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Reporter : Anna J. Park
Thu, March 23, 2023 | 11:25
Meritz Securities sanctioned for capital market act violations
The Financial Supervisory Service (FSS) imposed a penalty of 2 billion won ($1.52 million) as well as an organizational warning to Meritz Securities for various violations of the Capital Markets Act. The financial authority also advised the firm to reprimand 64 staff members.
Companies | 2023-03-22 16:29
Investment banks compete for HMM sale advisory roles
Major investment banks, accounting firms and law firms are competing to win advisory roles for an upcoming sale deal of HMM, a global shipping logistics company of which the controlling stake is currently held by Korea Development Bank (KDB) and Korea Ocean Business Corporation (KOBC).
Markets | 2023-03-22 16:12
[INTERVIEW] Retired FSC chief finds inspiration exploring Koreans' ancestral roots
A veteran financial bureaucrat for over thirty years, Kim Seok-dong was a key architect of Korea's economic growth from 1980 to 2013. Known for his intelligence, focus and natural charisma, he succeeded at climbing to the top echelon of the financial authorities, serving as a Chairman of the Financial Services Commission (FSC) - Korea's top financial regulator - for three yea...
Economy | 2023-03-22 08:15
LVMH allegedly joins takeover bid to acquire Missha
LVMH Group, the world's largest luxury group, which operates the global beauty store Sephora, has joined a preliminary takeover bid to acquire a controlling stake of Able C&C, the operator of cosmetics brand Missha, according to media reports and sources.
Markets | 2023-03-21 16:42
Apple Pay service starts in Korea
Apple began its near-field communication (NFC) based mobile payment service, Apple Pay, in Korea, Tuesday, under a partnership with Hyundai Card, the country's third-largest credit card company. After registering their cards on Apple Pay, Hyundai Card users can make payments at stores with their iPhones, iPads, as well as Apple Watch. Mac users can also pay through Apple Pay ...
Companies | 2023-03-21 16:29
EcoPro Materials faces setback in IPO plan
Battery materials business group EcoPro is facing a major setback to its plan to list its key subsidiary EcoPro Materials within this year, as prosecutors investigate the company over allegations of insider trading by some of its former and incumbent executives and staff employees. According to the financial authorities, a joint investigation team on financial crimes establis...
Markets | 2023-03-20 16:47
MBK Partners acquires FCCL maker NexFlex
MBK Partners is adding Korea's top flexible copper clad laminate (FCCL) maker NexFlex to its investment portfolio, as Asia's largest private equity firm signed a stock purchase agreement (SPA) with SkyLake Equity Partners, the owner of the FCCL manufacturer, late last week.
Markets | 2023-03-20 16:02
Robotics stocks soar over positive outlooks on future growth
Local robotics stocks are enjoying a rapid bull market, reflecting investors' expectation over further mergers and acquisitions of robotics companies by conglomerates as well as the government's deregulation moves to foster the state-of-the-art industry. The share price of Rainbow Robotics reached its all-time high of 136,900 won ($104.90) in the early trading hours during Fr...
Markets | 2023-03-17 17:13
SC, Citibank to send hefty dividends to head offices despite regulator's recommendations
Major foreign banks stationed in Korea plan to send over 230 billion won ($175 million) to their overseas headquarters as dividend payments from last year's business performance. According to the financial industry, Standard Chartered (SC) Bank Korea decided to pay dividends amounting to 160 billion won at their regular board meeting on Thursday.
Companies | 2023-03-17 15:36
FSS to inspect Yuanta, Hyundai Motor Securities, Hanwha Asset and NH-Amundi Asset
The Financial Supervisory Service (FSS) has selected Yuanta Securities and Hyundai Motor Securities as brokerages for regular inspection this year. The FSS conducts inspections of financial firms once every several years, looking into overall business operations, structures and internal systemic issues.
Companies | 2023-03-16 16:27
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