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Reporter : Anna J. Park
Wed, May 18, 2022 | 22:48
Card companies compete in big data transaction market
Big data has become another key area of competition among local credit card companies, with major credit card firms increasing the registration of tradable big data products on the Financial Data Exchange. They are looking to be appointed as one of the country's officially designated data institutions, which will be announced later this year.
FSC's new vice chief stresses risk management amid market uncertainties
The new vice chairman of the Financial Services Commission (FSC) presided over a financial market monitoring meeting on Wednesday morning, stressing the regulator's determination to keep local financial companies' risk management capacities under control. The meeting was Vice Chairman Kim So-young's first public appearance following his appointment on Tuesday, which received ...
Government needs to overhaul digital asset regulations
Despite the fact that cryptocurrency trades are made in trillions of won every day, the digital asset markets in Korea still stay in the shadow area. There is an opinion that it is too early to incorporate digital assets, including cryptocurrencies, into the institutional system because there are still conflicting perspectives about the fundamentals of cryptocurrencies and th...
Wealth gap expands among young generations
The wealth gap among the country's 20somethings and 30somethings has widened, following fast-rising asset prices over the past couple of years. The top 20 percent asset bracket of people in their 20s and 30s hold 35 times more wealth than those in the lowest 20 percent asset bracket. This is according to data submitted by Statistics Korea to Democratic Party of Korea lawmaker...
K bank continues solid growth in Q1
K bank, Korea's first internet-only bank, posted a quarterly net profit of 24.5 billion won ($19 million) for the first quarter, exceeding the entire annual net profit of 22.5 billion won logged last year. According to the bank on Monday, it has witnessed enhancement in almost every area of its business, ranging from the number of customers to management efficiency, which res...
Is Terra-Luna's collapse prelude to end of cryptocurrency?
The death spiral of Terra (UST) and Luna last week sent shockwaves through the entire cryptocurrency market, triggering sell-offs of other major coins as well. The UST-Luna ecosystem's collapse is being compared to the cryptocurrency industry's version of the fall of the Lehman Brothers, while some even said it is a prelude to the end of the coin bubble era. Market insiders a...
KEPCO's worst-ever quarterly loss likely to cause hike in electricity bills
Due to rising oil prices, the Korea Electric Power Corp. (KEPCO) posted its worst-ever earnings for the first quarter of this year. While KEPCO is planning to recover from the financial crisis by liquidating assets to secure money, it is expected that the state-run power company could end up increasing people's electricity bills.
Local brokerage firm stocks hit 52-week lows amid pessimistic outlook
Due to the deteriorating market outlook as well as worsened year-on-year Q1 earnings, local brokerage firms' stock prices hit new 52-week lows on Thursday. As both the domestic and global stock markets continue to plunge with the U.S. Federal Reserve's squeeze on liquidity, the forecast for the brokerage sector is unclear, casting shadows on future upward movements of the sto...
Deloitte Anjin accused of negligence in audit reports
Doubts and concerns are rising as to whether Deloitte Anjin, one of big four accounting firms in Korea, is failing at internal controls, as it not only turned out to have received the largest number of corrections from the financial regulator in audit reports during the past few years among the top four accounting firms, but also has been engaged in some of the most scandalou...
Mirae Asset Global Investments tapped as preferred bidder for IFC Seoul
Mirae Asset Global Investments was tapped as the preferred bidder for the purchase of the International Finance Center (IFC) Seoul, located in the Yeouido financial district. According to local investment banking sources, Toronto-headquartered Brookfield Asset Management ― the current owner of IFC Seoul ― notified the asset management subsidiary of Mirae Asset Financial Group...
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