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Reporter : Lee Min-hyung
Sun, August 14, 2022 | 12:31
Investors remain skeptical of Terra's new proposal
Terra's updated revival plan is sparking concerns over yet another prelude to the likes of a Ponzi scheme, as few investors regained confidence on the developer of the once-promising stablecoin. According to Do Kwon, co-founder of Terraform Labs, the company plans to rebuild the Terra ecosystem by setting up a “new chain without algorithmic stablecoin.”
Exchanges delisting Luna as valuation tumbles to zero
Cryptocurrency exchanges here and abroad are on track to delist Luna, as the value of the sister token of scandal-tainted stablecoin Terra tumbled to near zero with no signs of a rebound. Gopax, one of Korea's major exchange operators, was the first to make the decision. Starting from 3 p.m. Monday, trading of Luna and Terra will not be possible through the firm's platform.
Citibank Korea reports earnings fall amid phased shutdown of retail banking
Citibank Korea reported a double-digit earnings decline in the first quarter of this year amid weak profit growth in wealth management, as the lender is in the phased shutdown of retail banking. According to the company, its net profit between January and March came in at 40.1 billion won ($31.23 million), down by 16.8 percent from the previous year. Even if the Korean subsid...
Shinhan introduces data-driven anti-money laundering system
Shinhan Bank has introduced a big data-powered anti-money laundering system, in a preemptive move to detect any signs of unusual transactions, the lender said, Thursday. The Shinhan-Trade Based Money Laundering (S-TBML) allows the bank automatically to monitor any signs of money laundering or suspicious transactions.
Stock uncertainty pushes more companies to delay IPOs
Korean companies are delaying their listing plans amid weakening investor sentiment prompted by aggressive tightening of global monetary policy. As the tumbling benchmark KOSPI keeps setting a new yearly low each day, a group of companies have withdrawn their initial public offering (IPO) plans.
Luna's fall unnerves Korean crypto investors
Korean crypto investors' fear sentiment is reaching its peak after Terra's flagship stablecoin UST, started dropping its intended $1 peg on Monday, in what is seen by many as a “prelude” to the ongoing collapse of its sister token Luna. Luna is traded at around 12,000 won ($9.40) as of Wednesday 3:20 p.m., according to Korea's largest cryptocurrency exchange Upbit. This is a ...
Hanwha Asset Management launches US alternative investment ETF
Hanwha Asset Management has launched an exchange-traded fund (ETF) of alternative investments in the U.S., allowing investors to diversify their asset portfolios in a more stable manner amid growing inflationary pressure, the company said Wednesday. The ARIRANG U.S. alternative investment Top 10 MV ETF features investments in major U.S. listed companies that focus on alternat...
KOSPI fails to bounce back despite new government's inauguration
The benchmark KOSPI plunged again to this year's new low of 2,596.56 points, Tuesday, on the same day as the inauguration of the new government led by President Yoon Suk-yeol. The local stock markets failed to defend against escalating fears of stagflation despite Yoon's deregulatory pledges in the local asset market. Foreign investors' panic selling of local stocks drove the...
Outgoing finance minister urges incoming gov't to maintain fiscal soundness
Outgoing Finance Minister Hong Nam-ki has urged the incoming administration to focus on maintaining fiscal soundness amid the rapidly aging population. “The role of national finance has increased while we overcome the crisis of the COVID-19 pandemic, but this has inevitably resulted in the steep rise of the national debt,” Hong said in a farewell speech, Monday.
Soaring prices in services sector feared to hamper economic recovery
Soaring prices in the service sector are feared to thwart economic recovery, as they will weaken people's purchasing power despite increased outdoor activities following the lifting of social distancing measures here, experts said Monday. According to data from Statistics Korea, prices in the service sector rose by 4.5 percent in April from the previous year. This rise was th...