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Reporter : Yi Whan-woo
Fri, July 1, 2022 | 05:13
Lenders on real estate selling spree amid uptake in digital banking services
The country's four major banks are selling off their real estate as offline banking services have been decreasing fast amid the acceleration of digital finance during the pandemic.
Hana Financial honors art contest winners with developmental disorders
Hana Financial Group awarded the winners of its special drawing contest, “Hana Artverse,” aimed at supporting and nurturing talented artists with developmental disorders to mark Korea's National Day of People with Disabilities, Wednesday.
IMF cuts Korea's 2022 growth forecast to 2.5% from 3%
The International Monetary Fund (IMF) slashed its 2022 growth forecast for Korea to 2.5 percent, Thursday, down from 3 percent in its previous outlook given in January. The lowered economic outlook for the world's 10th-largest economy comes as uncertainty has been growing amid a prolonged war in Ukraine and soaring inflation, which the IMF said has been casting a shadow on ma...
BOK chief nominee underlines need for rate hike in tandem with growth
Bank of Korea (BOK) Governor nominee Rhee Chang-yong addressed a need for additional hikes in the benchmark interest rate against soaring inflation, Thursday, stressing that rate hikes should be signaled in advance even if they are unpopular.
Hong to discuss Korea's financial soundness on last overseas visit
Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki will address Korea's efforts to reach global climate change goals and deal with the impact of the Ukraine crisis on his last overseas visit as the top economic policymaker of the world's 10th-largest economy.
Soaring interest rate burdens young borrowers, small business owners
The key interest rate, raised to the highest level in nearly three years, Thursday, is putting mounting pressure on young borrowers, who took out bank loans to buy homes back when the base rate was much lower. The rate also brings with it huge a financial burden to struggling small business owners who will need to repay loans when the government's ends the extensions to the d...
Shinhan chosen for 2nd time as Seoul's 'safekeeper'
Shinhan Bank has won a bid to manage the Seoul Metropolitan Government's coffers worth nearly 48 trillion won ($38.9 billion) from 2023 to 2026, the lender announced Friday. The successful bid sees the country's second-largest commercial bank continuing to serve as the “safekeeper” of the nation's capital since 2019.
BOK raises key rate to highest level in 3 years to fight inflation
The Bank of Korea (BOK) raised its key interest rate, Thursday, by 25 basis points to 1.50 percent, the highest level since July 2019, in a desperate bid to curb inflation as well as a possible capital flight following the U.S. Federal Reserve's faster-than-expected tapering. The decision, which was made in the absence of a BOK governor, came as inflationary pressure mounts q...
Customs office seizes W120 bil. worth of fake designer goods
Counterfeit goods of luxury fashion brands from France and Italy are displayed in this photo released Thursday, after they were seized by the Seoul branch of the Korea Customs Service (KCS). More than 61,000 fake items, including handbags, wallets and clothes, worth an estimated 120 billion won ($98,000), were confiscated after they were smuggled in from China and stored in a...
FSS faces possibility of becoming public entity once more under Yoon administration
The Financial Supervisory Service (FSS) is facing the growing possibility of coming under government control again, after it was listed as a public entity and then delisted during the 2000s. Established in 1999, the FSS is categorized as a private entity, although it is directed by the Financial Services Commission (FSC).
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