South Korea Financial News

Investing.com-- Most Asian currencies steadied after a recent rally on Friday, while the dollar languished at four-month lows as traders positioned for deeper-than-expected interest rate cuts by the Federal Reserve in 2024.

2024 after a dismal showing for IPOs this year, noting that interest rates have stabilised globally but they add that elections across the region and in the U.S. could crimp demand. High interest rates, sticky inflation and geopolitical tensions have seen share sales by Asia Pacific (including Japanese) companies sink by a fifth in value so far this year to $229 billion, LSEG data shows.

Yellen said former President Donald Trump's policies toward China left America «more vulnerable and more isolated» in the global economy, a rare jab by her at the front-runner for the Republican presidential nomination. Yellen, at a US-China Business Council event Thursday night, said the Trump administration «failed to make investments at home in critical areas like infrastructure and advanced technology, while also neglecting relationships with our partners and allies that had been forged and strengthened over decades.» Her comments come as the US rebuilds its relationship with the Asian superpower, including a November meeting between US President Joe Biden and Chinese President Xi Jinping in San Francisco. The two nations agreed to curb the production of illicit fentanyl, a deadly component of drugs sold in the United States, and agreed to resume military-to-military communications.

policy environment in 2024 have boosted most Asian currencies versus the dollar, but the rupee's gains have paled in comparison as the Indian central bank looks to build a reserves buffer and preserve export competitiveness amid a global scarcity of the greenback. On Thursday, the rupee closed at 83.3275 per US dollar, just 0.09% stronger than 83.4025/$1 at previous close. Meanwhile, currencies such as the Thai baht and the South Korean won notched up gains of around 2% versus the US dollar on Thursday while the Indonesian rupiah strengthened 1%, Bloomberg data showed. The Malaysian ringgit, the Taiwanese dollar, the Chinese yuan, the Philippine peso, and the Singapore dollar also outstripped the rupee's gains on Thursday, with the domestic currency extending the underperformance it showed versus its Asian peers last month.

Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), addressed ways to curb cryptocurrency risks on financial stability.

K-pop supergroup BTS will begin their 18-month military service in South Korea this week, joining three others already serving, with fans pledging to wait until 2025 for them to perform as a group again. A group of fans braved rainy weather on Monday to bid a temporary farewell to the seven-member band's leader, RM, and vocalist V in front of their boot camp in the central city of Nonsan.

The trial of a suspected crypto fraudster who allegedly told victims they were investing in an art-themed altcoin and NFTs has begun at court in Gwangju, South Korea.

Also Read: Sensex Today | Share Market Live Updates: Gift Nifty, global markets signal positive start for Sensex, Nifty Asian stocks increased ahead of important US economic data and major central banks' meetings, which could provide new information about the possibility of rate cuts in the upcoming year, according to a Bloomberg report. Australia, South Korea, and Japan saw gains in their stock benchmarks.

Sensex Today | Share Market Live Updates: Sensex and Nifty may open higher on Tuesday tracking positive trends on the Gift Nifty. Markets gained globally ahead of key economic data. Asian stock markets saw an uptick in anticipation of important economic data from the US and upcoming meetings from major central banks, which may shed light on potential rate cuts next year.

National Security Advisors of the United States, South Korea and Japan convened to discuss a collective response to North Korea’s illicit crypto financing for weapons of mass destruction programs (WMD).

The three month pilot, set for the fourth quarter of 2024, is being run by the Bank of Korea, Financial Services Commission, and Financial Supervisory Service.Participants will be able to make purchasers with deposit tokens issued by commercial banks in the form of CBDC, says the Korea Times.

Investing.com — Most Asian stocks rose on Monday, albeit marginally, as investors hunkered down before a string of key central bank meetings this week, while Chinese shares plummeted on continued signs of deflation in the country.

South Korean financial regulators have said NFTs are not subject to the same rules as cryptoassets, a ruling that may buoy token issuers and blockchain gaming firms.

The revenues of Dunamu, the parent company of Upbit, one of the most prominent cryptocurrency exchanges in South Korea, dropped by an astounding 81% during the third quarter of 2023, according to the company's report. The performance of the corporation during the same quarter of the previous year stands in striking contrast to this dramatic fall made by the company. Dunamu had reported a net profit of 159.9 billion KRW (about $123 million) in the third quarter of 2022, but this number dropped to only 29.5 billion KRW (roughly $23 million) in the third quarter of 2023.

South Korea's President Yoon Suk Yeol told AFP that Seoul plans to ramp up semiconductor cooperation with Western countries, as the key industry is buffeted by geopolitical turbulence from US-China competition. South Korea plans «to significantly boost semiconductor cooperation with such major countries as the Netherlands, the United States and Japan going forward», Yoon told AFP in an exclusive written interview ahead of his state visit to the Netherlands Monday.

car buyers gravitated to the other end of the palette, having a well-known preference for white or silver. Not any more, it seems.

BERLIN (Reuters) — Axel Springer is shutting down the news outlet Upday, the German publishing giant said on Friday, in plans to revive the brand as a «trend news generator» driven by artificial intelligence.

Another leading South Korean crypto exchange has listed the US dollar-pegged stablecoin USDT as global trading volumes begin to climb.

Terraform Labs’ founder, Do Kwon, is set to be extradited to the U.S. following months of speculation, according to a report from the Wall Street Journal released Thursday.

Twitch, a popular video service, will shut down its struggling business in South Korea, a decision its chief executive blamed on allegedly “prohibitively expensive” costs for operating in the country

Shares have fallen in Asia after a retreat on Wall Street as crude oil prices slipped on expectations that supply might outpace demand