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Reporter : Yi Whan-woo
Fri, August 19, 2022 | 23:23
BOK walks tightrope trying to balance inflation and interest burden
The Bank of Korea (BOK) is walking on a tightrope as it tries to cap soaring inflation while minimizing the interest burden on debtors. The BOK is anticipated to take an unprecedented “big step” by hiking the benchmark interest rate by 50 basis points at its monetary policy board meeting on Wednesday. Market observers say a big step is key to taming inflation, which hit a 23-...
Paradox of Yoon pursuing market-driven economy while taming inflation
The Yoon Suk-yeol administration is pursuing a number of policies that seem at odds with his stated objective of “setting the market economy upright” as it pushes to tame the soaring inflation that is threatening people's livelihoods. The dispute centers on proposals attempting to lower inflation directly through salary freezes, as well as indirectly by curbing wholesale elec...
Coupang expands business portfolio to loan service
E-commerce giant Coupang appears to be considering advancing into the online loan market, according to industry sources, Friday, after starting as a startup in 2010 and expanding its business portfolio into travel, food delivery and video streaming services, among others. The sources said CFC Preparatory Corp., a corporate entity set up by Coupang in January, submitted docume...
Woori builds brand awareness through sponsorship of male golfers
Woori Financial Group's efforts to improve its brand image are paying off, through sponsorship of players in the men's professional golf tour in Korea, according to Woori officials Friday.The men's tour has been less popular than the women's in Korea.
Wage gap between large, small firms widens amid inflation
The wage gap between conglomerates and smaller businesses is widening, raising concerns that it will deepen wealth inequality as soaring inflation reduces real income and therefore hits low-income earners hardest. This gap accordingly is spurring debate on whether conglomerates should refrain from raising salaries, as suggested recently by Deputy Prime Minister and Minister o...
Customs agency chief attends meeting hosted by European commerce chamber
Korea Customs Service (KCS) Commissioner Yoon Tae-sik attended a meeting hosted by the European Chamber of Commerce in Korea (ECCK) in Seoul, Thursday, to facilitate communication with European businesses here. A career bureaucrat, Yoon built his expertise in international finance and trade, foreign exchange and other global economy-related issues at the Ministry of Economy a...
Korea's inflation soars to 24-year high, weighing on economy
Consumer prices in Korea last month jumped at the fastest pace in nearly 24 years, putting more pressure on the country to heighten measures against inflation amid growing fears of stagflation. According to Statistics Korea, Tuesday, the country's consumer prices rose 6 percent in June from a year earlier, marking the sharpest rise since November 1998 when it stood at 6.8 per...
Banks favor 'MZ generation' celebrities for marketing in digital era
Banks are hiring celebrities in their 20s or 30s as advertising models, to better appeal to the so-called “MZ generation,” a Korean term referring to millennials and Generation Z. The strategy is believed to be aimed at refreshing the banks' brand images amid the rapid transition to digital banking which is preferred by the young generations.
Central American development bank to run investment campaign in Korea
A development bank for Central America will host a promotional campaign in Seoul, Busan and Ulsan for a week from Tuesday, to facilitate investments from Korea in Central American countries. The Central American Bank for Economic Integration (CABEI) campaign will draw support from both the public and private sectors, Korea's Ministry of Economy and Finance said Monday.
Inflation expected to accelerate further in 2nd half
Korea's inflation is widely expected to accelerate further and keep setting new highs in the second half of this year, according to analysts, Sunday, amid speculation that consumer prices in June grew at the fastest pace since the 1997-98 Asian financial crisis. The government is scheduled to announce the June inflation rate on Tuesday, which officials forecast to be above 6 ...
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