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Fri, August 7, 2020 | 21:46

Bank of Korea cuts 2020 growth outlook to 2.1% amid virus fears

Bank of Korea cuts 2020 growth outlook to 2.1% amid virus fears

The Bank of Korea (BOK) lowered its 2020 GDP growth forecast to 2.1 percent from its earlier prediction of 2.3 percent, Thursday, as rising fears of the coronavirus epidemic heighten economic uncertainty here. The adjustment came amid the virus' emerging effects on the economy, with domestic consumption and export activities slowing, according to the central bank.

2020-02-27 17:07

First female director-general seeks to set example at finance ministry

First female director-general seeks to set example at finance ministry

Kim Kyung-hee, newly appointed Administrative and National Defense Budget Bureau Director General of the Ministry of Economy and Finance, said that she, as the first female director-general at the ministry, will strive to be identified by her exemplary leadership and performance, not by her gender.

2020-02-27 17:06

Virus-hit Korea urged to use expansionary policy

Virus-hit Korea urged to use expansionary policy

Korea should carry out an expansionary fiscal policy immediately to reduce the negative impact of the faster-than-expected spread of COVID-19 (2019-nCoV), according to overseas economic experts, Wednesday.

2020-02-26 15:52

State-run banks fight against virus

State-run banks fight against virus

Financial Services Commission (FSC) Chairman Eun Sung-soo, second from left, speaks to the heads of state-run banks at the Korea Federation of Banks headquarters in Seoul, Wednesday. The FSC chairman said incentives will be given to state-run lenders that support businesses facing difficulties from the coronavirus outbreak. From left are Korea Development Bank Chairman Lee Do...

2020-02-26 15:09

Korea urged to diversify trading partners amid virus scare

Korea urged to diversify trading partners amid virus scare

Korea should diversify trading partners to limit its vulnerabilities caused by the China-centered global value chain, according to economic think tank reports, Tuesday.

2020-02-25 20:00

Consumer sentiment suffers steepest drop since MERS outbreak

Consumer sentiment suffers steepest drop since MERS outbreak

Domestic consumer sentiment this month suffered its steepest decline since the MERS outbreak in June 2015, as a growing wave of coronavirus-related panic sweeps across the country, the Bank of Korea (BOK) said Tuesday. According to data from the central bank, the composite consumer sentiment index (CCSI) during Feb. 10 to 17 dropped to 96.9, down 7.3 points from the previous ...

2020-02-25 17:01

Moon visits virus-hit Daegu

Financial institutions go into emergency mode against virus

Financial institutions go into emergency mode against virus

The financial authorities have announced plans to minimize the fallout of the rapid spread of the novel coronavirus, with the Financial Supervisory Service (FSS) saying Monday that it would defer on-site regular audits of financial firms for the first quarter of the year.

2020-02-25 16:38

Will KOSPI weather virus-triggered turbulence again?

Korea opens fintech support center in Singapore

Korea opens fintech support center in Singapore

The government established a help desk in Singapore last month to support Korean fintech startups' expansion into Southeast Asia, the Financial Services Commission (FSC) said Tuesday.

2020-02-25 15:41

Individual investors have greater influence under electronic voting system

Individual investors have greater influence under electronic voting system

The introduction of the so-called “electronic voting system” is changing the landscape of conventional shareholders' meetings where individual investors were unable to voice their opinions to corporate management. Until recently, minority shareholders could not exert their voting rights during general meetings, as it was impossible for many to attend during weekdays.

2020-02-24 16:57

For better regulation

For better regulation

Financial Services Commission (FSC) Chairman Eun Sung-soo, third from right, speaks to CEOs of financial services units from six conglomerates ― Samsung, Hanwha, Mirae Asset, Kyobo, Hyundai and DB ― at the Government Complex Seoul, Monday. They discussed the forthcoming revision of regulations on financial companies under conglomerates. / Courtesy of FSC

2020-02-24 16:38

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