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Reporter : Lee Min-hyung
Sun, November 27, 2022 | 01:17
Shinhan speeds up drive to extend leadership
Shinhan Financial Group is on track to initiate internal procedures to extend the leadership of Chairman Cho Yong-byoung, whose term ends in March 2023. Last week, the group set up a chairperson recommendation committee, and its seven board members have started discussion of the next candidates for the group's top management. Shinhan is expected to confirm the shortlist for t...
Falling asset prices worsen woes of young Koreans
Many young Koreans are struggling these days to overcome stress and anxiety triggered by the abrupt end of the bullish asset market. Those in their 30s comprise the bulk of investors here who took out loans to engage in a buying frenzy of stocks and real estate during the height of the COVID-19 pandemic between 2020 and 2021, emboldened by ultra-low lending rates. Few of them...
Securities firms' leaders face uncertainty ahead of reshuffle
Leaders of securities firms face uncertainty over possible reinstatement ahead of potential reshuffles in top management positions amid their steep earnings fall, sparked by prolonged hawkish rhetoric of major central banks here and abroad. Most major brokerage houses reported noticeable earnings growth in 2021 due to coronavirus-induced liquidity effects. But sentiment then ...
Investors spooked by abrupt bank run on FTX
Cryptocurrency investors have been spooked by the ongoing market crash caused by Binance's overnight decision to pull out of a deal to acquire FTX, one of the world's largest crypto exchanges. The abrupt decision came amid escalating concerns over FTX's liquidity crisis after the company halted all crypto withdrawals.
Banks face rising CDS premium
The credit default swap (CDS) premiums of commercial banks have soared over the past year due to their weakening credibility in the wake of recent financial scandals sparked by a debt default related to the Legoland Korea Resort in Gangwon Province. The CDS premium is used to measure credit risk. When the figure rises, it indicates a firm's increasing risk of bankruptcy.
Have securities stocks bottomed out?
Local securities stocks have bottomed out, but are forecast to bounce back in 2023, as fears of their exposure to real estate project financing will gradually subside when the U.S. Federal Reserve ends its cycle of aggressive monetary tightening, analysts said. Domestic brokerages suffered a nightmarish period in the latter half of this year amid escalating financial uncertai...
Ex-civil servant takes office as leader of insurance development institute
Heo Chang-eon, ex-civil servant at the Financial Supervisory Service, took office as the leader of the Korea Insurance Development Institute (KIDI) on a three-year tenure, Monday. He started his financial career at the Bank of Korea in 1987 and moved to the Financial Supervisory Service two years later. He spent most of his time there before ending his career as a former assi...
IBK, BNK set for year-end leadership reshuffle
The Industrial Bank of Korea (IBK) and BNK Financial Group are moving to reshuffle their top management. This will be the first major shakeup in the financial sector as the year-end organizational reform period draws closer. IBK CEO Yoon Jong-won ends his three-year tenure in January 2023. He has expressed his intention to step down from the post without extending his term.
Concern grows over dwindling foreign reserves
The nation's foreign exchange reserves extended losses in October again after the Bank of Korea (BOK) sold dollar reserves as part of efforts to defend the sharp depreciation of the local currency against the greenback. While the government says the country still has abundant foreign exchange reserves, experts are urging it to take preemptive measures, as fear can trigger a c...
Securities firms eye overseas markets amid stock market slump
Local securities firms are moving to expand their footing overseas, in a desperate bid to make up for declining earnings in the domestic market, which has been experiencing continuing bearish sentiment. According to data from market tracker FnGuide, Korea's top six securities firms - including Mirae Asset Securities and Samsung Securities - are forecast to have generated comb...
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