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Reporter : Yi Whan-woo
Sat, December 3, 2022 | 14:54
IMF raises Korea's 2022 inflation outlook to 5.5%
The International Monetary Fund (IMF) raised its 2022 inflation outlook for Korea to 5.5 percent, Tuesday, up from 4 percent in its previous forecast made in April, citing growing downside risks for the global economy. In its updated world economic outlook for this year, the IMF said downside risks are deepened by soaring prices, higher exchange rates per dollar and other neg...
International financial institutions to recruit in Korea next month
A total of 11 international financial institutions, including the International Monetary Fund (IMF), the World Bank, the Organisation for Economic Co-operation and Development (OECD) and the Asian Development Bank (ADB), will participate in a career fair in Korea next month. Hosted by the Ministry of Economy and Finance, the program will take place at ChungAng University in D...
Finance minister to promote Korea's potential as investment destination in US trip
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is anticipated to promote Korea's potential as a lucrative destination for overseas investors in his visit to the United States this week, according to financial sources, Monday. Choo left for the U.S., Monday, to attend gatherings involving finance ministers from G20 countries, as well as chiefs of the W...
Banking CEOs to make rare appearance at Assembly audit over irregularities
The CEOs of five major commercial banks will be summoned to the National Assembly for an audit, Tuesday, in the wake of fraud, embezzlement and other serious irregularities involving lenders. The five CEOs - Lee Jae-keun of KB Kookmin Bank, Jin Ok-dong of Shinhan Bank, Park Sung-ho of Hana Bank, Lee Won-duk of Woori Bank and Kwon Jun-hak of NH Nonghyup Bank - will appear as w...
KB-controlled Indonesian bank rises in Jakarta financial watchdog's rating
An Indonesian bank controlled by KB Kookmin Bank has received virtually the highest rating from Indonesia's financial watchdog, the Korean lender said Sunday. KB Bukopin moved up its risk-based bank rating (RBBR) to Level 2 from Level 3 on a five-point grading scale from Otoritas Jasa Keuangan (OJT), an Indonesian government agency that regulates and supervises the financial ...
BOK expected to deliver second 'big step' rate hike this week
The Bank of Korea (BOK) is expected to conduct another “big step” hike of half a percentage point in its rate-setting meeting scheduled on Wednesday, in a bid to fight inflation and prevent a possible capital flight, according to analysts, Sunday. The Korean won's sharp depreciation against the U.S. dollar as well as widening trade deficit are also pressuring the BOK to consi...
Korea's foreign exchange reserves suffer biggest drop since 2008 crisis
Korea's foreign exchange reserves fell at the fastest pace since the 2008-09 global financial crisis, adding to concerns of another possible economic emergency in the midst of other worsening economic indicators. According to the Bank of Korea (BOK), Thursday, the foreign exchange reserves shrank to $416.77 billion in September from $436.43 billion in August. The $21.8 billio...
Cost of dining out hits 30-year high despite slowing inflation growth
The cost of dining out rose to the highest level seen in more than 30 years, while the prices of some vegetable items jumped more than 90 percent despite a slowdown in overall consumer price growth in Korea in September for the second straight month, according to Statistics Korea, Wednesday.
Finance minister defends corporate tax rate cut plan, requests swift Assembly approval
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho defended the government's plan to reduce the maximum corporate tax rate to 22 percent from 25 percent during a parliamentary audit, Tuesday, arguing it is designed to benefit small and medium-sized enterprises (SMEs) more than larger businesses.
Finance minister vows to take preemptive steps to avert crisis
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said Tuesday that the government is considering all options to cope with the volatility of the stock and currency markets in a preemptive manner.
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