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Reporter : Lee Min-hyung
Fri, August 19, 2022 | 22:31
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...
Citibank Korea partners with KB, Toss for W8 trillion loan repayment
Citibank Korea has picked KB Kookmin Bank and Toss Bank to manage its existing debtors while its retail banking operation here undergoes a phased shutdown. The Korean subsidiary of the U.S. banking group said Wednesday that its retail customers can pay the interest and principal on their loans to KB and Toss from the beginning of July.
Outlook still mixed on Bitcoin recovery
With Bitcoin slumping to a 19-month low of $19,000 (24.5 million won) last week, the outlook for the world's most sought-after cryptocurrency is getting murkier amid escalating jitters in the global asset market. The recent crash of major cryptocurrencies - such as Bitcoin and Ethereum - made headlines here and abroad, as the scale of their downfalls was much worse than that ...
Korea Times forum sheds light on Yoon-era policy direction
Experts shed light on how they view the new Yoon Suk-yeol administration should present its economic policy direction during the 2022 Korea Times Forum, Tuesday. Business moguls and leaders of foreign chambers of commerce in Korea spoke on pending issues that the Yoon administration needs to address such as environmental, social and corporate governance (ESG) and digitalizati...
What's next for stock market after Fed's giant step?
With the U.S. Fed making a giant rate hike of 75 basis points, market analysts expect the Korean stock market to continue experiencing turbulence until signs of downward inflationary pressure are detectable. “The bottom line is that inflation needs to be tamed for the stock market to continue a relief rally,” Meritz Securities analyst Lee Seung-hoon said.
Korea's large-cap stocks nosediving to pre-pandemic levels
Korea's large-cap tech stocks are nosediving at an alarming pace, leaving retail investors of Samsung Electronics, Kakao and Naver with a growing sense of frustration. The three companies enjoyed their heyday in 2020 and 2021 amid the earlier part of the ongoing COVID-19 pandemic, as their stock prices soared to historic levels on the coronavirus-induced near-zero interest ra...
Bank of Korea pressed to take 'big step'
The Bank of Korea (BOK) is under pressure to take a big rate hike of 50 basis points during the upcoming rate-setting meeting in mid-July, after the U.S. Fed decided on the “giant step” of increasing its benchmark rate by 0.75 percentage point. BOK Governor Rhee Chang-yong also left open the possibility of taking the unprecedented big step, saying that the central bank will “...
Ex-Bank of Korea chief takes helm of Yuhan Foundation
Former Bank of Korea Governor Kim Choong-soo has taken office as the new leader of the Yuhan Foundation amid hopes that the economics expert will help the non-profit organization fulfill its role further under his three-year tenure. Starting from Tuesday, Kim started his role as the new chairman of the educational and social organization. He is widely known for his economic e...
NongHyup employee arrested for allegedly embezzling 4 billion won
An employee at a regional NongHyup office in Gyeonggi Province was arrested Wednesday for allegedly embezzling 4 billion won ($3 million) from the office. According to Gwangju Police in Gyeonggi Province, the worker is suspected of having transferred the corporate capital into a bank account of his accomplice multiple times since April.
Bitcoin fall drags down local crypto exchange stocks
The ongoing crash of major cryptocurrencies is dragging down crypto-related stocks here, with most companies that invested in exchanges extending losses in line with escalating fear sentiment in the global crypto market. Kakao was hit hardest by growing skepticism in the crypto industry. Shares of the nation's dominant mobile platform operator have continued a losing streak f...
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