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Finance

Thu, September 29, 2022 | 19:24

Fears of rate hikes hit crypto market despite Ethereum Merge upgrade

Fears of external monetary uncertainty are bringing jitters to the global crypto industry despite Ethereum's much-anticipated Merge upgrade, which many critics have considered a major turning point for revving up lukewarm crypto sentiment. The world's second-largest cryptocurrency by market capitalization completed Thursday the system upgrade with an environmentally friendly ...

Lee Min-hyung | 2022-09-19 16:12

Seoul targets half of new vehicles as autonomous ones in 2035

Korea is targeting to commercialize a Level 4 autonomous vehicle in 2027 to release half of newly launched vehicles as Level 4 models in 2035, the transport ministry said Monday.

2022-09-19 14:35

Savings banks see H1 net shrink 15.1% on increased loss reserves

Savings banks in Korea saw their combined net profit decline 15.1 percent on-year in the first half despite increased interest income as they set aside more loan loss reserves amid heightened economic uncertainty, data showed Monday.

2022-09-19 14:25

Samsung widens gap between Intel as world's largest chipmaker by revenue in Q2

Samsung Electronics expanded its market share of the global semiconductor industry in the second quarter, maintaining its top spot, a research showed Monday.

2022-09-19 10:05

Terraform founder Do Kwon 'obviously on the run,' prosecutors say

Korean prosecutors said Sunday that Do Kwon, the wanted founder of Terraform Labs accused of fraud following the massive collapse of the firm's cryptocurrencies in May, is "obviously on the run" and not cooperating with the investigation.

2022-09-18 17:03

Do Kwon faces escalating criticism for vague comments on whereabouts

Financial watchdog to promote Korean fintech firms in Silicon Valley

The Financial Supervisory Service (FSS) plans to hold an investor relations (IR) event in Silicon Valley in the United States next week to raise awareness of Korean fintech firms and attract foreign capital. The Seoul Finance Conference and Fintech Startup Pitch Event will be held on Sept. 20, where a group of 50 startup accelerators and investors will take part to introduce ...

Lee Min-hyung | 2022-09-18 15:42

Do Kwon faces escalating criticism for vague comments on whereabouts

Do Kwon, co-founder of Terraform Labs, is drawing escalating criticism for making vague comments on his whereabouts without responding to a warrant prosecutors filed for his arrest. “I am not 'on the run' or anything similar - for any government agency that has shown interest to communicate, we are in full cooperation and we don't have anything to hide,” he said on Twitter, S...

Lee Min-hyung | 2022-09-18 14:31

Is Korea headed for another financial crisis?

A string of economic indicators in Korea this year have worsened to levels comparable to the 1997-98 Asian financial crisis and the 2008-09 global financial crisis, raising questions on whether the country is on course for another crisis after overcoming painful shocks from the two preceding ones. For instance, there was a striking sense of deja vu when some of this year's fi...

Yi Whan-woo | 2022-09-18 12:13

Jeju Air signs MOU with Indonesian province for new route

Jeju Air, Korea's leading budget carrier, said Sunday it has signed an initial pact with an Indonesian provincial government for a partnership to open a new route between the two countries.

2022-09-18 11:25

Salaried workers rush to take on multiple jobs amid soaring interest rates

Salaried office workers are in a rush to take on side jobs to make extra money amid the soaring costs of living and rising inflationary pressures. Those in the middle and lower income brackets say holding multiple jobs is necessary during this period of rapid interest rate hikes. The rapid pace of monetary tightening by the Bank of Korea comes as a serious fear factor for mos...

Lee Min-hyung | 2022-09-18 08:19

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