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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Eximbank wins presidential commendation for contribution to ODA

The Export-Import Bank of Korea (Eximbank) Chairman and President Yoon Hee-sung, right, poses with Prime Minister Han Duck-soo, center, at the "2022 ODA Day" event in Seoul, Friday, where the bank won the presidential commendation for its contribution to ODA. Courtesy of EximbankBy Yoon Ja-youngThe Export-Import Bank of Korea (Eximbank) was awarded the presidential commendation for its contribution to the country's efforts for international development cooperation.According to Eximbank, it won the award at the “2022 ODA Day” on Nov. 25, an event hosted by the Office for Government Policy Coordination. The day has been celebrated here since 2010 to commemorate Korea joining the Organisation for Economic Cooperation and Development (OECD)'s Development Assistance Committee (DAC) on Nov. 25, 2009. At the event held in Seoul, Prime Minister Han Duck-soo gave the presidential commendation to the Eximbank Chairman and President Yoon Hee-sung. Assigned by the Ministry of Economy and Finance, Eximbank has been operating and managing the Economic Development Cooperation Fund (EDCF

Nov 27, 2022
Eximbank wins presidential commendation for contribution to ODA

Wemade stocks plunge to daily bottom on delisting of Wemix coin

Wemade CEO Jang Hyun-kook, center, arrives at Wemade headquarters in Seongnam, Gyeonggi Province, Friday morning. Yonhap Wemade to file for court injunction to rectify the issueBy Anna J. ParkIt's been a real Black Friday for the stocks of gaming giant Wemade. With its Wemix cryptocurrency to be delisted from major coin exchanges, the stock prices of Wemade and its two subsidiaries, Wemade Max and Wemade Play, all listed on the tech-heavy Kosdaq market, plunged to rock bottom during Friday's session.The stock price of Wemade finished at 39,400 won ($29.73), a 29.89 percent decrease, while Wemade Max fell to 13,000 won, a 29.92 percent fall, and Wemade Play nosedived to 15,100 won, a 29.93 percent fall. Local stock markets have an upper and lower 30 percent limit rule, which corrals listed stocks' daily price changes within 30 percent. The three gaming stocks all nosedived to the floor during Friday's session, as major local coin exchanges announced Thursday their de

Nov 25, 2022By Anna J. Park
Wemade stocks plunge to daily bottom on delisting of Wemix coin

Mid-sized brokerage firms undergo restructuring to secure liquidity

The headquarters of Daol Investment & Securities on Yeouido in Seoul / Courtesy of Daol InvestmentBy Anna J. ParkDaol Investment & Securities is receiving applications from its full-time employees for voluntary retirement until next Monday. It is the first time in nearly 10 years that the brokerage firm has conducted a voluntary resignation program since 2013. Those who with over five years of experience will be granted about 13 to 18 months' worth of salary, once their resignations commence ― by the end of this year.The move is seen as the firm's attempt to carry out restructuring to cut costs so as to secure liquidity. Daol Investment, in particular, is known to have a considerable amount of risk exposure to real estate project financing compared to its capital size. Besides the voluntary retirement program, key executives of the firm also tendered their resignations earlier this month. On a similar note to mitigate any liquidity crisis, the company has also recently begun the process of selling its Thai affiliate, Daol Thailand PCL, for about 100 billion won ($75 million),

Nov 25, 2022By Anna J. Park
Mid-sized brokerage firms undergo restructuring to secure liquidity

Lenders cautious about deposit rate hikes following BOK's rate policy

A row of ATM machines belonging to banks are lined up in Seoul in this file photo. Korea Times file By Yi Whan-wooCommercial banks are cautious about increasing their deposit rates following a 25-basis-point rate hike delivered by the Bank of Korea (BOK), Thursday, as the high deposit rates that they have offered are being blamed for the liquidity shortage in the bond and short-term money markets. The deposit rates of first-tier banks have been hovering around the 5 percentage range this month, up from the 1 percent range a year earlier, as the BOK accelerated its credit-tightening policy. The base rate was raised to a more-than-10-year high of 3.25 percent, Thursday.The financial regulators have pressed the lenders to lower deposit interest rates so as to prevent cash outflows from the troubled debt market, which has been a major way for commercial firms as well as non-banking financial firms to raise capital.Under the circumstances, several major banks told The Ko

Nov 25, 2022By Yi Whan-woo
Lenders cautious about deposit rate hikes following BOK's rate policy

Hana Bank starts selling World Cup commemorative coins

Son Heung-min, Hana Bank's commercial star and also Team Korea's captain, poses in this promotional poster for special coins that are being sold on Hana Bank's mobile app to commemorate the 2022 World Cup in Qatar. Courtesy of Hana Bank By Yi Whan-wooHana Bank, the official sponsor of Korean men's national football team, began selling commemorative coins for the 2022 World Cup in Qatar, Friday.The lender said the sale will run through Dec. 2 on its mobile app, Hana 1Q.“The coins will be limited in their numbers and they will have worth for personal collection as well as investment in the future,” the company said, Friday. “We also hope the coins can be a source of special memories of Team Korea in this year's World Cup as time passes on.”The coins are available in gold and silver, with each designed to address the significance of the first World Cup to be held in the Middle East.The gold coins show an Arabic window and the silver coins show tiles symbolizing stadium

Nov 25, 2022By Yi Whan-woo
Hana Bank starts selling World Cup commemorative coins

