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Reporter : Yi Whan-woo
Thu, March 30, 2023 | 18:15
Woori Bank introduces tailor-made services for foreign customers
Woori Bank has introduced tailor-made services for foreign customers living in Korea, including exemptions on overseas remittance fees, the lender said Thursday. It said “Woori Global Package” offers no transaction fees for foreign customers who open new bank accounts, as well as waived remittance fees for wire transfers outside Korea and debit card benefits.
Companies | 2022-12-22 16:21
More businesses shut down, while less firms open in Korea: report
Korea faces an increasing number of companies that are closing down, while the number of newly opening businesses is declining, a report showed Thursday. Released by Statistics Korea, the report titled “Opening and closure rates of enterprises in 2021” showed that 761,000 businesses shut down in 2020, up 3.4 percent from the previous year.
Economy | 2022-12-22 15:51
Foreign investors, workers to benefit from eased regulations in 2023
Korea will ease regulations on cash incentives next year for foreign businesses operating here to encourage investments in proprietary and other cutting-edge technologies on the country's path to enhancing supply chain security and nurturing new growth engines, the government said Wednesday. Korea will also include foreign residents in its new census studies, starting in Janu...
Economy | 2022-12-21 15:44
Shinhan Bank's second-in-command nominated to lead lender
Shinhan Financial Group announced on Tuesday it nominated Han Yong-gu, the deputy president of Shinhan Bank, as the lender's new CEO in the group's major step in leadership changes at its key subsidiaries. Han's nomination comes after Shinhan Financial Group nominated Shinhan Bank CEO Jin Ok-dong as its chairman on Dec. 8.
Companies | 2022-12-20 21:10
More than 1 in 5 naturalized Koreans experienced discrimination: survey
More than one out of five naturalized Koreans have experienced discrimination here due to where they originally came from, their lack of proficiency in the Korean language, how they look, for not being rich and other reasons, according to a report, Tuesday. Released by Statistics Korea, the report comes amid an increase in the number of naturalized citizens as well as their h...
Economy | 2022-12-20 16:22
Korea to aggressively overhaul trade, investment regulations in 2023
Korea will aggressively push ahead with incentives and deregulation to revitalize exports and investments in 2023 in a bid to overcome growing economic risks, the government and the ruling People Power Party (PPP) announced jointly on Monday. In a briefing following a policy consultation meeting on Korea's 2023 economic policy, they also announced their focus on lowering pric...
Economy | 2022-12-19 16:42
Shinhan expands AI use at ATMs to protect customers from financial crimes
Shinhan Bank is expanding the use of artificial intelligence (AI) at its automated teller machines to protect customers and their assets from voice phishing and other financial crimes, the lender said on Sunday. It said all of its branches are setting up ATMs equipped with an AI program that can detect any abnormal behaviors from users, such as covering their faces with hats ...
Companies | 2022-12-18 16:31
Fears grow over hard landing for housing market
Korea's housing market is feared to be heading for a hard landing as multiple indicators show a steep downturn approaching. Home prices have continued on a downward spiral, while transactions keep falling and the number of unsold new apartments is rising. What is more concerning is that home prices in the nation have dropped more sharply than most other countries in the Asia-...
Economy | 2022-12-18 16:30
Widening interest rate gap with US raises questions about BOK's rate goal
The interest rate gap between Korea and the United States has widened to a more-than-22-year high, raising questions about whether the Bank of Korea's (BOK) policy rate will be able to settle at its target of 3.5 percent in 2023.The borrowing rate of the U.S. was raised to the range of 4.25 percent to 4.5 percent following the Federal Reserve's 50-basis-point hike, Wednesday,...
Economy | 2022-12-15 16:03
Hana Financial Group nominates new bank chief
Hana Financial Group has nominated Lee Seung-yeul, the chief of Hana Life Insurance, as the new CEO of Hana Bank in the first reshuffle of heads of the group's key affiliates after its Chairman Ham Young-joo took office early this year, the company said Wednesday.
Companies | 2022-12-14 16:58
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