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Reporter : Yi Whan-woo
Fri, July 1, 2022 | 01:40
5 Woori Bank branches open exclusively for foreign customers every Sunday
Woori Bank is now open to foreign national customers exclusively every Sunday at five branches nationwide, according to the lender, Tuesday. This move comes despite the continuing shortening of operating hours in the banking industry for offline operations, with the turn towards digitalization. The nation's fourth-largest lender said foreign nationals who find it tough to use...
Bank of Korea governor does not rule out 'big step' rate hike
Bank of Korea (BOK) Governor Rhee Chang-yong said Monday he does not rule out the possibility of taking a “big step” - a hike in the benchmark interest rate by half a percentage point - in the lead-up to the BOK's next rate-setting meeting scheduled on May 26. His comment came as the interest gap between Korea and the United States is narrowing rapidly over the U.S. Federal R...
2 bank embezzlement cases in less than month boosts chance of gov't controlling FSS
The Financial Supervisory Service (FSS) appears to be facing a growing possibility of coming under government control again, over an alleged embezzlement case at Shinhan Bank's branch office in Busan. The case hints possibly at another instance of lax oversight of the financial market by the FSS, including the embezzlement of 61.4 billion won ($47.8 million) at Woori Bank hea...
Won-dollar rate set to climb above 1,300 won amid uncertainties: analysts
The Korean won is feared to keep losing value against the greenback and the won-dollar rate may rise above 1,300 won per dollar, according to analysts, Friday. They said persistently high inflation in the United States is likely to further drive faster-than-expected U.S. Federal Reserve tapering, thereby increasing global economic uncertainty, despite the Fed's less hawkish t...
N. Korea fires 3 missiles in 1st major provocation after Yoon's inauguration
North Korea fired three suspected ballistic missiles toward the East Sea, Thursday, marking the first major provocation since President Yoon Suk-yeol took office two days earlier. The Joint Chiefs of Staff said it detected the three, possibly short-range missiles, being launched from Sunan area in Pyongyang around 6:29 p.m. They traveled 360 kilometers to a maximum altitude o...
New gov't proposes W59.4 trillion extra budget to help small businesses
The new government earmarked 36.4 trillion won ($28.3 billion) largely for compensating small business owners who suffered under pandemic restrictions, Thursday, as part of the nation's second extra budget plan of 59.4 trillion won this year. The plan was endorsed at a Cabinet meeting later on Thursday and will be submitted to the National Assembly on Friday.
New government puts top priority on curbing inflation
Curbing inflation was the top priority at the first meeting of President Yoon Suk-yeol with his top secretaries, Wednesday, where he stressed that soaring prices are the most daunting challenge faced by the country's economy. Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho also promised to prioritize the stabilization of consumer prices in managing mac...
Koreans increasing deposits in Japanese yen
More Koreans are buying yen as they expect the historically weak Japanese currency to recover its value sometime in the future. The data compiled by five major lenders - KB Kookmin, Shinhan, Hana, Woori and NongHyup - showed that combined deposits in Japanese currency totaled 604.6 billion yen ($4.63 billion) in April, up from 584.3 billion yen in March. The April figure was ...
Yoon's economic policy team to focus on recovery through supplementary budget
The new administration's economic policy team will embark on a path to economic recovery from Wednesday, with its first job being a proposal for an extra budget worth around 35 trillion won ($27.4 billion) to support pandemic-stricken small business owners. According to the government sources, President Yoon Suk-yeol will officially approve Deputy Prime Minister and Minister ...
Korea embraces more market-driven economy under new president
Market-driven growth will be at the center of President Yoon Suk-yeol's vision for a full-fledged economic recovery, amid the looming specter of stagflation - a toxic mixture of stagnant growth and rising inflation. Yoon's economic reform plan accordingly reflects the demands of the corporate world to create a business-friendly environment, such as lifting and easing regulati...
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