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Tue, March 21, 2023 | 00:30
Income gap narrows as top 20% earnings drop
The income gap between the rich and the poor has narrowed as the government pushed to boost social protection and financial support for the bottom 20 percent. This also comes as the monthly income of the top 20 percent dropped in the first quarter of this year, the first fall in 13 fiscal quarters.
Regulator faces criticism for scolding SoCar CEO
Financial Services Commission (FSC) Chairman Choi Jong-ku is under criticism from the startup community for calling SoCar CEO Lee Jae-woong “rude and selfish.” The regulator chief has ramped up rhetoric against Lee after his meeting with local bankers, telling the press that Lee should show some respect to taxi drivers.
Dark clouds loom over economy
The state-run Korea Development Institute (KDI) has revised the country's growth forecast to 2.4 percent from 2.6 percent, the think tank said Wednesday. The reason behind the downward projection was the same as others given by the OECD and Moody's Investors Service.
Woori chief on M&A roll
Woori Financial Group Chairman Sohn Tae-seung is on a roll in mergers and acquisitions (M&A). Since the group was launched as a holding company last January, Sohn has made aggressive deals to acquire non-banks such as asset management and real estate trusts.
Loans for youth
Financial Services Commission Chairman Choi Jong-ku, front row fourth from left, poses with chief executives of banks at an event promoting loan programs for young adults at the Korea Federation of Banks in Seoul, Wednesday. Choi asked banks to extend low-interest loans to young people so they can finance their housing deposits and monthly rent. Yonhap
Korea to set up ASEAN finance center in 2020
The government will set up a Korea-ASEAN finance support center either in Bangkok, Thailand or Jakarta, Indonesia next year, said Joo Hyung-chul, President Moon Jae-in's economic adviser. In a meeting with chief executives of local financial companies, including commercial and policy banks at the Korea Federation of Banks in Seoul, Tuesday, Joo said the administration will st...
External headwinds to decelerate Korea's growth
The ongoing trade conflict and a slowdown in China will continue to pose a downside risk to the Korean economy, said Christian de Guzman, vice president for sovereign risk at Moody's Investors Service. As a trade-dependent economy, Korea is projected to grow 2.1 percent this year under these circumstances. This would the “slowest full-year growth since the global financial cr...
JKL may need more capital for Lotte Insurance
JKL Partners, a local manager of private equity funds, may need to raise more capital from its investors for the acquisition of Lotte Insurance, according to industry sources. Otherwise, it will have to pursue a stake sale of the insurance company to raise capital after it buys Lotte Insurance, they added. This is because the new owner will need to increase Lotte Insurance's ...
Boosting social responsibility
Joo Cheol-soo, left, vice president of Shinhan Bank's consumer protection group, poses with DNV GL Korea President Lee Jang-sup at the bank's headquarters in Seoul, May 17. The two sides agreed to collaborate in carrying out a so-called equator principle framework to assess and manage environmental and social risks before making financial decisions. Courtesy of Shinhan Bank
Financial chiefs attract foreign investors
Chairmen of the country's top three local financial groups have departed for overseas conferences and meetings in an effort to attract foreign investors, industry sources said Monday. Woori Financial Group Chairman Sohn Tae-seung has left for Tokyo, Japan and Hong Kong where he will hold investor relations meetings for three days. The group said Sohn will meet executives from...
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