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Reporter : Yi Whan-woo
Mon, December 4, 2023 | 15:01
Shutdown of last-resort lender unnerves cash-strapped people
The latest decision by the country's largest private lender to shut down business operations is prompting concerns that financially vulnerable people will have fewer places to a get a quick cash loan. According to industry sources, Thursday, OK Savings Bank recently submitted a request to the financial authorities seeking to acquire Rush and Cash, the No. 1 private money lend...
OECD cuts Korea's 2023 growth forecast to 1.5% from 1.6%
The Organization for Economic Cooperation and Development (OECD) cut its 2023 economic growth outlook for Korea to 1.5 percent from 1.6 percent, Wednesday, despite an upward revision of its global economic outlook.
KB chairman joins Asia-Pacific meeting of global financial coalition
KB Financial Group Chairman and CEO Yoon Jong-kyoo attended an advisory committee meeting of Glasgow Financial Alliance for Net Zero's (GFANZ) Asia-Pacific arm and shared the group's commitment to cutting greenhouse gas emissions to close to zero, the company announced on Wednesday.
BOK cautious about buying gold, opts for dollars
The Bank of Korea (BOK) remained cautious about buying more gold despite a recent buying spree of gold by central banks around the world to counter growing global economic unrest. In a report released on Tuesday, the BOK instead assessed that it will opt for maintaining its dollar liquidity as a way to secure foreign exchange reserves.
Effectiveness of gov't-led savings program for young people remains in doubt
A new installment savings product assisted by the government will be made available this month for young people. But it is uncertain whether they can benefit from the product as it has demanding terms and conditions concerning the monthly savings amount and subscription period, among other things.
Ex-top trade negotiator to serve as US think tank standing senior fellow
Yeo Han-koo, Korea's former top negotiator on trade with partner countries, has been named as a standing senior fellow at the Peterson Institute for International Economics (PIIE), the U.S. think tank announced this week.
Stats agency to use Naver's AI chatbot to offer tailored data for firms
Statistics Korea is seeking to capitalize on an artificial intelligence (AI) chatbot to be launched soon by internet giant Naver to offer tailor-made data for businesses. The plan comes after Statistics Korea, which is responsible for gathering, analyzing, interpreting and presenting ...
Second-tier banks struggle with worsening bottom lines amid rising interest rates
Second-tier banks are struggling with record quarterly losses for the first time in almost nine years, following more than a year of rate hikes, which affected their customers more than first-tier bank customers when making repayments.
Shipbuilding stocks rally over hope for 'super cycle'
Shipbuilding stocks are rallying on the back of anticipation for a “super cycle” - a period of demand-driven expansion that many market observers say takes place every 30 years in the industry.
More banks offer daily interest payments on deposits
Commercial banks are increasingly interested in offering accounts that pay a certain amount of interest to customers every day, as compared to every month under the current system, in order to secure more deposits.