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Reporter : Lee Min-hyung
Thu, March 30, 2023 | 10:56
Terraform Labs co-founder's extradition could be delayed more than 1 month
The extradition of Do Kwon, the co-founder and CEO of the now infamous Terraform Labs, could be delayed by more than a month, as his legal representative expressed the intent of appealing against the upcoming judgment from the first trial in Montenegro where he is in custody on charges of passport forgery.
KB wins highest ESG rating from MSCI
KB Financial Group has won the highest rating of AAA in MSCI's 2022 environmental, social and corporate governance (ESG) evaluation, the company said Wednesday. According to KB, MSCI conducts a seven-grade ESG management evaluation on listed companies around the globe. Only about the top 6 percent of 198 banking industry players here and abroad can achieve the top rating, KB ...
Financial industry opposes gov't's move to revamp reward system
Financial industry players here are expressing regret over what they call “unrelenting and unilateral” government demands to revamp reward systems. After banks chalked up record earnings last year on global interest hikes, President Yoon Suk Yeol and his administration stepped up pressure on lenders, criticizing their excessive earnings growth driven mostly by their widened l...
Korean crypto investors want Do Kwon punished in US
Korean crypto investors' sentiment is growing that Do Kwon - the founder of the now-defunct Terra-Luna ecosystem - should be detained and punished in the United States. Kwon was arrested in Montenegro last week, but his possible repatriation to Korea has not been confirmed, as U.S. and Singaporean authorities also filed suits against the scandal-tainted Luna coin developer.
Local bank stocks hit by shockwaves from SVB, CS collapses
Korea's bank stocks are being hit by repercussions from the sequential collapse of overseas financial institutions, with foreign investors dumping major financial shares here en masse this month. Major financial stocks such as Shinhan Financial Group and Hana Financial Group suffered double-digit losses between March 2 and 24, according to data from the Korea Exchange. The KR...
What's next for Terra founder Do Kwon?
The arrest of Do Kwon, founder of the ill-fated Terra-Luna ecosystem, made headlines, but it remains unclear when Korean investigators will be able to repatriate him, since he was also charged with fraud by U.S. prosecutors.
Yim Jong-ryong takes office as Woori chairman
Yim Jong-ryong, a former chief of the Financial Services Commission (FSC), took office Friday as the next chairman of Woori Financial Group under a three-year tenure. He pledged to revamp Woori's corporate culture and enhance the firm's competitiveness by realigning relations between the holding company and its affiliates.
Korea-US interest rate gap expands to record high
The interest rate gap between the Bank of Korea (BOK) and the U.S. Federal Reserve widened to a new high of 1.5 percentage points, Thursday, for the first time in almost 22 years, following the Fed's “unsurprisingly dovish” rate hike of 25 basis points. The sequential collapse of U.S. financial institutions forced the Fed to turn to the less hawkish pivot. The Fed's benchmark...
Kyobo chief wins title as global insurance laureate
Kyobo Life Insurance Chairman Shin Chang-jae has been named as the laureate of the 2023 Insurance Hall of Fame for his management philosophy that values people, the International Insurance Society (IIS) said in a statement, Wednesday. “Dr. Shin Chang-jae embodies the spirit of the Insurance Hall of Fame through his innovative management, visionary leadership and people-first ...
Korean pension fund hit by overseas banking crisis
The National Pension Service (NPS) has been hit hard by the global banking crisis, as the state-run pension fund holds stocks and bonds worth hundreds of billions of won in ill-fated overseas financial institutions, which are teetering on the brink of collapse.
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