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Reporter : Yi Whan-woo
Sat, June 10, 2023 | 19:21
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.
Pay in longer, get paid out later: one way to prevent pension depletion
The younger the taxpayers are, the more they will pay over time and the longer they will have to wait to receive their retirement pensions. That idea was brought up this week during a National Assembly-driven discussion, as the country's population is dwindling and aging rapidly, and it is feared that the state-run pension fund will be depleted by the 2050s.
Duty-free sales to be allowed on all overseas flights out of rural airports
Any international flights departing from Korea's regional airports will be able offer duty-free shopping on board, the Korea Customs Service (KCS) announced on Thursday. In-flight duty-free sales on planes bound for overseas destinations have been allowed only under the condition that the duty-free items are loaded directly from the airports where the corresponding planes dep...
Vietnam becomes source of largest trade surplus for Korea
Vietnam has become the source of Korea's largest trade surplus for the first time as the economic partnership between the two countries has expanded over the past few years amid shrinking trade with China, according to data released Wednesday. The Ministry of Trade, Industry and Energy said Korea posted a surplus of $34.25 billion in trade with Vietnam in 2022, with exports t...
Gov't to frontload 60% of 2023 budget in 1st half
The government said Wednesday that it will prioritize creating more jobs and stabilizing prices in the first half of this year by front-loading at least 60 percent of its 2023 budget, which is worth 638.7 trillion won ($500 billion).The decision came as the nation's economy is forecast to remain in the doldrums for the time being amid a global economic slowdown caused by high...