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Fri, December 8, 2023 | 06:16
Gov't to frontload 60% of 2023 budget in 1st half
The government said Wednesday that it will prioritize creating more jobs and stabilizing prices in the first half of this year by front-loading at least 60 percent of its 2023 budget, which is worth 638.7 trillion won ($500 billion).The decision came as the nation's economy is forecast to remain in the doldrums for the time being amid a global economic slowdown caused by high...
Economy | 2023-01-04 16:25
Will Korean economy slip into recession in 2023?
Korea could face a mild recession in 2023, as exports and private spending ― the twin engines of the nation's economy ― are forecast to falter at the same time amid a global economic slowdown caused by high inflation and supply chain disruptions, according to multiple analysts. A recession is technically defined as a contraction in gross domestic product (GDP) for two or more...
Economy | 2022-12-31 09:07
Banking groups rush to attract wealthy customers
Banking groups are racing to attract wealthy customers as more rich individuals are parking their money in savings accounts due to the steep hike in the benchmark interest rate and a subsequent rise in the deposit rate. The nation's three largest financial groups ― KB, Shinhan and Hana ― are using their respective private banking (PB) centers and digital technology to offer t...
Companies | 2022-12-31 09:00
Electricity, public transportation fee hikes hinder efforts to fight inflation
The planned price hikes of utilities and public transportation fees in 2023 pose challenges to Korea's fight against inflation that still remains high while stabilizing at a slow pace, according to analysts. On Friday, the Ministry of Trade, Industry and Energy announced plans to increase electricity rates in the first quarter of 2023 by 13.1 won ($0.01) per kilowatt hour (kW...
Economy | 2022-12-30 16:28
Gov't to slash more than 17,000 public sector jobs by 2025
The government announced on Monday that it will slash 17,230 jobs or 3.9 percent of all positions at 350 state-run organizations by 2025 to streamline their structure and implement President Yoon Suk-yeol's fiscal belt-tightening policies. The government will also re-assign 4,788 workers or 1.1 percent of the employees at public organizations with new duties over the cited pe...
Economy | 2022-12-26 16:57
Hana donates electric cars to Seoul's welfare facilities
Hana Financial Group has donated electric vehicles (EVs) to welfare facilities run by the Seoul Metropolitan Government as part of its environmental, social and corporate governance (ESG) practices, the company announced on Monday. It said it donated a total of 10 EVs, one each to senior centers, women's shelters, disability care centers and other welfare facilities in the na...
Companies | 2022-12-26 15:39
Shinhan hosts women's leadership conference for 5th year
Shinhan Financial Group announced on Friday that it hosted a group-wide women's leadership conference for the fifth year straight in 2022. It said that the SHeroes Conference took place at its headquarters in central Seoul, Thursday, attracting about 100 female leaders from the banking group with the goal of promoting women's empowerment and expanding the networks of the part...
Companies | 2022-12-23 16:05
Bank of Korea signals more rate hikes to fight inflation
The Bank of Korea (BOK) has hinted that it will carry out more key interest rate hikes next year as it plans to place a policy priority on fighting inflation over boosting growth. In its report on the directions of its 2023 monetary policy released Friday, the central bank said it will stick to the principle of the current monetary policy to stabilize prices and meet the targ...
Economy | 2022-12-23 16:04
Woori Bank introduces tailor-made services for foreign customers
Woori Bank has introduced tailor-made services for foreign customers living in Korea, including exemptions on overseas remittance fees, the lender said Thursday. It said “Woori Global Package” offers no transaction fees for foreign customers who open new bank accounts, as well as waived remittance fees for wire transfers outside Korea and debit card benefits.
Companies | 2022-12-22 16:21
More businesses shut down, while less firms open in Korea: report
Korea faces an increasing number of companies that are closing down, while the number of newly opening businesses is declining, a report showed Thursday. Released by Statistics Korea, the report titled “Opening and closure rates of enterprises in 2021” showed that 761,000 businesses shut down in 2020, up 3.4 percent from the previous year.
Economy | 2022-12-22 15:51
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