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Reporter : Yi Whan-woo
Fri, September 29, 2023 | 23:38
Inflation likely to continue as KEPCO's losses snowball
Snowballing debts at state-run energy companies are raising doubts over the government's forecast that inflation will continue to cool off and the country's economy will rebound in the second half of this year. Among the companies that announced 2022 earnings data last week, Korea Electric Power Corp. (KEPCO) said it posted a record operating loss of 32.6 trillion won ($25.02...
Hana's relief campaign for Turkey earthquake victims
Former LPGA player Pak Se-ri, left, and Hana Bank CEO Lee Seung-lyul, right, pose with children during a relief campaign organized by Hana Financial Group, Saturday, for victims of the deadly earthquake in southeastern Turkey. The Korean banking group delivered blankets, gloves, mufflers, diapers and other relief items requested by the Turkish Embassy in Korea for the victims...
Rate freeze does not mean end of tightening cycle: BOK governor
The Bank of Korea (BOK) kept the key interest rate unchanged at 3.5 percent, Thursday, halting a monetary-tightening campaign that lasted more than a year amid mounting woes over slowing economic growth. The central bank also lowered its 2023 economic growth outlook for Korea to 1.6 percent from 1.7 percent, while reducing the inflation forecast to 3.5 percent from 3.6 percen...
Inflation, joblessness exacerbate Koreans' economic distress
The degree of economic distress felt by Koreans has exacerbated quickly, as a toxic mixture of high inflation and unemployment deals a blow to their daily lives, data showed Wednesday. Released by Rep. Kim Hoi-jae of the main opposition Democratic Party of Korea (DPK), the economic misery index - a measurement of the financial well-being of a country's citizens calculated by ...
'Be secure, frugal': Hana investment trends report
Koreans are likely to look for more secure and thrifty ways to invest in 2023 amid high inflation, costly borrowing rates and slow economic growth adding to people's woes, a report said Wednesday. Released by Hana Institute of Finance, the report also urged financial services companies to adopt a more efficient mix of in-person and offline services in the post-pandemic era wh...
Banks rush to share economic burden following gov't pressure
Commercial banks are taking a series of measures aimed at sharing the economic burden felt by the public after the government slammed the lenders for making windfall profits from rising interest rates, while turning a blind eye to the worsening livelihoods of Koreans.
NongHyup Bank to enhance global partnership with ING
NH NongHyup Bank said Tuesday that a high-ranking executive of Dutch multinational banking company ING visited Seoul to discuss ways to enhance their partnership. The Korean bank said Deputy President Lee Yeon-ho met ING Global Head of Transaction Services Elvira Kruger at the bank's headquarters in central Seoul, Monday.
Planned alcohol price hike to add to livelihood woes
Prices of beer and soju may go up again following last year's hike, which would add to the people's woes in the midst of economic uncertainties. Beer and soju have been possibly the two most-sought-after drinks among consumers at times of economic difficulty as they are cheap compared to other alcoholic beverages.
Robot delivery service to be available for Korean consumers from 2026
The government said Monday it will push to commercialize the delivery of packages by robots and drones starting in 2026 and 2027, respectively, on its path to build a next-generation logistics system. It also said it will begin urban air mobility (UAM) vehicle tests with six Korean consortiums to fully commercialize them in 2025, while opening an independent organization resp...
Citibank Korea to send highest dividends in 3 years to US headquarters
Citibank Korea will hand out 73.2 billion won ($56.3 million) in dividends to its shareholders this year, according to the company and the Korea Federation of Banks, Friday. The amount will mark the highest in the past three years, including 2019 and 2020 when the dividend payouts amounted to 65.2 billion won and 46.5 billion, respectively.