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Reporter : Yi Whan-woo
Fri, August 19, 2022 | 23:00
Vice finance minister hosts meeting to cut greenhouse gas emissions
First Vice Finance Minister Bang Ki-sun hosted a meeting to consult with experts on reducing greenhouse gas emissions in accordance with global climate goals, the finance ministry said Tuesday. It said Bang shared ideas with scholars, business executives and other environment-related experts on possible measures to raise the reduction goal from 26.3 percent to 40 percent by 2...
Choo wraps up his 1st G20 finance leaders' meeting after taking office
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho has returned home after attending his first G20 financial leaders meeting since taking office in May, the ministry said Monday. During the G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia from Friday to Saturday, he spoke about how Korea can contribute to multilateral efforts ta...
Financial firms vow to enhance risk management
Companies in the finance industry are mapping out strategies for the second half of the year, amid growing economic risks posed by soaring inflation and stagnant growth. Woori Financial Group, NongHyup Financial Group and Shinhan Bank each held their own workshops, Friday, with the leader of each firm addressing the need for enhanced risk management.
New KDB chief reshuffles executives following disputed appointment
The newly-appointed head of Korea Development Bank (KDB) carried out the first personnel reshuffle since he took office last month, in what is seen as a bid to strengthen his grip over the state-run lender amid strong opposition from unionized workers. According to sources familiar with the matter, Sunday, KDB Chairman Kang Seog-hoon replaced some executives in the reshuffle ...
Customs agency warns against buying weapons online from overseas
The number of weapons purchased directly from overseas online malls are on a sharp rise, the Korea Customs Service (KCS) said Thursday, warning that the shipment of such goods into the country without authorization is illegal. The customs agency said the number of attempts to bring in illegal weapons through international shipping started to rise from late 2019 at around the ...
Hana relaunches women's leadership program after 2021 success
Hana Financial Group has begun its second Hana Waves in-house program aimed at fostering women's leadership following the success of the first program in June 2021, the banking group said Thursday. The 2022 program, which runs until the end of the year, will include group mentoring, development of work skills at higher positions, online MBA classes and presentations on busine...
Bank of Korea takes first-ever 'big step' to fight inflation, curb capital outflow
The Bank of Korea (BOK) took an unprecedented “big step,” Wednesday, lifting its key interest rate by half a percentage point in a preemptive move to fight runaway inflation and curb a possible capital outflow amid the U.S. Federal Reserve's faster-than-expected monetary tightening. The central bank said its monetary policy board decided during a rate-setting meeting earlier ...
Shinhan's ESG performance in 2021 worth $1.5 billion
Shinhan Financial Group carried out efforts and activities related to environmental, social and corporate governance (ESG) principles worth 2.13 trillion won ($1.53 billion) last year, the banking group announced on Tuesday. The figure is up from 780 billion won in 2019 when the country's second-largest banking group began to quantify its annual ESG performance.
Banks face growing pressure to lower lending rates amid record profits
Major banking groups are believed to have set a new high in their quarterly earnings in the April-June period. However, the groups are finding such record profits an unwelcome boon as they can be a reason for the government to increase pressure on them to lower their lending rates to help borrowers who are struggling with repayments, according to industry sources, Tuesday.
Banks displeased with government pressure to lower lending rates
Commercial banks are apparently displeased with the government's plan to narrow the gap between lenders' rates for loans and deposits, as they have been asked to review their respective lending policies starting this week, according to industry sources, Monday. The sources said the banks are concerned about being pushed into excessive competition to lower their lending rates,...
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