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Reporter : Yi Whan-woo
Sun, July 3, 2022 | 03:08
Kepco, Korail, LH face drastic restructuring
Korea Electric Power Corp. (Kepco), Korea Railroad Corp. (Korail), Korea Land and Housing Corp. (LH) and other laxly managed state-owned firms are facing possible drastic restructuring, as President Yoon Suk-yeol and Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho have vowed to reform their operations. During a weekly Cabinet meeting, Tuesday, Yoon sug...
Korea urged to develop action plans for net-zero transition
Korean businesses should perceive the global challenge to achieve net-zero greenhouse gas emissions as an opportunity to nurture new growth engines, although the transition to fulfill such goals can be costly and demanding, according to a McKinsey & Company partner who advises on advanced industries in Korea. Speaking at the 2022 Korea Times Forum at the Korea Chamber of Comm...
Higher wage demand feared to further hike prices
The soaring inflation is likely to prompt the labor circle to demand a sharper increase in the minimum wage, which employers fear could push costs further upward. According to sources, Monday, the labor community is calling for the minimum hourly wage for next year to be raised by 29.5 percent to 11,860 won ($9.19) compared to this year.
Korea to cut fuel tax by maximum cap of 37%
The government said Sunday it will cut the fuel tax by the maximum legal cap of 37 percent from the current 30 percent, to deal more effectively with mounting inflationary pressure compounded by a steep rise in global energy and commodity prices. Announced during an emergency meeting of economy-related ministers, the expanded tax cut policy will become effective July 1 and wi...
Hana Bank, health service assessment agency to expand ESG cooperation
Hana Bank has signed a memorandum of understanding with the government-affiliated Health Insurance Review and Assessment Service (HIRA) on its path to expand private-public sector cooperation in the practice of environmental, social and corporate governance (ESG) values in management, the lender announced on Sunday. Under the deal, Hana Bank will be responsible for HIRA's maj...
Woori Financial holds 1st general meeting for ESG-focused foundation
Woori Financial Group Chairman and CEO Son Tae-seung, eighth from left, poses with Woori Bank CEO Lee Won-duk, seventh from left, and other CEOs of the banking group's affiliates during the inaugural general meeting of a charity foundation set up under the broader goal of supporting environmental, social and corporate governance (ESG) practices at Woori Financial Group's head...
Korea to cut corporate taxes, redress industrial accident law
The government will cut the maximum income tax rate for businesses to 22 percent from 25 percent in a bid to facilitate corporate investments and create more jobs, while easing the property tax burden on homeowners. Beginning in July, the government will also work on the shortcomings of the so-called Serious Accidents Punishment Act and amend it if necessary. Effective from J...
Return to normalcy campaign accelerates employment
The country reported job growth for 15 months straight in May amid recovery momentum, but this growth may slow down due to inflation and other looming economic risks, according to officials and analysts, Wednesday. The outlook comes as Statistics Korea announced that the number of employed people nationwide increased by 935,000 year-on-year in May to mark the 15th consecutive...
Rigid labor market, corporate inefficiency pull down Korea's global ranking
A rigid labor market, worsening fiscal soundness and inefficiency in government and corporate management pulled down Korea's global competitiveness ranking for the first time in four years, in an annual survey taken by one of the world's top-ranked business schools. The Ministry of Economy and Finance said, Wednesday, Korea fell by four notches to 27th place in the 2022 repor...
Korean won may dip below 1,300 per dollar if Fed takes 'giant step'
The value of the Korean won is expected to fall below 1,300 won per U.S. dollar for the first time in nearly 13 years, if the U.S. opts to take a “giant step” by raising its benchmark rate by three-quarters of a percentage point during the U.S. Federal Reserve's rate-setting meeting scheduled to be held from Tuesday to Wednesday (local time), according to market analysts
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