search close
Reporter : Yi Whan-woo
Fri, December 8, 2023 | 05:20
Young borrowers in need of small sums targeted by loan sharks
People in their 20s and even teenagers who want to borrow a small amount of money on credit are being targeted by loan sharks while banks and other licensed lenders would refuse to lend the money considered too tiny to be taken out through standard loans. What is more of a concern is that victims of loan sharks tend to go unnoticed by law enforcement as the money they are cha...
Gov't in dilemma between growth and inflation
Persistently high inflation in the 5-percent range is posing a dilemma for the government in shifting the focus of its 2023 policy from stabilizing prices to spurring economic growth. Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said in December that inflation has passed its peak although it is likely to stay at a high plateau for the time being.
Gov't to study cases of overseas firms in governance overhaul of Korean banking groups
The government will look into the governing structures of banking groups overseas and capitalize on these cases as examples for overhauling banking groups here. The planned study to be made by the Financial Services Commission (FSC) comes as the Yoon Suk Yeol administration finds the banking groups not transparent when picking their new leaders and also when extending their t...
Hana donates to Korean school in Jakarta
Hana Bank said on Sunday that it donated 500 million Indonesian rupiahs ($33,000) to a Korean school in Jakarta as a part of efforts for a joint-prosperity campaign carried out by its parent company, Hana Financial Group. The lender said the donation will be used to support 20 students enrolled at Jakarta Indonesia Korean School for the next four semesters.
Banks criticized for windfall profits as Koreans endure tough economic conditions
Jin Soo-jin, a self-employed person in her 30s, says she felt extremely disadvantaged last week when she learned of the profits that the major banking groups announced for their 2022 earnings, driven by soaring interest incomes that rose to an all-time high as opposed to her business, which continues to struggle with its loan repayments.
Pension reform in stalemate due to gov't-parliament discrepancy
The government and the National Assembly are at odds over what measures should be prioritized in the overhaul of the state-managed retirement pension system to prevent pension funds from being depleted in the decades to come. Operated by the National Pension Service (NPS), the pension is receivable by the majority of retirees who paid premiums to the service during their work...
Banking federation chief meets Luxembourg finance minister
Korea Federation of Banks Chairman Kim Kwang-soo met Luxembourg Finance Minister Yuriko Backes and discussed ways of cooperation in the banking sectors of the two countries, the federation announced on Wednesday. The areas of topics discussed ranged from conventional offline banking to digital banking, wealth management, and environmental, social and corporate governance (ESG...
Shinhan Bank nominates second-in-command to fill leadership vacuum
Shinhan Bank said Wednesday that Deputy President Jung Sang-hyuk has been nominated as its new president and CEO, replacing Han Yong-gu, who abruptly resigned on Monday a little more than a month after taking office. “The nomination of Jung is aimed at minimizing the leadership vacuum at the bank, given importance of the flagship affiliate in Shinhan Financial Group and the o...
Record earnings boost Shinhan back to No. 1 rank after 3 years
Shinhan Financial Group posted record earnings for 2022 to outperform its rival KB Financial and claim the industry's top position by market capitalization for the first time in three years. In a regulatory filing, Wednesday, Shinhan Financial Group said its net profit last year came to an all-time high of 4.64 trillion won, up from its previous record of 4.19 trillion won se...
[INTERVIEW] 'Growth slowdown can accelerate depletion of retirement pension fund'
A slowdown in economic growth is feared to result in a drop in personal incomes, and accordingly, can accelerate the depletion of state-run retirement pensions in the face of low birth rates and an aging population, a pension expert warned. During a recent interview with The Korea Times, Seoul National University economics professor Hong Sok-chul said the serious nature of a ...