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Reporter : Anna J. Park
Sun, July 3, 2022 | 17:43
OK Savings Bank CEO reappointed for fourth term
OK Savings Bank CEO Jeong Gil-ho has succeeded in getting his two-year term extended for the fourth time, to July 2024. The decision was made at the savings bank's extraordinary shareholders' meeting held last week, where the shareholders granted Jeong another term to lead the bank's management.
Employees, employers at odds over changing work norms
A recent international survey has shown that employees and employers have vastly divergent attitudes on work policies that have emerged during the COVID-19 pandemic. While 64 percent of employees believe their productivity has increased with the change to more flexible work patterns during the pandemic, 41 percent of employers think work productivity has dropped due to those ...
Insurers see profitability decline amid increased forex hedging costs
A period of rising interest rates has normally been a boon for insurance companies, yet this long-held notion looks to be changing now. Increased market volatility, in addition to soaring foreign exchange (forex) rates, has been disrupting local insurers' efforts to hedge their assets, which are held in foreign currencies, projecting their declining profitability in the comin...
Banks mull lowering loan interest rates amid gov't pressure
Local commercial banks have started to lower their loan interest rates, as financial authorities have recently been voicing clear criticisms that the banks exploit the financially vulnerable by imposing high interest rates. Earlier this week, both President Yoon Suk-yeol and Financial Supervisory Service (FSS) Governor Lee Bok-hyun urged local banks to cooperate with the fina...
Deloitte Korea acquires PRGATE to strengthen marketing capacity
Deloitte Korea officially signed a deal earlier this week to acquire PRGATE, a local communications and consulting company with expertise in setting up brand strategies. The move aims at strengthening its consulting and marketing capabilities so as to accelerate innovative growth potential.
'Significant market rebound is likely by mid-September': analysts
Despite the KOSPI's slight recovery of a 0.75 percent increase on Tuesday, finishing at 2,408.93, the country's main benchmark index has been showing an obvious declining trend over the past year. Since the index reached its all-time high of 3,316.08 points during intraday trading in late June last year, it has dropped by nearly 30 percent in the past 12 months, hitting a 19-...
KDB chief inauguration ceremony goes ahead amid union protests
Two weeks after being appointed to head state-run Korea Development Bank (KDB), Chairman Kang Seog-hoon finally held a delayed inauguration ceremony on Tuesday, vowing to communicate closely with the bank's workers regarding a government-led relocation plan to Busan. Unionized workers of the bank had been blocking the new chairman from entering the bank headquarters since his...
Financial regulator investigates Meritz Asset Management CEO
The Financial Supervisory Service (FSS) has been conducting investigations into Meritz Asset Management CEO John Lee over allegations that he violated a conflict of interest obligation when making an investment decision for his firm. According to the FSS, it carried out on-site inspections into the asset management company from May 23 to June 7.
Game stocks plunge amid interest rate hikes
The major game stocks nosedived at closing on Monday, as concerns over a global economic recession continue. Kakao Games, the largest market cap game company listed on the Kosdaq, ended Monday's session with a fall of 10.14 percent, finishing at 50,500 won ($39.10). Monday's closing price is the game company's new 52-week low price. Wemade, another major game company listed o...
SK chairman urges affiliates to reconstruct management system
SK Group Chairman has urged its group subsidiaries to maximize corporate values by re-constructing the management system and rewriting their “financial stories,” aiming to overhaul and upgrade the group's core value systems. The comment was made during the group's annual strategic meeting held at the end of last week. Speaking at the “2022 Expansion Management Meeting” held a...
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