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Reporter : Anna J. Park
Thu, June 1, 2023 | 10:51
Card firms seek new growth drivers amid crisis
Major local card companies are seeking new growth momentum as they vow to weather looming economic threats. Both incumbent and newly appointed CEOs of these companies urged their employees to differentiate themselves from other companies' services to seek growth.
Financial groups to focus on risk management
The heads of Korea's five major financial groups had a common focus in their New Year's messages: the importance of risk management and a sustainable growth strategy amid heightened economic risks. In his New Year's message, KB Financial Group Chairman Yoon Jong-kyu stressed stable growth, as he forecast the economy will witness a decline in real purchasing power and weakened...
Kakao Entertainment to receive pre-IPO investment from PIF, GIC
Kakao Entertainment is facing an imminent investment worth 1 trillion won ($785 million) from major global investors in its pre-IPO round. According to the investment banking industry Monday, the entertainment company is soon expected to sign a stock purchase agreement (SPA) with Singapore's sovereign wealth fund GIC and Saudi Arabia's Public Investment Fund (PIF) this month.
Financial regulators vow to stabilize market, support vulnerable
The heads of the country's top financial regulator, the Financial Services Commission (FSC), and watchdog agency, the Financial Supervisory Service (FSS), both stress that their priorities for 2023 will be on ensuring market stabilization amid heightened external uncertainties, while also supporting vulnerable groups.
Business lobby groups welcome President Yoon's New Year's message
Korea's business associations all welcomed President Yoon's New Year's speech in unison, as they evaluated the message's focus on strengthening exports and reforming pensions, labor and education as appropriate and correct.
Corporate bond issuances by builders fall to 5-year low
Bonds issued by domestic construction companies fell to the lowest level in five years. According to data compiled by financial information service provider, Yonhap Infomax, Wednesday, cumulative bond issuances by builders stood at only 541 billion won ($426 million) this year.
Korean firms face vulnerabilities in internal money controls: KPMG report
In matters of corporate accounting management, Korean corporations turn out to have particular weaknesses regarding internal money controls and irregularities caused by high-ranking management officials.
[Contribution] Some misconceptions about Korean won
There was no winner in the investment scene except the U.S. dollar in 2022, which has rallied as much as 18.6 percent during the year, and 8.4 percent (based on DXY: USD versus six major currencies) year-to-date until Dec. 23 with the recent retreat. Non-U.S. currencies have depreciated, with the Korean won not being an exception. It started the year at 1,189 won per dollar, ...
Financial companies face heavier penalties for security failures
In a move to foster more nimble and flexible responses from financial companies in case of security accidents, the financial authorities have decided to allow the companies greater autonomy by revising relevant financial security regulations. Instead, the government plans to hold financial companies more responsible for failing to prevent such accidents.
ESG no longer seems to be priority for corporations amid economic slowdown
With increased external and internal economic uncertainties, corporations have opted for survival as their top priority over considerations of economic, social and governance factors - ESG principles - in their management strategies. As a result, the weight of ESG bonds issued by corporations aiming to achieve environmental, social or governance improvements with the raised c...