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Sun, August 14, 2022 | 13:11
Korean blockchain operators urged to enhance vigilance against accidents
Korean blockchain operators are being urged to reinforce verification of their software programs and stay alert to any danger signs amid unceasing concerns over the possible recurrence of an accident similar to the recent Terra-Luna fiasco, industry officials said. It has been three months since the once-promising algorithmic stablecoin and its sister token stunned the blockc...
MSCI appoints new head of Korea office
MSCI has appointed Eric Yun as the new leader of its Korea office. Yun will focus on expanding the MSCI's client base in Korea and drive its sales growth in the local market, the U.S. finance firm said. He took on the new role as the head of Korea client coverage at MSCI on Aug. 1
Banks feared to continue sluggish stock performance amid recession fears
Major financial firms here will continue facing a tough time in recovering their stock value even in the second half of this year, as they are under growing pressure to bolster security against bad debts amid escalating recession fears, market analysts said. The outlook is in contrast to the rosy earnings outlook of major banking groups. According to data from market tracker ...
Samsung's financial arms hit by earnings falls amid stock slump
Samsung's financial arms are forecast to report steep earnings declines amid the stock market slump and weak sales environment. According to data from market tracker FnGuide, Samsung's four financial affiliates, Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Securities and Samsung Card, are estimated to have produced a combined net profit of 1.82 trillion wo...
Ethereum founder expects crypto payments to become prevalent soon
Cryptocurrency moguls here and abroad shared their vision on blockchain technology during Asia's largest fair which kicked off its two-day run in Seoul, Monday. The Korea Blockchain Week 2022, co-hosted by FactBlock and Hashed, is an annual event that has taken place since 2018. For this year, a group of crypto magnates, such as Ethereum founder Vitalik Buterin and Binance CE...
Korea Investment & Securities loses trust of retail investors
Korea Investment & Securities is rapidly losing trust from the market amid mounting criticism from retail investors for its improper short-selling acts conducted for over three years ending in May 2020. Early this year, the top-tier brokerage house by sales here was slapped with fines of 1 billion won ($769,000) for “mistakenly” shorting more than 140 million shares from 938 ...
KakaoBank fined for faulty remittance service
The Financial Supervisory Service (FSS) imposed a sanction on KakaoBank for the lender's faulty programming test of an overseas remittance service. The watchdog slapped the mobile-only lender with an institutional warning and a fine of around 150 million won ($115,000), after some users' overseas remittance transactions did not progress as they had intended.
BOK unlikely to take another 'big step' in August
The Bank of Korea (BOK) is unlikely to make another “big-step” rate hike of 50 basis points during its next rate-setting meeting in August, as fears of an economic slowdown here will deepen in the latter half of the year, experts said, Thursday. They expected the Korean central bank not to take risks with another aggressive rate hike as a reaction to the U.S. Federal Reserve'...
Local asset markets lukewarm ahead of Fed rate hike
The local asset markets displayed lukewarm performance Wednesday, as investors took a wait-and-see approach one day before a possible giant rate hike from the U.S. Federal Reserve. The benchmark KOSPI started with a slight drop of 0.02 percent, and remained weak throughout the day. But it later nudged up with a gain of 0.11 percent, closing at 2,415.53. The secondary Kosdaq a...
Top management's legal issues weigh on Bithumb sale
FTX's planned acquisition of Bithumb, the second-largest crypto exchange in Korea, is expected to hit a snag due to ongoing legal issues surrounding the exchange's top management. Lee Jung-hoon, the former chairman of Bithumb Holdings, is on trial for charges of fraud after BK Group dropped its plans to acquire the crypto exchange. According to the prosecution, Lee allegedly ...
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