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Reporter : Yi Whan-woo
Sat, December 3, 2022 | 15:27
KDB CEO says moving to Busan critical to boost region amid digital era
Korea Development Bank (KDB) Chairman and CEO Kang Seog-hoon reaffirmed, Wednesday, a disputed plan to move KDB headquarters from Seoul to Busan, stressing it is critical for the development of the southeastern region that used to be the nation's hub for smokestack industries but is losing competiveness in the era of digitalization. Speaking at a press conference to mark the ...
KB Financial opens country's largest private banking center
KB Financial Group has opened the largest private banking center in the country, with a goal of offering centralized, upgraded wealth management services in person amid the greater reliance on digital banking, the company announced Tuesday. It said the banking center, KB Gold & Wise the First, is a nine-floor building located in Apgujeong-dong, an affluent area of southern Se...
Korea plans to lower fiscal deficit to less than 3% of GDP
The government said Tuesday that it will place a 3-percent ceiling on the ratio of fiscal deficit to gross domestic product (GDP) as part of a shift to a belt-tightening mode to improve fiscal health, in contrast to the pandemic-era stimulus policy embraced by the previous Moon Jae-in administration. It also said it will bring down the fiscal deficit-to-GDP ratio below 2 perc...
Woori Financial chief to visit Europe next month to discuss ESG efforts
Woori Financial Group Chairman and CEO Son Tae-seung will visit Europe next month to discuss the group's efforts in environmental, social and corporate governance (ESG) practices on the global stage, according to the banking group, Monday. It said Son's planned trip comes upon the joint invitation of two U.N. bodies _ the U.N. Framework Convention (UNFCC) and UN Environment P...
US inflation data in focus amid growing currency volatility
Korean financial markets are paying keen attention to the U.S. inflation report to be released on Tuesday (local time), as it can shape the course of the hawkish U.S. Federal Reserve's next move on the key interest rate and also add to the woes of extreme currency volatility seen here recently. The report will show U.S. consumer price data in August, whose growth slowed down ...
[INTERVIEW] Korea faces challenges similar to 2008 financial crisis: Ex-Fed economist
A noted economic expert has called on the Korean government to raise its guard against a possible economic crisis, as the Korean economy is facing challenges similar to those of the 2008-2009 global financial crisis. Kim Jin-il, a former U.S. Federal Reserve economist, pointed out that the five-month-long trade deficit Korea has suffered, which is rare, could be perceived fro...
Short-term foreign debt rises to 10-year high in Q2
The ratio of Korea's short-term foreign debt that matures in a year compared with its foreign exchange reserves surged to its highest level in 10 years at 41.9 percent in the second quarter, according to the Bank of Korea (BOK), Monday. It is the first time that the ratio of the short-term foreign debt, which increased $8.9 billion quarter-on-quarter to $183.8 billion, surpas...
South Korea's population to shrink to 38 million by 2070 amid rising world population
South Korea's population will shrink to 38 million in 2070, down from roughly 52 million this year, according to Statistics Korea, Monday. The demographic trend in Asia's fourth-largest economy is in stark contrast to the world population that will increase to 10.3 billion from 7.97 billion during the cited period. The stats agency forecast the decline in population will be u...
Has inflation peaked in Korea?
The rising consumer prices in Korea slowed for the first time this year in August, raising hopes that inflation may have reached its peak and is now heading south.
Ex-financial bureaucrat nominated as new NPS CEO
Kim Tae-hyun, the chairman and president of the state-run Korea Deposit Insurance Corp. (KDIC), has been nominated to lead the National Pension Service (NPS), the pension operator announced, Thursday. The state pension provider said Kim is scheduled to take office, Friday.
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