SEOUL, May 29 (Korea Bizwire) — More than 170 employees from banks and other financial firms have embezzled more than a combined 100 billion won (US$79.62 million) over the past five years, but about a mere 11 percent has been retrieved, data showed Sunday. Calls have grown recently for financial firms and authorities to strengthen [...]
SEOUL, May 26 (Korea Bizwire) — The number of big foreign investors in South Korean stocks has tumbled nearly 30 percent over the past six years, a corporate tracker said Thursday, in a sign the local bourse is increasingly losing its appeal amid a lack of transparent corporate governance. A total of 164 offshore investors [...]
SEOUL, May 26 (Korea Bizwire) — More than 7 out of 10 listed companies in South Korea have suffered stock price setbacks over a one-year period as investors remain disheartened by rate hikes in major economies, data showed Thursday. According to the data from the Korea Exchange, 72.4 percent of the 2,498 firms traded on [...]
SEOUL, May 25 (Korea Bizwire) – South Korea’s overseas financial assets soared to an all-time high in the first quarter of this year on the back of the growth in foreign direct investment, central bank data showed Wednesday. The country’s external financial assets came to $2.19 trillion as of end-March, up $10.9 billion from three [...]
SEOUL, May 24 (Korea Bizwire) — South Korea will intensify global cooperation to better regulate the crypto asset market amid growing worries over excessive volatility demonstrated in the recent collapse of TerraUSD and Luna cryptocurrencies, a senior government official said Tuesday. The crash of TerraUSD, known as a “stablecoin,” and its sister coin Luna caused [...]
SEOUL, May 23 (Korea Bizwire) — Foreign bank branches in South Korea saw their combined net profit down 4.5 percent in 2021 due to a rise in securities-linked losses amid market downswings, data showed Monday. The combined net income of 35 foreign lenders’ local branches stood at 1.15 trillion won (US$904.4 million) in the fiscal [...]
SEOUL, May 23 (Korea Bizwire) — The collapse of an asset market bubble in South Korea could lead to a more dangerous situation than the crash of the country’s information technology (IT) bubble in the early 2000s, market experts warned Monday. Their doomsday scenario comes amid warnings that a U.S. stock market bubble has begun [...]
SEOUL, May 22 (Korea Bizwire) — Foreign investors have sold nearly 15 trillion won (US$12 billion) worth of South Korean stocks this year through mid-May as they fled to safe haven assets amid growing stagflation worries, the country’s main bourse said Sunday. From Jan. 1 through Friday, foreign selling stood at 14.8 trillion won on [...]
SEOUL, May 20 (Korea Bizwire) — South Korean card company Hyundai Card Corp. said Friday that Taiwan’s Fubon Financial Holding Co. emerged as its No. 3 shareholder with a 19.98 percent stake. Fubon Life Insurance Co., the insurance leg of Fubon Financial, bought a 9.99 percent stake this month following Fubon Bank’s purchase of 9.99 [...]
SEOUL, May 18 (Korea Bizwire) — 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. In a crash starting a week earlier, the once bullish TerraUSD and sister coin Luna had lost almost [...]