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Finance

Economy

Wed, July 6, 2022 | 12:39

New FSC chief vows to facilitate innovative growth through deregulation

The Yoon Suk-yeol administration has appointed Kim Joo-hyun, the incumbent chairman of the Credit Finance Association of Korea (CREFIA), as chief of the Financial Services Commission (FSC). The much-awaited appointment of the top financial regulator came about four weeks after the new administration was inaugurated.

Anna J. Park | 2022-06-07 16:47

Former prosecutor Lee Bok-hyun appointed to lead FSS

Former prosecutor Lee Bok-hyun appointed to lead FSS

Lee Bok-hyun, a former chief prosecutor with expertise in investigating financial crimes, has been appointed as the governor of the Financial Supervisory Service (FSS) on Tuesday afternoon. The former chief public prosecutor at the Seoul Northern District Prosecutors' Office has been engaged in various financial and economic investigations throughout his career. He is a Certi...

Anna J. Park | 2022-06-07 16:46

New FSC chief vows to facilitate innovative growth through deregulation

Cargo truckers' strike feared to add fuel to inflation

A general strike staged by unionized cargo truckers is fueling concerns of worsening soaring inflation and aggravating supply chains in the country. The strike aims at extending the Safe Trucking Freight Rates System, which was introduced in 2020 for a three-year run. It ensures minimum freight rates and a favorable working environment for truck drivers to prevent overloading...

2022-06-07 16:24

Korea seeks legislation on policy support for stable supply chains

Korea plans to seek legislation on state policy measures to secure stable supply chains amid heightened economic uncertainty, the finance minister said Tuesday.

2022-06-07 15:50

USTR Tai says fighting inflation more complex than cutting China tariffs

U.S. Trade Representative Katherine Tai said Monday that fighting inflation is a more complicated issue than can be addressed with a "singular focus" on China tariffs, and that it was important to bring a "thoughtful, strategic, deliberate" approach to the U.S.-Chinese trade relationship. Tai, in remarks to the Washington International Trade Association, said inflation was "s...

2022-06-07 15:04

Card spending climbs 11% in April on eased COVID-19 rules

Card use for settlement in Korea swelled 11 percent in April on eased anti-COVID-19 rules with spending on travel and transportation spiking, data showed Tuesday, in a sign the country's consumption is returning to pre-pandemic normalcy.

2022-06-07 10:19

Korea's household debt to GDP ratio highest among major economies

Korea's household debt when compared to the size of the economy is found to be the highest among major countries, which will make it more difficult for the government to ease regulations on household loans.

Anna J. Park | 2022-06-06 16:15

Soaring corporate loans feared to increase default risks

Businesses are borrowing more money over an extended relief program that allows pandemic-stricken firms to postpone loan payments, amid a sharp rise in raw material prices and higher production costs, according to financial market analysts Monday. At the same time, the businesses face a bigger risk of default as the benchmark interest rate is rising fast. This means the combi...

2022-06-06 16:09

Korea ranks No. 1 in household debt-to-GDP ratio in Q1

Korea had the highest household debt-to-gross domestic product (GDP) ratio among 36 major economies in the first quarter, a global financial report said Monday.

2022-06-06 15:11

Regulator to apply stricter rules on financial soundness of banks, card firms, insurers

The government plans to strengthen domestic regulations on financial companies' soundness requirements from early next month, aiming to proactively respond to growing external financial risks. The financial authorities have not been applying an ultra-stringent approach on financial companies' soundness requirements since April 2020, in a move to provide necessary liquidity to...

Anna J. Park | 2022-06-05 16:42

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