Economy
SME financing expert tapped as head of Woori Bank
A recommendation committee at Woori Financial Group named Jung Jin-wan as the sole candidate for the next CEO of Woori Bank.
Nov 29, 2024
Lee Kyung-min
Korea Times AI content 2 team Reporter
Value context and insight. lkm@koreatimes.co.kr
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Economy
Opposition-railroaded revision to stall and politicize annual budget proposal
A power struggle between the country’s two main parties is expected to intensify, as indicated by the main opposition railroading a revision that no longer automatically tables government-drafted annual budget proposals at the Assembly plenary session once the Nov.30 deadline lapses, observers said Friday. The Democratic Party of Korea (DPK) say the previous system remained in place at the expense of the principle of checks and balances, as evidenced by only around 1 percentage point revisions made to the finance ministry-drafted proposals. This essentially bypassed and undercut the opposition party’s role, reinforcing the policy initiatives of the government and the ruling People Power Party (PPP), it says.
Nov 29, 2024
Economy
BOK surprises with key rate cut amid economic slowdown, weak exports
Three of the six monetary policy committee members were open to the possibility of further easing within the next three months, as indicated by the forward guidance on the three-month horizon.
Nov 28, 2024
Economy
KB Life CEO tapped to head KB Kookmin Bank
The CEO recommendation committee of KB Financial Group recommended KB Life Insurance CEO Lee Hwan-ju as the next CEO of KB Kookmin Bank, the group said Wednesday.
Nov 27, 2024
Economy
INTERVIEW Moderate BOK easing comes at expense of economic growth: Fitch
“We remain confident that the BOK will ease more modestly than the Fed, not least due to high domestic household debt levels,” she said in an interview with The Korea Times.
Nov 27, 2024
Economy
Banks close branches, impacting seniors, people with disabilities, and rural areas
Leading commercial lenders are shuttering branches, despite the recommendation of the country’s top supervisory authority against the digital divide, market watchers said Tuesday.
Nov 27, 2024
Economy
Weak exports, resulting delays in investments to slash 2025 growth: Goldman Sachs
The Korean economy is expected to grow 1.8 percent next year, eroded by a worse-than-expected decline in exports and resulting unwinding in investments, a senior economist at Goldman Sachs said Tuesday. The figure was revised from the previous forecast of 2.2 percent.
Nov 26, 2024
Economy
Delinquency rates surge at card, capital firms and savings banks
Card companies, capital firms and savings banks are seeing a spike in delinquency rates in short-term small loans, a spillover from the tightening of household lending regulations on commercial banks, market watchers said Sunday.
Nov 25, 2024
Economy
Retracted extra budget discussion sheds light on sluggish economy
The prolonged slowdown of the Korean economy is evident, as highlighted by the inconsistent stance of the presidential office, the government and the ruling conservative People Power Party (PPP) on drafting a supplementary budget, according to observers, Sunday.
Nov 24, 2024