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Reporter : Anna J. Park
Thu, June 8, 2023 | 11:28
Financial watchdog strengthens supervision on banks' governance, internal controls
The Financial Supervisory Service (FSS), the country's financial watchdog agency, has once again urged banking firms to equip themselves with sound corporate governance and effective internal controls to prevent any possible banking crises.
KOSPI-listed companies to start publishing disclosures in English next year
Next year, companies listed on the country's main benchmark KOSPI market will be required to publish disclosures in English within three days after the same disclosure information is submitted in Korean to the Korea Exchange (KRX), the bourse market operator. This is according to a revision of the KRX's disclosure regulations completed at the end of March.
Regulators urge financial groups to minimize interest rate hikes
Financial authorities have called on major financial group leaders to shield borrowers from the impact of interest rate hikes, urging the companies themselves to absorb the rising costs from global interest rate increases as much as possible. The message came during a meeting between the financial authorities and chiefs of the country's five major financial groups in central ...
4 candidates nominated for Woori Bank CEO post
After Woori Financial Group swore in Yim Jong-ryong as its new chairman last week, attention is now focused on who will lead Woori Bank. The leading post at the banking subsidiary of Woori Financial Group has been empty for nearly a month, following the sudden resignation of former Woori Bank CEO Lee Won-duk early this month.
M&A consulting becomes largest source of profit in local financial advisory market
The size of the M&A advisory market has been growing fast in Korea during the past few years, taking up the largest proportion of annual financial consulting services in the country. The weight of corporate bond offerings, which used to be a key source of profit for the local investment banking (IB) sector until just a few years ago, has been visibly decreasing.
KT&G triumphs over activist funds
Korea Tobacco & Ginseng Corporation (KT&G) management has succeeded in defending itself from activist fund investors' demands at its annual shareholders' meeting earlier this week. The tobacco company's shareholders voted down all proposals suggested by activist funds, except their agenda item calling for quarterly dividends.
Kakao Pay officially launches ESG committee
Kakao Pay has officially set up its ESG committee under its board, laying a solid foundation for the sustainable growth of the mobile payment firm. The mobile payment subsidiary of big tech firm Kakao announced Wednesday that the launch of the ESG committee came 10 months after the company kicked off a preparatory move to initiate the committee under its board.
Gold price nears all-time high amid financial jitters
The price of gold has been rising amid increased uncertainty hovering over the global financial banking sector. While the global price of the precious metal nears its record high reached during the summer of 2020, its trading price at the Korea Exchange (KRX) gold market hit an all-time high recently.
Samsung Pay partners with Hana Financial to issue student IDs
Samsung Pay can now feature a student ID in its mobile application, as it partners with Hana Financial Group to strengthen its digital wallet functions. The move is part of a series of steps Samsung Pay is taking to expand its versatility, following Apple Pay's recent launch in Korea.
Gov't to lower threshold for corporate M&As
Financial authorities will ease prerequisite legal requirements for business acquisitions by companies in an attempt to foster corporate mergers and acquisitions (M&As). The Financial Services Commission (FSC), the top financial regulator of the country, will lower the capital qualifications required of companies who attempt tender offers for the purchase of company stocks fr...
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