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☆ The distribution of financial products in Asia is quite broken, says digital wealth advisor
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe distribution of financial products in Asia is quite broken, says digital wealth advisorSamuel Rhee of Endowus says there are many commissions embedded into the cost of investing.

☆ Bank of Korea holds policy rate steady at 3.50%, as expected
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 11 (Reuters) - South Korea's central bank on Tuesday held interest rates steady for a second consecutive meeting, as expected, faced with conflicting risks from still high inflation, a slowing economy and heightened financial uncertainty. The Bank of Korea said its seven-member monetary policy board voted to keep the base rate (KROCRT=ECI) unchanged at 3.50%, as it did on Feb. 23. The decision was in line with predictions from 39 out of 40 economists surveyed by Reuters, while one respondent had forecast a 25-basis-point hike. It is the first time the Bank of Korea has kept the policy rate steady at successive meetings since it embarked on a tightening campaign in August 2021. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

[1/2] The logo of the Bank of Korea is seen in Seoul, South Korea, November 30, 2017. The Bank of Korea said its seven-member monetary policy board voted to keep the base rate (KROCRT=ECI) unchanged at 3.50%, as it did on Feb. 23. Local markets showed a muted reaction as investors waited Governor Rhee Chang-yong's news conference from 0210 GMT. It is the first time the Bank of Korea has kept the policy rate steady at successive meetings since it embarked on a tightening campaign in August 2021. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea data shows uneven economic recovery, suggests steady rates
▼ + stars: | 2023-03-30 | by ( Choonsik Yoo | ) www.reuters.com time to read: +2 min

SEOUL, March 31 (Reuters) - South Korea's factory output slumped while retail sales jumped in February, data showed on Friday, signalling an uneven economic recovery and bolstering the market's view that the central bank will keep rates on hold for the rest of the year. The industrial output index fell 3.2% in February from the month before after a 2.4% gain in January, while the retail sales index jumped 5.3% month-on-month after a 1.1% drop in January, according to Statistics Korea. South Korea's central bank, which started raising interest rates in August 2021 ahead of most central banks, has raised the policy rate by 300 basis points from just 0.5% but kept it unchanged at its latest meeting in February. Bank of Korea Governor Rhee Chang-yong told reporters after the February decision that the central bank would not resume its rate hikes if inflation continued to moderate. Economists said the robust retail sales data could be temporary given the worsening outlook for exports, which influence a wide range of economic activity in South Korea.

☆ Here's why American men die younger than women on average and how to fix it
▼ + stars: | 2023-03-01 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +2 min

Men die younger than women in the United States, on average. American women had a life expectancy of 79 years in 2021, compared with men's, which was only about 73, according to CDC data. "Across, basically, almost every major cause of death, men are more likely to die than women are." That means there are some steps we can take to work toward helping men live longer. Watch the video above to learn more about why men die younger on average than women and what we can do to change it.

☆ Bank of Korea holds rates after year of non-stop hikes
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Feb 23 (Reuters) - South Korea's central bank kept interest rates unchanged on Thursday, matching market expectations and ending an uninterrupted run of hikes for a year. The Bank of Korea's monetary policy board held its policy interest rate (KROCRT=ECI) steady at 3.50%, in line with a unanimous call by the 42 economists in a Reuters poll. Governor Rhee Chang-yong is due to hold a news conference soon. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Economists in a Reuters poll had predicted Friday's rate increase would mark the end of a rate-hike cycle that the Bank of Korea's began in late 2021. The Bank of Korea said its seven-member monetary policy board had decided to raise its policy interest rate (KROCRT=ECI) to 3.50%, the highest since late 2008. The interest-rate rise matched a prediction by 36 out of 40 economists in a Reuters poll, in which the remaining four had expected the central bank to hold the rate steady at 3.25%. The decision follows Governor Rhee Chang-yong's remarks this month that the central bank's policy stance would continue to focus on stabilising prices. Like its peers globally, the Bank of Korea is faced with growing pressure to adjust its policy stance as domestic consumer and corporate spending fades and global trade slows.

