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The Korea Times

Entertainment & Arts

SCMP
Asia

The Korea Times

Finance

Economy

Tue, May 30, 2023 | 19:35

Loan refinancing platform expected to push banks to lower rates

Loan refinancing platform expected to push banks to lower rates

Commercial banks and other financial firms are anticipated to lower lending rates to attract new customers following the launch, Wednesday, of an online, one-stop platform allowing borrowers to switch to other lenders.

Yi Whan-woo | 2023-05-30 17:19

Sluggish exports behind weak Korean won

Sluggish exports behind weak Korean won

The Korean won has remained weak against the U.S. dollar for more than a month and a half, hovering at the significant 1,300 won per dollar barrier despite the recent depreciation in the value of the dollar from its highs in 2022.

Yi Whan-woo | 2023-05-30 16:34

Korea's tax revenue to stay sluggish for time being: Choo

Korea's tax revenue to stay sluggish for time being: Choo

Korea's tax revenue is expected to remain sluggish for the time being due to weak corporate performances and a slump in the property market, the finance minister said Tuesday.

2023-05-30 15:30

Vietnam emerges as major market for Korean chipmakers

Vietnam emerges as major market for Korean chipmakers

Vietnam is quickly emerging as a major market for Korean semiconductor makers, which have been struggling amid sluggish chip demand in China, according to a report by the Bank of Korea (BOK), Monday. The BOK stressed the importance of diversifying export markets for Samsung Electronics and SK Hynix in light of the escalating rivalry between the U.S. and China.

Lee Yeon-woo | 2023-05-29 16:11

Korea's household debt-to-GDP ratio highest among 34 major economies

Korea's household debt-to-GDP ratio highest among 34 major economies

Korea's household debt-to-gross domestic product (GDP) ratio was the highest among the world's 34 major economies in the first three months of this year, data showed Monday. This has raised concerns that banks and other financial firms may face higher default rates amid higher interest rates and deepening economic warning signs.

Anna J. Park | 2023-05-29 15:47

Top 20% of income earners fuel increase in Q1 consumption as pandemic ends

Top 20% of income earners fuel increase in Q1 consumption as pandemic ends

The top 20 percent of income earners in Korea have been opening up their wallets in the first quarter, especially since the government has lifted nearly all quarantine measures. This wealthy group is driving domestic consumption, showing a surge in outdoor activities and travel.

Lee Yeon-woo | 2023-05-29 09:00

LG Electronics expands social contribution in Middle East, Africa

LG Electronics expands social contribution in Middle East, Africa

LG Electronics has expanded social contribution activities in the Middle East and Africa as it seeks business opportunities there, according to the company Sunday.

2023-05-28 12:23

Sales workforce at offline shops declines as online deals rise

Sales workforce at offline shops declines as online deals rise

The sales workforce at Korea's retail stores continued to decline in the past four years on increased online transactions amid the COVID-19 pandemic, government data showed Sunday.

2023-05-28 11:26

ChatGPT: boon or bane for banking industry?

ChatGPT: boon or bane for banking industry?

The financial sector in Korea is upbeat about adopting ChatGPT, an up-to-date artificial intelligence (AI) chatbot programmed for human-like conversation, as part of the industry's move to accelerate digitalization. A string of executives and researchers at the banks have listed possible services that can be made more efficient, convenient and secure using ChatGPT since it wa...

Yi Whan-woo | 2023-05-28 09:01

China, Korea agree to strengthen talks on chip industry: Chinese commerce ministry

China, Korea agree to strengthen talks on chip industry: Chinese commerce ministry

China and Korea have agreed to strengthen dialogue and cooperation on semiconductor industry supply chains, amid broader global concerns over chip supplies, sanctions and national security, according to China's commerce minister.

2023-05-27 20:48

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