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Reporter : Lee Min-hyung
Sun, November 27, 2022 | 01:17
Korea likely to suffer current account deficit in August
Korea's current account balance is likely to shift to a deficit in August amid falling exports to China and soaring import costs for raw materials, the Bank of Korea said Wednesday. According to data from the central bank, Korea's current account posted a surplus of $1.09 billion (1.5 trillion won) in July, down $6.62 billion from the year before. This is the largest decline ...
Bank stocks in doldrums as tighter regulations offset rate hike effect
Bank stocks have taken a battering in recent months, as tighter regulatory hurdles have aggravated investor sentiment despite rapid interest rate hikes, analysts said. Financial stocks are considered key beneficiaries of monetary tightening, as their cash-cow interest profit rises in line with key rate hikes. But shares of Korea's top four financial holding firms remained bea...
KB donates W1 billion for typhoon relief
KB Financial Group will donate 1 billion won ($728,000) to support victims of Typhoon Hinnamnor, as part of efforts to fulfill its corporate social responsibility, the company said Tuesday. The donated money will be used to purchase daily necessities for the victims, restore relief facilities and ensure residential safety of those left vulnerable, according to KB. KB Kookmin ...
Upbit's developer conference set to attract thousands of experts
Upbit, the nation's largest cryptocurrency exchange, is set to attract thousands of experts from Korea and abroad during its upcoming annual developer conference. The Upbit Developer Conference (UDC) 2022 will kick off its two-day run in the nation's southern port city of Busan on Sept. 22.
Won-dollar rate soars above 1,370
The Korean won slumped to another low against the U.S. dollar in more than 13 years due to the U.S. Federal Reserve's aggressive monetary tightening gesture. The won-dollar exchange rate soared to a new high of 1,374.7 won per dollar on Monday afternoon. This is the first time since April 1, 2009, that the exchange rate topped the 1,370-won mark.
Retail investors can exercise right to sell shares when listed firms split
Financial watchdogs introduced Sunday a set of protective measures ensuring the rights of minority shareholders when listed firms divest a business unit. The latest decision came amid growing calls to protect retail investors.
Hana launches financial aid project worth $19 billion
Hana Financial Group will launch a financial support project worth 26 trillion won ($19 billion) to help those in need amid economic uncertainty, the company said Sunday. The financial holding firm will team up with its key affiliates to help around 700,000 financially vulnerable people here by offering a series of programs, including interest rate cuts for its loan products.
Ill-fated relationship between key officials and Lone Star draws focus
High-ranking political and financial officials mired in a decades-long suit between the Korean government and Lone Star are in the hot seat after Korea has been ordered to pay the U.S. private equity firm $216.5 million (289.76 billion won). After the ruling from the International Centre for Settlement of Investment Dispute, Wednesday, public ire is escalating concerning some...
Oil stocks plunge on international price fall
Oil stocks here plunged Wednesday amid falling crude oil prices caused by fears of possibly diminished oil demand due to global economic uncertainties. According to data from the New York Mercantile Exchange, the West Texas Intermediate for October delivery came in at 91.64 dollars a barrel, a drop of 5.5 percent from the previous trading day.
Crypto exchanges suffer earnings falls amid rate hikes, freezing sentiment
Korea's cryptocurrency exchanges reported drastic earnings falls in the first half of this year, hit hard by freezing investor sentiment amid global monetary tightening. According to data from the Financial Supervisory Service (FSS), Dunamu reported 785 billion won in sales during the same period, down 61.3 percent from a year ago when the crypto investment boom reached its p...
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