South Korea’s National Pension Service, manager of the world’s third-largest public pension fund, will collaborate with foreign exchange authorities when needed to help stabilize the market, its chairman told Reuters. | Reuters
The pension fund will cooperate with foreign exchange authorities to deploy the measures in case of excessive volatility, acting according to prearranged plans when the dollar/won exchange rate reaches certain levels, he said.“A predictable and stable foreign exchange rate is also advantageous to us,” he said, adding that cooperation with foreign exchange authorities would be based on achieving good investment returns.
The swap program, in place for the final three months of last year, allowed the pension fund to use the central bank’s foreign reserves for overseas investments when there was increased volatility in the foreign exchange market. Kim said the fund was enjoying improved investment earnings of around 5 percent so far this year, after scoring a record 8.22 percent loss for the whole of 2022. The fund would continue to increase investment in overseas assets and other alternatives for better returns, he said.Kim said he plans to simplify processes for alternative investments and devise a new strategy that allows more flexible management while strengthening partnerships with offshore outsourcing firms.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
North Korea says UN should demand end to South Korea-US military drillsNorth Korea’s foreign ministry on Sunday called on the United Nations to demand an immediate halt to combined military drills by the United States and South Korea, saying they were raising tensions that threaten to spiral out of control. | Reuters
Read more »
Woman stabs passengers on South Korea train after being called ‘ajumma’A 37-year-old woman accused of injuring three people with a knife on a subway told police that she did so because someone called her “ajumma,” police said Saturday. The accused, whose
Read more »
More than 20 years after debut, Sexbomb is still dancing forward: 'Hangga't may bata, may ispageting pababa'Formed in 1999, Sexbomb was the show-stealer in Eat Bulaga's 'Laban o Bawi' segment. And then in 2013, the original Sexbomb Girls took a step back from showbiz. But even then, their sisterhood remained strong.
Read more »
Ecuador assembly backs report calling for Lasso impeachment processEcuador’s National Assembly on Saturday voted in favor of a report which recommends opening an impeachment process against President Guillermo Lasso, accusing him of corruption over dealings in public companies. | Reuters
Read more »
Warner Music, rock band Jesus and Mary Chain end US copyright lawsuitWarner Music Group Corp and Scottish rock band The Jesus and Mary Chain have agreed to end a lawsuit over the band’s attempt to terminate the music label’s rights in its music, according court papers filed Thursday. | Reuters
Read more »
Britain’s Prince Harry invited to King Charles’s coronation -spokespersonBritain’s Prince Harry and his wife Meghan have received an invitation to his father King Charles’s coronation but will not yet confirm publicly whether they will attend, a spokesperson for Harry said on Sunday. | Reuters
Read more »