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Fri, August 12, 2022 | 05:14
BOK chief warns of chip downturn
The economy is unlikely to be sustained by exports of semiconductors in 2019 as the industry is facing a down-cycle, Bank of Korea Governor Lee Ju-yeol said Wednesday. He expressed this concern, while questioning how long the economy can manage to grow only by relying on chips. “It is worrisome when we look five years ahead,” Lee told the press.
More internet banks expected in May
The government will push forward to invite more internet banks here, and allow nonfinancial companies such as tech firms to provide overseas transactions and settlement services through their applications, according to the Ministry of Economy and Finance and the Financial Services Commission (FSC). FSC Chairman Choi Jong-ku said Wednesday his organization will begin accepting...
Time to invest in startups
Hana Financial Group Chairman Kim Jung-tai, third from left, cuts a ribbon with KEB Hana Bank CEO Ham Young-joo, second from left, and other executives from its subsidiaries to launch Hana Ventures, the group's venture capital firm, in Gangnam, Seoul, Wednesday. Hana Ventures will launch a 100 billion won fund to invest in tech startups in the first quarter of 2019. Courtesy ...
Gov't vows to revive private investment
The government will use all its resources and energy to revive investment in the private sector in 2019, Finance Minister Hong Nam-ki said Monday. Hong said the administration will keep on implementing its three key policies of income growth, innovation and fair competition, all of which are important in achieving “inclusive growth.”
[INTERVIEW] Risk taking, fewer rules key to digital economy
The country must pursue regulatory reforms that will enable local financial companies to take risks and thrive competitively by using the latest emerging technologies, said Andy Nam, chief information officer (CIO) of Standard Chartered (SC) Bank Korea. It will also need a “strong, aggressive leader” who can overhaul its social perceptions toward entrepreneurship, which is no...
Lee reappointed NongHyup Bank CEO
NongHyup Bank Chief Executive Lee Dae-hoon will remain as the head of the agriculture bank for another year after NongHyup Financial Group extended his contract, the holding company said Monday. The group held a meeting to finalize the appointment of chief executives for its wholly owned subsidiaries including the bank and NongHyup Life Insurance. Lee was widely expected to c...
Miserable, depressed and suffering
Unemployment and consumer prices are rising toward levels that are making a lot more people feel miserable. An economic index measuring people's pain and misery backs this claim, according to Rep. Choo Kyung-ho of the opposition Liberty Korea Party. The country's misery index stood at 5.5 percent in October 2018, the highest in seven years, as the unemployment rate reached 3....
Gov't to back banks' ASEAN expansion
The government will establish support centers in Southeast Asian countries such as Indonesia and Thailand to help local financial companies enter those markets, according to Kim Hyun-chul, an economic adviser to President Moon Jae-in, Friday. In a meeting with chief executives of banks in Seoul, Kim said it will do so as requested by the companies, which find it hard to penet...
Supporting ship, auto parts makers
Shinhan Bank CEO Wi Sung-ho, center, holds up a document with officials from the Korea Credit Guarantee Fund and Korea Technology Finance Corp. (KIBO) at the bank's headquarters in Seoul, Friday, after agreeing to financially support small ship and auto parts makers. Shinhan will ...
Thank you for artistic design
Woori Card CEO Jeong Won-jai, left, awards Kim Hyun-jung, a traditional Korean artist, at its Seoul headquarters, Thursday, to show gratitude as it issued more than 2 million Woori credit cards designed by Kim. The card was launched in April 2018. Courtesy of Woori Card
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