SEOUL– A second group of investors in Terraform Labs’ troubled cryptocurrencies filed complaints Friday against its co-founders on charges of fraud.The company’s coins, TerraUSD and Luna, crashed earlier this month, causing huge losses for hundreds of…
Category: Finance
Inflation growth to top 5 pct for some time: finance minister
SEOUL– South Korea’s inflation growth is expected to exceed 5 percent for a certain period of time due to upward price pressure caused by soaring energy costs and the economic recovery, the finance minister said Friday.Finance Minister Choo Kyung-ho m…
Seoul shares sharply rebound on U.S. gains, hope for China stimulus
SEOUL– The South Korean stock market sharply rebounded Friday as investor sentiment was boosted by upbeat earnings forecast from major U.S. retailers and overnight gains on Wall Street, as well as China’s pledge to take measures to spur growth. The lo…
Yoon offers condolences over Texas school massacre
SEOUL– President Yoon Suk-yeol has sent condolences to U.S. President Joe Biden over this week’s mass shooting in Texas that left 21 people dead, a presidential official said Friday.Yoon sent a message to Biden on Thursday, offering his condolences ov…
Moody’s lowers S. Korea’s growth outlook to 2.5 pct
SEOUL– Moody’s Investors Service on Thursday forecast South Korea economy will grow 2.5 percent this year, 0.2 percentage point lower than its previous outlook.The credit ratings agency revised its forecast, citing risks from rising energy and commodi…
Starbucks opens 1st store inside subway station in S. Korea
SEOUL– Starbucks Korea said Thursday it has opened its first store inside a subway station in Seoul as part of its expansion strategy in Asia’s fourth-largest economy.The new branch opened inside Gangnam Station in a posh neighborhood in southern Seou…
Shinsegae to invest 20 tln won in outlet expansion, digitalization
SEOUL– Shinsegae Group, a major South Korean retailer, said Thursday it will invest 20 trillion won (US$15.8 billion) over the next five years in its outlet expansion, digitalization and new growth engines.Of the total investments, Shinsegae will spen…
Korea Development Bank issues US$300 mln in global bonds
SEOUL– The state-run Korea Development Bank (KDB) said Thursday it issued US$300 million worth of dollar-denominated global bonds for investors in Asia and Europe.The bonds are due in three years with 3.125 percent yields per year, carrying a spread o…