Financial authorities criticized the brokerage industry for its reliance on the real estate business and warned that they would hold firms accountable that fail to manage real estate project financing risks effectively.
Korea is considering benchmarking the Japanese stock market to address the challenges faced by the Korea Composite Stock Price Index (KOSPI), which has displayed the sharpest decline among major bourses in the G20 economies this year, according to multiple financial authorities and sources, Wednesday.
KEB Hana Bank CEO Lee Seung-lyul (right) and Financial Supervisory Service Governor Lee Bok-hyun pose for a photo after the lender was named an Excellent Institution for Promotion of Coexistence and Cooperation in 2023 by the financial regulator on Wednesday. The award was given in recognition of the bank's efforts to help resolve the country's low fertility rate by launching a savings product that provides.
The government has urged Taeyoung Group to implement additional self-rescue measures for its financially troubled construction subsidiary, Taeyoung Engineering & Construction (E&C). This move is seen as essential for the conglomerate to rebuild trust with creditors and secure their agreement on a debt-restructuring plan.
Finance Minister and Deputy Prime Minister Choi Sang-mok, who took office early this year, urged the financial sector to make their utmost effort in risk management to mitigate rising concerns over a looming real estate project financing crisis. Choi also stressed the value of solidarity and mutual support as keys to overcome challenges posed by economic uncertainties.