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【Youth Daily】 Janet Yellen, 74, a former president of the Federal Reserve System (Fed), has been selected as the prime minister of finance for the Biden government, major US media reported on the 23rd (local time ).
Morgan Stanley, a global investment bank, predicted that the Standard & Poor’s (S&P) 500 index could fall as much as 12% by the end of the year if market strength diminishes due to the development of a new vaccine against coronavirus infection (Corona 19).
The Gyeonggi Regional Consumer Sentiment Index (CCSI) for November announced by the Bank of Korea’s Gyeonggi Headquarters was 99.2, an increase of 6.2 points from October (93.0).
◆ Former Fed Chairman Yellen was selected as US Secretary of the Treasury.
After being officially nominated and approved by the Senate, former President Yellen will be the first finance minister in US history. This greeting is evaluated as a politically safe option for Biden-elect.
She was not only the first woman to become chairman of the Federal Reserve, the ‘Economic President’, but also the first person to hold both the chairmanship of the White House Economic Advisory Committee and the chairman of the Central Bank (chairman of the Reserve Federal) and the Minister of Finance.
Biden said he chose a well-known figure that most Democrats liked and trusted, respected by many Republicans and accepted by Wall Street.
The progressive camp within the Democratic Party is said to have also gained favor by making an active voice in responding to climate change, such as insisting on the introduction of a tax on carbon emissions.
◆ Non-life insurers and life insurers increase 6.1% in net income in the first to third quarters
The net income of domestic insurance companies during the first to third quarters was KRW 5,574.7 billion, 6.1% more (KRW 319.5 billion) compared to the same period last year.
As a result, non-life insurers reduced operating losses thanks to the reduction of outdoor activities due to the new coronavirus infection (Corona 19), and life insurers were able to increase sales of savings-type insurance through Bancassurance channel (bank).
According to the ‘performance of the (interim) insurance company management’ from the Financial Supervision Service published on the 24th, the net income of non-life insurers from January to September this year was KRW 2.42 trillion, a 10.2% more than in the same period last year.
Interest income decreased by KRW 186.7 billion due to the interest rate cut, but the loss ratio of auto insurance and the loss ratio of long-term insurance decreased by 4.5 percentage points and 0.3 percentage points, respectively, since car accidents and hospital care decreased due to the corona effect 19.
◆ The Busan International Financial Center was also opened … First confirmed case
The first confirmed crown19 emerged from the Busan International Financial Center (BIFC), with more than 4,000 core workers and emergency quarantine.
According to the Busan City Health Authority, a confirmed case of corona19 occurred at Korea Southern Power, which occupied a 63-story BIFC building.
There are more than 4,000 people in this building, where the Korean Stock Exchange and public finance companies have moved, but this is the first time a confirmed case of corona 19 has occurred.
◆ Gyeonggi Consumer Confidence Index rose for two consecutive months … “Expectation of economic recovery”
The Consumer Sentiment Index (CCSI) is an index calculated using six Consumer Trends Index (CSI) indices, including current lifestyle, lifestyle forecast, household income forecast, forecast consumer spending, current economic judgment, and future economic prospects.
If it is less than 100, it means that consumer sentiment is pessimistic compared to the long-term average (2003-2019).
The consumer confidence index in the Gyeonggi region fell from 90.0 in August to 80.6 in September due to the second spread of the new coronavirus infection (Corona 19) and then rebounded to 93.0 in October.
In November, CCSI’s current lifestyle letter index (91) increased 4 points from the previous month, and the lifestyle forecast index, representing the outlook six months later, rose 4 points to 96.
◆ Morgan Stanley “S & P500 May Drop 12% After Vaccine Rally”
Morgan Stanley chief investment officer (CIO) Mark Wilson said in an investment report that if market strength, led by the Corona 19 vaccine, wanes, the stock market may begin to adjust.
He noted that the fact that the US Treasury Department decided to end some of the Federal Reserve’s emergency loan programs at the end of the year, which was introduced in response to Corona 19, could be a risk factor to short term.
Wilson said, “When the demand for liquidity increases, a policy equivalent to tightening is adopted.” While many investors expect the situation to be uneven next year, it is diagnosed that the possibility of a big adjustment may be underestimated.
However, Wilson predicts that in the longer term, the S&P 500 by the end of next year will rise to 3,900, which is 9.6% higher than today.
◆ BNK Kyungnam Bank-Korea Institute of Materials Research, financial support for research partners ‘match hands’
On the 24th, BNK Kyungnam Bank signed a ‘Win-Win Cooperation Business Agreement for Financial Support for Research Partners’ with the Korea Materials Research Institute.
Under the agreement, the two sides raised 50 billion won in loans to support the new coronavirus infection crisis (Corona 19) from research partner companies and revitalize technology funding.
BNK Kyungnam Bank decided to cut interest rates on loans by up to 1.5% to research partner companies recommended by the Korea Materials Research Institute. The Korea Materials Research Institute is in charge of publicizing the financial support system along with the necessary administrative support for the financial support work.
◆ Gyeongnam Branch of NH Nonghyup Bank, which operates an electronic window without paper documents or pens
NH Nonghyup Bank’s Gyeongnam sales headquarters operates an electronic window system that does not require paper documents at all branches.
Electronic window refers to a window in which various documents are scanned with an electronic pen on a tablet. The use of an electronic window reduces the inconvenience of clients having to repeat names and signatures on paper documents many times while viewing financial matters.
Employees also benefit from simple and repetitive tasks like organizing and storing documents.
【Youth Daily = Reporter by phone number】
