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Reporter : Yi Whan-woo
Sun, July 3, 2022 | 17:05
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 ...
KB Financial chairman hosts meeting to chart path for 2nd half
KB Financial Group Chairman and CEO Yoon Jong-kyoo hosted a strategic meeting to discuss the policy and management direction of the country's largest banking group for the second half, the company announced on Sunday. It said the meeting at Grand Walkerhill Seoul hotel in Seoul, Friday, was attended by all 270 executives of the company, focusing on how to enhance unity and ch...
How will Korea-Lone Star dispute end?
A multi-billion-dollar suit filed by U.S. private equity firm Lone Star against the Korean government is drawing to an end, drumming up interest over how it will turn out after a 10-year legal battle. For the Korean government, losing the suit could mean having to pay $4.67 billion to Lone Star in compensation as the American company has demanded.
Finance ministry, World Bank co-host Seoul forum for developing countries
The Ministry of Economy and Finance co-hosted a forum with the World Bank in Seoul, Wednesday, to discuss their cooperation on innovation and digital technology for developing countries. The ministry said the two sides assessed ongoing projects under the Korea-World Bank Partnership Facility (KWPF), a joint initiative established in May 2013 with an objective of helping devel...
Looming 'big-step' rate hike heightens jitters among borrowers
Bank customers who took out loans are under mounting pressure to redeem their debt due to the growing possibility of the Bank of Korea (BOK) taking an unprecedented “big step” on the key interest rate. Almost eight out of 10 customers who borrowed money in Korea took out the loans on a floating interest rate, which tracks the benchmark interest rate. This means the more the b...
Hike in utility fees feared to have domino effect on inflation
Hikes in utility fees, including a sharper-than-expected increase in the electricity rate, Monday, are stirring up concerns of heightened inflation reminiscent of the Asian financial crisis in the late 1990s.Analysts said Tuesday that such an unwanted domino effect can push the annual inflation rate above 5 percent, which is higher than the mid to upper 4 percent range foreca...
Gov't pressure on banks contrasts with Yoon's pledge to limit market intervention
The recent calls from President Yoon Suk-yeol and Financial Supervisory Service (FSS) Governor Lee Bok-hyun for commercial banks to ease the burden on borrowers over fast-growing interest rates is raising questions over whether the Yoon administration is contradicting one of its objectives of facilitating a market-driven economy. The calls are being perceived by lenders as pr...
IBK chief focuses on financing SMEs in Vietnam
Industrial Bank of Korea (IBK) Chairman and CEO Yoon Jong-won is on a five-day business trip to Vietnam through Thursday, to bolster cooperation between the two countries on financing for small and medium-sized enterprises (SMEs), the lender said Monday. It said Yoon departed for Vietnam, Sunday, to check the state-run bank's support policy for Korean companies operating ther...
Politicians call on banks to ease borrowers' interest burden
Commercial banks are facing calls to lower lending rates as part of efforts to ease the burden placed on low-income borrowers, amid soaring inflation and a spike in the benchmark interest rate. Some in political circles joined in criticism recently against lenders that profit “excessively” from interest income, while borrowers are struggling to make repayments due to higher i...
Korean economy pushed closer toward 'perfect storm'
Korea is feared to be on the brink of a “perfect economic storm” that financial authorities have been warning about repeatedly for months, with the economy becoming more vulnerable amid the depreciation of the Korean won, plummeting stocks and soaring inflation. Authorities and economists warn the serious nature of the Korean economy in 2022 is conjuring up deja vu of the wor...
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