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Tue, September 27, 2022 | 23:48
Rigid labor, lack of risk taking hinder Korea's competitiveness
The country's global competitiveness improved in 2018, ranking 15th with an average score of 78.8 points out of 100, up from 26th among 140 economies in 2017, according to the World Economic Forum (WEF). It scored high points for several indices measuring various parts of the economy. Notably, it got a perfect score of 100 for maintaining macroeconomic stability and earned th...
Young & hip bank
KEB Hana Bank CEO Ham Young-joo, center, cuts a ribbon with employees of the bank to open its fourth “lifestyle bank” branch for young adults near Gangnam Subway Station, Tuesday. The branch will offer not only banking, but also other types of services such as coffee tasting events and talk shows with famous authors.
Regulators to enforce harsher punishment on naked short selling
The Financial Services Commission (FSC) will slap the steepest penalty on any investors caught short-selling stocks without borrowing them first _ a procedure known as naked short-selling. The regulator's move is in tandem with its ongoing investigation into Goldman Sachs for engaging in the practice, and increasing complaints from retail investors over such illicit trading. ...
Shinhan joins hands with KKR for overseas deals
Shinhan Financial Group has forged a strategic partnership with KKR, a global private equity giant, to seek investment opportunities abroad, the financial holding company said Monday. The two signed a memorandum of understanding just before the Chuseok holiday, which was from Sept. 23 to 25, for a partnership under which Shinhan can take advantage of KKR's longstanding experi...
Experiencing banking
A Standard Chartered (SC) Bank Korea worker tells children of the bank's employees at its Jongno branch in Seoul what banking is and how it works, Oct. 12. The lender invited 130 children to participate in an education program on banking.
All eyes on BOK's policy meeting this week
On Oct. 18, the Bank of Korea (BOK) will be holding the first of the last two monetary policy meetings in 2018. The last one will be held in November. And all eyes will be on whether it will raise its key interest rate or not this week, given that BOK Governor Lee Ju-yeol has recently signaled a hike as a means to stabilize the market hit by a growing imbalance and inequality...
Helping quake victims
Woori Bank CEO Sohn Tae-seung, left, delivers a donation worth 1 billion Indonesian rupiah to the Red Cross in Bali, Indonesia, Oct. 13 to help earthquake victims on Sulawesi Island. Sohn was in Bali for the International Monetary Fund conference, which started Oct. 11. The Korean bank began making inroads into Indonesia through the acquisition of Bank Saudara in 2014. Courte...
Gov't slammed over stopgap hiring plan
The government has been strongly criticized for allegedly arm-twisting state firms to hire part-time workers, which many analysts believe is aimed at improving short-term job data. The administration is expected to unveil a plan to increase the hiring of young people at state-owned enterprises amid rising joblessness and sluggish corporate investment.
Seoul stocks crumble on global rate concerns
Local stocks sank further Thursday driven by foreign sell-offs of blue chips amid growing concerns over the rapid pace of U.S. interest rate hikes, and global trade conflicts. The KOSPI plunged below the 2,200 mark, closing down 4.4 percent at 2,129.67, the biggest drop in seven years. The tech-heavy KOSDAQ finished at 707.38, down 5.4 percent. The key stock index has been sl...
Currency war looms amid trade dispute
Korea is most likely to be a “sitting duck” in the crossfire between the U.S.-China trade war as the world's two largest economies are not backing down in their tit-for-tat tariffs, analysts say. Their fight has the “dangerous” potential to develop into a trade war using currencies and bonds as their weapons to make each other yield to their demands should the U.S. officially...
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