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☆ Bank of Korea has 'no reason' not to cut interest rates, says portfolio manager
▼ + stars: | 2024-07-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Korea has 'no reason' not to cut interest rates, says portfolio managerDayeon Hong of Shinhan Asset Management expects the Bank of Korea to reduce interest rates twice in 2024.

Persons: Dayeon Hong Organizations: Email Bank of, Shinhan, Management, Bank of Locations: Email Bank of Korea, Bank of Korea

☆ S.Korea's accelerating inflation set to keep policy restrictive for longer
▼ + stars: | 2023-10-05 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. REUTERS/ Heo Ran/File Photo Acquire Licensing RightsSEOUL, Oct 5 (Reuters) - South Korea's consumer inflation accelerated for a second month in September, above market expectations, official data showed on Thursday, supporting prospects of the central bank maintaining its restrictive policy for some time. Finance Minister Choo Kyung-ho said after the data release that inflation would likely stabilise again from October with seasonal factors easing. The central bank also said inflation, which was slightly higher in September than its projection, would still ease to around 3% by the end of the year. Broken down by sector, prices of petroleum products jumped 4.0% over the month, agricultural prices climbed 4.1%, while public utility prices added 5.3%.

Persons: Heo, Choo Kyung, Ahn Jae, Jihoon Lee, Ed Davies, Tom Hogue Organizations: REUTERS, Rights, Shinhan Securities, of Korea, Statistics, CPI, Thomson Locations: Seoul, South Korea, Rights SEOUL, Statistics Korea

☆ Shinhan Bank’s U.S. Unit to Pay $25 Million Over Alleged Compliance Faults
▼ + stars: | 2023-09-30 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

[1/2] A South Korea won note is seen in this illustration photo May 31, 2017. South Korean companies repatriated a record $33.13 billion of overseas earnings during the January-July period, 6.3 times the amount a year earlier, central bank data on current account balances showed. "The coming home of earnings retained abroad has been a big help for the won," a government official in charge of foreign exchange market said, asking not to be named due to internal policy. The automaker said on June 12 it plans to invest 7.8 trillion won ($5.82 billion) of retained earnings from overseas operations this year in electric car factories at home. The surge in repatriation also comes ahead of trading reforms planned for next year, when South Korea will extend onshore trading hours until 2 a.m. to improve access for foreign investors.

Persons: Thomas White, Yoon Suk, Hong Sung, kook, Min Gyeong, 1,340.7400, Jihoon Lee, Cynthia Kim, Joyce Lee, Heekyong Yang, Vidya Ranganathan Organizations: South, REUTERS, Rights, Samsung Electronics, Hyundai Motor, Kia Corp, Reuters Graphics Bank of Korea, Woori Bank, Hyundai, Hyundai Motor Group, Shinhan Bank, Yena, Thomson Locations: South Korea, Rights SEOUL, Korea

☆ Rupee may struggle on dollar move, support seen near
▼ + stars: | 2023-08-01 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 1 (Reuters) - The Indian rupee is likely to decline on Tuesday, pressured by the dollar's move higher versus its major peers and Asian currencies. Non-deliverable forwards indicate rupee will open slightly weaker to U.S. dollar from 82.2450 in the previous session. The dollar index rose above 102 in the Asia session, hovering near the highest in three weeks. Weakness on the Japanese yen contributed to dollar index reaching 102. Surging crude oil prices and the move higher on the dollar index to boost USD/INR, Kunal Sodhani, vice president at Shinhan Bank, said.

Persons: Kunal Sodhani, Nimesh Vora, Nivedita Organizations: U.S, Korean, U.S . Federal Reserve, Brent, Shinhan Bank, Thomson Locations: MUMBAI, Asia, China

☆ Exclusive: South Korea asks banks to prepare $4 bln to support credit union - sources
▼ + stars: | 2023-07-10 | by ( Seunggyu Lim | ) www.reuters.com time to read: +3 min

An official at the Financial Services Commission confirmed that banks had been asked to prepare liquidity through repurchase-agreement facilities to aid MG Community Credit Cooperatives, but did not comment on the amount. Depositors were lining up last week to withdraw funds from a branch of MG Community Credit Cooperatives after local media reported a rise in non-performing loans tied to real estate projects. Woori Bank, Hana Bank, Shinhan Bank, KB Kookmin Bank and NongHyup Bank had been asked to make financing available to MG Community Credit, although the actual amount extended to the credit union would depend on deposit withdrawals, the sources said. The sources added that each of the banks was asked to prepare 1 trillion won of financing, or 5 trillion won in total ($3.84 billion), as potential support. MG Community and the five banks did not immediately respond to requests for comment.

