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Reporter : Yi Whan-woo
Fri, December 8, 2023 | 04:40
Rising energy costs to test president's belt-tightening policy
Skyrocketing heating costs are putting the government's belt-tightening policy to the test, after the annual budget for 2023 was increased by the lowest margin in six years of just 638.7 trillion won ($510 billion). The 2023 budget was determined in line with President Yoon Suk Yeol's push to improve the nation's fiscal health, in contrast to the pandemic-era stimulus policie...
End of mask mandate to intensify dispute over banks' operating hours
Korean commercial banks are under growing pressure to normalize offline operating hours after health authorities on Friday decided to lift a mandate that requires face masks in all indoor facilities. The decision will take effect from Jan. 30. The mask mandate will only continue to remain in place at hospitals, pharmacies and when using public transportation.
Gov't bond rate falls below base rate, signaling end to rate hike cycle
The coupon rates of treasury bonds are falling below the key interest rate, stoking speculation that the Bank of Korea's (BOK) rate hike cycle ended with its latest decision, Jan. 13. In particular, the longer the maturity of treasury bonds, the steeper their coupon rates fall, as owning treasury bonds for a longer period of time is likely to result in less profit.
Korean economy to contract 0.6% in 2023: Nomura
The Korean economy is forecast to shrink 0.6 percent this year, as a downturn in home prices and the deleveraging of household debt are feared to further weaken private spending, a senior economist at Nomura said Wednesday. The growth outlook for Korea by Robert Subbaraman, Nomura's chief Asia economist and head of global market research, is even gloomier than consensus estim...
FSS to protect borrowers
Financial Supervisory Service (FSS) Governor Lee Bok-hyun, front row fifth from right, poses with CEOs of 17 commercial banks at the Korea Federation of Banks in central Seoul, Wednesday. Lee asked the CEOs to take preemptive measures to cope with the erosion of household wealth due to high interest rates and soaring household debts. He specifically addressed borrowers' deman...
Growth of bank notes in circulation lowest in 18 years
People who can afford to save money prefer to park their cash in bank deposit accounts these days rather than stashing them at home, in order to take advantage of a sharp increase in the key interest rate, according to Bank of Korea (BOK) data released on Tuesday. The data showed the aggregate value of bank notes in circulation, excluding those that were deposited in banks an...
Woori to select chairman candidates Thursday
Woori Financial Group will convene a meeting, Thursday, to select a pool of candidates for its new chairman, the banking group said Tuesday. The meeting comes as incumbent Chairman and CEO Son Tae-seung's term ends in March.
Prices outpace incomes in Korea
Consumer prices in Korea have grown at a faster pace than the minimum wage for nearly the past two years, prompting the real value of the minimum wage to fall, data showed on Monday. Compiled by the Organisation for Economic Cooperation and Development (OECD) and Statistics Korea, the data showed that the minimum wage in September 2022 was measured at 106.6, as compared to th...
Banks stress solidarity through morale-boosting activities
Several major banks are underlining solidarity among employees by honoring high achievers, offering special lectures for rookies and leadership training sessions for newly-promoted team leaders. Shinhan Bank said it wants to encourage those who were distinguished on the sales frontline in 2022, during a company-wide event at Olympic Gymnastics Arena in Seoul last week.
Won on course to 1,200 against US dollar: analysts
The Korean won is anticipated to keep bouncing back against the U.S. dollar and may rise to the low 1,200-won range per dollar, according to multiple analysts, Sunday, as U.S. inflation is cooling down and the hawkish Federal Reserve is on track to slow the pace of interest rate hikes. The analysts forecast that China will get its economy back on track on after years of stric...