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Reporter : Yi Whan-woo
Thu, June 8, 2023 | 20:42
Ex-financial bureaucrat nominated as Woori Financial chairman
Woori Financial Group said Friday that Yim Jong-ryong, a high-profile, retired financial bureaucrat, has been nominated as the firm's next chief. A former Financial Services Commission (FSC) chairman, Yim will be officially appointed for a three-year term at the financial holding company if he receives confirmation from shareholders and the board of directors in their meeting...
US rate hike, high inflation throw BOK into dilemma
The Bank of Korea (BOK) is facing a dilemma over whether it should keep increasing its policy rate, as the U.S. Federal Reserve is poised to deliver additional rate hikes following a 25-basis-point hike, Thursday (KST).The Fed's quarter-percentage-point increment puts the U.S. base rate in a range between 4.50 percent and 4.75 percent, as compared to Korea's 3.5 percent, and ...
[INTERVIEW] IMF expects no recession for Korean economy
A high-ranking official from the International Monetary Fund (IMF) says that the likelihood of a recession in the Korean economy this year is slim, as China's COVID-19 reopening will provide the impetus for growth. In an interview with The Korea Times in Seoul, Tuesday, IMF Deputy Managing Director Gita Gopinath forecast that the Korean economy will continue to stay in the do...
IMF slashes Korea's 2023 economic growth outlook to 1.7%
The International Monetary Fund (IMF) lowered its 2023 economic growth forecast for Korea to 1.7 percent, Tuesday, down from the 2 percent figure announced in its previous forecast back in October of last year. The revised outlook for Korea is comparable to the country's estimated growth of 2.6 percent in 2022. Korea's economy is also anticipated to expand 2.6 percent in 2024.
'Big 3' financial groups recognized in this year's Bloomberg Gender-Equality Index
The country's three largest financial groups - KB, Shinhan and Hana - are included in this year's Bloomberg Gender-Equality Index which tracks companies' commitment to gender equality and transparency, the companies said Tuesday. The three are among 484 listed companies from 45 countries that have committed to five key pillars presented by the index.
Shinhan Financial launches group-wide data network
Shinhan Financial Group has formed a single, group-wide network connecting the data of all its affiliates, the lender announced on Monday. It said its One Data network is aimed at standardizing data across its major affiliates, including Shinhan Bank, Shinhan Card, Shinhan Securities and Shinhan Life Insurance.
Rising energy costs to test president's belt-tightening policy
Skyrocketing heating costs are putting the government's belt-tightening policy to the test, after the annual budget for 2023 was increased by the lowest margin in six years of just 638.7 trillion won ($510 billion). The 2023 budget was determined in line with President Yoon Suk Yeol's push to improve the nation's fiscal health, in contrast to the pandemic-era stimulus policie...
End of mask mandate to intensify dispute over banks' operating hours
Korean commercial banks are under growing pressure to normalize offline operating hours after health authorities on Friday decided to lift a mandate that requires face masks in all indoor facilities. The decision will take effect from Jan. 30. The mask mandate will only continue to remain in place at hospitals, pharmacies and when using public transportation.
Gov't bond rate falls below base rate, signaling end to rate hike cycle
The coupon rates of treasury bonds are falling below the key interest rate, stoking speculation that the Bank of Korea's (BOK) rate hike cycle ended with its latest decision, Jan. 13. In particular, the longer the maturity of treasury bonds, the steeper their coupon rates fall, as owning treasury bonds for a longer period of time is likely to result in less profit.
Korean economy to contract 0.6% in 2023: Nomura
The Korean economy is forecast to shrink 0.6 percent this year, as a downturn in home prices and the deleveraging of household debt are feared to further weaken private spending, a senior economist at Nomura said Wednesday. The growth outlook for Korea by Robert Subbaraman, Nomura's chief Asia economist and head of global market research, is even gloomier than consensus estim...