South Korea’s Fair Trade Commission said Thursday that it has filed a report with the prosecution against KT over alleged violations of antitrust law, a move that puts the telco’s plans to increase its stake in the internet-only K bank on indefinite hold.　The FTC imposed fines totaling 13.38 billion won ($11.54 million) on Korea’s four major telecom-cable companies -- SK Broadband, KT, LG Uplus and Sejong Telecom -- for collusion in a government-led business project. Calli

The Financial Services Commission and the Justice Ministry on Wednesday announced a series of policies aimed at improving local firms’ annual general meeting of shareholders, which have become more of a formality than a platform for shareholders to exercise their rights. 　To encourage shareholder participation, the FSC will amend the Capital Markets Act so that a listed company can obtain the email addresses of its shareholders from securities brokerage firms. 　The regulator will also amen

Venture capitalists in the global startup scene have to pay a hefty price -- hundreds of millions of dollars -- to take part in a later-stage round of investment. In South Korea, one of the nations riding the up cycle in the startup ecosystem, domestic venture investment in startups has mainly been concentrated in small- and midsized investment rounds with a risk-averse stance. Startups lose out on early-stage seed funding and larger-scale investment rounds.Now, the Korean government appears to

KT’s stake increase plans halted by FSC’s indefinite suspension of application review

The Korea Herald is publishing a series of articles spotlighting the stories and opinions of female executives in Korea’s finance-banking industry, where the glass ceiling remains. - Ed.In the early 1990s, South Korea’s corporate landscape had a distinct characteristic: Men made up and led the country’s primary workforce. The banking-finance industry was no exception. During this time, Korean banks had separate hiring and wage systems for men and women. Female employees were al

With Hanwha Group having dropped out, Hana Financial Group has emerged as a strong bidder for ownership of Lotte Card -- a development that portends major shifts in South Korea’s credit card business.Last week, Hana Financial and two private equity funds officially joined the bidding process to acquire Lotte Card. Hanwha, which had shown an interest in the deal, did not enter the bidding, leaving Hana as the sole big-name financial corporation in the race.If Hana Financial ends up acquirin

JYP Entertainment founder and Chief Communications Officer Park Jin-young topped the list of stock-rich entertainment agency owners in Korea, data showed Sunday, amid the industry’s struggle to recover from an ongoing sex scandal involving multiple K-pop stars. The value of JYP stocks held by Park had increased 1 percent, or 1.9 billion won ($1.7 million), from the end of 2018, to 192.2 billion won as of Thursday, according to conglomerate research firm Chaebul.com. Park is the largest sha

South Korean shares are likely to trade in a tight range next week as investors digest a series of corporate earnings reports from major firms, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,216.15 points on Friday, down 0.77 percent from a week earlier. Earlier this week, the main bourse extended its winning streak to 13 trading sessions but lost ground as investors opted to cash in recent gains.On Thursday, the KOSPI plunged more than 1 percent after the Ban

Hana Financial Group, a major South Korean banking group, said Friday its first-quarter net profit fell 16.8 percent on-year, hit by one-off costs related to severance payments. 　Net profit stood at 556 billion won ($489 million) for the January-March period, compared with a profit of 668.6 billion won a year earlier, Hana Financial said in a statement. 　Hana Financial said it spent 126 billion won in severance payments in February, when it cut 241 jobs.  　Its interest income and earnings f

South Korea’s financial regulator is seeking to bolster the business of local firms in Southeast Asia, widely considered the “next China.”　The Financial Supervisory Service hosted an event Friday in light of the Moon Jae-in government’s “New Southern Policy” which strives to elevate diplomatic and economic ties with the Association of Southeast Asian Nations, as well as India. Yoo Kwang-yeol, first senior deputy governor of the FSS, called on Korean firms to b

The financial regulator said Wednesday it has halted its review of a plan by KT Corp. to raise its stake in Internet-only K bank, citing an anti-trust inspection into the telecom firm. 　KT, the nation’s biggest fixed-line Internet operator, asked the Financial Services Commission to review its plan last month as it seeks to a larger stake in K bank, which was launched in 2017 by a KT-led consortium. 　K bank has planned to raise 592 billion won ($522 million) later this month via a rig

South Korea’s financial regulator on Wednesday designated nine financial technology services as the first participants in the newly enacted “regulatory sandbox” policy for the finance sector.The Financial Services Commission’s special panel selected nine services based on the “strength of their innovation, envisioned consumer benefits, and user protection and security measures.” As a result, these services will operate as part of a regulatory sandbox -- a mech

Hyundai Capital, the financing arm of South Korea’s Hyundai Motor Group, and Santander Brasil celebrated the launch of their joint venture, Banco Hyundai Capital Brasil S.A., in Sao Paulo on Wednesday, pledging tailored auto financing services for customers and dealers in Brazil.The joint venture marks Hyundai Capital’s first foray into the Latin American market and forms the first exclusive consumer financing service provider in Brazil for Hyundai Motor, the firm said.Banco Hyundai

Leniency for fintech firms brings both expectations for innovation and concerns for safety

South Korea’s chief financial supervisory body and the central bank on Monday launched a joint audit into the country’s four major commercial banks to scrutinize their loan products offered to small business owners. The Financial Supervisory Service and the Bank of Korea are working together to examine the related business practices of the four banks: Shinhan Bank, KB Kookmin Bank, Woori Bank and KEB Hana Bank. Shinhan was the first bank to undergo the audit Monday, which was initiat