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Reporter : Yi Whan-woo
Tue, September 26, 2023 | 04:17
W100 bil. in losses incurred due to gross misconduct at financial firms: FSS data
Financial firms suffered more than 100 billion won ($75 million) in losses due to breach of trust by employees over the past seven years, Financial Supervisory Service (FSS) data showed on Monday.
AI reliance could undermine financial market stability: report
Artificial intelligence (AI) could undermine financial market stability as the investment tools developed by AI share core technology, which in turn, could lead investors exposed to wider risk, a report showed on Sunday.
Low growth becomes new normal for Korean economy
A slow pace of growth of around 2 percent or lower is feared to have become the new normal for the Korean economy, as the spillover effects of China’s economic downturn, high energy prices and soaring interest rates deal a heavier blow to exports and private spending here, according to analysts, Sunday.
Fed's hawkish pause on rates burdens Korean economy
The Korean economy appears destined to continue experiencing the negative impact of high U.S. interest rates following the U.S. Federal Reserve’s hawkish pause on its policy rates, according to analysts, Thursday. The Fed on Wednesday left its benchmark lending rates unchanged at a range of 5.25 percent to 5.5 percent for the second straight meeting since July.
COVID-19 deaths hit record high in Korea for 2022
A record-high number of deaths - 372,939 - hit Korea last year as the COVID-19 pandemic took the lives of older people who are especially vulnerable to the infectious disease, data showed on Thursday.
30 people purchased 8,000 homes: data
Nearly 8,000 homes were purchased by just 30 people over the past five and a half years, data showed on Wednesday.
Global oil price surge stokes stagflation concerns
Global oil prices are surging toward $100 a barrel again, as witnessed when Russia began its invasion of Ukraine in February 2022, stoking concerns that increasing prices will seriously dampen any cooling trajectory for inflation in Korea and the possibility of further stagflation. The increasing oil prices are also subsequently raising speculation that the Bank of Korea (BOK...
OECD slashes China's growth outlooks in 2023, 2024
The Organization for Economic Cooperation and Development (OECD) slashed its 2023 economic growth outlook for China to 5.1 percent, Tuesday, down from 5.4 percent in its previous forecast made in June. The Paris-headquartered organization also lowered next year's growth forecast for the world's second-largest economy from 5.1 percent to 4.6 percent.
Korea's shortfall in tax revenue adds to economic woes
Protracted economic uncertainties are adding to concerns over the government's inaccurate estimation of yearly tax revenue, as the tax revenue for 2023 is expected to be 59.1 trillion won ($44.6 billion) less than the initial forecast made by the government.
Manufacturing sector loses momentum as job creation declines
Manufacturing jobs in the second quarter of 2023 accounted for 15.5 percent of jobs across all industries in Korea, a record low for the past 10 years, as export growth decelerates and the population shrinks at a faster pace, data showed on Monday.
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