Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Australia’s December Trade Surplus Expands but Falls Short of Expectations 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
Novo Nordisk Warns of Profit Decline as Wegovy Faces U.S. Price Pressure and Rising Competition 
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
U.S. Stock Futures Edge Higher as Tech Rout Deepens on AI Concerns and Earnings 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Boeing Signals Progress on Delayed 777X Program With Planned April First Flight 
U.S. Stock Futures Slide as Tech Rout Deepens on Amazon Capex Shock 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
Australia’s Corporate Regulator Urges Pension Funds to Boost Technology Investment as Industry Grows 
NH NongHyup Bank announced on Thursday, Aug. 12, that it has opened an office in the capital of England and the United Kingdom. The South Korean agricultural bank headquartered in Jung-gu, Seoul, launched a branch in London to advance in the territory’s banking industry.
The Korea Herald reported that the move is also part of NH NongHyup Bank’s business strategy to expand and widen its global reach and presence. Prior to the public announcement, it was said that NH NongHyup Bank chief executive officer, Kwon Joon Hak, hosted a ceremony to celebrate the opening of its London branch.
The event was held virtually due to COVID-19, but it was well-attended by officials. It was mentioned that the country’s financial authorities Kim Jun Han and Jang Kyung Woon, were present. The former is also serving as regional chief of Bank of Korea’s London branch while the latter heads the Financial Supervisory Service.
Korea’s Deputy Foreign Minister Kim Gunn, the recently appointed ambassador to Britain, and Janet Coyle, an executive at London & Partners, have also attended the virtual gathering to congratulate NH NongHyup Bank for its new start in London.
“It is meaningful that NH NongHyup Bank has entered the UK market, Europe‘s major global financial center and the birthplace of financial cooperatives, in 2021, which marks its 60th anniversary,” CEO Kwon said in a statement. “We will speed up efforts to become a global cooperative bank by strengthening business partnership with advanced financial markets, including New York and Hong Kong.”
According to The Korea Times, NH NongHyup Bank was asked about the specific role that its Seoul headquarters will have in the London branch, but officials were said to have declined to comment. But since the UK region is a major hub for private and investment banking, it was suggested that the Korean financial institution will explore its chances to set off its investment banking management skills.
Meanwhile, NH NongHyup Bank is currently operating at least 10 branches across eight countries such as China, the U.S., and Vietnam. It was learned that the bank’s ambitious goal is to set up 28 branches in 13 major countries by the year 2025 to reach ₩160 billion or $138 million net profit in the target year.
