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Finance

Wed, August 10, 2022 | 05:23

SOCAR's IPO price set at 28,000 won, much lower than hoped, amid weak demand

South Korea's largest car-sharing platform operator SOCAR said Tuesday its initial public offering (IPO) price has been set at 28,000 won ($21.44) per share, which is much lower than the price range it had hoped for amid apparently weak demand. The price was determined after SOCAR conducted a two-day demand forecasting from domestic and foreign institutional investors that en...

2022-08-09 20:31

Coordination between Asia-Pacific central banks

Bank of Korea Governor Rhee Chang-yong, fifth from left, poses with Financial Supervisory Service (FSS) Governor Lee Bok-hyun, fourth from left, and other participants of the Executives' Meeting of East Asia-Pacific Central Banks held at the Korean central bank's headquarters in downtown Seoul, Tuesday. Participating at the meeting ― either online or in-person ― were the cent...

Yoon Ja-young | 2022-08-09 16:33

Korea Investment & Securities' trading system crippled by torrential rain

Following a half-day system failure due to heavy rainfall, Korea Investment & Securities' transaction system resumed operating on Tuesday. The brokerage vowed to compensate those whose stock trading had been hampered by the system failure. According to the firm, the system has been normalized as of 7 a.m. on Tuesday morning, some 15 hours after the company's home trading syst...

Anna J. Park | 2022-08-09 16:25

Carlyle CEO Kewsong Lee's sudden resignation draws attention

Carlyle Group Chief Executive Kewsong Lee, 56, stepped down from his post earlier this week, drawing market attention to his sudden resignation. The renowned Korean-American CEO's departure from his post came several months prior to the official termination of his five-year term, which is slated for the end of this year. Lee had also stepped down from the firm's board as well.

Anna J. Park | 2022-08-09 16:25

Banks capitalize on animated characters to appeal to more customers

Commercial banks are using animated cartoon characters to appeal to people's emotions and improve their brand image, in stark contrast to a decade ago when they mostly relied on celebrities in their promotional campaigns. Virtually every top-tier bank has iconic animated characters, including animals, fish and vegetables, which are developed to address their vision and princi...

Yi Whan-woo | 2022-08-09 16:18

Hana Bank wins Digital Banking Award 2022 for mobile services

Hana Bank said Tuesday that it won a globally recognized award for its mobile banking service. The lender won in the mobile category of the Innovation in Digital Banking Awards 2022 from The Banker, a U.K. monthly magazine owned by the Financial Times.

Yi Whan-woo | 2022-08-09 15:33

Coupang aims to strengthen profitability through financial biz

As Coupang has decided to enter the financial industry, launching Coupang Financial earlier this month, market watchers view the move as an attempt by the e-commerce firm to secure a stable cash cow business. According to the Financial Supervisory Service (FSS), Coupang Financial, a subsidiary of Coupang Pay, registered itself as a specialized credit financial business on Fri...

Anna J. Park | 2022-08-09 08:57

Insurers' growing exposure to project financing raises concerns over financial soundness

Local insurers are being called on to exercise more careful risk management in project financing due to soaring interest rates. According to a Korea Insurance Research Institute (KIRI) report, the total amount of local insurance industries' project financing has grown to exceed that of the banking industry, triggering concerns over the insurance sector's financial soundness. ...

Anna J. Park | 2022-08-08 16:22

Ethereum founder expects crypto payments to become prevalent soon

Cryptocurrency moguls here and abroad shared their vision on blockchain technology during Asia's largest fair which kicked off its two-day run in Seoul, Monday. The Korea Blockchain Week 2022, co-hosted by FactBlock and Hashed, is an annual event that has taken place since 2018. For this year, a group of crypto magnates, such as Ethereum founder Vitalik Buterin and Binance CE...

Lee Min-hyung | 2022-08-08 16:12

Gov't aims to sell off $12.2 billion worth of state-owned properties

The government will sell off 16 trillion won ($12.2 billion) worth of state-owned properties that are rarely used, as a part of efforts to improve the efficiency of the public sector. The targeted properties will be on sale over the next five years and the government expects the plan will lead to a cycle of assets being sold by the public to the private sectors in line with P...

Yi Whan-woo | 2022-08-08 15:18

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