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Reporter : Lee Min-hyung
Wed, May 18, 2022 | 21:07
Luna debacle casts ripple effect over Korean stocks
Luna's collapse is stoking fears of aggravating the already-downbeat stock market sentiment here, as shares of major tech and game firms have experienced severe crashes in lock-step with the abrupt demise of the controversial cryptocurrency. The sister token of controversial stablecoin UST plummeted over the past week, rattling the entire cryptocurrency market as few investor...
Woori Bank steps up ESG efforts with climate governance organization
Woori Bank has clinched a partnership with a local climate governance organization, as part of its efforts to fulfill an advanced level of environmental, social and corporate governance (ESG) activities, the lender said Wednesday. Under the tie-up with the Korea Climate & Environment Network, the bank will carry out a series of joint projects on ESG. They include a social con...
[INTERVIEW] Time to go back to corporation-driven growth: economist
The new government headed by President Yoon Suk-yeol should roll back a complex set of corporate rules, in order to allow big companies to expand investment and create more quality jobs, which a Singapore-based economist said will serve as a basis for overall economic growth here. “The top priority is to build an environment where corporations can do business freely with redu...
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.”
Shinhan, Google team up for smart city
Shinhan Financial Group will team up with Google in a startup accelerating program to support those engaged in smart city businesses, the financial holding company said Tuesday. Companies with innovative technologies in the four areas of smart living, city infrastructure, the sustainable city and the biotech industry or digital health will apply for the program, according to ...
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...
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.
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 ...
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