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Reporter : Lee Min-hyung
Wed, July 6, 2022 | 10:55
Foreign exchange reserves suffer largest fall since 2008
Korea's foreign exchange reserves reported the biggest monthly decline in June since the 2008 global financial crisis, as authorities sold foreign currencies to defend a sharp depreciation of the Korean won. According to the Bank of Korea (BOK), the figure reached $438.28 billion won as of the end of last month. This is a drop of $9.43 billion from a month earlier.
What's behind falling banking stocks?
Banking stocks are extending a losing streak on escalating fears of a recession and the heightened risk exposure of their asset soundness amid soaring interest rates, analysts said. The stock performance runs counter to the once-prevalent optimism on banks earlier this year when they were widely expected to continue a robust rally on hopes of earnings growth driven by interes...
Vietnam emerges as strategic overseas partner for IBK, Hana
The Industrial Bank of Korea (IBK) and Hana Bank are moving to expand their footing in Vietnam due to the huge growth potential of the country's retail banking industry. Korea's major commercial lenders - such as Shinhan Bank and Woori Bank - are already operating subsidiaries in Vietnam and generating stable revenues there.
Institutional investors dump Samsung shares amid macroeconomic uncertainty
Institutional investors are engaging in a selling spree of Samsung Electronics shares on protracted fears of an economic recession here and abroad. Samsung shares hit a 22-month low of 55,900 won ($43.13) at one time on Friday. The Samsung fall also dragged down the KOSPI. The main bourse narrowly defended the 2,300-point mark, closing at 2,305.42, down 1.17 percent or 27.22 ...
Shinhan intensifies rivalry with Kakao in digital insurance
Competition is intensifying between Shinhan Financial Group and Kakao in the nascent digital insurance market amid sluggish growth in the conventional insurance market. The financial holding firm launched its 16th subsidiary - Shinhan EZ General Insurance - on Friday. The company was formerly known as BNP Paribas Cardif General Insurance. Shinhan acquired the firm last Novemb...
'Crypto rebound will be more powerful than stocks'
Cryptocurrencies will pull off a stronger rally than stocks when global monetary authorities send gestures to turn less aggressive in hiking their interest rates, a crypto expert said in a recent interview. The global crypto market enjoyed its heyday in 2021 on a trading frenzy driven by substantial liquidity. But the sentiment took an abrupt turn for the worse at the start o...
Shinhan chief cleared of corruption charges
Shinhan Financial Group Chairman Cho Yong-byoung has overcome a major legal hurdle and has extended his term at Shinhan, as the Supreme Court acquitted him on corruption charges in relation to the lender's employee hiring practices. The court issued the ruling on Thursday, thereby clearing the way for the Shinhan chief to serve for a third term.
Luna collapse causes chaos
The collapse of the Terra and Luna cryptocurrencies is causing chaos around the world, triggering a domino effect of sequential defaults from companies that invested in the ill-fated stablecoin and its sister token. Three Arrows Capital, a Singapore-based crypto investment company, defaulted on Monday after failing to repay more than $670 million in crypto loans. Earlier, the...
Meritz Asset CEO offers to quit amid controversy
Meritz Asset Management CEO John Lee has offered to step down following allegations that he violated the capital market law while managing the firm's peer-to-peer (P2P) private equity fund. Lee has led the asset management firm since 2014 and extended his term three times. His current term expires at the end of March next year, but he appears to have chosen to resign from the...
Hyundai Card opens first digital office
Hyundai Card opened its first digital office in Seoul to enhance employees' work efficiency by relieving the burden of commuting they face, the company said Tuesday. The office is located in the nation's densest business district near Gangnam Station in southern Seoul. Equipped with video-conferencing booths and a variety of spaces for working, meetings and rest, it serves as...
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