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Reporter : Anna J. Park
Thu, June 1, 2023 | 11:42
Inflation weighs on households
Many Koreans were surprised by their heating bills this month, as their energy costs went up by some 30 percent compared to last winter, even though people's home-heating patterns haven't changed. The problem feels even more pronounced in households with young children, as they cannot choose to drastically reduce the heating of their homes, given the unusual cold spells that ...
FSS chief urges insurers to focus on stability
Financial Supervisory Service (FSS) Governor Lee Bok-hyun urged CEOs of local insurance companies to pay extra attention to risk management and market stability, while refraining from overexpansion.
Major Korean banks' overseas branches sanctioned by foreign authorities
Major local banks' overseas legal entities were sanctioned or fined by foreign financial authorities for various reasons last year, raising concerns about whether the banks are successfully maintaining internal controls in their overseas operations.
Unison Capital, MBK consortium to take over Osstem Implant
News of private equity firms planning to acquire the management rights of Osstem Implant caused shares of the dental implant material manufacturer to soar Wednesday. Osstem Implant is one of the world's largest dental implant makers.
Korea makes it easier for foreigners to invest in local stock market
Listed corporations with a market cap size of over 10 trillion won ($8.8 billion) will be required to start publishing their important disclosure information in English next year. Foreign investors can also use their globally standardized Legal Entity Identifier (LEI) or passport numbers to trade Korean stocks, instead of submitting identity registration, as has been required...
Brokerages operate 24-hour support desks for overseas trading during Lunar New Year
Most major securities companies have decided to operate a support desk for their customers' foreign stock trading open 24 hours a day throughout the Lunar New Year long weekend, from Saturday to next Tuesday. Firms expect the demand for trading foreign stocks will rise higher, as local stock markets will be closed next Monday and Tuesday due to the holiday.
FSC to scrap foreign investor registration system
The requirement for foreign investors to register their identities before making investments in Korea will be lifted, as the financial authorities aim to innovate the country's regulations to better conform to global standards. This development is according to the Financial Services Commission (FSC), the country's top financial regulator, on Thursday, as it held its ninth der...
Mirae Asset marks 15th anniversary in India
Mirae Asset Global Investments celebrates the 15th anniversary of its operations in India, having entered the country in 2008. The firm announced earlier this week that Mirae Asset Global Investments is currently India's only independent foreign asset manager.
Woori Financial chief decides not to seek another term
Woori Financial Group Chairman Son Tae-seung has officially decided to wrap up his four-year term ending in March this year, and not to seek another term as group chief. “Today, I'd like to say that I am also joining a generational shift movement that's been trending in the local financial industry,” Son said in an official statement released Wednesday.
How will Woori benefit from takeover of Daol Investment?
Woori Financial Group has been tapped as a preferred bidder for a takeover of Daol Investment, Korea's oldest venture capital firm and one of its best. The deal is expected to present a win-win outcome, as it should bolster Woori's non-banking business portfolio, while Daol Financial Group can dispel market concerns over its cash flow.