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Reporter : Lee Min-hyung
Sat, June 3, 2023 | 07:23
Tussle escalates between Lotte, Meritz over fund loss
Lotte Insurance and Meritz Securities are locked in a heated tug-of-war over the brokerage's sale of $160 million (210 billion won) in risky fund products which incurred huge losses. The controversial fund was established in December 2018. The Lotte affiliate invested $50 million in the fund about two months later. But with Blackstone - the world's leading alternative asset m...
Fed policy puts Korea under pressure to hike rate again
The Bank of Korea (BOK) has come under increasing pressure to hike the key rate again by 25 basis points next month, in a move to ease market turbulence amid the U.S. Federal Reserve's unwavering hawkish bias. After Fed Chair Jerome Powell sent unexpectedly aggressive signals for additional rate hikes overnight, the outlook for the BOK taking another baby step has gotten clea...
Small bio firms rush to go public
Korea's small- to mid-sized biotechnology firms are moving to go public on the local stock market despite weak investor sentiment on initial public offerings (IPO) here. Starting with Bioinfra, a local biotech company, which was listed on the secondary Kosdaq on March 2, a group of bio companies here is scheduled to go public, hoping to attract timely investments even as mark...
Foreign exodus feared to dampen stock sentiment in March
Korean stocks will take a rollercoaster ride throughout March following an unexpected exodus last week of foreign investors who refrain from betting big on local stocks amid prevailing market uncertainties ahead of the U.S. Federal Reserve's upcoming rate-setting meeting, analysts said Monday.
Woori launches ESG consulting service for SMEs
Woori Bank launched a consulting service for small and medium-sized enterprises (SMEs) seeking to fulfill environmental, social and corporate governance (ESG) management, Sunday. Corporate clients of the lender can take advantage of the service by accessing Woori's internet banking site for free. The non-face-to-face service was developed as part of Woori's efforts to raise E...
60 companies face delisting from Korean stock market
A total of 60 companies face being delisted from the Korean stock market as watchdogs could strip their listing qualification following a review based on their 2022 audit reports. According to the Korea Exchange, a group of six companies listed on the benchmark KOSPI is at risk of being delisted once they submit their annual audit reports to the exchange operator and the Fina...
NPS reports record loss amid global financial unrest
The National Pension Service (NPS) reported its worst-ever investment loss in 2022 amid a global financial meltdown, the state-run pension fund said Thursday. According to data from the NPS, its fund operation division's investments last year achieved an operating rate of return of 8.22 percent or 79.6 trillion won ($60 billion).
Was Bank of Korea too hasty in key rate freeze?
Fears of a widening interest rate gap between the Bank of Korea (BOK) and the U.S. Federal Reserve are rattling financial markets here after what appears to be a “prematurely dovish” decision by the BOK. The Korean central bank froze its key rate at 3.5 percent on Feb. 23 amid escalating recession fears and a real estate meltdown.
Ex-Citibank Korea chief joins Samsung Fire as outside director
Samsung Fire & Marine Insurance nominated Park Jin-hei, former chief of Citibank Korea, as the firm's new outside director, seeking to bolster environmental, social and corporate governance (ESG) management. According to the non-life insurer's executive recommendation committee, Park will be able to help the company formulate a long-term ESG management strategy using his expe...
Korea Investment & Securities accused of bullying startup
Korea Investment & Securities is embroiled in a controversy over what a Seoul-based fintech startup called an “unfair and deceiving” contract on establishing the former's web trading system. The controversy is centered on an equity investment worth 1 billion won ($755,000) that the brokerage house made on Indexmine in January 2021.
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