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The Korea Times

Entertainment & Arts

SCMP
Asia

The Korea Times

Finance

Sun, March 26, 2023 | 21:48

FSS chief flatly denies rumors about running for election

FSS chief flatly denies rumors about running for election

Financial Supervisory Service (FSS) Governor Lee Bok-hyun has flatly denied the long-standing rumor that he will run in the upcoming election, according to officials from the FSS. Lee reportedly stated in a closed meeting, held on Tuesday that he believes that "The FSS is an organization as important as the prosecution” and that he will “stick with the FSS like a leech and wo...

Lee Yeon-woo | 2023-03-15 14:02

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

Stock market posts biggest daily fall this year amid SVB fallout

Stock market posts biggest daily fall this year amid SVB fallout

The main index KOSPI slid below 2,400 points in Tuesday's session, as foreign investors dumped local stocks on pessimistic outlooks amid concern over the collapse of Silicon Valley Bank (SVB) late last week.

Anna J. Park | 2023-03-14 16:44

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

Are Korean banks safe from SVB fallout?

Are Korean banks safe from SVB fallout?

The bankruptcy of Silicon Valley Bank (SVB) is raising questions over whether commercial banks in Korea are exposed to risks stemming from a sharp U.S. rate hike, which was behind SVB's downfall. Analysts said Tuesday that the management and business structure of Korean banks is quite different from that of SVB and that such differences enable local banks to withstand the adv...

Yi Whan-woo | 2023-03-14 16:12

Calls rise for bolstered deposit insurance coverage following SVB disaster

Calls rise for bolstered deposit insurance coverage following SVB disaster

The sudden collapse of U.S.-based Silicon Valley Bank (SVB) earlier this month has sent jitters across the Korean banking industry, resulting in increased calls to bolster the country's state-led deposit insurance coverage policy.

Anna J. Park | 2023-03-14 16:07

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

Fitch keeps Korea's credit rating unchanged at 'AA-,' outlook stable

Fitch keeps Korea's credit rating unchanged at 'AA-,' outlook stable

Global credit appraiser Fitch Ratings said Monday it has reaffirmed Korea's sovereign rating at "AA-" with a stable outlook, while suggesting an economic growth of 1.2 percent this year.

2023-03-13 18:23

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