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Reporter : Anna J. Park
Sun, January 29, 2023 | 14:11
Finance Minister Choo elected next chair of ADB annual congress
Finance Minister Choo Kyung-ho has been elected as the chair for next year's annual Asian Development Bank (ADB) conference, which is slated to be held in May. According to the Ministry of Economy and Finance, Friday, Choo was elected to take the chairmanship position for next year's annual ADB meeting during a two-day ADB annual congress held Sept. 28 and 29 in Manila, the P...
Is gov't too optimistic about Korea's economic condition?
Minister of Economy and Finance Choo Kyung-ho reiterated that he thinks that the possibility of the Korean economy having a major financial crisis is very low. During a meeting with reporters at the annual congress of Asian Development Bank (ADB) in the Philippines, Choo said that the current phase of soaring key interest rates cannot carry on in the long term.“Although no on...
Toss Securities' app briefly lists wrong won-dollar exchange rate
Toss Securities' foreign exchange service mistakenly provided a much lower won-dollar exchange rate for about 16 minutes on Wednesday afternoon even though the Korean currency continues to weaken against the greenback. The error apparently gave some customers a brief window to make a handsome profit by trading their won holdings into dollars.
Korea's default risk rises to peak level during pandemic outbreak
Korea's credit default swap (CDS) premium, a representative indicator that shows the country's risk of bankruptcy, has not only reached the highest point for this year, but it has also reached its highest level during the pandemic outbreak.
Former vice finance minister criticizes Koreans for buying dollars
A former vice finance minister criticized Korean citizens and investors who hoard U.S. dollars as they speculatively bet on the U.S. currency.
Viva Republica raises half of intended capital
Viva Republica has wrapped up its Series G investment round raising a total of 530 billion won ($371 million), about half of what it had aimed to attract during the round. According to the investment banking industry Tuesday, the comprehensive fintech company, which covers banking, brokerage and payment, completed the Series G investment round at the end of last month, with i...
Mirae Asset's IFC purchase deal falls apart
Mirae Asset's plan to purchase International Finance Center (IFC) Seoul from Toronto-based Brookfield Asset Management has fallen apart, some four months after the two sides signed a memorandum of understanding (MOU) in May this year agreeing to a 4 trillion won ($2.79 billion) deal. According to investment banking sources Monday, Mirae Asset has filed a case with Singapore I...
Korea urged to diversify supply chains amid escalating US-China tensions
Korea is being advised to strengthen the diversification of its key supply chains, as the intensified rivalry between the U.S. and China is expected to negatively impact the country's core industry sectors of semiconductors and automobiles.
Bank loan interest rates could reach 14-year high, raising household debt burden
With the U.S. Federal Reserve taking giant rate hike steps three consecutive times in a row, local banks' housing loan interest rates are fast approaching a 14-year high - by the end of the year - overshadowing the Korean economy's growth potential and looming large in regard to the household debt crisis.
Won-dollar rate soars to 1,409.7 on Fed rate hike
The Korean won to U.S. dollar exchange rate soared above the 1,400 level for the first time in more than 13 years on Thursday in the wake of the U.S. Federal Reserve's overnight hike of its key interest rate by 75 basis points for the third straight time in a desperate bid to fight inflation. With the U.S. Fed's hawkish attempt to curb inflation, the won-dollar exchange rate ...