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Thu, June 1, 2023 | 11:44
Shrinking tax revenues raise concerns over fiscal belt-tightening policy
A steep decline in tax revenues, which shrank by 33.9 trillion won ($25.57 billion) in the first four months of 2023 from a year earlier, is raising concerns over the government's belt-tightening policy. Announced by the Ministry of Economy and Finance, Wednesday, the year-on-year decline in tax revenue in the January-April period was the steepest on record.
Economy | 2023-05-31 16:41
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.
Economy | 2023-05-30 17:19
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.
Economy | 2023-05-30 16:34
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...
Economy | 2023-05-28 09:01
Woori nominates new CEO to lead group's banking arm
Woori Financial Group announced on Friday that it nominated Woori Financial Capital CEO Cho Byung-kyu as the next leader of the group's flagship affiliate Woori Bank.
Companies | 2023-05-26 16:57
Gen MZ shifts to thrifty mindset amid high cost of living
A KakaoTalk user in his 20s says he routinely asks for and shares advice on how to spend less and save more money in an open chat with more than a dozen users also looking to live more frugally.
Economy | 2023-05-26 16:16
BOK cuts 2023 growth forecast to 1.4% amid economic woes
The Bank of Korea (BOK) lowered this year's growth forecast for the country to 1.4 percent from 1.6 percent, Thursday, as a prolonged slowdown in exports has increasingly weakened growth momentum. Amid growing economic woes, the central bank kept the key interest rate steady at 3.5 percent for the third consecutive time following February and April.
Economy | 2023-05-25 16:48
Shinhan, Hana chairmen join UN sustainable finance roundtable in Seoul
Two banking group chairmen, Jin Ok-dong of Shinhan and Ham Young-joo of Hana, participated in a regional roundtable hosted by the U.N. Environment Programme Finance Initiative (UNEP FI), a coalition body between the United Nations Environment Programme (UNEP) and global financial services companies, in Seoul, Wednesday.
Companies | 2023-05-24 15:15
KB to host annual golf tournament
KB Financial Group will host a Korea Professional Golfers' Association (KPGA) tournament from Thursday to Sunday, offering 700 million won ($533,700) in prize money, including 140 million won for the winner, the company said Tuesday.
Companies | 2023-05-23 16:21
3rd straight rate freeze likely this week amid sluggish economy
The Bank of Korea (BOK) is expected to keep its key interest rate intact for the third consecutive time in its rate-setting meeting this week, as an economic slowdown has become a bigger concern than inflation, according to analysts, Sunday.
Economy | 2023-05-21 16:14
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