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Reporter : Yi Whan-woo
Tue, December 6, 2022 | 02:33
BOK chief hints at slowing pace of monetary tightening
Bank of Korea (BOK) Governor Rhee Chang-yong hinted on Friday that the central bank will slow the pace of its monetary tightening by raising its key interest rate by a conventional margin of 0.25 percentage points in this year's final rate-setting meeting scheduled for Nov. 24.His comment came on the heels of fresh U.S. economic data, Thursday, that consumer price inflation i...
Hana resumes voluntary service campaign after 3 years
Hana Financial Group has resumed an annual voluntary service campaign that has gotten bigger in terms of its scale and range of programs to reflect the firm's commitment to environmental, social and corporate governance (ESG)-oriented management better. The campaign traditionally starts on Nov. 11, in line with Hana Financial Group's aspiration to become the nation's No. 1 ba...
Gov't to ease LTV ratio to 50% for first-home buyers, allow loans for expensive homes
The government said Thursday that first-home buyers will be able to borrow up to 50 percent of the value of a property to secure their loan as collateral, in a bid to prevent the recent downturn in the property market due to the current costly borrowing rate.
YJC CEO inducted into IBK Hall of Fame
The Industrial Bank of Korea (IBK) inducted Bae Ji-soo, CEO of electronic component manufacturer YJC, into this year's IBK Hall of Fame for developing technology to produce components, which previously Korea had to rely on Japan for, in the form of imports, the bank announced on Thursday. Bae will join 38 other entrepreneurs who are part of the Hall of Fame.
Specter of debt crisis looms large amid soaring rates
A surge in borrowing costs is making life tougher for Koreans who are already struggling with record household debt, with an estimated 1.2 million individual borrowers likely to be incapable of paying back debts. Such an extreme financial situation is pushing more borrowers to turn to private money lenders as a last resort in order to live, which in turn, increases their debt...
Korea resumes training program for financial bureaucrats around Asia
Korea has resumed a training program for financial bureaucrats from developing Asian countries, after having suspended it for the past two years due to the COVID-19 pandemic, the Ministry of Economy and Finance said Tuesday. It said the program began on Monday for a five-day run, with participation of 16 director-level officials from finance ministries and central banks from ...
Will Korean won continue to gain ground against US dollar?
With the Korean won bouncing back against the U.S. dollar, there is growing attention to whether the local currency will continue to gain ground against the greenback, on the back of a string of events this week in the United States and China that raise hope for relief from U.S. inflation as well as the dollar's decline. The won has remained at the 1,400-won level for more th...
Financial risks squeeze non-banks, while boosting profits at banks
Financial risks deepened by costly borrowing rates are squeezing non-banking firms, such as brokerage houses and insurers, with liquidity shortages, while the situation doesn't seem all that bad for the banks. The banking arms of the nation's four largest banking groups - KB Kookmin, Shinhan, Hana and Woori - posted record net profits of 13.85 trillion won ($9.82 billion) com...
K bank logs record net profit in Q3
Online lender K bank posted a record net profit of 25.6 billion won ($18.2 million) in the third quarter of this year amid a surge in interest margins, the company announced on Monday. It said net profit for the July-September period was up 52.4 percent from a year earlier and that it remained in the black for the fifth straight quarter.
Hana chairman pledges to capitalize on MSCI's trend outlook for ESG
Hana Financial Group Chairman Ham Young-joo pledged to capitalize on environmental, social and corporate governance (ESG) trends as predicted by Morgan Stanley Capital International (MSCI), a global index provider, on its path to take a global lead on sustainable finance.
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