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Reporter : Anna J. Park
Sun, January 29, 2023 | 15:23
Kyobo Lifeplanet Life Insurance appoints new CEO
Kyobo Lifeplanet Life Insurance has appointed Kang Tae-yoon as the new CEO to lead the company for the next two years. His term is slated to end in September 2024. Kang's appointment ended the era of the firm's long-serving former CEO, Lee Hak-sang, who led the company during the past decade, since the firm's official launch in 2013.
Korea seeks to attract investment from Saudi oil money
Saudi Arabia's sovereign wealth funds seek investment opportunities in Korea, particularly in the area of gaming and cultural sectors, as they paid a visit to Korea this week. According to the Seoul Metropolitan Government, the city and “Invest Seoul ― the metropolitan government's investment arm ― invited key officials of two Saudi sovereign wealth funds to stay in Seoul fro...
Financial regulator to investigate solar energy loans
The Financial Supervisory Service (FSS) has started looking into allegations of bad loans related to solar energy development during the former President Moon Jae-in administration. The FSS said Wednesday it is planning to look into banks'detailed records regarding their approved loans related to solar energy development since 2017.
KIC posts worst investment loss during H1
The Korea Investment Corporation (KIC), a sovereign wealth fund in the country, posted its worst investment loss in its asset evaluation for the first half of this year. According to data submitted by the KIC to Rep. Yang Kyung-sook of the main opposition Democratic Party, the KIC logged a 13.83 percent investment loss during the first six months of this year.
Board thwarts Woori Financial's attempt to acquire BNP Paribas Cardif Life
Woori Financial Group aims to push ahead with the expansion of its non-banking business portfolio, but the financial group's recent attempt to acquire BNP Paribas Cardif Life could not overcome the board's opposition. According to the investment banking industry, Woori Financial has been positively reviewing the option of acquiring the life insurance company in recent months....
HYBE's stock price on rollercoaster ride due to BTS' military exemption issue
The stock price of HYBE - the management company of K-pop behemoth BTS - rose by 2.27 percent on Monday, ending a losing streak lasting three consecutive sessions, following the release of a public survey that approved the group members' exemption from mandatory military service. The stock price went up as high as 164,000 won at 9:10 a.m. Monday, just 10 minutes after trading...
Watchdog's move to strengthen bank reserves feared to hurt dividend payouts
Financial authorities plan to act on their new right to request banks to strengthen cash reserves, but market watchers are concerned that the move might hurt year-end dividend payouts by listed lenders. According to the Financial Services Commission's (FSC) latest taskforce meeting, aimed at better responding to financial risks, the top financial regulator plans to adopt a ne...
IMM decides to unload Missha despite losses
Able C&C, which owns Korea's representative road-shop cosmetics brand Missha, is finally up for sale in the M&A market, five years after IMM Private Equity (IMM PE) purchased a controlling stake in the firm for about 400 billion won ($287 million). While Credit Suisse has been tapped to manage the sales process, the selling price is estimated to be less than half of what IMM ...
Hyundai Card CEO's sudden resignation draws attention
As the CEOs of both Hyundai Card and Hyundai Commercial stepped down from their posts recently without completing their terms, market attention is now focused on Chung Tae-young, vice chairman at Hyundai Card and Hyundai Commercial, as to the reasons for the CEOs' sudden resignations and the vice chairman's future moves with the firms.
FSS chief stresses preemptive risk management for market stability
Financial Supervisory Service (FSS) Governor Lee Bok-hyun reiterated his vows to respond preemptively to the economy's internal and external uncertainties, aiming to maintain financial stability amid the increasingly complex situation. During a press conference on Thursday, which was held to mark the 100th day since his taking the chief position in early June, Governor Lee sa...