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Reporter : Anna J. Park
Thu, July 7, 2022 | 13:49
Interest rate, inflation weighing on Korean economy: S&P
The Korean economy and the Asia-Pacific economy in general are facing risk factors from the “four i's” - namely interest rate, inflation, invasion and infectious disease - which put downward pressure on the region's economic growth forecasts for this year, according to analysts from S&P Global, Wednesday.
War-induced agflation impacts Korean economy
Global supply chain disruptions compounded by Russia's invasion of Ukraine are pushing up the prices of many crops, leading to concerns over “agflation.” Korea is feared to be especially vulnerable due to its dependence on imports of food products.
Public firms concerned about restructuring under incoming Yoon administration
Concerns are growing among employees of state-owned companies about their job stability, as the incoming Yoon administration is expected to pursue major restructuring of public firms under the premise of increasing efficiency.
Banking shares remain solid amid foreigners' selling spree
Despite a selling spree by foreign investors this year, domestic banking shares have been bullish during the past month as the sector has been the main beneficiary of rising interest rates.
Shinhan Card users fall victim to identity theft
About 20 Shinhan Card customers are confirmed to have incurred 30 million won ($24,400) in combined losses from recent card fraud incidents resulting from identity theft.
FSS probe to assess K bank's financial soundness
The Financial Supervisory Service (FSS) is planning to inspect K bank next month to check its financial soundness as part of the financial authority's regular monitoring on financial institutions in the country, according to financial industry officials Friday.
MG Non-Life Insurance's insolvency to hamper JC Partners' KDB Life acquisition deal
As MG Non-Life Insurance was declared insolvent this week, its ripple effects could now adversely influence the pre-arranged sale of KDB Life to JC Partners, a major shareholder of MG Non-Life Insurance.
Kakao Pay gets green light to advance into non-life insurance market
Kakao Pay received the green light from the country's financial authorities Wednesday to advance into the non-life insurance market.
How much do young, wealthy Koreans own?
People in Korea who fall into the “young and rich” category possess 6.6 billion won ($5.3 million) in assets on average, including 1.7 homes. Over 30 percent of them are office workers, followed by professionals like doctors and lawyers at 20 percent. Those who inherited most of their wealth from their parents possess nearly twice as many assets as those who did not.
Kyobo Life expected to benefit from revision on corporate retirement pension
As companies are now obligated to set up an employees' retirement benefits committee, Kyobo Life is expected to have a more competitive edge in the field thanks to its expertise in pension management.