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Reporter : Yi Whan-woo
Tue, January 31, 2023 | 23:30
Fears grow over liquidity crisis at brokerages, insurers
Concerns of a possible crisis at non-bank financial firms are growing as local insurers and brokerage houses are suffering from a liquidity shortage that is feared to send shock waves through the entire financial market here. Korean securities firms and insurers are coping with a mounting refinancing burden in the wake of lost confidence in the debt and short-term money marke...
Korea's trade in pet care items reaches all-time high
Korea's trade in pet care items has reached an all-time high this year - through September - according to the Korea Customs Service (KCS), Friday, amid a booming pet industry here backed by a growing number of pet-owning households. The KCS said the nation's exports of pet care-related items from January to September amounted to $116 million, up 56.1 percent from the same per...
How Samsung shares will fare under Lee's chairmanship
The outlook for share prices of Samsung Electronics and other affiliates is attracting keen market attention after Samsung Electronics' de facto leader Lee Jae-yong ended 10 years of vice chairmanship and was officially promoted as its executive chairman, Thursday. Analysts said Friday Lee's promotion on its own will have little impact on the course of Samsung stock prices, w...
Hana launches project to nurture digitally minded workers
Hana Financial Group Chairman Ham Young-joo, fourth from right, and Financial Supervisory Service (FSS) Governor Lee Bok-hyun, fourth from left, pose with other participants of a project initiated by the banking group to foster young workers skilled in digital technologies, during a ceremony at Cheongna International City in Incheon, Thursday. The ceremony took place at the g...
Widening trade deficit hurts Korea's Q3 growth
The widening trade deficit is increasingly denting Korea's growth, with poor net exports dragging down the economy by 1.8 percent in the third quarter, up from 1 percent three months earlier, according to an advance estimate from the Bank of Korea (BOK), Thursday.
Finance minister urges allies to fine-tune conflicts of economic interests
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stressed the importance of fine-tuning conflicts of economic interests between Korea and the United States, as their alliance is broadening to the economic sphere that increasingly impacts national security across the world.
KakaoBank to launch emergency response team following service outage
KakaoBank will launch an emergency response team led by its chief information officer (CIO), the company announced on Tuesday, in response to Kakao's unprecedented service outage earlier this month. The team will operate under the lender's counter-crisis division and take responsibility for emergency measures in the event of any future disasters that could affect banking oper...
Shinhan overtakes KB in Q3 performance
Shinhan Financial Group reaped the biggest gains among the nation's four major banking groups in the third quarter, outpacing KB Financial Group which saw a slight fall in profits but retains the top position by market capitalization. In a report released on Tuesday, Shinhan Financial Group said it posted a record quarterly net profit of 1.59 trillion won ($1.11 billion) in t...
KB Financial introduces ethical criteria on AI-based banking
KB Financial Group has introduced a set of criteria to ensure ethical rules are observed when developing and using artificial intelligence (AI), the company announced on Monday. KB Financial Group will be Korea's first financial services firm to address ethical guidelines on AI, as the banking sector's reliance increases on cutting-edge technologies.
Legoland crisis pushes BOK into dilemma
The default on debt payments surrounding Asia's largest Legoland theme park, which opened in Korea recently, is posing a dilemma for the Bank of Korea (BOK), which needs to tighten its monetary policy and, at the same time, supply liquidity to bond and short-term money markets. Companies' borrowing capacities have been drying up, as the BOK has been delivering rate hikes at a...
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