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Tue, September 28, 2021 | 14:25
Samsung, Shinhan and Hyundai banned from starting new biz
Korea’s three major credit card issuers - Samsung, Shinhan and Hyundai - have been banned for a year from starting new businesses that require regulatory approval because they illegally offered their customers’ private information to sales agents.
BOK freezes rate at 1.5 percent again
The Bank of Korea (BOK) kept its key rate at 1.5 percent Thursday, saying the current level is accommodative enough to boost the economy.
Negative policy rates have little impact on market
Central banks in Europe and Japan are drawing criticism for their implementation of negative policy rates as economists say that the unconventional measure has little impact on the financial markets while weakening the role of commercial banks.
JPMorgan, HSBC shine in 2015 earnings
JPMorgan Chase and HSBC each posted more than 100 billion won in net profit in Korea last year, leading the earnings race among foreign lenders operating their branches here, the financial regulator said Tuesday.
Shinhan to open Myanmar branch next year
Shinhan Bank said Monday it plans to reach the Myanmar market next year by opening a branch there, seeking to expand its presence in the Southeast Asian country as part of its global strategy to find new revenue sources.
Four members of BOK monetary policy board to be replaced next month
Four Bank of Korea (BOK) Monetary Policy Board members will be replaced next month, triggering debate about who should take one of the financial sector’s most powerful and influential jobs.
NH Financial expands into Indonesia
NH Financial Group said Thursday that it signed a memorandum of understanding (MOU) with Indonesia’s largest bank to cooperate in developing rural areas in the Southeast Asian country, paving the way for reaching the most populated market in the region.
US appeals court allows Korean firm to sue Citibank
A U.S. appeals court allowed a Korean company to file a lawsuit against Citibank over a foreign exchange derivative, opening the door for the local exporter to claim $73 million from the U.S. bank, the court and the company officials said Wednesday.
Foreign investors rush to sell local stocks, bonds
Foreign investors rushed to sell Korean stocks and bonds in January, extending their net selling streak for an eighth month as the country’s local currency continued to lose its value against the U.S. dollar, central bank data showed Wednesday.
Hana Academy clashes with authority
A boarding high school run by Hana Financial Group is in conflict with the education authority over the school’s special admissions policy, accepting 20 percent of its students from families of the group’s executives and employees, officials said Monday.