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Reporter : Yi Whan-woo
Tue, January 31, 2023 | 22:08
Prices outpace incomes in Korea
Consumer prices in Korea have grown at a faster pace than the minimum wage for nearly the past two years, prompting the real value of the minimum wage to fall, data showed on Monday. Compiled by the Organisation for Economic Cooperation and Development (OECD) and Statistics Korea, the data showed that the minimum wage in September 2022 was measured at 106.6, as compared to th...
Banks stress solidarity through morale-boosting activities
Several major banks are underlining solidarity among employees by honoring high achievers, offering special lectures for rookies and leadership training sessions for newly-promoted team leaders. Shinhan Bank said it wants to encourage those who were distinguished on the sales frontline in 2022, during a company-wide event at Olympic Gymnastics Arena in Seoul last week.
Won on course to 1,200 against US dollar: analysts
The Korean won is anticipated to keep bouncing back against the U.S. dollar and may rise to the low 1,200-won range per dollar, according to multiple analysts, Sunday, as U.S. inflation is cooling down and the hawkish Federal Reserve is on track to slow the pace of interest rate hikes. The analysts forecast that China will get its economy back on track on after years of stric...
Yoon's market-driven policy backpedals
The government is bolstering efforts to lift regulations in the finance industry to achieve President Yoon Suk Yeol's vision of a market-driven economy. But at the same time, financial regulators are apparently ratcheting up efforts to bolster their influence on the management of banking groups, fueling skepticism over the government's commitment to serve the interests of fin...
Consumer complaints grow over expanding deposit-loan interest rate gaps
Commercial banks have been facing increased customer complaints, as they lower their rates for deposits while keeping rates for loans high, citing pressure from financial authorities. But widening the deposit-loan interest gap results in huge interest margins for lenders, many of whom are struggling with repayments in the midst of the steep rate hikes delivered by the central...
Hana chairman visits Google, Nvidia on firm's digital innovation drive
Hana Financial Group said Thursday Chairman and CEO Ham Young-joo visited Google and Nvidia - the two Silicon Valley companies the Korean banking group wants to emulate on its path to digital innovation. The trip came after the chairman, joined by the Korean banking group's 20 young employees, toured the Consumer Electronics Show (CES) 2023 in Las Vegas to get a better glimps...
Recession fears to dent Korean jobs market in 2023
The jobs market is anticipated to face a severe downturn in 2023 after the growth rate of new jobs slowed down for seven consecutive months in December, according to analysts, Wednesday. Such a gloomy market outlook comes amidst fears of a recession exacerbated by high inflation, costly borrowing rates and other factors, which all add pressure on employers when deciding wheth...
Bank of Korea expected to deliver 7th straight rate hike Friday
The Bank of Korea (BOK) is likely to deliver its seventh straight rate hike in this year's first rate-setting meeting scheduled for Friday, as inflation remains high and has room to rise higher due to planned hikes on utility costs, according to analysts, Tuesday. They said the BOK will also need to ensure the interest gap with the United States does not widen by too much.
Special customs clearance to keep Lunar New Year holiday prices under control
The Korea Customs Service (KCS) said Friday it will temporarily allow customs clearance of imported goods around the clock beginning Jan. 9 in a bid to stabilize the prices of import items in the lead-up to the Lunar New Year long weekend from Jan. 21 to 24. Customs clearance will be allowed for three weeks through Jan. 27.
Gov't urged to encourage reshoring of more Korean firms through deregulation
The government needs to ease more business regulations to attract Korean enterprises active abroad to reshore their operations here, as a part of efforts to boost the market-driven economic strategy as addressed by President Yoon Suk-yeol, according to multiple studies and economists.
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