growth, inflation
President-elect Yoon Suk-yeol's economic team led by Choo Kyung-ho, his nominee for deputy prime minister for economic affairs, faces a tricky job of effectively juggling both growth and inflation as the Korean economy reels from the fallout of the COVID-19 pandemic amid soaring prices. The trickiest part is to come up with policies that can inject new vigor into the sluggish...
Eximbank reaches out to Australian firms to boost cooperation in energy, minerals
The Export-Import Bank of Korea (Eximbank) is reaching out to major Australian energy and mining companies to provide Korea with a stable supply of resources as well as more financing opportunities in the Indo-Pacific region.
Finance minister nominee vows to execute Yoon's market-driven economic vision
Choo Kyung-ho, the nominee for deputy prime minister and the minister of economy and finance, is likely to capitalize on his experience as a seasoned former economic policymaker to implement the market-driven economic policies prioritized by President-elect Yoon Suk-yeol.
Decade-high inflation presses BOK for rate hike despite chief's absence
The Bank of Korea (BOK) is under increasing pressure to raise the benchmark key interest rate this week despite the current BOK chief position being vacant, as inflation is not likely to let up after topping 4 percent for the first time in more than 10 years. The more hawkish U.S. monetary policy is also putting the BOK in a tight spot, amid speculation that the interest gap ...