☆ Bank of Korea working hard to ensure economy's soft landing -governor
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 3 (Reuters) - South Korea's central bank governor said on Tuesday the bank will do its best to ensure a soft landing for the economy amid significant internal and external uncertainty. "The Bank of Korea, together with the government, will do its best in making sophisticated policy responses to achieve a soft landing of the South Korean economy, during this time of clouded visibility due to considerable external and internal uncertainties," Governor Rhee Chang-yong said in a speech at a New-Year event. Rhee said the central bank will pay attention to growth and changes in financial and foreign exchange markets, while continuing to focus its monetary policy stance on stabilising prices. The Bank of Korea (BOK) will hold its first rate decision meeting for this year on Jan. 13, having raised interest rates by 275 basis points to 3.25% since August 2021. Reporting by Jihoon Lee; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Korea chief sees more conflict between goals
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Jan 1 (Reuters) - The head of South Korea's central bank said on Sunday it would likely face an increasing conflict between policy goals in 2023 as the effect of the recent aggressive policy tightening materialises in earnest. "It will be a year when a sophisticated policy mix is more important than ever due to a growing possibility of conflict between inflation, economic growth and financial stability," Governor Rhee Chang-yong said in his New Year's address. He said a fast cooling of the real estate market could cause financial market instability, while listing the war in Ukraine and the COVID-19 situation in China as the main sources of uncertainty facing the country's economy and inflation. Reporting by Choonsik Yoo; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Covid, flu and RSV: What science shows about being contagious
▼ + stars: | 2022-12-18 | by ( Benjamin Ryan | ) www.nbcnews.com time to read: +8 min

People know when they have Covid symptoms, but do minor sniffles at the end of a coronavirus infection, for example, mean they’re still contagious? It’s a good time to brush up on what scientists know, and still don’t know, about how long people remain infectious with viral diseases — Covid, influenza, RSV — that are spreading across the U.S.How long am I contagious with Covid? If you’ve been exposed to someone who has tested positive for Covid, symptoms from any of the omicron subvariants generally appear two to four days later. How contagious you are is connected to how much of the virus, known as the viral load, is in your body. As far as relying on Covid tests to determine whether someone is still contagious, PCR tests are good at diagnosing Covid.

☆ Bank of Korea's Rhee 'not so sure' about digital currencies
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 2 (Reuters) - South Korea's central bank governor Rhee Chang-yong said he became sceptical of the benefits of new technologies related to Central Bank Digital Currencies (CBDC), after recent events in the cryptocurrency market. "I was more positive before, but after seeing the Luna, Terra, and now the FTX issues ... I don't know (if) we will see the real benefit of this new technology, at least for monetary policy," said Rhee, a panelist at a session on digital currency. The market saw another rout last month, after one of the world's biggest crypto exchanges FTX filed for bankruptcy, with crypto lending company BlockFi following suit. Reporting by Jihoon Lee; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Emerging market policymakers dare to hope for brighter 2023
▼ + stars: | 2022-11-30 | by ( Roberto Samora | ) www.reuters.com time to read: +3 min

He also said a reopening of China could propel the South Korean economy in 2023. "Actually if China loosens zero-COVID policy and reopens their borders and economy that will be a tremendous stimulus for us. Indian Finance Minister Nirmala Sitharaman forecast a "very good" economy ahead of 2024 national elections, fuelled by capital spending. State finance minister Shehan Semasinghe also said the nation was intent on meeting a December deadline to present plans to help unlock an International Monetary Fund bail-out. Zambia, which defaulted on its sovereign debt in 2020, aims to complete its restructuring of nearly $15 billion of external debt in the first quarter of 2023, Finance Minister Situmbeko Musokotwane said.

☆ EXCLUSIVE Bank of Korea ready to adjust tightening pace, hopes for peak rate near 3.5%
▼ + stars: | 2022-11-30 | by ( Cynthia Kim | ) www.reuters.com time to read: +3 min

[1/2] South Korea's new central bank governor Rhee Chang-yong speaks during his inauguration ceremony in Seoul, South Korea April 21, 2022. But he added that South Korean interest rates should not get too far below those of the United States, because of the risk of capital outflow. With the policy rate now at 3.25%, Rhee hopes it will not have to go much higher. It is the first time that the central bank governor has specified a level around which he hopes rates will peak. The Fed's policy rate is currently 3.75% to 4.00%.

