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Reporter : Yi Whan-woo
Thu, June 1, 2023 | 10:37
Hope for recovery in 2nd half remains in doubt due to continued trade deficit
A protracted trade deficit driven by plummeting exports to China is raising doubts over whether the Korean economy will bounce back in the second half of this year as initially predicted by the government. Asia's fourth-largest economy posted a 13-month-long trade deficit as of March - the longest streak since 1997 when it was in the middle of the Asian financial crisis, acco...
Mirae Asset, SK Telecom team up for security token business
Mirae Asset Securities, the nation's No. 1 securities firm, has teamed up with SK Telecom to initiate business in security tokens. A form of cryptocurrency, security tokens can represent fractions of real-world assets such as real estate or equity. The firm said it signed a memorandum of understanding (MOU) with SK Telecom, the nation's largest wireless carrier, in late March...
Euromoney recognizes Hana as best Korean bank
Hana Bank has been recognized as Korea's best private bank by Euromoney, a U.K. magazine internationally known for offering information on business and finance, the bank said on Friday. The 2023 honor means that Hana Bank has won the Best Private Bank in Korea category more times than any other bank. The company has won the category 16 times so far, with the first one coming ...
Korea to scrap customs form for travelers without dutiable goods
Korea will no longer require international arrivals - both Korean and foreign nationals - to fill out customs forms starting in May if they are not carrying dutiable goods, the Korea Customs Service (KCS) said Thursday. The customs agency said the plan was initially scheduled to be implemented in July but will be brought forward by two months in line with the government's str...
Korea to ease entry rules to boost tourism, domestic spending
Korea will temporarily exempt citizens of 22 visa-waiver countries from needing electronic travel authorization, simplifying entry procedures in a bid to boost tourism and spur domestic spending, the government said Wednesday. The government also said it will restore transit visa exemptions for travelers from 34 countries and allow them to stay here for up to 30 days.
Will dismantling oligopoly result in successful bank industry reform?
The government's drive to dismantle Korea's oligopolistic banking industry structure is raising questions over the consequences of such reforms in the face of increasing turmoil in global financial markets this month. Financial authorities want to dismantle the market dominance held by a handful of large banks by bringing in more competition, in a bid to prevent mainstream pl...
2024 budget to focus on tackling low birthrate
The government announced on Tuesday that it is prioritizing tackling the low birthrate in an “engaging and thorough manner” in drawing up next year's budget amid snowballing concerns over a looming demographic crisis. The budget will also be spent on labor, education and pension reforms.
Hana chairman suggests guidelines for joint prosperity
Hana Financial Group Chairman Ham Young-joo suggested a set of guidelines, Monday, for employees of the banking group and its affiliates to observe for joint prosperity with society. The guidelines came as Ham marked his first year in office, Monday, in the wake of a global banking turmoil that has raised questions about the Korean banking industry's ability to withstand such...
Yoon's belt-tightening policy at crossroads over economic slowdown
The government appears to be standing at a crossroads of whether to maintain its belt-tightening policy, as the budget is squeezed to revitalize the economy in the face of a deepening economic slowdown. According to the National Assembly Budget Office, Monday, tax revenue is estimated to decline by 6 trillion won ($4.61 billion) in 2023 from a year earlier.
It may take longer for Korea to experience spillover effects as China reopens: KB report
Korea will need time before enjoying some of the spillover effects from China's reopening, a financial report hinted on Sunday, noting that Chinese consumers are unwilling to spend money as much as they did before COVID-19.
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