SEOUL, April 26 (Korea Bizwire) – South Korea will make a stronger push in restructuring financially-troubled shipping and shipbuilding companies, but the restructuring drive itself should be spearheaded by firms and their creditors, the country’s top financial regulator said Tuesday. “Last year, the overall value of ship orders clenched by local shipbuilders stood at US$10 [...]
SEOUL, Jan. 12 (Korea Bizwire) – South Korea’s top financial regulator warned of greater financial market volatility on Tuesday, vowing to properly deal with it with a sense of alertness in order to ensure market stability. The local market has suffered a setback, facing a double whammy of China’s stock market rout amid concerns over [...]
SEOUL, Oct. 19 (Korea Bizwire) – South Korea’s top financial regulator said Sunday that it will allow local insurance firms to decide premiums for their insurance policies on their own in a bid to promote price competition in the long-slumped market. The Financial Services Commission (FSC) said it will remove guidelines for setting insurance premiums from the beginning of 2016. Since 2000, the financial authorities have required local insurers to set aside a certain amount of money to make [...]
SEOUL, Sept. 4 (Korea Bizwire) — The head of South Korea’s top financial regulator pledged Friday to lower entry barriers for foreign banks seeking to tap into the local market. “To encourage financial companies to tap into other countries, each country must work to increase the conformity of their local rules with international norms,” Financial [...]
SEOUL, Aug. 26 (Korea Bizwire) – South Korea’s leading online shopping site Interpark said Wednesday it has joined forces with the nation’s top mobile carrier and several other firms to win regulatory approval for running an Internet-only bank. Interpark said its consortium includes SK Telecom, the state-run Industrial Bank of Korea, GS Home Shopping and four [...]
“Recent external factors, including a sharp fall in the Chinese stock market, Chinese yuan devaluation and a possible U.S. rate hike, dragged down the South Korean market. As the external shocks will continue to weigh on South Korea for a while, we have to make all-out efforts to alleviate the volatility of the local capital [...]
SEOUL, Aug. 13 (Korea Bizwire) — South Korea’s top financial regulator will set up an entity that mainly deals with corporate restructuring later this year to put government-led workout programs in private hands, officials said Thursday. In a report submitted to the parliament, the Financial Services Commission (FSC) said it has inked a memorandum of [...]
SEOUL, Aug. 4 (Korea Bizwire) – In the mega-hit movie “Minority Report,” buildings, shops and streets are full of electronic biometric systems that use red flashes and lights to scan the irises of all passers-by and identify them in order to send them custom-tailored services and advertisements. Before entering a security agency, Tom Cruise, who [...]
SEOUL, Jul. 23 (Korea Bizwire) — South Korea’s top financial regulator on Wednesday gave preliminary approval for the merger of two flagship banks of Hana Financial Group Inc., the country’s third-largest banking group by assets. Hana Financial had been pushing for the merger between Hana Bank and Korea Exchange Bank (KEB) since its acquisition of [...]
SEOUL, July 13 (Korea Bizwire) — Major banking group Hana Financial Group said Monday that it plans to complete a merger between its two banking units — Hana Bank and Korea Exchange Bank (KEB) — before October as KEB’s labor union has agreed on the proposed merger. Hana Financial has been pushing for the merger since its [...]