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Wed, September 28, 2022 | 05:58
[EXCLUSIVE] JP Morgan, Citibank under probe over alleged forex rigging
The country's financial regulators are investigating the alleged involvement of foreign investment banks in colluding to secure and rig foreign exchange swap contracts, according to government and industry sources, Monday. They said that investment banks such as JPMorgan Chase and Citibank are being looked into as part of the Fair Trade Commission (FTC) and the Financial Supe...
Mirae Asset Daewoo eyes more bonds for investments
Mirae Asset Daewoo is expected to issue more dollar-denominated bonds in international financial hubs such as London, Singapore and Hong Kong as it aggressively expands its overseas investment portfolio. This comes as the company said it has recently raised $300 million via bond issues from global institutional investors including asset management and insurance companies, and...
Regulator eases rules to boost capital market for SMEs
The country's financial regulator will reduce its oversight of the capital market to enable small and medium-sized enterprises (SME) to raise funds more efficiently and rapidly to finance their business development.Financial Services Commission (FSC) Chairman Choi Jong-ku said Thursday that SMEs seeking to raise capital worth between 3 billion won and 10 billion won will not ...
Actor Hwang promotes Korea Post's funds
Hwang Jung-min, an actor known for his roles in various blockbuster movies, has been tapped as the new model for Korea Post, specifically the post office's fund services. The actor will be promoting the national post service's money market, bond and other types of investment portfolio funds that have a low exposure to stocks. A total of 13 funds are currently offered at 222 p...
Financial groups rush to go digital
Financial groups are ramping up efforts to transform themselves into full-fledged digital companies. It is not only just a matter of survival, they say, but also to maintain competitiveness and leadership, which they can lose anytime to nonfinancial tech companies amid rapid market changes.
Economy faces steep downturn
The country's industrial production fell 1.3 percent in September from the month before, according to Statistics Korea, Wednesday. This marks the biggest decline in five years and six months, further backing warnings by Finance Minister Kim Dong-yeon, who said the economy is in a “difficult situation.” The minister added he does not expect the economy to get better in the sho...
Economy at crossroads: What lies ahead for Korea?
Is the Korean economy in a crisis, or about to face one? Opinions vary among three local economists, who participated in a roundtable discussion hosted by The Korea Times' finance desk. The three were Oh Suk-tae from Societe Generale, Park Chong-hoon from Standard Chartered Bank and Prof. Sung Tae-yoon from Yonsei University.
Banks empower financial groups, but for how long?
Major financial holding companies reported record profits in the third quarter of 2018, thanks to stellar earnings from their flagship banks. KB Financial continued to lead the industry with a consolidated net profit of 953.8 billion won, widening its gap with No. 2 Shinhan Financial with a profit of 847.8 billion won, according to disclosure filings. Hana Financial had 643.7...
KOSPI sinks below 2,000, despite state intervention
Foreign investors continued to dump Korean stocks Monday, despite the financial regulator's pledge to allocate funds to further invest in small-cap tech companies. In an emergency meeting with executives from brokerage houses in Seoul, Oct. 29, Financial Services Commission (FSC) Vice Chairman Kim Yong-beom said the government will allocate 500 billion won ($440 million) to s...
Moon faces growing criticism over economy
President Moon Jae-in and his economic team are increasingly coming under criticism for his alleged lack of interest in saving the economy while being fixated on reconciling with North Korea. His nonchalance is making room for more rumors and demands that Finance Minister Kim Dong-yeon and presidential chief policy adviser Jang Ha-sung can't work together. To this end, they a...
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