SEOUL, Nov. 5 (Korea Bizwire) – Yuhan Corporation, the first runner in terms of sales and net profit among Korean drug companies, is expected to reach one trillion won sales this year, for the first time as a pharmaceutical company. In a recent electronic disclosure to the Financial Supervisory Service, Yuhan said that its preliminary [...]
SEOUL, Oct. 23 (Korea Bizwire) – As the issue of anti-money laundering (AML) is getting more critical all over the world, the Financial Supervisory Service (FSS) ordered the Korean branches of four international banks that do not have any adequate internal system to closely monitor money laundering activities, with relevant regulations set up and consolidated. Of the [...]
SEOUL, Oct. 22 (Korea Bizwire) – From now on, ordinary people can get private financial “advice” via the Internet like private banking service that people with a large amount of assets use. Common people will get the financial consulting service from the Financial Supervisory Service (FSS) by typing in their basic financial data like monthly income, [...]
SEOUL, Oct. 20 (Korea Bizwire) — A parliamentary investigation disclosed that the volume of earned surplus stocked up by large corporations has increased at a fast pace for the past few years. According to Congressman Lee Jong-kul (New Politics Alliance for Democracy) on October 18 based on data submitted by the Financial Supervisory Service, the [...]
SEOUL, Aug. 23 (Korea Bizwire) – It is expected that from the year of 2018 the more drivers may have accidents, the more they will pay insurance premiums, regardless of the damage size. According to the revision of the auto insurance premium ratings system by the Financial Supervisory Service (FSS), the current system determined by the [...]
SEOUL, Aug. 21 (Korea Bizwire) – As the number of overseas subsidiaries to Korea-based companies rises, the financial authorities are strengthening their supervision on these companies’ accounting practices. According to the Financial Supervisory Service on August 20, of the 1,594 publicly traded companies that close their books in December as much as 76.2 percent (1,214 firms) [...]
SEOUL, Aug. 20 (Korea Bizwire) — After President Park Geun-Hye publicly denounced the prevalent mannerism in the financial industry, financial authorities are considering adopting long-term performance-based incentive payment schemes such as “stock grant” for commercial bank employees to remedy the situation. Most banks have already adopted long-term incentive payment systems, but only executives and high-ranking managers are allowed [...]
SEOUL, Aug. 15 (Korea Bizwire) — Amid losses from smishing attacks and wire frauds keep rising even with the government’s continued efforts to fight them off, the financial authorities once again have rolled up their sleeves to eradicate the electronic financial fraud by implementing a comprehensive preventive measures. The Korea Financial Services Commission hosted on August 12, “Telecommunication [...]
SEOUL, July 8 (Korea Bizwire) – Amid the recession in the stock market, the number of securities firms will fall below the 60 mark soon, while the number of asset management and investment consulting firms is on the rise. According to the Financial Supervisory Service on July 6, as of March this year, there are 61 [...]
SEOUL, June 23 (Korea Bizwire) - Industrial Bank of Korea sold off all its holdings in Samick Musical Instrument. The bank, in partnership with KDB Capital, purchased bonds with warrant on the musical instrument maker last year and succeeded in netting 14.8 billion won in profit. According to the Financial Supervisory Service on June 20, [...]