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Sun, May 29, 2022 | 14:00
Supporting arts and culture
Shinhan Card CEO Lim Young-Jin, left, and Seo Yang-ho, head of Seoul's central Jung-gu, pose at Jung-gu Office, Thursday. Shinhan agreed to help support the development of an art street in Euljiro 3-ga, housing independent movie theaters, small art galleries and a cultural center in the latter half of the year. Courtesy of Shinhan Card
FSC changes corporate auditing system
The Financial Service Commission (FSC) will change the way it audits the books of listed companies, the regulator said Thursday. In a meeting with academics, accounting firms and corporate executives at the Korea Exchange, FSC Chairman Choi Jong-ku said the regulator will not play a role in post-managing and disciplining companies that recorded wrong numbers.
Fiscal soundness in question
The government is coming under pressure to be more efficient and prudent in managing its debt, spending and tax revenue. This comes amid increasing calls to boost welfare funding for an aging society, as well as expand fiscal measures to counter low growth. Analysts say the country's fiscal position could worsen if it carries out excessive and rapid stimulus measures without ...
Unemployment hits record high in May
The number of people who have lost or can't find jobs reached 1.15 million in May, according to Statistics Korea, Wednesday. The monthly figure was the lowest for May since 2000. Also, the number of unemployed people has remained above 1 million since January this year.
Scholarships for multicultural students
Woori Financial Group Chairman Sohn Tae-seung, center, poses with children of multiracial families at Woori Bank's charity event in Seoul, Wednesday. Woori gave scholarships worth 630 million won to 400 multiracial students. Courtesy of Woori Financial Group
FSC to check chaebol's financial firms
The Financial Services Commission (FSC) will begin checking risk management systems of local conglomerates' financial subsidiaries next year, the FSC said Tuesday. Groups such as Samsung, Hanwha, Hyundai Motor, DB, Lotte, Kyobo and Mirae Asset will face audits, it added.
Gov't reduces SME inheritance tax burden
The government has proposed to loosen the requirements for owners of small- and medium-sized enterprises (SME) and their children to receive tax benefits when the latter inherit the former's business, the finance ministry said Tuesday. They will be able to receive inheritance tax deductions of up to 50 billion won ($42.3 million) as long as the new generation runs the company...
Blockchain ties
Lee Woo-yeol, right, head of KB Kookmin Bank's IT group, poses with startup Atomrigs Lab CEO Jung Woo-hyun at the bank's data center on Yeouido, Seoul, Tuesday. Both sides agreed to collaborate in developing a blockchain-based digital asset management business. Courtesy of KB Kookmin Bank
'Shinhan's exit costs Viva internet banking'
Kiwoom Securities' business proposal for an internet bank lacked specific details on how it will operate “differently and innovatively” with its strategic partners. And Viva Republica's Toss Bank did not specify how it would run its internet bank without a single strategic partner, and raise capital given its negative cash flow. These were the reasons the Financial Services C...
Donating air conditioners for elderly
Kim Tae-young, right, chairman of the Korea Federation of Banks, donates 200 million won to Kim Hyun-mi, head of the Support Center for the Elderly Living Alone at the federation's headquarters in Seoul, June 7. The donation will be used to install 500 air conditioners at low-income elderly homes. Courtesy of Korea Federation of Banks
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