☆ Bank of Korea ready to readjust tightening pace, going by data
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Nov 30 (Reuters) - South Korea's central bank is ready to readjust the pace of its policy tightening to respond to an economic slowdown and a slumping property market, the bank's governor told the Reuters NEXT conference on Wednesday. But Rhee Chang-yong declined to say whether the Bank of Korea would stop raising interest rates before the U.S. Federal Reserve, though he added that it was now better able to take into account domestic factors than before. The Bank of Korea, which was among the first central banks of major economies to start raising rates in August last year, has lifted the benchmark rate by a total of 275 basis points from a record low figure of 0.5%. Reporting by Cynthia Kim, Choonsik Yoo and Jihoon Lee; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's central bank raises rates by 25 bps, as expected
▼ + stars: | 2022-11-24 | by ( Cynthia Kim | Jihoon Lee | ) www.reuters.com time to read: +1 min

SEOUL, Nov 24 (Reuters) - South Korea's central bank raised interest rates by a more modest 25 basis points on Thursday, as expected, slowing the pace of policy tightening as it tries to tame inflation without choking off economic growth. The Bank of Korea (BOK) raised its benchmark policy rate (KROCRT=ECI) to 3.25%, the highest level since July 2012, after delivering a half-percentage point hike in October. All but one of 30 economists expected the central bank to opt for a quarter-point hike in a Reuters poll, while one forecast another half-point rise. The Bank of Korea has raised the policy rate by a total of 275 basis points since August 2021 from a record low of 0.50%. Reporting by Cynthia Kim, Jihoon Lee and Choonsik Yoo; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

The Bank of Korea (BOK) raised its benchmark policy rate (KROCRT=ECI) to 3.25% on Thursday, the highest level since 2012, after delivering a half-percentage point hike in October. The BOK is in the midst of its most aggressive policy tightening on record, having been a front-runner in withdrawing pandemic-era stimulus in the region when it started raising interest rates in August 2021. Since then, it has raised rates by a total of 275 basis points, delivering bigger 50-basis-point rate hikes for the first time since the current monetary framework was introduced in 1999. The central bank aims to keep inflation at 2%. The slowdown in the tightening pace has also been facilitated by a rebound in the local currency.

☆ South Korea expands corporate bond-buying program amid credit crunch concern
▼ + stars: | 2022-10-23 | by ( ) www.cnbc.com time to read: +1 min

South Korea Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho speaks with his staff attending the G-20 Finance Ministers Meeting in Bali, Indonesia on July 16, 2022. South Korea's government will expand its corporate bond-buying program among other liquidity supply measures amid growing worries about a credit crunch in bond and short-term money markets. The government will double the ceiling of its corporate bond-buying facility run by state-run banks to 16 trillion won ($11 billion), Minister of Economy and Finance Choo Kyung-ho said on Sunday. Commercial paper issued by securities firms will be included in the facility's purchase list, while an additional 3 trillion won of liquidity will be supplied by the Korea Securities Finance Corp for securities firms experiencing liquidity shortages, he said. The Bank of Korea's monetary policy board will also consider its own measures, such as reactivating a special purpose vehicle to purchase corporate bonds and commercial paper first introduced during the pandemic, Governor Rhee Chang-yong told reporters.

☆ Analysis: G7 fails to reach intervention deal to ease pain of soaring dollar
▼ + stars: | 2022-10-16 | by ( Leika Kihara | ) www.reuters.com time to read: +7 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. With a strong push from Japan, finance leaders of the Group of Seven advanced economies included a phrase in a statement on Wednesday saying they will closely monitor "recent volatility" in markets. "Many countries saw the need for vigilance to the spill-over effect of global monetary tightening, and mentioned currency moves in that context. "I've said on many occasions that I think a market-determined value for the dollar is in America's interest. "It's impossible to reverse the yen's downtrend with solo intervention," said Daisaku Ueno, chief forex strategist at Mitsubishi UFJ Morgan Stanley Securities.

☆ Bank of Korea governor says policy guidance harder with won's weakness
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +2 min

SEOUL, Oct 15 (Reuters) - South Korea's central bank governor said on Saturday external factors, such as aggressive U.S. policy tightening buoying the dollar and driving the won currency sharply down, made providing forward guidance on policy difficult. The Bank of Korea delivered its second-ever 50-basis-point rate hike on Wednesday and made clear the won's 6.5% slide in September that drove up import costs played a key role in the decision. "I have learned that communication with the public is not easy when transitioning from the traditional strategic ambiguity to forward guidance," Rhee said. He said that while the central bank was not targeting a specific level for the exchange rate, "it has to consider how a sharp rise in the exchange rate would affect financial stability conditions, such as capital outflow pressures." Register now for FREE unlimited access to Reuters.com RegisterReporting by Jihoon Lee Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ A quarter of Americans are expecting to delay their retirement due to rising consumer costs, according to a new study
▼ + stars: | 2022-10-13 | by ( Nathaniel Lee | ) www.cnbc.com time to read: +2 min

And nearly a third of seniors say they either plan to work through the age of 70 or never retire, according to a study by BlackRock. "The United States is definitely facing a retirement crisis," said Nari Rhee, a director of the retirement security program at the UC Berkeley Labor Center. "If you're retired and on a fixed income, inflation really, really hurts," said Rhee. One million dollars in a retirement account just two years ago is worth about $120,000 less when adjusted for inflation, and now, with that financial backdrop, a quarter of Americans say that are expecting to delay their retirement due to rising consumer costs, according to a survey by BMO Harris Bank. Retirees like Juanita Dykes, a former factory worker living in Rural Retreat, Virginia, say more things are becoming impossible to afford.

