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Reporter : Anna J. Park
Tue, January 31, 2023 | 22:53
FSC chief to meet financial group leaders Tuesday to discuss market stabilization
Financial Services Commission (FSC) Chairman Kim Joo-hyun is scheduled to meet the leaders of the country's five major financial groups next week, aiming to discuss effective stabilization measures amidst increased uncertainties surrounding the local corporate and commercial paper markets.
KEPCO bonds aggravate fears of corporate credit crunch
A massive volume of bonds issued by the Korea Electric Power Corporation (KEPCO) throughout this year has been jolting local corporate bonds market, becoming a source of stress on already strained corporate bonds and commercial paper (CP) markets in the country. According to data by the Korea Securities Depository (KSD) Thursday, KEPCO has so far issued bonds worth 23.49 tril...
Banks to supply liquidity while minimizing bond issuance
Financial authorities and local banks have agreed to provide liquidity to the country's short-term funding market, aiming to help stabilize the local corporate bond and commercial paper (CP) markets. The short-term funding markets recently witnessed a mounting credit crunch following the default of 205 billion won ($143 million) in asset-backed commercial paper (ABCP) issued ...
Corporations fall behind in ESG communication: EY Korea
While environmental, social and governmental (ESG) principles are expected to continue to wield increased influence in consumer decisions, corporations surveyed recently, showed that they were lacking when it came to their communication efforts about ESG activities. This finding was discovered by EY Korea's survey of 115 participants of the “ESG Best Practice” forum, which wa...
Korea's export growth rate to fall to zero-percent range in 2023: IMF
A senior official at the International Monetary Fund (IMF) said despite Korea's solid economic fundamentals, the country's export growth rate is expected to fall to the zero-percent range in 2023, from around the three-percent level this year, due to economic slowdowns in major countries and a decrease in global demand.
Mirae Asset joins Musk's Twitter acquisition deal
Mirae Asset Global Investments will invest 300 billion won ($209 million) in Elon Musk's $44 billion Twitter acquisition deal. According to local investment banking industry sources, Tuesday, the asset management arm of Mirae Asset Financial Group has set up a fund worth 300 billion won as part of its plans to participate in Musk's Twitter buyout. Mirae Asset Securities is in...
JB Financial Group posts 24.7 percent YOY growth in Q3 net profit
JB Financial Group posted a quarterly net profit of 167 billion won ($116 million) during the third quarter of this year, up 24.7 percent compared to the same period last year. According to the financial group's official announcement on Monday, JB Financial's cumulative net profit during the first three quarters of this year stood at 487.1 billion won, which is an all-time-hi...
Gov't faces mounting criticism for inaction in early phase of credit crunch crisis
Although the local financial industry greeted the government's decision on Sunday to provide over 50 trillion won ($35 billion) in liquidity to address a mounting credit crunch in the corporate bond and commercial paper (CP) markets, the country's financial authorities could face mounting criticism for failing to take measures sooner to address the problem.
Financial authorities attend int'l anti-money laundering meeting
The Financial Services Commission (FSC), along with the Financial Supervisory Service (FSS) and other government agencies, attended the fifth Plenary of the Financial Action Task Force (FATF) held in Paris, France, from last Thursday to Friday, joining the international anti-money laundering organization's efforts to fight cross-border crime and terrorism. According to the FS...
Gov't to inject over $35 bil. into markets to avert liquidity crisis
The government said Sunday that it will expand the provision of liquidity to over 50 trillion won ($34.7 billion) hoping to ease jitters in the country's corporate bond and commercial paper (CP) markets and prevent a possible liquidity crisis. It also said that every local government in Korea will fulfill payment guarantee obligations linked to issuances of any asset-backed c...