Persons: Kim Jin, 1,302.7800, Seunggyu Lim, Jihoon Lee, Ed Davies, Edmund Klamann Organizations: Financial Services Commission, Community Credit Cooperatives, MG Community Credit Cooperatives, Woori Bank, Hana Bank, Shinhan Bank, KB Kookmin Bank, NongHyup Bank, MG Community Credit, MG Community, Community, Interior Ministry, Bank of, Ministry of Finance, Citi, Jungdo, Thomson Locations: SEOUL, Namyangju, Seoul, Bank of Korea, Gangwon

☆ Shares in K-Pop agencies fall after report of antitrust probe
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 5 (Reuters) - Shares in K-Pop management agencies fell on Wednesday, after South Korea's antitrust watchdog began investigations into any potential infractions of subcontracting rules when outsourcing production of albums and merchandise, Yonhap reported. The Korea Fair Trade Commission (KFTC) sent investigators to the offices of HYBE (352820.KS), SM Entertainment (041510.KQ) and YG Entertainment (122870.KQ) on Tuesday, Yonhap news agency reported citing unnamed industry sources. HYBE, SM and YG did not immediately respond to a request for comment. Shares in HYBE, the management agency of K-Pop sensation BTS, fell 2.1% in early morning trade, versus a flat wider market (.KS11). SM Entertainment and YG Entertainment shares also fell 1.5% and 0.4%, respectively, as of 0015 GMT, although YG later reversed losses.

Persons: Yonhap, 1,300.0000, Joyce Lee, Jacqueline Wong Organizations: Korea Fair Trade Commission, SM Entertainment, YG Entertainment, SM, YG, Investment, Securities, Thomson Locations: SEOUL, HYBE

☆ Exclusive: Insurers look to ease UN climate alliance rules after member exodus - sources
▼ + stars: | 2023-07-04 | by ( Tommy Wilkes | ) www.reuters.com time to read: +5 min

The U.N.-convened Net-Zero Insurance Alliance (NZIA) is set to remove a six-month deadline for members to publish greenhouse gas emissions targets alongside other changes to make membership less prescriptive, the sources said. The hope is to "steady the ship" and create space for ex-members to consider returning later, they said. The changes under discussion have not been finalised, the sources said, and it's not clear how the alliance would deal with insurers that drag their feet in publishing targets. Remaining members believe the NZIA still has a valuable role, and point to methodologies it developed for assessing and reporting on underwriting-linked emissions. France's AXA, which chaired the NZIA before quitting in May, last week published its first emissions goals for its insurance portfolio.

Persons: Italy's, Peter Bosshard, Bosshard, Canada's Beneva, Tommy Reggiori Wilkes, Greg Roumeliotis, Simon Jessop, Emelia, David Evans Organizations: Zero Insurance Alliance, United, Zero Insurance, AXA, Tokio, Republican, Glasgow Financial Alliance, Aviva, Alliance, Insurance Australia Group, France's AXA, Thomson Locations: United Nations, London, United States, U.S

☆ South Korean inflation cools to 19-month low, core remains higher
▼ + stars: | 2023-06-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

FILE PHOTO: Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. However, the central bank said the inflation outlook was highly uncertain, citing risks from global oil prices, economic growth and public utility price increases. By product, agricultural prices rose 0.5% in May month-on-month, while utility prices jumped 2.2%. Core CPI, which excludes volatile food and energy prices, rose 3.9% in May on-year, the slowest increase in 10 months. But it was the second straight month that the core rate stayed above the headline rate, following its 4.0% rise in the previous month.

Persons: Heo, ”, Ahn Jae Organizations: REUTERS, Statistics, Petroleum, Shinhan Securities, The Bank, CPI Locations: SEOUL, Seoul, South Korea, Statistics Korea, Korea

☆ Dollar snaps five-week losing streak as bets on U.S. rate hike in May firm
▼ + stars: | 2023-04-21 | by ( ) www.cnbc.com time to read: +3 min

Bundles of U.S. 100 dollar banknotes arranged at the Shinhan Bank headquarters, a unit of Shinhan Financial Group Co., in Seoul, South Korea, Sept. 14, 2022. The dollar slipped against the Japanese yen in early Asia trade, though it rose against most major currencies, with the U.S. dollar index edging 0.06% higher to 101.84. Rising expectations that the Fed will raise interest rates by 25 basis points in May have lent some support to the greenback. "The U.S. economy is heading to recession," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia. "I don't think Ueda is going to change policy at his first meeting next week," said CBA's Capurso.

