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Finance

Thu, July 7, 2022 | 04:38

Shinhan Bank faces punitive actions over misselling of Lime funds

Korea's financial regulator decided Wednesday to take punitive actions against Shinhan Bank for misselling of funds run by now-defunct Lime Asset Management.

2022-07-06 17:33

K bank, Toss aim to differentiate from KakaoBank in their IPO plans

Following KakaoBank's stock price plunge over the past year, K bank and Toss Bank, the country's two other internet-only banks, are focusing on differentiating themselves from KakaoBank in their initial public offering (IPO) strategies. KakaoBank was the first digital bank to go public last August, meeting success initially. The bank's innovative and accessible platform was e...

Anna J. Park | 2022-07-06 16:49

KDI chief hints at resignation out of frustration with PM's remarks

Korea Development Institute (KDI) President Hong Jang-pyo hinted at the possibility he might resign from the post, criticizing Prime Minister Han Duck-soo's recent comment that Hong, who designed the previous Moon administration's income-led growth economic plan, does not fit with the Yoon administration. In a press release on Wednesday, the chief of the public research insti...

Anna J. Park | 2022-07-06 16:49

Investors advised to boost cash holdings amid stock market uncertainty

Stock investors are advised to increase cash and other safer assets such as gold and dividend stocks in their asset portfolios, as growing fears of a recession will keep posing a risk to the benchmark KOSPI, analysts said. The main bourse has been on a sharp decline, falling to around 2,300 points for the past month. It closed at 2,292.01 Wednesday, down 49.77 points from the...

2022-07-06 16:29

Consumption slowdown poses biggest risk to Korean firms: S&P

The growing fear of a consumption slowdown comes as the biggest risk to Korean companies during this period of soaring inflation and global financial uncertainty, global credit appraiser S&P Global Ratings said in an online press conference, Wednesday. The ratings agency expected the consumption slowdown following the outbreak of the pandemic and the rapid rise in prices to k...

2022-07-06 16:28

PM voices support for normalization of monetary policy

Prime Minister Han Duck-soo on Wednesday expressed support for the normalization of the monetary policy by the Bank of Korea (BOK), citing strong inflationary pressure and deteriorating fiscal soundness.

2022-07-06 14:30

Woori Financial chief purchases his bank's stocks on confidence in fundamentals

Woori Financial Group Chairman Son Tae-seung announced Tuesday that he purchased an additional 5,000 shares of the financial group, boosting the total number of Woori stocks he owns to 118,127. This is the third time this year that he purchased Woori Financial shares. His purchase sends a message to the market of his confidence in the group's fundamentals and the positive out...

Anna J. Park | 2022-07-06 09:00

Korea's inflation soars to 24-year high, weighing on economy

Consumer prices in Korea last month jumped at the fastest pace in nearly 24 years, putting more pressure on the country to heighten measures against inflation amid growing fears of stagflation. According to Statistics Korea, Tuesday, the country's consumer prices rose 6 percent in June from a year earlier, marking the sharpest rise since November 1998 when it stood at 6.8 per...

2022-07-05 16:53

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.

2022-07-05 16:46

FSS aims to strengthen legal capacity

The Financial Supervisory Service (FSS) is attempting to strengthen its legal capacity amid increased legal battles with finance companies over its imposition of penalties. The FSS said Tuesday it recently drew up new internal regulations about legal advisories and lawsuits.

Anna J. Park | 2022-07-05 16:04

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