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Entertainment & Arts

Qatar 2022

SCMP
Asia

Finance

Sun, November 27, 2022 | 08:18

FTX's collapse throws crypto market into chaos

FTX's collapse throws crypto market into chaos

The abrupt collapse of FTX, the world's third-largest crypto exchange, is affecting more than 10,000 retail and corporate investors, leading to major market disruptions. Ever since the company initiated its U.S. bankruptcy processes recently, major cryptocurrencies and FTX's FTT tokens have been on a sharp decline. Bitcoin was priced around $21,000 on Nov. 6, but plunged belo...

Lee Min-hyung | 2022-11-13 16:54

Shinhan speeds up drive to extend leadership

Shinhan speeds up drive to extend leadership

Shinhan Financial Group is on track to initiate internal procedures to extend the leadership of Chairman Cho Yong-byoung, whose term ends in March 2023. Last week, the group set up a chairperson recommendation committee, and its seven board members have started discussion of the next candidates for the group's top management. Shinhan is expected to confirm the shortlist for t...

Lee Min-hyung | 2022-11-13 16:08

Falling asset prices worsen woes of young Koreans

Falling asset prices worsen woes of young Koreans

Many young Koreans are struggling these days to overcome stress and anxiety triggered by the abrupt end of the bullish asset market. Those in their 30s comprise the bulk of investors here who took out loans to engage in a buying frenzy of stocks and real estate during the height of the COVID-19 pandemic between 2020 and 2021, emboldened by ultra-low lending rates. Few of them...

Lee Min-hyung | 2022-11-13 09:00

Korea's sovereign rating remains resilient: FitchRatings

Korea's sovereign rating remains resilient: FitchRatings

Despite increasing challenges to Korea's economic outlook, such as high inflation and weak external demand, a renowned global ratings agency views that the country's sovereign rating still remains at a resilient and solid level. During a press conference held at Conrad Seoul on Yeouido, Seoul, Friday afternoon, Jeremy Zook, Director of Sovereign Ratings at FitchRatings, said ...

Anna J. Park | 2022-11-11 16:44

BOK chief hints at slowing pace of monetary tightening

BOK chief hints at slowing pace of monetary tightening

Bank of Korea (BOK) Governor Rhee Chang-yong hinted on Friday that the central bank will slow the pace of its monetary tightening by raising its key interest rate by a conventional margin of 0.25 percentage points in this year's final rate-setting meeting scheduled for Nov. 24.His comment came on the heels of fresh U.S. economic data, Thursday, that consumer price inflation i...

Yi Whan-woo | 2022-11-11 16:15

KOSPI soars to 19-month high on hope for less aggressive Fed rate hike

KOSPI soars to 19-month high on hope for less aggressive Fed rate hike

Korean stocks posted the largest daily gain in 19 months as weaker-than-expected inflation in the United States raised hopes for less aggressive monetary tightening by the Federal Reserve.

2022-11-11 16:12

Won rises by largest margin in 13 years on eased inflation woes

Won rises by largest margin in 13 years on eased inflation woes

Won rises by largest margin in 13 years on eased inflation woes

The Korean currency ended sharply higher Friday on hopes that the U.S. Federal Reserve could slow the pace of aggressive monetary tightening over eased inflation woes, market watchers said.

2022-11-11 16:04

KOSPI soars to 19-month high on hope for less aggressive Fed rate hike

Hana resumes voluntary service campaign after 3 years

Hana resumes voluntary service campaign after 3 years

Hana Financial Group has resumed an annual voluntary service campaign that has gotten bigger in terms of its scale and range of programs to reflect the firm's commitment to environmental, social and corporate governance (ESG)-oriented management better. The campaign traditionally starts on Nov. 11, in line with Hana Financial Group's aspiration to become the nation's No. 1 ba...

Yi Whan-woo | 2022-11-11 15:49

Analysts paint rosy picture for Coupang shares

Analysts paint rosy picture for Coupang shares

Korea's e-commerce giant, Coupang, recorded its first-ever quarterly operating profit in the third quarter of this year, as the firm finally began see benefits from its past investments focusing on efficiently improving the firm's automated fulfillment infrastructure, logistics and machine-learning supply-chain optimization. According to the earnings report submitted to the U...

Anna J. Park | 2022-11-11 15:45

Gov't to inject $2.1 bil. to prop up short-term money market

Gov't to inject $2.1 bil. to prop up short-term money market

Korea's financial regulator said Friday it will inject more than 2.8 trillion won ($2.1 billion) in liquidity to prop up the short-term money market and ease worries over a credit crunch.

2022-11-11 15:16

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