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Reporter : Yi Whan-woo
Wed, March 29, 2023 | 16:19
Plunging exports add to concerns over possible economic contraction in Q1
Korea's exports declined for the fifth straight month in February, raising concerns that the nation's economy may contract again in the first quarter of this year after shrinking in the final three months of 2022. The data released by the Ministry of Trade, Industry and Energy, Wednesday, showed outbound shipments slid 7.5 percent $50.1 billion last month from a year earlier.
Economy | 2023-03-01 16:58
Preference for sons over daughters no longer case in Korea
The centuries-old preference for sons over daughters has been diminishing in Korea amid growing awareness of gender equality as well as the rapid population decline witnessed in recent years. The latest data on the sex ratio at births shows such preferences are apparently no longer the case here. Released by Statistics Korea, Wednesday, the data showed that 104.7 baby boys we...
Economy | 2023-03-01 16:58
Korea pins high hopes on China's reopening
China's reopening is fueling optimism in Seoul that sluggish Korean exports will bounce back and possibly offer a breakthrough for the country's trade-reliant economy that is struggling with slowed growth. During a Cabinet meeting in Seoul, Tuesday, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho urged all related ministries to “pay special attention t...
Economy | 2023-02-28 16:30
Woori signs deal to acquire majority stake in Daol Investment
Woori Financial Group announced on Monday that it acquired a majority stake in Daol Investment, a venture capital company it has sought to take over on its path to diversifying its non-banking business portfolio. The banking group said it signed a deal with Daol Financial Group to purchase a 52 percent stake in Daol Investment, which is owned by brokerage house Daol Investmen...
Companies | 2023-02-27 16:38
1 in 5 young Koreans suffers from snowballing debt
One out of every four to five Koreans owes debts that are three times as much as their annual income due to costly borrowing rates and surging housing prices, a report showed Monday. Released by Korea Institute for Health and Social Affairs, the report said that the rate for debt-ridden young Koreans was up 2.6 times from 10 years earlier, when relevant data was compiled whil...
Economy | 2023-02-27 16:38
Banks under gov't pressure to replace outside directors
The country's five major banking groups - Shinhan, KB, Hana, Woori and NongHyup - are drawing attention over whether they will replace their outside directors whose terms will expire next month amid the government's push for an overhaul of the groups' governance structures. Thirty out of 40 outside directors at the five companies will see their tenures end. And while they can...
Companies | 2023-02-26 16:13
Inflation likely to continue as KEPCO's losses snowball
Snowballing debts at state-run energy companies are raising doubts over the government's forecast that inflation will continue to cool off and the country's economy will rebound in the second half of this year. Among the companies that announced 2022 earnings data last week, Korea Electric Power Corp. (KEPCO) said it posted a record operating loss of 32.6 trillion won ($25.02...
Economy | 2023-02-26 16:00
Hana's relief campaign for Turkey earthquake victims
Former LPGA player Pak Se-ri, left, and Hana Bank CEO Lee Seung-lyul, right, pose with children during a relief campaign organized by Hana Financial Group, Saturday, for victims of the deadly earthquake in southeastern Turkey. The Korean banking group delivered blankets, gloves, mufflers, diapers and other relief items requested by the Turkish Embassy in Korea for the victims...
Companies | 2023-02-26 12:42
Rate freeze does not mean end of tightening cycle: BOK governor
The Bank of Korea (BOK) kept the key interest rate unchanged at 3.5 percent, Thursday, halting a monetary-tightening campaign that lasted more than a year amid mounting woes over slowing economic growth. The central bank also lowered its 2023 economic growth outlook for Korea to 1.6 percent from 1.7 percent, while reducing the inflation forecast to 3.5 percent from 3.6 percen...
Economy | 2023-02-23 16:55
Inflation, joblessness exacerbate Koreans' economic distress
The degree of economic distress felt by Koreans has exacerbated quickly, as a toxic mixture of high inflation and unemployment deals a blow to their daily lives, data showed Wednesday. Released by Rep. Kim Hoi-jae of the main opposition Democratic Party of Korea (DPK), the economic misery index - a measurement of the financial well-being of a country's citizens calculated by ...
Economy | 2023-02-22 16:49
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