Woori chairman urges group-wide efforts to bolster digital services

Woori Financial Group Chairman and CEO Son Tae-seung / Courtesy of Woori Financial GroupBy Yi Whan-wooWoori Financial Group Chairman and CEO Son Tae-seung has urged the chiefs of the group's affiliates to “bring together all capabilities available” to materialize the group-wide vision of becoming a global leader in digital banking service, the company announced on Thursday.The banking group said Son urged them to do so during a recent meeting of the group's digital innovation committee.The committee is chaired by Son and includes the CEOs and executives of the group's subsidiaries.Son announced a vision of laying the groundwork to transform the banking group into a financial service provider that capitalizes on digital technology.The Woori affiliates are accordingly enhancing cooperation to create synergy in their businesses. For instance, Woori Bank and Woori Card have introduced a shared business model that combine the former's data on individual and corporate customers and the latter's payment service. Son had presented the vision of completing the establishment of a d

Nov 24, 2022By Yi Whan-woo
Woori chairman urges group-wide efforts to bolster digital services

Why does Suhyup look to DGB as role model?

Suhyup Chairman Im Joon-taek, fourth from left, stands next to other key officials at a ceremony held at the headquarters of Suhyup, the National Federation of Fisheries Cooperatives, in southern Seoul, Wednesday. YonhapSuhyup aims to grow into financial group next year By Anna J. Park Suhyup, or the National Federation of Fisheries Cooperatives, which announced plans to establish a financial holding company next year comprised of a variety of financial subsidiaries, is aiming to follow in the footsteps of DGB Financial Group.The reason Suhyup chose DGB Financial Group as the role model of its blueprint to becoming a financial group is the structural similarity between the two financial companies. Just as Suhyup Bank is a financial core of the fisheries cooperatives, DGB Financial Group stemmed from Daegu Bank. Starting as a regional bank, DGB Financial increased its weight through aggressive acquisitions of non-banking financial subsidiaries. At a ceremony Wednesday, Suhyup officially declared its vision to transform itself into a financial group next year. The fisheries cooperative

Nov 24, 2022By Anna J. Park
Why does Suhyup look to DGB as role model?

Mid-tier brokerages seek to increase liquidity

Seoul's financial district in Yeouido / gettyimagesbankDaol Investment mulls over selling Thai affiliate By Anna J. ParkAmid the soaring global interest rates and faltering stock market actions, small and mid-sized local brokerage companies are focusing on increasing liquidity in preparation for market uncertainties stemming from macroeconomic changes. According to the Financial Supervisory Service's (FSS) electronic disclosure data, five local securities companies have increased the upper limit of their short-term loan sizes within the past month. The move is to secure more liquidity for them, as brokerage companies usually rely on short-term loans, rather than issuing corporate bonds, when they're seeking quick liquidity.Kiwoom Securities, a representative mid-tier brokerage focusing on retail trade investors, has decided in the past week to increase the maximum upper limit for short-term loans by 1 trillion won ($738 million) to 8.5 trillion won. The company also increased the upper limit of its issuance of commercial papers for the sake of operation stability. Hanwha Investment &

Nov 23, 2022By Anna J. Park
Mid-tier brokerages seek to increase liquidity

Meritz Financial stock soars over decision to incorporate affiliates

The headquarters of Meritz Financial Group in southern Seoul / Courtesy of Meritz Financial GroupBy Anna J. ParkMeritz Financial Group recorded another winning streak in its stock price on Wednesday, attributed to its decision to incorporate its key brokerage and non-life insurance affiliates by early next year. The stock price ended at 36,400 won ($26.88) at Wednesday's closing, a 4.75 percent jump from the previous trading session. The stock price jumped by 29.91 percent during Tuesday's trading session, which is the highest daily surge possible under the KOSPI's upper-limit rule that stipulates a ceiling of 30 percent on daily increases for listed stocks.Upon the start of Wednesday's trading, the stock price reached 45,150 won, another maximum daily increase of 29.93 percent. Yet the price fell quickly back to 36,700 won within half an hour of trading. The price continued to go up and down throughout the day's trading hours, finishing at 36,400 won. The financial group's stock price surge began with its announcement earlier this week that it plans to completely incorporate two of

Nov 23, 2022By Anna J. Park
Meritz Financial stock soars over decision to incorporate affiliates

KRX probing 2 foreign brokerages for improperly affecting stock prices

The Korea Exchange office on Yeouido, Seoul / Courtesy of Korea ExchangeKorea's bourse operator has launched a probe into two foreign brokerages on suspicions that they might have improperly affected stock prices through massive trading ahead of a global index rebalancing last year, market sources said Wednesday.The Korea Exchange (KRX) is looking into whether those firms ― Morgan Stanley and CLSA ― engaged in large-scale trading on some stocks and affected their closing prices in May last year before the Morgan Stanley Capital International (MSCI) rebalancing was announced.The MSCI rebalancing refers to a process of stocks added or removed from the index. It usually prompts sharp fluctuations on stocks affected.Sources said that the two brokerages were also suspected of failing to let their clients know about the trading in question.With regard to the probe, the Asia Securities Industry Financial Markets Association sent a letter to the KRX recently and denied all the charges. It is an independent and regional association that has global investment banks and other financial companie

Nov 23, 2022
KRX probing 2 foreign brokerages for improperly affecting stock prices
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