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Finance

Thu, September 29, 2022 | 21:22

Fed's rate hike to amplify market volatility for time being: finance minister

Korea plans to implement steps to stabilize the market in a timely manner as the U.S. Federal Reserve's latest sharp rate hike could amplify market volatility and raise economic uncertainty for some time, the finance minister said Thursday.

2022-09-22 08:46

Fed attacks inflation with another big hike and expects more

Koreans consume 53 bottles of soju, 83 bottles of beer a year

The average adult residing in Korea consumed on average 53 bottles of soju and 83 bottles of beer last year, data showed. That is equal to a bottle of soju and nearly two bottles of beer a week. According to National Tax Service (NTS) data submitted to Rep. Kim Sang-hoon of the ruling People Power Party, 825,848 kiloliters of soju was shipped out from local soju breweries las...

Yoon Ja-young | 2022-09-22 07:26

Fed attacks inflation with another big hike and expects more

Intensifying its fight against high inflation, the Federal Reserve raised its key interest rate Wednesday by a substantial three-quarters of a point for a third straight time and signaled more large rate hikes to come - an aggressive pace that will heighten the risk of an eventual recession.

2022-09-22 07:13

Finance minister declines to comment on possibility of currency swap deal with US

Finance Minister Choo Kyung-ho said Wednesday that a currency swap agreement with the United Sates would "definitely" help stabilize the foreign exchange market but declined to comment on the possibility of such a deal. He made the remarks after a local media outlet reported that a US$60 billion currency swap agreement with the U.S. is expected to be announced as early as thi...

2022-09-21 21:39

Seoul stocks dip almost 1% on growing woes over Fed rate hikes

Korean stocks slipped back into negative territory again Wednesday, as investors took to the sidelines ahead of a widely expected sharp rate hike by the Federal Reserve. The Korean won fell against the dollar.

2022-09-21 16:47

Korea seeks to attract investment from Saudi oil money

Saudi Arabia's sovereign wealth funds seek investment opportunities in Korea, particularly in the area of gaming and cultural sectors, as they paid a visit to Korea this week. According to the Seoul Metropolitan Government, the city and “Invest Seoul ― the metropolitan government's investment arm ― invited key officials of two Saudi sovereign wealth funds to stay in Seoul fro...

Anna J. Park | 2022-09-21 16:47

Financial regulator to investigate solar energy loans

The Financial Supervisory Service (FSS) has started looking into allegations of bad loans related to solar energy development during the former President Moon Jae-in administration. The FSS said Wednesday it is planning to look into banks'detailed records regarding their approved loans related to solar energy development since 2017.

Anna J. Park | 2022-09-21 16:22

Fed may not open standing currency swap line exclusively with Korea: US economist

Maurice Obstfeld, a renowned U.S. economist, said Wednesday the opening of a currency swap line will help stabilize the foreign exchange market but voiced doubts about the possibility of the U.S. clinching a standing swap line deal exclusively with Korea.

2022-09-21 15:19

Dunamu ready to discuss new blockchain paradigm at UDC 2022

BUSAN ― Dunamu is all set to put on the agenda the next blockchain paradigm during the Upbit Developer Conference (UDC) 2022, which will kick off its two-day run in the nation's southern port city of Busan from Thursday. The annual blockchain conference ― hosted by the operator of Korea's leading cryptocurrency exchange ― is one of the largest of its kind here. Dunamu expects...

Lee Min-hyung | 2022-09-21 14:54

K bank unlikely to go public in 2022

K bank's much-anticipated initial public offering (IPO) is not in sight by the end of 2022, even after the internet-only bank won the qualification to go public on the local stock market. The Korea Exchange's listing notification committee confirmed Tuesday that the bank is qualified for listing here. Given that the qualification is effective for the next six months, K bank h...

Lee Min-hyung | 2022-09-21 14:06

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