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Reporter : Anna J. Park
Fri, January 27, 2023 | 09:47
FSS to conduct regular inspection on Mirae Asset Securities
The Financial Supervisory Service (FSS) will conduct a regular inspection on Mirae Asset Securities for the first time in four years. According to the financial industry Wednesday, the FSS recently sent an official document to the brokerage firm, asking for their cooperation. The inspection is slated to take place at the headquarters of the securities company in central Seoul...
[CONTRIBUTION] Lessons learned from the UK gilt tantrum
Financial market participants, including myself are witnessing episodes that we haven't seen for decades. DXY - an index of the dollar value vis-a-vis six major currencies - is at a 20-year high, with the weakest euro in 20 years. The Japanese yen has once breached 150 versus the U.S. dollar for the first time since 1990. Inflation is running at the highest level since the 19...
Samsung Electronics picks Samjong KPMG as auditor
Samsung Electronics has selected Samjong KPMG as its external auditor for the next three fiscal years. It is the first time ever that the accounting firm has been selected as the external auditor of the nation's largest company by market cap. The announcement came as a surprise to the local accounting industry, as it is also the first time in decades that Samsung Electronics ...
Top 5 financial groups to supply $67 bil. to stabilize market
Five major financial groups here have decided to provide ample liquidity worth 95 trillion won ($67 billion) by the end of this year in a bid to ease a bond market crunch and stabilize local financial markets. During a meeting with Financial Services Commission (FSC) Chairman Kim Joo-hyun on Tuesday morning, the chairmen of the five groups pledged to inject a total of 73 tril...
K bank to delay IPO to early next year
K bank has decided to delay its initial public offering to early next year, amidst worsening investor sentiment and growing market concerns. According to the financial industry Monday, the country's first internet-only bank has recently notified its financial investors that it would change its target timeline for the IPO to January. Since passing the preliminary examination f...
Woori Financial Group has least exposure to real-estate project financing
Major financial groups maintain a relatively stable risk exposure to real estate project financing, while regional financial groups tend to have a larger exposure compared to their loan provision sizes, data showed.
Credit Suisse's Korea operation aims to maintain key status amid restructuring plan
Credit Suisse announced a series of radical restructuring measures to revamp its global banking business on Thursday, after taking three months of thoroughly reviewing and reassessing its strategic future directions. The measures came as the Switzerland-headquartered bank posted its fourth straight quarterly loss for the third quarter of this year. According to its earnings a...
FSC chief to meet financial group leaders Tuesday to discuss market stabilization
Financial Services Commission (FSC) Chairman Kim Joo-hyun is scheduled to meet the leaders of the country's five major financial groups next week, aiming to discuss effective stabilization measures amidst increased uncertainties surrounding the local corporate and commercial paper markets.
KEPCO bonds aggravate fears of corporate credit crunch
A massive volume of bonds issued by the Korea Electric Power Corporation (KEPCO) throughout this year has been jolting local corporate bonds market, becoming a source of stress on already strained corporate bonds and commercial paper (CP) markets in the country. According to data by the Korea Securities Depository (KSD) Thursday, KEPCO has so far issued bonds worth 23.49 tril...
Corporations fall behind in ESG communication: EY Korea
While environmental, social and governmental (ESG) principles are expected to continue to wield increased influence in consumer decisions, corporations surveyed recently, showed that they were lacking when it came to their communication efforts about ESG activities. This finding was discovered by EY Korea's survey of 115 participants of the “ESG Best Practice” forum, which wa...
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