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Reporter : Lee Min-hyung
Sun, May 29, 2022 | 14:26
FSS extends inspection on scandal-tainted Woori Bank
The Financial Supervisory Service (FSS) will extend its inspection of the scandal-tainted Woori Bank, citing the need to look deeper into the lender's internal control system after one of its employees was arrested for allegedly embezzling more than 60 billion won ($47.3 million) from the lender last month. The financial authority was supposed to wrap up its investigation by ...
Exchanges cry foul over gov't move to blame them for Luna's collapse
Cryptocurrency exchanges are crying foul over the government's move to shift the responsibility on them for the recent crash of the Terra stablecoin and its sister token, Luna. With more than 160,000 retail investors in Korea alone suffering losses from the Luna scandal, the National Assembly and the government held an emergency meeting recently with the heads of major crypto...
Mirae Asset, Hyundai Card team up for private label credit card
Mirae Asset Securities will launch a private label credit card (PLCC) by teaming up with Hyundai Card sometime in the latter half of this year. This will mark the first time for a Korean securities company to sign a PLCC partnership with a local credit card business operator. A PLCC is a special credit card issued for customers who want to receive benefits with a certain bran...
Despite Luna fiasco, Wemade set to launch stablecoin
Wemade has reiterated its willingness to issue its own stablecoin despite increasing negative sentiment in the global cryptocurrency industry following the sudden collapse of once-prominent Terra and Luna coins. Chang Hyun-guk, CEO of the local games publisher, shared Tuesday the company's vision to push ahead with its earlier plan to launch the tentatively-named WEMIX Dollar...
Authorities pledge to introduce legal safeguards amid Luna debacle
Financial authorities and the government are moving to introduce legal safeguards in the cryptocurrency industry by strengthening supervision on exchanges to prevent a recurrence of the recent collapse of the troubled stablecoin Terra and its sister token Luna.
Vice president of accountants' organization to head FSS
Lee Byung-rhae, vice president of the Korea Institute of Certified Public Accountants (KICPA), will lead the Financial Supervisory Service (FSS) as the first governor of the watchdog under President Yoon Suk-yeol's new administration. Lee is a financial expert who has led major government organizations such as the Korea Financial Intelligence Unit and the Korea Securities Dep...
Exchanges, authorities discuss steps to prevent another Luna fiasco
The ruling party and the government started a two-day meeting to discuss measures to prevent the recurrence of a recent financial fiasco surrounding the once-popular Terra stablecoin and its sister token Luna. On Monday, the ruling People Power Party held an emergency seminar to come up with measures to protect cryptocurrency customers.
Korea-US summit boosts defense stocks
Korea's major defense stocks rallied Monday on hopes for more exports to the United States and other developed countries, after the two countries agreed to start negotiations on a much-anticipated joint defense procurement deal. This came in response to the first summit between President Yoon Suk-yeol and U.S. President Joe Biden last weekend. Both leaders reached a consensus...
Biden's summit with Yoon to boost chip, battery, nuclear power stocks
Stocks related with chip, battery and nuclear energy closed Friday with a gain on growing expectations for the upcoming first summit between President Yoon Suk-yeol and U.S. President Joe Biden. The benchmark KOSPI achieved a rare rally by closing at 2,639.29, up 1.81 percent from the previous day, on a buying spree by overseas and institutional investors.
Hyundai Card's IPO bid comes to temporary halt amid Fubon's stake acquisition
Hyundai Card's planned initial public offering (IPO) has come to a temporary halt after Taiwan-based Fubon Financial became one its new major shareholders, replacing a consortium led by Affinity Equity Partners, the card company said, Friday. According to Hyundai affiliate, Fubon recently purchased a 19.98-percent stake in Hyundai Card from the Affinity consortium, a previous...
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