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Watchdog Recommends Highest Level of Compensation over Derivative Misselling Fiasco

Watchdog Recommends Highest Level of Compensation over Derivative Misselling Fiasco

SEOUL, Dec. 5 (Korea Bizwire) — South Korea’s financial watchdog said Thursday that two local banks should provide compensation for up to 80 percent of their customers’ losses from a recent misselling of derivatives linked to overseas interest rates. The arbitration committee of the Financial Supervisory Service recommended the compensation rate of 40-80 percent to [...]

SK Joins Hands with Chinese Investment Firm to Create 1 tln Won Fund

SK Joins Hands with Chinese Investment Firm to Create 1 tln Won Fund

SEOUL, Dec. 3 (Korea Bizwire) – South Korean energy and telecom conglomerate SK Group plans to join hands with  Chinese private equity firm Hillhouse Capital Group to create a mutual fund worth 1 trillion won (US$843 million) for investment in the Chinese food industry. SK China, SK’s Chinese unit, held a board meeting recently and passed [...]

ESG, SRI Investment on the Rise in S. Korea

ESG, SRI Investment on the Rise in S. Korea

SEOUL, Dec. 2 (Korea Bizwire) — South Korea’s social responsibility investment (SRI) market is growing rapidly due to interest in investments that place importance on the environment, social responsibility, and governance (ESG). Asset management firms have steadily introduced related funds this year as SRI has grown in importance and the market is expected to expand [...]

Brokerages See Investment Banking Overtake Commission Fees as Main Profit Driver

Brokerages See Investment Banking Overtake Commission Fees as Main Profit Driver

SEOUL, Nov. 18 (Korea Bizwire) — Big brokerages in South Korea saw their investment banking unit report solid profits in the first nine months of this year, overtaking commission fees as their main profit driver, data showed Monday. Mirae Asset Daewoo Co., the nation’s largest brokerage, reported an operating profit of 249.8 billion won (US$214.6 [...]

Regulator Unveils Measures to Bolster Investor Protection over Risky Assets

Regulator Unveils Measures to Bolster Investor Protection over Risky Assets

SEOUL, Nov. 14 (Korea Bizwire) – South Korea’s financial regulator on Thursday unveiled a raft of measures to better protect consumers in the wake of improper sales of derivatives linked to overseas interest rates that carry the risk of losing nearly all the money invested in them. Under the measures, banks will be banned from [...]

Samsung’s Market Cap Grows Despite Poor Performance

Samsung’s Market Cap Grows Despite Poor Performance

SEOUL, Nov. 10 (Korea Bizwire) — Samsung Group’s market capitalization has continued to grow this year, largely led by a sharp increase in the market capitalization of its flagship company, Samsung Electronics, data showed Sunday. As of the end of October, the combined market capitalization of the group’s 16 listed subsidiaries came to about 434.8 [...]

Severe Weather Alerts Put a Damper on the Stock Market

Severe Weather Alerts Put a Damper on the Stock Market

SEOUL, Oct. 23 (Korea Bizwire) — A recent report has identified a correlation between the incidence of severe weather alerts and a drop in the stock market. Financial markets and consumers were also affected by weather forecasts and weather conditions, with credit card payments rising on sunny days. According to a report released Tuesday by [...]