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Reporter : Yi Whan-woo
Wed, March 29, 2023 | 16:23
Will dismantling oligopoly result in successful bank industry reform?
The government's drive to dismantle Korea's oligopolistic banking industry structure is raising questions over the consequences of such reforms in the face of increasing turmoil in global financial markets this month. Financial authorities want to dismantle the market dominance held by a handful of large banks by bringing in more competition, in a bid to prevent mainstream pl...
2024 budget to focus on tackling low birthrate
The government announced on Tuesday that it is prioritizing tackling the low birthrate in an “engaging and thorough manner” in drawing up next year's budget amid snowballing concerns over a looming demographic crisis. The budget will also be spent on labor, education and pension reforms.
Hana chairman suggests guidelines for joint prosperity
Hana Financial Group Chairman Ham Young-joo suggested a set of guidelines, Monday, for employees of the banking group and its affiliates to observe for joint prosperity with society. The guidelines came as Ham marked his first year in office, Monday, in the wake of a global banking turmoil that has raised questions about the Korean banking industry's ability to withstand such...
Yoon's belt-tightening policy at crossroads over economic slowdown
The government appears to be standing at a crossroads of whether to maintain its belt-tightening policy, as the budget is squeezed to revitalize the economy in the face of a deepening economic slowdown. According to the National Assembly Budget Office, Monday, tax revenue is estimated to decline by 6 trillion won ($4.61 billion) in 2023 from a year earlier.
It may take longer for Korea to experience spillover effects as China reopens: KB report
Korea will need time before enjoying some of the spillover effects from China's reopening, a financial report hinted on Sunday, noting that Chinese consumers are unwilling to spend money as much as they did before COVID-19.
Gov't considers restoring Korea-Japan finance ministers' meeting
The government is considering resuming an annual meeting between the finance ministers of Korea and Japan in response to reconciliation efforts pledged by the leaders of the two countries at their latest summit, according to sources, Tuesday.
Shinhan, Woori shine in overseas business
Shinhan Bank and Woori Bank saw an increase in the net profits of their respective offshore businesses last year, driven by strong performances in Southeast Asia, according to data, Tuesday. The Financial Supervisory Service's (FSS) electronic discourse system showed Shinhan Bank's 10 corporate bodies abroad reported a combined net profit of 426.9 billion won ($326.2 million)...
SVB fiasco pressures banking groups to speed up reforms
The bankruptcy of Silicon Valley Bank (SVB) appears to be weighing on Korea's four largest banking groups in the lead-up to their shareholders' meetings scheduled for this week as they come under pressure to commit to reforms.
OECD lowers 2023 growth outlook for Korea to 1.6%
The Organization for Economic Cooperation and Development (OECD) lowered its 2023 growth forecast for Korea to 1.6 percent, Friday, down from 1.8 percent in its previous outlook given in November. The outlook for Asia's fourth-largest economy contrasts with a global economic growth forecast that has been revised up to 2.6 percent from the previous 2.2 percent..
Banks pressed to raise loan loss reserves over SVB, Credit Suisse fiascos
Major banks in Korea are under pressure to set aside more loan loss reserves amid fear of a global banking crisis prompted by the collapse of Silicon Valley Bank (SVB) and the newfound instability of Credit Suisse. Also known as bad debt reserves, loan loss reserves are a partial risk coverage provided by governments to lenders based on the estimated amount of accounts receiv...
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