☆ South Korea's Sept unemployment rate rises from record low
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 14 (Reuters) - South Korea's unemployment rate rose in September from a record low set in August while employment fell slightly, data showed on Friday, a sign that a year-long policy tightening campaign and slowing exports have begun to cool the economy. The country's seasonally adjusted unemployment rate rebounded to 2.8% in September from 2.5% in August, which was the lowest since the data series began in June 1999. However, it was still far below an average of 3.6% set in all of 2021. The employment rate edged down 0.1 percentage point to 62.2% in September from August after adjusting for seasonal factors, the Statistics Korea data showed. Bank of Korea Governor Rhee Chang-yong said after the rate decision on Wednesday that Asia's fourth-largest economy has begun softening, although economists expect it to raise the rate further in the coming months.

Joo and Shin voted for a smaller hike in the rate, Rhee said in news conference, but did not elaborate on their views. Twenty-three of 26 analysts expected the bank to go for a half-point hike in a Reuters poll, while the remaining three expected a quarter-point hike. The median forecast in the poll showed the BOK's base rate going to 3.25% by year-end and then peaking at 3.50% in the first quarter of 2023. Almost half of respondents in the Reuters poll expected the base rate to reaching 3.75% in the first quarter of next year. After Wednesday's rate hike, the Korea Federation of Small- to Medium-sized Enterprises expressed "serious concern" about higher rates.

The Bank of Korea (BOK) raised its benchmark policy rate (KROCRT=ECI) by 50 basis points to 3.00% on Wednesday, bringing total rates hike since August last year to 250 basis points. Twenty-three of 26 analysts expected the bank to go for a half-point hike in a Reuters poll, while the remaining three expected a quarter-point hike. "The 50 bp hike today was the BOK's response to the sinking won, it seems." South Korea's three-year treasury bond futures fell after the BOK's statement on the decision. The median forecast in the poll showed the BOK's base rate going to 3.25% by year-end and then peaking at 3.50% in the first quarter of 2023.

☆ South Korea plans reforms to tackle 'Korea discount' for its stocks
▼ + stars: | 2022-09-20 | by ( Joori Roh | ) www.reuters.com time to read: +3 min

A woman talking on the phone walks past an electronic board of the Korea Composite Stock Price Index (KOSPI) at the Korea Exchange (KRX) in Seoul, South Korea, January 20, 2016 REUTERS/Kim Hong-Ji/File PhotoSEOUL, Sept 20 (Reuters) - South Korea plans to announce financial reforms later this year, including its policy on shareholder returns, that could help reduce the "Korea discount" in stock markets, a senior government official told Reuters on Tuesday. The "Korea discount" refers to a tendency for South Korean companies to have lower valuations than global peers due to factors such as low dividend payouts, the dominance of opaque conglomerates known as chaebols and geopolitical risks involving North Korea. Register now for FREE unlimited access to Reuters.com RegisterSome of the policies the authority is looking into include dividend policy, registration requirements for foreign investors and corporate filings. "(South Korea's) current dividend policy does not meet the global standard and has been mentioned several times by foreign investors ... In South Korea, unlike other major economies, companies confirm dividend amounts weeks after the so-called ex-date - after which buyers of the stock do not receive the payout - creating uncertainty for investors.

News centered on the trans community is often dominated by such trends, but across the country, grassroots nonprofit groups led by transgender people are creating spaces for their communities to find safety and joy. Here are 11 grassroots groups that do just that by providing their communities with home-cooked meals, health care, space for creativity and other services. Transgender Education Network of Texas — Austin, TexasThe Transgender Education Network of Texas at a protest last year. Jamil-Jack AbreuThe group provides free chest binders to transmasculine people nationwide and Thanksgiving meals to those who need them. The Black trans-led LGBTQ organization provides low-barrier shelter to those experiencing homelessness, transitional housing, middle-age housing and senior housing.

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