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Reporter : Lee Min-hyung
Fri, July 1, 2022 | 04:41
Shinhan chief cleared of corruption charges
Shinhan Financial Group Chairman Cho Yong-byoung has overcome a major legal hurdle and has extended his term at Shinhan, as the Supreme Court acquitted him on corruption charges in relation to the lender's employee hiring practices. The court issued the ruling on Thursday, thereby clearing the way for the Shinhan chief to serve for a third term.
Luna collapse causes chaos
The collapse of the Terra and Luna cryptocurrencies is causing chaos around the world, triggering a domino effect of sequential defaults from companies that invested in the ill-fated stablecoin and its sister token. Three Arrows Capital, a Singapore-based crypto investment company, defaulted on Monday after failing to repay more than $670 million in crypto loans. Earlier, the...
Meritz Asset CEO offers to quit amid controversy
Meritz Asset Management CEO John Lee has offered to step down following allegations that he violated the capital market law while managing the firm's peer-to-peer (P2P) private equity fund. Lee has led the asset management firm since 2014 and extended his term three times. His current term expires at the end of March next year, but he appears to have chosen to resign from the...
Hyundai Card opens first digital office
Hyundai Card opened its first digital office in Seoul to enhance employees' work efficiency by relieving the burden of commuting they face, the company said Tuesday. The office is located in the nation's densest business district near Gangnam Station in southern Seoul. Equipped with video-conferencing booths and a variety of spaces for working, meetings and rest, it serves as...
Woori pledges to cooperate with watchdog over suspicious forex trading
Woori Bank has been internally investigating suspicious foreign exchange trades totaling 800 billion won ($624.26 million) at its sales office and has reported the case to the Financial Supervisory Service for further investigation. The transactions were made through multiple corporate accounts, according to the lender. The sales office in Seoul has been looking into the case...
Woori joins race to attract Citibank customer loan transfers
Woori Bank has joined the race to attract customers from Citibank Korea's closing retail banking business, launching a loan repayment product targeting those who seek to transfer their loans from Citi to another lender. With Citibank Korea's retail banking business going through a phased shutdown, the lender picked KB Kookmin Bank and internet-only Toss Bank recently as two m...
Bitcoin, Ethereum extend poor performance on fears of Celsius bankruptcy
Major cryptocurrencies continue to show lukewarm performance on growing fears over crypto lending platform Celsius Network's possible bankruptcy and global monetary tightening. Bitcoin and Ethereum, the world's two most valuable cryptocurrencies, failed to achieve an outstanding rebound in their prices after suffering big losses for the past month amid escalating skepticism a...
Investors cry foul over Hybe's stock fall
Hybe, the nation's most valuable entertainment company, is mired in yet another controversy regarding possible information leakage over BTS' suspension of activities. The company's stock plummeted after the K-pop powerhouse shared its video in mid-June where it informed fans that it would temporarily stop group activity. The message left Hybe with a loss of more than 2 trilli...
Securities firms enjoy hefty dividend profits despite earnings fall
Korea's major securities firms enjoyed hefty dividend profits in the first quarter of this year by generating stable rewards from their assets. The companies will use them as a source of risk management amid the stock market doldrums. According to data from the Korea Financial Investment Association, the nation's 59 securities firms chalked up 501 billion won ($384.6 million)...
Korea's five crypto exchanges launch first alliance amid Luna fiasco
Korea's top five cryptocurrency exchanges have launched their first joint consultative body in response to growing calls for preemptive measures to protect customers from possible crypto-related fiascos. The so-called Digital Asset eXchange Alliance (DAXA), consisting of Upbit, Bithumb, Coinone, Korbit and Gopax, was launched on Wednesday aiming to drive the industry's sustai...
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