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Reporter : Yi Whan-woo
Sat, June 10, 2023 | 20:17
Woori pledges to support British teen environmental activists
Woori Financial Group announced on Friday that it will sponsor Kids Against Plastic, an environmental group founded by British teenage sisters with a goal of tackling plastic pollution around the world.
Shinhan Financial nominates banking CEO as next leader
Shinhan Financial Group said Thursday it has nominated Shinhan Bank CEO Jin Ok-dong as its next leader. Jin, 61, will be officially appointed as the new chairman for a three-year term upon confirmation by shareholders and board of directors in their respective meeting in March next year.
Eased COVID lockdowns in China raise hope for sluggish Korean exports
China is easing “zero COVID” restrictions, fueling optimism that the softened policy will help accelerate China's economic recovery and benefit Korean exports struggling with dwindling demand, according to analysts, Thursday. “China's COVID lockdowns have been a burden for the East Asian economy as well as the rest of the world, and the Chinese economy is anticipated to bounc...
S&P economist forecasts 1.4% growth for Korea in 2023
Korea's economy in 2023 is forecast to grow by 1.4 percent, down from the country's estimated growth of 2.7 percent in 2022, in the midst of a prolonged global economic slowdown that will affect trade-reliant economies in Asia, a senior economist at S&P Global Ratings said Wednesday. S&P's 2023 growth outlook for Korea is lower than forecasts from other entities in and outsid...
Yoon's ex-election camp aide emerges as candidate to lead NongHyup Financial
Lee Suk-joon, former chief of the Office for Government Policy Coordination, is being considered as a potential candidate to lead NongHyup Banking Group, according to sources familiar with the matter, Tuesday. If realized, Lee will replace incumbent NongHyup Financial Group Chairman and CEO Son Byung-hwan, who was thought to be going for his second term after taking office in...
Statistics agency inks deal with anti-drug UN body to upgrade partnership
The country's statistics agency has signed an agreement with an anti-drugs body of the United Nations with the intention of upgrading their partnership concerning data on drug-related crimes in the Asia-Pacific region. Statistics Korea said Tuesday it inked the deal with the U.N. Office on Drugs and Crime (UNODC) at its headquarters in Vienne, Austria, Monday, to enhance thei...
Banks mull over private offering of bonds in fresh attempt to raise capital
Banks are considering issuing bonds that will be privately offered to other lenders, in a fresh attempt to raise money, as the financial authorities are pressing them to refrain from issuing bonds that are publicly put up for sale on the market, according to multiple lenders, Monday.The private offering of bonds has never taken place in the banking industry before, while the ...
Wealthy Koreans invest less in financial products, more in real estate
Wealthy Korean nationals are investing less in financial investment products and more in real estate, according to data released Sunday. In a survey of 400 people who have 1 billion won ($768,000) or more in their financial assets, KB Financial Group said stocks, bonds, derivatives and other financial investment products accounted for 36.6 percent of their total wealth in 202...
Prolonged truckers' strike feared to worsen trade deficit
A nationwide strike by unionized cargo truckers is adding to concerns over Korea's worsening trade balance as the protest is hurting the nation's exports, which fell for the second straight month in November, according to industry officials Sunday. The concerns come as the trade balance has remained in the red for the eight consecutive month in November for the first time sin...
Lenders cautious about deposit rate hikes following BOK's rate policy
Commercial banks are cautious about increasing their deposit rates following a 25-basis-point rate hike delivered by the Bank of Korea (BOK), Thursday, as the high deposit rates that they have offered are being blamed for the liquidity shortage in the bond and short-term money markets.