☆ Dollar steady as banking crisis fears linger
▼ + stars: | 2023-03-27 | by ( ) www.cnbc.com time to read: +3 min

The dollar was steady on Monday, while the yen hovered near its seven-week peak as investors assessed moves made by authorities and regulators to rein in worries over the global banking system. Minneapolis Fed president Neel Kashkari said on Sunday the recent stress in the banking sector and the possibility of a follow-on credit crunch has brought the U.S. closer to recession. "What's unclear for us is how much of these banking stresses are leading to a widespread credit crunch. That credit crunch ... would then slow down the economy," Kashkari said in comments to CBS show Face the Nation. The Australian dollar rose 0.09% to $0.665.

☆ Asian bank stocks sink as Credit Suisse fear roils markets
▼ + stars: | 2023-03-15 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Banking stocks in Asia fell on Thursday, dragging the broader markets lower, as troubles at Credit Suisse sparked fears that banking turmoil is spreading around the world. The lender said it would borrow up to 50 billion Swiss Francs ($53.7 billion) from the Swiss National Bank. In Hong Kong, Standard Chartered (SCBFF) sank nearly 4%. Local bank BOC Hong Kong was down 3.1%. The bank failures had already forced US regulators to take emergency measures on Sunday to protect deposits at both lenders: Silicon Valley Bank and Signature Bank.

☆ Asian markets tumble as SVB fears rattle banking sector
▼ + stars: | 2023-03-14 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Investors are now on edge over whether the demise of SVB could spark a broader banking sector meltdown. On Monday, US stocks were mixed, with banking shares taking a hit. In Hong Kong, shares in Bank of China (Hong Kong) and Hang Seng Bank fell 3.7% and 1.3% respectively. Sumitomo Mitsui Financial Group and Mizuho Financial Group both dropped more than 7%. In Seoul, KB Financial Group and Shinhan Financial Group fell 3.6% and 2.5% respectively.

☆ South Korea's slowest inflation in 10 months bolsters views for no more hikes
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: +1 min

South Korea's consumer inflation for February hit its slowest pace in 10 months, bolstering views that the central bank is done with its current policy tightening cycle after it held rates steady last month. The consumer price index rose 4.8% in February from a year before, Statistics Korea data showed on Monday, easing from January's 5.2%. It was below the 5.1% tipped in a Reuters poll, and was also the lowest rate since April 2022. "It was encouraging that the rising pace of private service prices slowed, lowering the possibility of additional rate hikes by the central bank, at least on the domestic side," said Ahn Jae-kyun, a fixed-income analyst at Shinhan Securities. Annual core inflation, which excludes volatile food and energy prices, inched down to 4.0%, from 4.1% a month before, and hit the lowest since August, suggesting easing underlying price pressure.

☆ S.Korea inflation slowest in 10 months, bolsters views for no more hikes
▼ + stars: | 2023-03-06 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

The consumer price index rose 4.8% in February from a year before, Statistics Korea data showed on Monday, easing from January's 5.2%. By product category, prices of livestock products fell 3.2% from the previous month and petroleum products slid 1.3%, dragging the inflation rate lower. The inflation index rose 0.3% on a monthly basis, compared with 0.8% in the previous month and 0.5% expected by economists. The BOK held interest rates steady last month, after a year of uninterrupted hikes, and said the monetary tightening campaign would not resume if inflation followed an expected path towards moderation. Finance Minister Choo Kyung-ho separately said that the inflation slowdown would become clearer going forward, unless there were an external shock.

☆ Dollar pauses ahead of Fed rate decision
▼ + stars: | 2023-02-01 | by ( ) www.cnbc.com time to read: +2 min

The dollar index , which measures the U.S. currency against six major peers, fell 0.029% to 102.060. "Recent progress on inflation has encouraged market participants to expect the Fed to quickly pivot from interest rate hikes to interest rate cuts," said Carol Kong, currency strategist at Commonwealth Bank of Australia. Since signs of labor market loosening were limited, the Fed would likely pair a smaller rate hike this week with hawkish communication, she said. The Fed increased interest rates by 50 basis points in December after four successive 75 bps rate hikes. It said then that interest rates might need to be higher for longer to tame inflation.

