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Reporter : Anna J. Park
Wed, August 17, 2022 | 13:19
SoftBank Ventures Asia up for sale on M&A market
SoftBank Ventures Asia, the venture capital arm of SoftBank Group, is reportedly seeking a new owner, a move that coincides with SoftBank Group's largest ever quarterly loss of 30.5 trillion won ($23.3 billion) posted in the second quarter, this year. Although the venture capital firm hasn't yet officially acknowledged market rumors about its potential sale in the M&A market,...
NPS reduces Samsung shares, while increasing TSMC stocks
The National Pension Service (NPS), the largest institutional investor in Korea with a net asset size of 948 trillion won ($725 billion) as of the end of last year, has lowered the number of shares it holds of Samsung Electronics, while increasing its stake in Taiwanese semiconductor company TSMC. According to the public disclosure information released by the pension service ...
Suspicious international wire transfers at local banks grow
As a follow-up to the ongoing investigation into suspicious international money transfer transactions of over 4.1 trillion won ($3.37 billion) over the last year at Woori Bank and Shinhan Bank, other major local banks have also spotted records of abnormal international remittances during the past year, amounting to some $3.15 billion. In total, a whopping $6.54 billion in sus...
Financial authority seeks to promote pet insurance
A pan-government task force team to promote the local pet insurance market will be launched next month, as the Yoon administration aims to fulfill its pledge of invigorating the pet insurance market, which was one of the Yoon government's 110 national task agenda items
FSS brings legal battle with Woori Financial chief to Supreme Court
The Financial Supervisory Service (FSS) has decided to appeal to the Supreme Court over a legal battle with Woori Financial Chairman Son Tae-seung, as the two sides have been fighting over the validity of the FSS' sanctions on the financial group's chief. The decision to appeal came several weeks after the FSS lost its appellate trial on the issue in late July.
FSS to examine Korea Investment & Securities' trading system failure
Following a recent 15-hour system failure at Korea Investment & Securities earlier this week, the Financial Supervisory Service (FSS) has begun to look into the case, as the financial watchdog agency has been receiving reports of related facts from the brokerage company. The financial authority will decide whether to impose sanctions on the firm over the system failure, after...
Internet banks perform poorly in board gender diversity
Internet-only banks that have been vocal about their demand for innovation have turned out to be actually lagging behind their traditional peers in their environmental, social and corporate governance (ESG)-related efforts. They've been especially weak in fulfilling the governance factor. K bank and Toss Bank haven't even appointed any female independent board members yet, wh...
Flood damage to vehicles during torrential rain to hit insurers
Over a thousand luxury cars have been flood damaged during the record torrential rainfall that mostly struck wealthy districts of southern Seoul earlier this week, wreaking havoc on non-life insurers' profitability. According to insurance industries, over 1,500 cases of flood damaged high-end cars due to Monday's deluge have been submitted to major non-life insurance companie...
Carlyle CEO Kewsong Lee's sudden resignation draws attention
Carlyle Group Chief Executive Kewsong Lee, 56, stepped down from his post earlier this week, drawing market attention to his sudden resignation. The renowned Korean-American CEO's departure from his post came several months prior to the official termination of his five-year term, which is slated for the end of this year. Lee had also stepped down from the firm's board as well.
Korea Investment & Securities' trading system crippled by torrential rain
Following a half-day system failure due to heavy rainfall, Korea Investment & Securities' transaction system resumed operating on Tuesday. The brokerage vowed to compensate those whose stock trading had been hampered by the system failure. According to the firm, the system has been normalized as of 7 a.m. on Tuesday morning, some 15 hours after the company's home trading syst...
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