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Fri, December 9, 2022 | 17:51
FTC tightens regulations on chaebol's intra-group dealings
The country's antitrust regulator will expand the scope of its measures restraining family-owned conglomerates from excessively outsourcing contracts or assigning work to subsidiaries and affiliates. Fair Trade Commission (FTC) Chairman Kim Sang-jo on Sunday introduced a proposal for a revised bill enabling it to restrict both listed and unlisted companies in which chaebol ow...
Cards for small biz
Yoo Yoon-dae, right, executive vice president of NongHyup Bank, holds a nonbinding contract with Main Biz Association CEO Kim Jung-tae after the bank agreed to provide “exclusive and special services” for the association's innovative startups and small businesses using its credit card. The association has 3,300 affiliated companies. Courtesy of NongHyup Bank
Shinhan issues hybrid bonds to rebalance capital structure
Shinhan Financial Group is expected to raise 1 trillion won ($1 billion) through the issuance of hybrid bonds denominated in both local and foreign currencies, said a source with knowledge of the situation. The group has recently completed analyzing demand for hybrid bonds worth 400 billion won it is seeking to raise from institutional investors this month. Bank of America Me...
Place your palm
K bank employees hold signs promoting the internet bank's latest technology service enabling customers to withdraw and deposit money via automated teller machines by placing their palms on biometric scanners at GS25 convenience stores in Seoul, Thursday. The bank has placed scanners at 1,700 stores. Courtesy of K bank
NH Bank acquires Cambodia's microfinance bank
NongHyup (NH) Bank said Wednesday it has acquired SAMIC, a Cambodian microfinance institution. Through the acquisition, which was approved by the National Bank of Cambodia and the Ministry of Commerce last Friday, NH Bank will launch its Cambodian microfinance unit “NH Finance Cambodia” on September 11. SAMIC is considered a “bank for farm villages.” NH's microfinance bank wi...
Financial groups changing culture for digital age
Local financial holdings companies are moving to change their work culture within their organizations to be “less conservative” and more “active and engaging.” This is part of efforts to spur employees' creativity and dialogue that best fit the new digital age. They are further embracing and promoting workforce mobility, enabling more freedom for its employees to work anywher...
Boosting startups
KEB Hana Bank CEO Ham Young-joo, center, holds a nonbinding contract pledging to support startups and help create jobs. he was accompanied by Korea Venture Investment CEO Joo Hyung-cheol, right, and Seok Jong-hoon, head of venture innovation at the Ministry of SMEs and Startups at a startup incubation center in Seoul, Tuesday. Courtesy of KEB Hana
Rising inflation weighs on economy
Record high increases in the cost of wholesale goods are expected to further undermine confidence in the future growth potential of the economy, analysts said Tuesday. The country's producer price index (PPI), a measure of business inflation, stood at 104.83 in July, up 0.4 percent from the previous month, according to the Bank of Korea (BOK). This marks the highest in three ...
Hyundai Card CEO becomes 'salary king' in industry
Chung Tae-young, vice chairman and chief executive of Hyundai Card and Hyundai Capital, is the highest paid CEO in the local financial industry, according to a regulatory filing. He received a paycheck worth more than 2.2 billion won ($2 million) in the first half of the year. This includes incentives of over 630 million won from the credit card and auto financing companies a...
President Moon urged to oust top policy adviser
President Moon Jae-in is facing growing criticism and calls to reshuffle his economic team at Cheong Wa Dae, especially Jang Ha-sung, the chief of staff for policy, following last week's weak job data. The opposition and minor parties are uniting to increase their pressure to have the President admit his pro-labor policy has failed, and consequently replace Jang with an econo...
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