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Reporter : Anna J. Park
Mon, December 11, 2023 | 00:03
IPOs on KOSPI log worst performance in past 5 years
This year's initial public offerings (IPOs) made on Korea's main benchmark, the KOSPI, are expected to record the poorest performances in the past five years, due mainly to increased market volatility from soaring interest rates and unfavorable external conditions.
MG Community Credit Cooperatives to undergo major restructure
MG Community Credit Cooperatives is set to undergo major shifts in its leadership and management system by weakening the authority concentrated on its chairman and by restructuring the entire system under a newly established professional CEO position.
ESG investments lose steam in Korea
Interest in environmental, social and corporate governance (ESG) investments seems to be waning in Korea due to a worsening economic outlook and continuing high interest rates. The trend becomes evident in both money flows observed in domestic exchange-traded funds (ETFs) on the theme of ESG investment, and the funds' returns during the past months.
Retail investors take up 64% of Korean stock market
Retail investors accounted for 64 percent of annual transaction amounts in the Korean stock markets last year, the highest ratio in global stock markets, showing the relative strength retail investors wield over the local stock markets compared to other countries. In the U.S. or Japan, the ratio is about 30 percent on average.
Korea, US regulators jointly inspect big 4 accounting firms
The Financial Supervisory Service (FSS) and the U.S.-based Public Company Accounting Oversight Board (PCAOB) are currently conducting a weeks-long inspection of Samil PwC, one of the big four accounting firms in Korea, along with Samjong KPMG, Deloitte Anjin and EY Hanyoung Korea. The inspection comes as part of the two financial watchdogs' regular inspection schedule.
Major Korean banks seek to expand overseas operations
Korea's major commercial banks are set to actively strengthen their overseas businesses next year, aiming to significantly raise their profit shares from international markets, according to industry officials, Friday.
Samsung, HYBE, SK hynix become foreign investors' favorites after short selling ban
Foreign investors have raked in Samsung Electronics, HYBE and SK hynix shares during the first four trading sessions, after a complete short selling ban began on Monday.
[INTERVIEW] Former chief of Statistics Korea publishes first romance novel in 70s
Chung Jae-ryong, a former head of Statistics Korea, published his first full-length romantic novel titled 'Dancing with Aurora' earlier this month. It's drawing significant media attention due to the novelist's unique background as a high-ranking economic bureaucrat, and because of his advanced age in making his debut as a romance novelist.
Mirae Asset says internal audit reveals contract forgery involving worker
An employee of Mirae Asset Securities was found to have forged a convertible loan agreement (CLA) worth $210 million without approval from the securities firm's official investment committee, leaving the company vulnerable to potential damages in global legal disputes.
Financial authorities to strengthen internal control in card, credit companies
Financial authorities have begun an overhaul of internal control regulations in the consumer credit sector, with implementation expected next year. The move follows strengthened internal controls in the banking sector.
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