Controversy is surrounding Taekwang Industrial as it looks to increase capital for Heungkuk Life Insurance through a board meeting. Shareholders and civic groups are calling on Taekwang Industrial to withdraw from the discussions, calling the move a breach of trust as the company has no affiliation with Heungkuk Life, according to industry officials, Tuesday.
Hong Kong’s Mandatory Provident Fund scheme gets three more investment options; Korea's National Pension Service reportedly has two frontrunners to head its investment operations; new report says asset owners around the world are passively invested in companies that might be involved in Uyghur Muslims repression in China’s Xinjiang region; and more.
Major banks in Korea are setting aside more bad debt reserves to cope with a chain of pandemic-induced economic pressures that are pushing more borrowers toward the possible risk of default. The default risks used to center on small business owners, whose sales plunged due to the spread of the COVID-19 virus and social distancing measures following the pandemic outbreak. These borrowers have been granted multiple delays by the government to repay their loans to date.
An initial announcement by the life insurer to delay a foreign-currency bond redemption got called back, stoking concerns about the general economical situation in Korea, where institutions have been tested by a depreciating won.