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Reporter : Anna J. Park
Thu, July 7, 2022 | 14:17
KEPCO's worst-ever quarterly loss likely to cause hike in electricity bills
Due to rising oil prices, the Korea Electric Power Corp. (KEPCO) posted its worst-ever earnings for the first quarter of this year. While KEPCO is planning to recover from the financial crisis by liquidating assets to secure money, it is expected that the state-run power company could end up increasing people's electricity bills.
Local brokerage firm stocks hit 52-week lows amid pessimistic outlook
Due to the deteriorating market outlook as well as worsened year-on-year Q1 earnings, local brokerage firms' stock prices hit new 52-week lows on Thursday. As both the domestic and global stock markets continue to plunge with the U.S. Federal Reserve's squeeze on liquidity, the forecast for the brokerage sector is unclear, casting shadows on future upward movements of the sto...
Deloitte Anjin accused of negligence in audit reports
Doubts and concerns are rising as to whether Deloitte Anjin, one of big four accounting firms in Korea, is failing at internal controls, as it not only turned out to have received the largest number of corrections from the financial regulator in audit reports during the past few years among the top four accounting firms, but also has been engaged in some of the most scandalou...
Mirae Asset Global Investments tapped as preferred bidder for IFC Seoul
Mirae Asset Global Investments was tapped as the preferred bidder for the purchase of the International Finance Center (IFC) Seoul, located in the Yeouido financial district. According to local investment banking sources, Toronto-headquartered Brookfield Asset Management ― the current owner of IFC Seoul ― notified the asset management subsidiary of Mirae Asset Financial Group...
CREFIA chairman Kim Joo-hyun expected to lead top financial regulator
Kim Joo-hyun, the incumbent chairman of the Credit Finance Association of Korea (CREFIA), is forecast to be appointed as lead of the country's top financial regulator for the next three years. According to industry sources and local media reports, the presidential office is could announce the appointee for the Financial Services Commission (FSC) chair position as early as thi...
Consulting business expected to enjoy another boom year
Despite growing uncertainty coupled with hostile macro factors, the country's management consulting business is forecast to continue expanding this year, with local corporations increasingly seeking strategic preparations for economic downturns. Market insiders say that the local consultancy business witnessed the highest demand for their advisory services during the past cou...
Preference for corporate M&As expected to continue this year
The boom in the nation's mergers and acquisitions (M&A) market seen over the past several years is expected to continue this year, as more than seven out of 10 local corporate leaders were found to have aggressive corporate acquisition plans. According to EY Korea's 2022 CEO Outlook Survey released on Monday - which surveyed 2,000 CEOs of global corporations - 72 percent of t...
Companies urge Yoon gov't to bolster Korea's growth potential: survey
Businesses are calling for the incoming Yoon administration to prioritize regaining corporate growth momentum amid the hostile economic market conditions, including rising interest rates, the soaring exchange rate and global supply chain disruptions, a survey showed, Sunday. According to a recent survey of 322 corporations by the Korea Chamber of Commerce & Industry (KCCI), t...
Concerns grow over global double-dip recession
The global economy is facing the risk of a double-dip recession as the U.S. Federal Reserve plans to begin its quantitative tightening from June this year, wiping off the market's liquidity to curb inflation, according to financial market watchers Sunday. The double-dip recession refers to the economy's second descent into a recession followed by a short-lived recovery and is...
REITs attract investors' money amid sluggish stock, bond markets
While both the stock and bond markets have been turning bearish amid stagflation concerns, real estate investment trusts (REITs) are attracting investors' money, according to the Korea Exchange (KRX) on Thursday. The bourse operator's REITs Infra Preferred Balanced Index - where more than 70 percent of the included stocks are REITs - increased by 3.2 percent in April, while t...
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