Finance

Bank of Korea pauses rate hikes; focus turns to banks\' deposit and loan rates

The Bank of Korea kept its benchmark interest rate at 3.00 percent, but upward pressure on banks’ lending rates is expected to persist as the impact of earlier hikes feeds into funding costs and the possibility of further increases remains. Some brokerages forecast additional 0.25 percentage point hikes in November and February. COFIX, a key bank funding index, rose sharply in September, which could lift floating-rate mortgage costs and keep borrowers’ interest burdens elevated.

People

Samsung Electronics chairman Lee Jae-yong inspects UAE Al Dhafra power plant site

Samsung Electronics Chairman Lee Jae-yong (이재용) visited the construction site of the Al Dhafra gas-fired power plant in Abu Dhabi, the company said. He encouraged local employees and discussed strategies to secure future growth engines and plans to enter new businesses with executives of Samsung C&T and Samsung E&A. Lee also reviewed the construction schedule and safety management. The company said the plant is intended to meet rising electricity demand in the UAE.