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Wed, June 29, 2022 | 21:35
Time to embrace possible Korea-US interest rate gap reversal: experts
As 40-year-high inflation in the United States is fueling bets on the U.S. Federal Reserve's sharper-than-expected hike in its benchmark interest rate, the possibility of a reversal of the interest rate gap between the U.S. and Korea is higher than ever. Experts urge Korea to embrace that possibility gradually rather than taking excessive countermeasures to prevent it from ha...
Rhee stresses central banks' role as inflation fighters, hints at additional hikes
Bank of Korea (BOK) Governor Rhee Chang-yong underscored the role of central banks as inflation fighters, Friday, warning that inflation could worsen if countermeasures are not taken in a timely manner. He implied that the BOK might raise the benchmark interest rate again in July and August, following five other pandemic-era rate hikes that have been carried out since August ...
KB Financial builds global reputation with net zero campaign
KB Financial Group is building a global reputation as Korea's leading banking group, with its green campaigns under the leadership of Chairman and CEO Yoon Jong-kyoo. The company announced Friday that Yoon has been appointed as a member of the Glasgow Financial Alliance for Net Zero's (GFANZ) advisory board for the Asia-Pacific region.
Gov't to launch deregulation task force
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho underscored the need for a “drastic paradigm shift in economic policy,” Thursday, as the government is buckling down to stimulate a market-driven economy, with the aim of overcoming the structural crisis of low growth and polarization, as promised by President Yoon Suk-yeol. Choo said he will launch a spe...
Shinhan Bank runs fan voting for KBO All-Star game
Shinhan Bank, jointly with the Korea Baseball Organization (KBO), is running fan voting for the KBO All-Star game scheduled for July 16.The title sponsor of the country's professional baseball league, the bank said that the poll opened on Wednesday and will collect votes until July 3..
OECD cuts Korea's 2022 growth outlook to 2.7%, hikes inflation forecast to 4.8%
The Organization for Economic Cooperation and Development (OECD) lowered its 2022 growth forecast for Korea from 3 percent to 2.7 percent, Wednesday, in the latest bleak economic outlook for the world's 10th-largest economy. The OECD's forecast comes as a protracted war between Russia and Ukraine, China's COVID-19 lockdown and other global economic uncertainties impact the wo...
New KDB chairman faces bumpy road ahead
New Korea Development Bank (KDB) Chairman Kang Seog-hoon is facing a bumpy road with a series of politically sensitive - as well as long-pending - issues awaiting him. Kang was barred from entering his office on his first day of work in Yeouido, Seoul, Wednesday, as unionized members of the KDB were protesting his appointment.
Korea Customs Service holds workshop for African countries
The Korea Customs Service (KCS) is hosting a workshop for senior customs officials from 14 African countries to bolster exports of Korea's electronic customs clearance system and to enhance cooperation in administrative policies. The workshop began in Seoul on Tuesday and will run through Friday. It invites a total of 30 participants, including two ministerial-level officials...
Cargo truckers' strike feared to add fuel to inflation
A general strike staged by unionized cargo truckers is fueling concerns of worsening soaring inflation and aggravating supply chains in the country. The strike aims at extending the Safe Trucking Freight Rates System, which was introduced in 2020 for a three-year run. It ensures minimum freight rates and a favorable working environment for truck drivers to prevent overloading...
Pension funds to reduce exposure to domestic stocks
The nation's three major pension funds are geared toward lowering their investments in domestic stocks, over lower-than-expected investment returns on the paths to rebalancing their management portfolios. Financial sources said Monday that the National Pension Service (NPS) plans to reduce its domestic stocks holdings from 17.5 percent of its total holdings in 2021 to 15 perc...
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