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Reporter : Anna J. Park
Fri, January 27, 2023 | 10:48
Banks to supply liquidity while minimizing bond issuance
Financial authorities and local banks have agreed to provide liquidity to the country's short-term funding market, aiming to help stabilize the local corporate bond and commercial paper (CP) markets. The short-term funding markets recently witnessed a mounting credit crunch following the default of 205 billion won ($143 million) in asset-backed commercial paper (ABCP) issued ...
Korea's export growth rate to fall to zero-percent range in 2023: IMF
A senior official at the International Monetary Fund (IMF) said despite Korea's solid economic fundamentals, the country's export growth rate is expected to fall to the zero-percent range in 2023, from around the three-percent level this year, due to economic slowdowns in major countries and a decrease in global demand.
Mirae Asset joins Musk's Twitter acquisition deal
Mirae Asset Global Investments will invest 300 billion won ($209 million) in Elon Musk's $44 billion Twitter acquisition deal. According to local investment banking industry sources, Tuesday, the asset management arm of Mirae Asset Financial Group has set up a fund worth 300 billion won as part of its plans to participate in Musk's Twitter buyout. Mirae Asset Securities is in...
JB Financial Group posts 24.7 percent YOY growth in Q3 net profit
JB Financial Group posted a quarterly net profit of 167 billion won ($116 million) during the third quarter of this year, up 24.7 percent compared to the same period last year. According to the financial group's official announcement on Monday, JB Financial's cumulative net profit during the first three quarters of this year stood at 487.1 billion won, which is an all-time-hi...
Gov't faces mounting criticism for inaction in early phase of credit crunch crisis
Although the local financial industry greeted the government's decision on Sunday to provide over 50 trillion won ($35 billion) in liquidity to address a mounting credit crunch in the corporate bond and commercial paper (CP) markets, the country's financial authorities could face mounting criticism for failing to take measures sooner to address the problem.
Financial authorities attend int'l anti-money laundering meeting
The Financial Services Commission (FSC), along with the Financial Supervisory Service (FSS) and other government agencies, attended the fifth Plenary of the Financial Action Task Force (FATF) held in Paris, France, from last Thursday to Friday, joining the international anti-money laundering organization's efforts to fight cross-border crime and terrorism. According to the FS...
Gov't to inject over $35 bil. into markets to avert liquidity crisis
The government said Sunday that it will expand the provision of liquidity to over 50 trillion won ($34.7 billion) hoping to ease jitters in the country's corporate bond and commercial paper (CP) markets and prevent a possible liquidity crisis. It also said that every local government in Korea will fulfill payment guarantee obligations linked to issuances of any asset-backed c...
FSS to crack down on malicious market rumors
The Financial Supervisory Service (FSS) plans to tighten up inspections and punishments related to the spreading of groundless or malicious market rumors. The watchdog agency will jointly cooperate with the Korea Exchange (KRX) in the crackdown. The move comes as an attempt to stabilize local financial markets, as numerous rumors have been spreading fast online, amid growing ...
Default of Legoland project financing feared to jolt financial markets
As uncertainties stemming from a default in project financing (PF) for the construction of a Legoland amusement park in Gangwon Province add to woes in the domestic bond market, Korea's top financial regulator said it will inject 1.6 trillion won ($1.1 billion) into the debt market, while ensuring additional liquidity to cover short-term loans.
Local financial firms' overseas assets quadrupled over last 10 years
Local financial companies' overseas assets have more than quadrupled over the past decade, as the expansion of local firms into foreign markets increased, mostly in the U.S. and Southeast Asia. This is according to the latest research conducted by CEO Score, a local corporate data research firm.