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Reporter : Anna J. Park
Fri, July 1, 2022 | 05:33
Concerns grow over global double-dip recession
The global economy is facing the risk of a double-dip recession as the U.S. Federal Reserve plans to begin its quantitative tightening from June this year, wiping off the market's liquidity to curb inflation, according to financial market watchers Sunday. The double-dip recession refers to the economy's second descent into a recession followed by a short-lived recovery and is...
REITs attract investors' money amid sluggish stock, bond markets
While both the stock and bond markets have been turning bearish amid stagflation concerns, real estate investment trusts (REITs) are attracting investors' money, according to the Korea Exchange (KRX) on Thursday. The bourse operator's REITs Infra Preferred Balanced Index - where more than 70 percent of the included stocks are REITs - increased by 3.2 percent in April, while t...
Local companies face difficulties in issuing dollar bonds
Korean companies' planned dollar-denominated bond sales are being canceled during the second quarter, reflecting the global bond market's growing anxiety and uncertainty over geopolitical threats as well as the U.S. Federal Reserve's quantitative tightening plans. Mirae Asset Securities was this year's first such case among local companies that had to withdraw plans of issuin...
Should Upbit return interest profits back to customers?
Controversy is brewing surrounding Upbit, the country's largest cryptocurrency exchange, as criticism has arisen as to whether the firm should return interest rate profits that it gained from its huge number of customer deposits. According to the electronic disclosure system of the Financial Supervisory Service (FSS), won-denominated currency deposited in the country's four m...
'Korea-US currency swap resumption absolutely needed': experts
As the won-dollar exchange rate and interest rates both continue to soar, market experts are calling for the resumption of the Korea-U.S. currency swap. They view the currency swap deal is an 'absolute must' to stabilize the country's exchange rate, which has been nearing its 14-year high of about 1,300 won per dollar.
Woori Bank CEO apologizes for recent embezzlement case
Woori Bank CEO Lee Won-duk apologized for the recent embezzlement of 61.4 billion won ($48.4 million) by a bank employee, adding that the bank will do its best to win back customer trust. “The bank will take every possible measure to cooperate with the authorities in its investigation to get to the bottom of the embezzlement case,” Lee told reporters in central Seoul on Tuesd...
KakaoBank achieves solid earnings growth in Q1
KakaoBank achieved substantial growth in the first quarter of this year, logging a quarterly net profit of 66.8 billion won ($52.8 million), which is up 43.2 percent year-on-year. The net profit growth was mainly attributed to robust sales of various online-only loan products as well as its platform business and commission fees. The bank achieved an operating profit of 88.4 b...
What is behind plunging Korean won?
The Korean won's weakness against the greenback is expected to continue for the time being, despite foreign exchange authorities' strong willingness to intervene in the market, as experts view necessary momentum to shift the current tide is lacking. On Tuesday, the won-dollar exchange rate ended at 1,267.8 won per dollar at Seoul's foreign exchange market, up 2.7 won from the...
Toss Bank extends exclusive online services to foreign customers
Foreign nationals residing in Korea can now open bank accounts at Toss Bank, one of Korea's internet-only banks, without having to visit an offline bank branch.
Financial watchdog urges foreign financial firms to manage risks preemptively
Financial Supervisory Service (FSS) Governor Jeong Eun-bo said Friday that foreign financial companies operating here should fully prepare for potential internal and external risk factors amid the growing uncertainties in the global economy. He also said that the financial watchdog will put greater efforts into making regulations more predictable, in order to provide a level ...
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