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Wed, June 29, 2022 | 22:28
Soaring corporate loans feared to increase default risks
Businesses are borrowing more money over an extended relief program that allows pandemic-stricken firms to postpone loan payments, amid a sharp rise in raw material prices and higher production costs, according to financial market analysts Monday. At the same time, the businesses face a bigger risk of default as the benchmark interest rate is rising fast. This means the combi...
Consumer inflation may rise above 6% in 2nd half
Korea's inflation may breach over 6 percent in the second half, according to the Bank of Korea (BOK) and analysts, after consumer prices accelerated at the fastest pace in nearly 14 years and hit 5.4 percent in May. The gloomy forecast comes as inflationary pressure continues to mount over surging prices of energy and food, amid the ongoing war in Ukraine.
KB Financial releases video clip on bee conservation campaign
KB Financial Group has released a video clip aimed at raising public awareness of the importance of protecting bees and the threats they face, on the occasion of the U.N.-observed World Environment Day on June 5.Titled “Warning of the bees,” the clip was also released as a part of the firm's “K-Bee Project” campaign, which it launched this spring under a broader goal supporti...
Gov't plan to scrap double taxation on businesses raises concerns
The government is considering waiving taxes on the income that domestic corporations earn through their overseas businesses, in line with President Yoon Suk-yeol's vision to create a market-driven economy through regulatory reform. However, the plan is raising concerns over a sharp decline in tax revenues, estimated to be up to 780 billion won ($629.8 million) per year, amid ...
When will global oil prices peak?
Global oil prices remain volatile due to a tight supply outlook, while analysts are divided on when the prices will peak amid concerns over Korea's trade deficit and accelerating inflation. Released on Monday, a report authored by Korea International Trade Association (KITA) senior researcher Hong Ji-sang said oil prices are “at their peak” and that Korea's trade deficit will...
Regional banks' declining offline business casts doubts over relocation plan of Seoul firms
The country's regional banks are shutting down their branches over the declining profitability of offline services, which in turn is casting doubts over the feasibility of President Yoon Suk-yeol's plan to relocate Seoul-headquartered financial institutions outside the nation's capital. Yoon has been singling out state-run policy lender Korea Development Bank (KDB) in his rel...
Shinhan Financial in final stage of getting gov't approval for 2021 BNP Paribas Cardif takeover
Shinhan Financial Group is in the final stages of winning government approval for its takeover of BNP Paribas Cardif General Insurance, the non-life insurance unit of French banking group BNP Paribas. According to financial sources, the Financial Services Commission (FSC) is likely to wrap up its review of the deal and finalize its decision by June 8.
KDB relocation emerges as last-minute campaign issue in Seoul, Busan mayoral elections
The rival mayoral candidates for both Seoul and Busan are capitalizing on President Yoon Suk-yeol's plan to relocate the Korea Development Bank's (KDB) headquarters outside the nation's capital in their last-minute campaigns to woo voters in the June 1 local elections. Yoon wants to move the state-run KDB to Busan in the name of balanced regional development, which collides w...
BOK raises key rate to 1.75%, signals more hikes soon
The Bank of Korea (BOK) hiked its key interest rate by a quarter percentage point to 1.75 percent, Thursday, its first back-to-back rate increase in 15 years, in a desperate bid to fight inflation. BOK Governor Rhee Chang-yong hinted at additional hikes in the months to come, stressing that the central bank will place a top priority on keeping prices under control over growth...
Consumers' inflation outlook hits 10-year high
Consumers' expectation for inflation hit its highest level in nearly a decade at 3.3 percent in May, according to a Bank of Korea survey (BOK), Tuesday, fueling concerns of intensifying inflationary pressure amid soaring oil and raw materials prices. Accordingly, it is presumed that the BOK may raise its key rate faster than expected to preemptively keep inflation under contr...
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