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Reporter : Anna J. Park
Sun, July 3, 2022 | 02:27
Kakao Pay shareholders perplexed by Alipay's block deal
Small shareholders of Kakao Pay are suffering from plunging stock prices, following news that the firm's second largest shareholder sold off five million shares in a block deal. The stock price ended at 89,500 won ($71.23), falling 15.57 percent on Wednesday, as the company officially disclosed earlier in the day that Alipay Singapore Holding - the second largest shareholder ...
What changes will prosecutor-turned-FSS chief bring?
Former chief prosecutor Lee Bok-hyun's appointment as the head of the Financial Supervisory Service (FSS) is an unprecedented case in many regards. First, he is the first-ever FSS governor to have been a prosecutor before assuming the chief role at the financial authority. Born in 1972, he is also the youngest-ever FSS governor ― he's even younger than most of the directors a...
New FSC chief vows to facilitate innovative growth through deregulation
The Yoon Suk-yeol administration has appointed Kim Joo-hyun, the incumbent chairman of the Credit Finance Association of Korea (CREFIA), as chief of the Financial Services Commission (FSC). The much-awaited appointment of the top financial regulator came about four weeks after the new administration was inaugurated.
Former prosecutor Lee Bok-hyun appointed to lead FSS
Lee Bok-hyun, a former chief prosecutor with expertise in investigating financial crimes, has been appointed as the governor of the Financial Supervisory Service (FSS) on Tuesday afternoon. The former chief public prosecutor at the Seoul Northern District Prosecutors' Office has been engaged in various financial and economic investigations throughout his career. He is a Certi...
Retail stocks expected to rise as consumers spend more offline
Traditional retail stocks, such as department stores and shopping malls, are expected to benefit the most from a wider resumption of spending in the second half of this year. While luxury product sellers and online retailers enjoyed a boom during the COVID-19 pandemic, fashion and food-and-beverage (F&B) purchases through offline channels are expected to attract more consumer...
Korea's household debt to GDP ratio highest among major economies
Korea's household debt when compared to the size of the economy is found to be the highest among major countries, which will make it more difficult for the government to ease regulations on household loans.
Shares of budget carriers expected to rise
Stock prices of so-called LCCs, or low-cost carriers, continue to move upward lately, reflecting the country's revitalized travel sector, with the number of international travelers increasing. According to the Korea Exchange (KRX), the stock price of Jeju Air saw a weekly increase of 7.73 percent, as the price rose from 20,700 won ($16.53) logged on May 27 to last Friday's cl...
Regulator to apply stricter rules on financial soundness of banks, card firms, insurers
The government plans to strengthen domestic regulations on financial companies' soundness requirements from early next month, aiming to proactively respond to growing external financial risks. The financial authorities have not been applying an ultra-stringent approach on financial companies' soundness requirements since April 2020, in a move to provide necessary liquidity to...
Yoon administration expected to appoint heads of financial authorities soon
With the completion of the June 1st local election, the market's focus is now on when the Yoon Suk-yeol administration will carry out the delayed appointments of the heads of key financial authorities - the Financial Services Commission (FSC) and Financial Supervisory Service (FSS). Since the resignation of FSC chief Koh Seung-beom in early May, the top post at the financial ...
Insurance fraud becoming bigger, better organized
Insurance fraud in the country is not only becoming more prevalent in recent years but also more “organized” due to advances in fraud methods, data showed. Insurance companies and supervisory authorities are thus pondering ways to strengthen their monitoring for fraud attempts.
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