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Sun, July 3, 2022 | 18:10
KakaoBank considers forging ties with crypto exchanges
KakaoBank is considering tapping into the cryptocurrency industry through a potential partnership with cyber money exchange operators here. The internet-only lender leaves open various possibilities before taking more concrete steps for its expansion into the new industry. The move reflects growing demand for cryptocurrency transactions here and abroad. The young and innovati...
KOSPI ends down on overnight declines on Wall Street
Korean stocks pulled back Friday as overnight declines on Wall Street sapped investor sentiment here. This situation heightened fears that the benchmark KOSPI might extend its losses at a time when the U.S. Federal Reserve is scheduled to carry out additional big rate hikes by the end of this year. The main bourse closed at 2,644.51, down 1.23 percent from the previous sessio...
Specter of 'perfect storm' looms over Korean economy
The Korean economy should preemptively combat the possible repercussions of a “perfect storm” of rising inflation, plummeting stock prices and a heightened risk of global supply disruptions, and focus on ensuring corporate resilience, experts said Wednesday. Coupled with the multiple risk factors, the economy is also widely forecast to slow down this year. In February, the Ba...
Inflation expected to continue upward trend
Consumer prices soared by almost 5 percent in April, the highest since the 2008 global financial crisis, and are feared to continue rising at an alarming pace for the time being amid global inflation shocks, experts said Tuesday. Statistics Korea said Tuesday the consumer price index rose last month by 4.8 percent from a year earlier. The pace of inflation has risen sharply f...
Watchdog blamed for botched probe of Woori embezzlement
The Financial Supervisory Service (FSS) has come under fire for a botched inspection of Woori Bank's latest embezzlement scandal. An employee of the lender allegedly embezzled 61.4 billion won ($48.49 million) between 2012 and 2018 while working at its corporate financing division. The official has been arrested and is being investigated.
Supplementary budget, inflation biggest tasks for finance minister nominee
Finance Minister nominee Choo Kyung-ho pledged to place his economic policy focus on stabilizing prices and executing supplementary budgets on time, according to his written statement submitted to the National Assembly, Sunday. “Prices will see an upward trend for the time being, and the current economic situation is very grave,” he said in the statement ahead of his upcoming...
Korea Development Bank chief offers to resign
Korea Development Bank (KDB) Chairman Lee Dong-gull has offered to resign amid escalating tensions due to the incoming administration's plan to relocate the headquarters of the KDB to the nation's southern port city of Busan. According to industry sources, Lee recently expressed his intent to step down to the Financial Services Commission (FSC).
Dunamu's classification as conglomerate feared to weaken industry growth
Korea's cryptocurrency industry is feared to come under tighter regulatory scrutiny after a recent decision by the antitrust watchdog to designate Dunamu, the operator of the nation's dominant cryptocurrency trading platform Upbit, as a conglomerate, industry officials said, Thursday.
Woori narrowing earnings gap with Hana
Woori Financial Group is on track to narrow its earnings gap with Hana Financial Group, as the solid growth in its interest margin has made up for its lack of a securities affiliate. Hana Financial Group is the nation's third-largest financial holding company by net profit and market capitalization. Woori came in fourth by a narrow margin during the first quarter.
Trading of Osstem Implant shares to resume
The Korea Exchange will resume trading of Osstem Implant shares on Thursday in light of the firm's efforts to improve its internal governance system in response to its recent embezzlement scandal.
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