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Wed, September 28, 2022 | 05:54
New finance minister faces challenges amid slowdown
Hong Nam-ki, the new finance minister, is about to face an uphill battle in trying to restore confidence in the economy amid forecasts of a global slowdown in 2019, analysts say. He is expected to start his job officially on Dec. 11, leading President Moon Jae-in's second economic team, which includes Kim Soo-hyun, the new policy chief at Cheong Wa Dae. This comes as the Nati...
[INTERVIEW] Shinhan seeks to acquire fintech startups
Shinhan Bank will be an “active opportunist” when it comes to identifying and acquiring targets with key technologies that can help boost the bank's SOL platform, said the bank's chief digital officer (CDO) Seo Choon-seok. It can acquire financial technology (fintech) startups that are developing their prime technologies and services inside Shinhan Future's Lab here or in Vie...
Hyundai Capital may set up base in Vietnam
Hyundai Motor could consider getting Hyundai Capital to set up an auto credit financing unit in Vietnam as part of its long-term expansion strategy in Southeast Asia, according to the country's largest automaker. This comes after the Hyundai Motor Group launched a joint venture with Vietnam's Thanh Cong Group early 2018. As seen in previous Hyundai cases, Hyundai Capital has ...
[Macro Today] 'Hope for the best, plan for the worst'
It's pretty much conclusive at this point to say Finance Minister Kim was right and Jang Ha-sung, the former policy chief for President Moon Jae-in, was wrong. Kim, who is about to replaced by Hong Nam-ki, was right that the minimum wage hike was too high and came too fast. He was right that without innovation and productivity, it would be hard to create jobs and increase inc...
Coincident index falls to 9-year low
Korea saw a “triple rebound” in industrial production, investment and consumption in October, according to Statistics Korea. But the one-off rebound on the back of global demand for ships and logistics was not enough to lift up an index measuring the current phase of the business cycle, it said. The so-called composite coincident indicator stood at 98.4 points in October, fal...
Making kimchi for the elderly
Mirae Asset Global Investments employees make kimchi at a welfare center in Jongno, Seoul, Nov. 29. About 300 employees participated in making kimchi for low-income elderly people over the past week. Courtesy of Mirae Asset Global Investments
Meeting to review economy
Finance Minister Kim Dong-yeon, right, shakes hands with Fitch Ratings President Ian Linnell, ahead of their meeting in London, Nov. 28. Kim said Korea plans to carry out an expansionary fiscal policy to revive corporate investment and create jobs. Fitch has been maintaining Korea's sovereign rating at “AA-“ with a stable outlook for six years. Courtesy of Ministr...
Cho, Sohn - true global communicators
Finance is a field without borders, with capital moving in and out of global markets instantly. For banks, it is important to attract long-term institutional investors for stability amid increasing volatility. To grab their attention, not only do chief executives have to show their financial companies are fundamentally strong in numbers, but also they need to be able to speak...
Improving customer service
NongHyup Bank CEO Lee Dae-hoon, center, raises his fist with customers and employees after holding a discussion at the bank's headquarters in Seoul, Wednesday. They shared ideas on ways to improve the bank's services. Courtesy of NongHyup Bank
Goldman Sachs slapped with largest fine over naked short selling
The financial regulator slapped Goldman Sachs International with a 7.55 billion won ($6.6 million) fine for short-selling stocks without borrowing them first from May 30 to 31, 2018. This marks the steepest penalty imposed on a financial company for irregular trading. The Securities and Futures Commission (SFC), an investigative body of the Financial Services Commission (FSC)...
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