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Finance

Economy

Wed, May 18, 2022 | 21:15

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 ...

Anna J. Park | 2022-05-18 16:00

Young investors panic-stricken over crash of TerraUSD, Luna cryptocurrencies

The shocking implosion of the TerraUSD and Luna cryptocurrencies threw many young investors into a panic, some of them saying their entire assets were blown up or even leaving suicidal messages.

2022-05-18 14:21

Inflation in all Korean provinces, major cities up in Q1

Consumer prices rose in all 17 provinces and major cities in the first quarter as high fuel costs and the economic recovery have put upward pressure on inflation, data showed Wednesday.

2022-05-18 14:19

KDI cuts 2022 growth outlook to 2.8%, ups inflation estimate to 4.2%

The Korea Development Institute (KDI) lowered its 2022 growth forecast for the Korean economy to the 2 percent range, Wednesday, while sharply raising its inflation outlook to over 4 percent amid heightened economic uncertainty.

2022-05-18 13:48

Inflation in all Korean provinces, major cities up in Q1

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...

Anna J. Park | 2022-05-18 13:00

FSC official calls for beefed-up financial market monitoring amid rising uncertainty

Korea needs to keep close tabs on financial market situations with a "sense of crisis" that the many potential risks facing the country could turn into reality at any time, a top financial regulator said Wednesday.

2022-05-18 10:35

Korea looks into cryptocurrency market following TerraUSD, Luna crash

The financial authorities have launched "emergency" inspections into domestic cryptocurrency exchange operators to enhance investor protection after the recent collapse of the TerraUSD and Luna cryptocurrencies, sources said Tuesday.

2022-05-17 14:07

Bank of Korea governor does not rule out 'big step' rate hike

Bank of Korea (BOK) Governor Rhee Chang-yong said Monday he does not rule out the possibility of taking a “big step” - a hike in the benchmark interest rate by half a percentage point - in the lead-up to the BOK's next rate-setting meeting scheduled on May 26. His comment came as the interest gap between Korea and the United States is narrowing rapidly over the U.S. Federal R...

Yi Whan-woo | 2022-05-16 16:55

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...

Anna J. Park | 2022-05-16 16:46

2 bank embezzlement cases in less than month boosts chance of gov't controlling FSS

The Financial Supervisory Service (FSS) appears to be facing a growing possibility of coming under government control again, over an alleged embezzlement case at Shinhan Bank's branch office in Busan. The case hints possibly at another instance of lax oversight of the financial market by the FSS, including the embezzlement of 61.4 billion won ($47.8 million) at Woori Bank hea...

Yi Whan-woo | 2022-05-16 16:26

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