☆ South Korea Jan inflation ticks up, leaves policy outlook steady
▼ + stars: | 2023-02-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

The annual rate of price rises was the highest since October, when it was 5.7%. Temporary effects that had pushed up inflation included a lift in electricity charges, unfavourable weather for vegetables and a strong round of regular annual price rises, the Finance Ministry said in a statement. A breakdown of the data showed January public utility costs had risen 4.6% from the previous month while agricultural products had jumped 6.2%, leading the index higher. The Bank of Korea said in a separate statement that the tick-up in the inflation rate was in line with its expectations. The annual rate would be just as high in February, around 5%, it said.

"Samsung, in a roundabout way, is saying production will decrease slightly," said analyst Kim Yang-jae at Daol Investment and Securities. CHIP PROFIT TUMBLESEarlier on Tuesday, Samsung reported its lowest quarterly profit since 2014 and said persistent macroeconomic uncertainty will make for a tough first half of this year, though it expects demand to start recovering in the second half. At 4.3 trillion won ($3.49 billion), October-December operating profit was Samsung's lowest quarterly profit in eight years. Some analysts expect the chip business to book a loss in the first quarter, pulling overall profit below that of the fourth. In mobile, Samsung said fourth-quarter profit fell to 1.7 trillion won from 2.66 trillion won a year earlier, as a decline in low- and mid-end smartphone sales was greater than expected.

☆ Shinhan Financial’s U.S. Unit Ordered to Beef Up Money Laundering Oversight
▼ + stars: | 2022-11-25 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

Shinhan Bank America neither admitted nor denied any allegations of unsound banking practices or violations of the law, the order, which was issued with Shinhan Bank America’s consent, said. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEWShinhan Bank America operates 15 branches in the U.S., mostly in places with relatively large Korean populations, including New York, California, Texas and Georgia. The FDIC also ordered Shinhan Bank America to adopt an effective training program to educate its staff on AML policies and to validate its suspicious-activity monitoring system. Mr. Song in his lawsuit said the then-chief executive of Shinhan Bank America demanded that he alter an internal audit report’s conclusion that Shinhan Bank America had an unsatisfactory AML program.

☆ Shares in BTS' management rise after band clears uncertainty over military service
▼ + stars: | 2022-10-18 | by ( Joyce Lee | ) www.reuters.com time to read: +3 min

REUTERS/Heo Ran/File PhotoSEOUL, Oct 18 (Reuters) - The announcement by K-pop mega band BTS that members would serve mandatory military service in South Korea has removed a cloud of uncertainty that has hung over their plans. Investors in HYBE Co (352820.KS), BTS' management group, responded to the news by driving its shares up as much as 7.8% on Tuesday. In 2020, BTS accounted for 730 billion won in sales out of the company's 796 billion won revenue, she noted. The Korea Culture and Tourism Institute estimated that BTS' 2020 No. Hyundai Research Institute estimated that BTS' average annual production impact is about 4.1 trillion won, and the value-added economic effect is about 1.4 trillion won, in a 2018 report.

Kakao shares plunged as much as 9.5% on Monday to their lowest since May 2020, wiping out 2 trillion won ($1.39 billion) in market capitalisation at one point, while shares in affiliates KakaoPay (377300.KS) and KakaoBank (323410.KS) lost more than 8% before paring losses. South Korea's technology ministry is probing whether the outage violated any laws while the communications regulator is reviewing the matter, including questions of user compensation, officials said on Sunday. An initial probe on Sunday found electrical issues around battery racks in third basement floor of the data centre, which is operated by SK C&C (034730.KS), may have caused the fire. REPUTATIONAL HITThe Kakao messaging application and the Kakao T taxi booking application are seen on a mobile phone in this illustration photo March 13, 2018. It said on Monday it would discuss compensation with data centre operator SK C&C for losses it and its key units have sustained.

☆ Kakao shares slump as outage sparks calls for regulatory scrutiny
▼ + stars: | 2022-10-17 | by ( Joyce Lee | ) www.reuters.com time to read: +5 min

Kakao shares plunged more than 9% on Monday to their lowest since May 2020, while shares in Kakao affiliates KakaoPay (377300.KS) and KakaoBank (323410.KS) also plunged more than 8% in morning trade. Police and the National Forensic Service are conducting a second investigation on Monday at the data centre, which is operated by SK C&C (034730.KS). After an initial probe on Sunday, police said electrical issues around battery racks in third basement floor of the data centre may have caused the fire. It said in a regulatory filing on Monday that after it normalises services, it will discuss compensation with data centre operator SK C&C for losses sustained by Kakao and its key units. A Kakao spokesperson declined to provide the total number of servers it uses, citing security concerns.

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