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Finance

Thu, July 7, 2022 | 09:35

Fed: Sharply higher rates may be needed to quell inflation

Federal Reserve officials were concerned at their meeting last month that consumers were increasingly anticipating higher inflation, and they signaled that much higher interest rates could be needed to restrain it.

2022-07-07 09:26

IMF chief says 'cannot rule out' possible global recession

IMF chief says 'cannot rule out' possible global recession

The head of the International Monetary Fund (IMF) on Wednesday said the outlook for the global economy had "darkened significantly" since April and she could not rule out a possible global recession next year given the elevated risks.

2022-07-07 09:13

Fed: Sharply higher rates may be needed to quell inflation

Korea logs current account surplus in May, turnaround from April deficit

Korea posted a current account surplus in May, turning around from the previous month's deficit, but its surplus was still much smaller than a year earlier as import bills remained high amid soaring energy and commodity prices, central bank data showed Thursday.

2022-07-07 08:54

Shinhan Bank faces punitive actions over misselling of Lime funds

Korea's financial regulator decided Wednesday to take punitive actions against Shinhan Bank for misselling of funds run by now-defunct Lime Asset Management.

2022-07-06 17:33

K bank, Toss aim to differentiate from KakaoBank in their IPO plans

Following KakaoBank's stock price plunge over the past year, K bank and Toss Bank, the country's two other internet-only banks, are focusing on differentiating themselves from KakaoBank in their initial public offering (IPO) strategies. KakaoBank was the first digital bank to go public last August, meeting success initially. The bank's innovative and accessible platform was e...

Anna J. Park | 2022-07-06 16:49

KDI chief hints at resignation out of frustration with PM's remarks

Korea Development Institute (KDI) President Hong Jang-pyo hinted at the possibility he might resign from the post, criticizing Prime Minister Han Duck-soo's recent comment that Hong, who designed the previous Moon administration's income-led growth economic plan, does not fit with the Yoon administration. In a press release on Wednesday, the chief of the public research insti...

Anna J. Park | 2022-07-06 16:49

Investors advised to boost cash holdings amid stock market uncertainty

Stock investors are advised to increase cash and other safer assets such as gold and dividend stocks in their asset portfolios, as growing fears of a recession will keep posing a risk to the benchmark KOSPI, analysts said. The main bourse has been on a sharp decline, falling to around 2,300 points for the past month. It closed at 2,292.01 Wednesday, down 49.77 points from the...

Lee Min-hyung | 2022-07-06 16:29

Consumption slowdown poses biggest risk to Korean firms: S&P

The growing fear of a consumption slowdown comes as the biggest risk to Korean companies during this period of soaring inflation and global financial uncertainty, global credit appraiser S&P Global Ratings said in an online press conference, Wednesday. The ratings agency expected the consumption slowdown following the outbreak of the pandemic and the rapid rise in prices to k...

Lee Min-hyung | 2022-07-06 16:28

PM voices support for normalization of monetary policy

Prime Minister Han Duck-soo on Wednesday expressed support for the normalization of the monetary policy by the Bank of Korea (BOK), citing strong inflationary pressure and deteriorating fiscal soundness.

2022-07-06 14:30

Woori Financial chief purchases his bank's stocks on confidence in fundamentals

Woori Financial Group Chairman Son Tae-seung announced Tuesday that he purchased an additional 5,000 shares of the financial group, boosting the total number of Woori stocks he owns to 118,127. This is the third time this year that he purchased Woori Financial shares. His purchase sends a message to the market of his confidence in the group's fundamentals and the positive out...

Anna J. Park | 2022-07-06 09:00

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