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Reporter : Anna J. Park
Sun, January 29, 2023 | 14:32
FSS to establish hotlines with banks to monitor foreign liquidity
As the won-dollar foreign exchange rate continues to skyrocket, the Financial Supervisory Service (FSS) has decided to monitor local banks as well as the local operations of foreign banks for their preparations in foreign reserves.
Kyobo Life mulls over listing on US stock market
Kyobo Life is examining the option of pursuing an overseas listing on the U.S. stock market, as its attempt to go public on the Korean stock market was denied two months ago. According to financial industry sources on Tuesday, the life insurer has begun internal discussions on the topic of going public on the U.S. stock market with a preference for the New York Stock Exchange...
Securities firms tighten belts amid bearish stock market
Local securities companies have announced that they kick-started emergency management systems, aiming to weather through the current challenges of both global and local stock markets. Such moves are deemed necessary, as various geopolitical factors increase market uncertainty. Soaring interest and exchange rates as well as tightening global monetary policies have also signifi...
Korea on alert over 6 more investor-state suits following Lone Star ruling
While the government's high-profile battle with Lone Star Funds has finally reached an outcome after 10 years, six more similar investor-state dispute settlement (ISDS) cases filed against the Korean government are still pending at the international arbitration tribunal. The total amount of claims asked by claimants against the Korean government exceeds 1.6 trillion won ($1.2...
Lone Star ruling regarded as '50% defeat' for Korean gov't: experts
Debates continue over the ruling by the International Centre for Settlement of Investment Disputes (ICSID) that came after a decade-long legal battle between the Korean government and U.S.-based Lone Star Funds over the private equity firm's sale of Korea Exchange Bank (KEB).
Law firms are real winners in Korea-Lone Star battle
As the Korean government has announced its plan to seek an annulment of the $216.5-million award that it was ordered to pay Lone Star Funds in a recent international arbitration case, law firms' revenues are expected to increase further. It has been estimated that both the Korean government and Lone Star spent over 100 billion won ($75 million) over the last decade on legal f...
Korea to challenge Int'l tribunal decision on Lone Star suit
Korea will request the cancellation of an international tribunal's decision ordering it to pay U.S. private equity firm Lone Star Funds $216.5 million plus interest over a dispute in connection with its sell-off of Korea Exchange Bank (KEB) more than a decade ago, the Korean government said Wednesday.
FSS chief vows support for fintech businesses with deregulation
The Financial Supervisory Service (FSS) chief vowed to support local fintech businesses by loosening up regulations. During a meeting with fintech company leaders on Tuesday, FSS Governor Lee Bok-hyun pledged not to impose governmental guidelines when it comes to the fintech businesses' easy payment commission fees.
Customs inspection turns up illegal cryptocurrency transactions worth $2 bil.
Seoul Regional Customs uncovered a total 2.7 trillion won ($2 billion) worth of illegal foreign exchange transactions related to cryptocurrency trading during its special inspections, the agency announced Wednesday. The special inspections focusing on cryptocurrency-related illegal foreign exchange transactions began in February. Most of the foreign exchange violations caught...
NPS posts 8 percent loss in H1
The National Pension Service (NPS) posted a loss of 8 percent during the first half of this year, due mainly to market deterioration stemming from tightening global monetary policies and the ongoing Russia-Ukraine conflict. According to the NPS, Monday, its assets were reduced to 882.7 trillion won ($654 billion) as the end of the first half of this year, a drop of 8 percent ...