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Thu, March 30, 2023 | 14:11

Record loss prompts relocation debate on pension operator's investment division

Record loss prompts relocation debate on pension operator's investment division

The record investment loss suffered by the National Pension Service (NPS) has sparked a debate over whether its investment division should be relocated back to Seoul from Jeonju, North Jeolla Province, to foster a more favorable working environment.

Yi Whan-woo | 2023-03-15 08:16

Average annual salary at internet-only lenders tops W100 mil.

Average annual salary at internet-only lenders tops W100 mil.

Three digital banks in Korea pay around 100 million won ($76,000) in average annual salary to their employees, the companies said Tuesday in their respective reports. The biggest of the three, KakaoBank said its executives and rank-and file-employees received 107 million won on average in 2022.

Yi Whan-woo | 2023-03-14 16:22

Securities firms seeking more female directors

Securities firms seeking more female directors

Securities firms are set to prioritize the appointment of female outside directors during their regular shareholders' meetings this month, in a move to enhance their environmental, social and corporate governance (ESG) management. The ratio of females on boards, however, still falls short of the average of other industries.

Lee Min-hyung | 2023-03-14 14:54

US court grants bail to former Lone Star official

US court grants bail to former Lone Star official

The former Seoul branch chief of Lone Star, who led the U.S. equity fund's controversial acquisition of a Korean bank nearly two decades ago, has been released on bail, the Ministry of Justice said Tuesday.

2023-03-14 09:28

Korean financial groups frustrated over growing bureaucratic control

Korean financial groups frustrated over growing bureaucratic control

Korea's major financial institutions stand at a critical crossroads ahead of their regular shareholders' meetings this month, facing mounting political pressure to drastically reform their governance structures. This poses a serious dilemma for leading financial holding firms, such as KB, Shinhan, Hana, Woori and NongHyup, even after they chalked up record earnings on steep r...

Lee Min-hyung | 2023-03-14 08:25

SVB collapse adds to woes of NPS' record investment loss

SVB collapse adds to woes of NPS' record investment loss

The National Pension Service (NPS) had more than 100,000 shares in the Silicon Valley Bank (SVB) that has been suspended from trading as it became the largest U.S. bank to collapse since the 2008-09 global financial crisis, according to industry sources, Monday. The shares owned by the NPS were valued at over $230 billion as of the end of 2022.

Yi Whan-woo | 2023-03-13 16:57

Bank stocks tumble; others rise on hopes for easier rates

Biden promises 'whatever needed' for US bank system

Biden tells US to have confidence in banks after collapse

Financial markets show resilience to SVB collapse

FSC expedites globalization of financial sector

FSC expedites globalization of financial sector

The Financial Services Commission (FSC) pledged Monday to spur the globalization of Korean financial firms and revamp the rules to increase foreign capital inflow to the country. As part of its moves, the authority decided to set up a special team focusing on the task amid growing saturation of the local financial market, it said.

Lee Min-hyung | 2023-03-13 16:00

BOK closely monitoring impact of SVB collapse on markets, economy

BOK closely monitoring impact of SVB collapse on markets, economy

The Bank of Korea (BOK) said Monday that it will closely monitor any impact of last week's collapse of a U.S. tech startup-focused lender on domestic financial market and economic conditions, though it dismissed worries that the issue could turn into a systemic risk.

2023-03-13 10:42

Large exposure limits for banks to be extended again amid SVB fallout

US stems SVB fallout by backing customer deposits

UBS, ESK sanctioned for violating short-selling rules

UBS, ESK sanctioned for violating short-selling rules

Korea's financial regulators recently imposed a total of 6 billion won ($4.5 million) worth of penalties on two foreign financial companies - UBS Securities and ESK Asset Management - for violating local short-selling rules.

Anna J. Park | 2023-03-12 16:53

How Kakao won takeover battle against HYBE for K-pop pioneer SM

How Kakao won takeover battle against HYBE for K-pop pioneer SM

Korean K-pop pioneer SM Entertainment is poised to fall under the grip of social media giant Kakao after HYBE, the agency representing boy band BTS, on Sunday dropped a bid to take control.

2023-03-12 14:17

HYBE to halt SM takeover bid, seek platform cooperation

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