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Finance

Economy

Wed, July 6, 2022 | 12:55

Powell: Fed must convince public it can tame inflation

As if their job weren't hard enough at a time of raging inflation, Chair Jerome Powell and his Federal Reserve colleagues have to do more these days than decide just how much to raise interest rates without triggering a recession. They also have a sales job on their hands: Convincing the public that they will succeed in reducing inflation ― now at 8.6 percent, a four decade h...

2022-06-24 11:26

US Treasury's Yellen expected to visit S. Korea next month

U.S. Treasury Secretary Janet Yellen plans to visit South Korea next month for meetings with her counterpart, Choo Kyung-ho, and other officials, a government source said Friday. During what will be her first trip here since assuming the post in January last year, the secretary is expected to focus consultations on economic policy coordination under South Korea's new Yoon Suk...

2022-06-24 11:01

Korean currency weakens to 1,300 won level for 1st time in nearly 13 years

The Korean won weakened to the 1,300 level against the U.S. dollar for the first time in nearly 13 years, Thursday, heightening concerns over an accelerated hike in the benchmark interest rate, widening trade deficit and other problems linked to the won's rapid depreciation that can further slow the Korean economy. Analysts expect the local currency to continue to lose ground...

2022-06-23 17:06

Banks mull lowering loan interest rates amid gov't pressure

Local commercial banks have started to lower their loan interest rates, as financial authorities have recently been voicing clear criticisms that the banks exploit the financially vulnerable by imposing high interest rates. Earlier this week, both President Yoon Suk-yeol and Financial Supervisory Service (FSS) Governor Lee Bok-hyun urged local banks to cooperate with the fina...

Anna J. Park | 2022-06-23 16:55

Korea to crack down on speculative property investments by foreigners

The country's land ministry, the justice ministry and other agencies said Thursday they will launch an investigation into speculative real estate investments made by foreigners.

2022-06-23 14:40

US Fed chair admits recession a 'possibility' after rate hikes

The U.S. economy remains strong but a series of aggressive rate hikes meant to cool soaring inflation could eventually trigger a recession, Federal Reserve Chair Jerome Powell cautioned Wednesday.Powell, whose testimony before senators was closely watched by investors and analysts, also said the world's largest economy faces an "uncertain" global environment and could see fur...

2022-06-23 10:19

Producer prices grow for 5th month in May on high energy, services costs

Korea's producer prices grew for the fifth straight month in May, driven by rising prices of coal, oil and services, central bank data showed Thursday.

2022-06-23 09:55

Won falls to lowest point in 13 years against dollar in intraday trading

Korea's currency fell below the 1,300-won level against the U.S. dollar for the first time in 13 years Thursday amid growing concerns about global monetary tightening and an economic recession.

2022-06-23 09:55

Kepco, Korail, LH face drastic restructuring

Korea Electric Power Corp. (Kepco), Korea Railroad Corp. (Korail), Korea Land and Housing Corp. (LH) and other laxly managed state-owned firms are facing possible drastic restructuring, as President Yoon Suk-yeol and Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho have vowed to reform their operations. During a weekly Cabinet meeting, Tuesday, Yoon sug...

2022-06-22 16:54

Foreign currency deposits up in May amid increased corporate savings

Foreign currency deposits at banks here grew in May due to increased corporate savings, central bank data showed Wednesday.

2022-06-22 13:41

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