South Korea financial watchdog chief vows fair market, shareholder representation
The appointment of a new watchdog chief comes as the government has pledged a series of market reforms in a country trying to tackle a so-called "Korea discount", which refers to a tendency for local companies to have lower valuations than global peers due to factors such as low dividend payouts and the dominance of opaque conglomerates known as chaebols.
"Companies should adopt shareholder value-oriented, fair governance systems," Lee Chan-jin, governor of the Financial Supervisory Service, said in his inauguration speech.
"I will establish a market order in which the rights and interests of both major and regular shareholders are equally respected," Lee said.
Lee also vowed to respond firmly to market-disturbing behaviour, such as stock price manipulation and abuse of monopolistic power, under a principle of zero tolerance.
Governor Lee was appointed by President Lee Jae Myung, who has pledged various market reforms under his "KOSPI 5,000" initiative, including a legislative amendment aimed at better protecting shareholder rights, since taking office on June 4.
The benchmark KOSPI stock index (.KS11), opens new tab hit a four-year high of 3,254.47 points in a post-election rally last month, before government tax hike proposals triggered investor scepticism over its market reform push.
Governor Lee is a lawyer and a former classmate of President Lee during their judicial service training and represented the liberal president when he faced legal challenges, according to media reports.
The newly appointed FSS chief succeeds Lee Bok-hyun, whose term ended in June. The former governor also had a legal background as a prosecutor before being appointed to the role, which is usually held by finance officials.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times
9 hours ago
- Times
US and UK must turn up heat on China over Jimmy Lai trial
Jimmy Lai has been charged under the same national security laws that he once dubbed 'a death knell for Hong Kong' and against which his tabloid newspaper, Apple Daily, had campaigned VINCENT YU/AP If courage has a representative, his name is Jimmy Lai. The 77-year-old media magnate and British citizen has been imprisoned for more than 1,600 days, a prolonged ordeal which began with his arrest in 2020 over his role in pro-democracy protests in Hong Kong. He appeared in court on Friday to hear the closing arguments in the case brought against him by the authorities. Within a short time, however, the court was adjourned over Mr Lai's ill health. It will resume on Monday. The newspaper proprietor has been charged under the same national security laws that he once dubbed 'a death knell for Hong Kong' and against which his tabloid newspaper, Apple Daily, had campaigned. The prosecutors allege collusion with foreign powers — potentially carrying a life sentence — and that he published seditious articles intended to incite hatred or contempt towards the Beijing or Hong Kong governments. Mr Lai vigorously denies the charges, contending that he was peacefully exercising and supporting freedom of speech, as protected under the Basic Law agreed when the territory passed from British to Chinese rule in 1997. After years of delay Mr Lai's national security trial began in December 2023. From November last year he gave evidence in his own defence for a gruelling 50 days. Onlookers might reasonably conclude that the dragged-out process has become part of the intended punishment for public dissent. And although Mr Lai's spirit clearly remains undiminished, his body is increasingly weak: he suffers from diabetes and a heart condition and his family fear that under continuing detention, which has been spent in solitary confinement, his health is rapidly deteriorating. • Refugee to riches: the brash billionaire who took on Beijing (and is now in jail) In earlier days Mr Lai could have chosen to leave Hong Kong to protect himself from vengeful persecution. That he didn't is testament to his strength of character and the depth of his belief in democracy. It is a source of regret that some British judges, who still sit in Hong Kong's court of final appeal, have not displayed the same intellectual and moral clarity. One of them, Lord Neuberger of Abbotsbury, a former president of the UK's Supreme Court, served on a judicial panel which last year upheld the conviction of Mr Lai and other pro-democracy activists on a previous charge related to a peaceful protest in 2019. The argument that British judges could help to prop up an embattled legal system in Hong Kong has gradually crumbled in the face of Beijing's growing authoritarianism. Now their presence more resembles a gilded façade on a process riddled with rot. Lord Sumption, who resigned from the court last year, concluded that the rule of law in the territory was 'profoundly compromised' and that it was 'slowly becoming a totalitarian state'. Mr Lai's supporters, however, must not give up hope. He has recently referred to himself as a 'political prisoner' and it is through political pressure that he has the greatest hope of release. President Trump's recent promise to do 'everything I can' to help Mr Lai is a welcome one, which may carry particular weight at a time when increased US tariffs on Chinese goods hang in the balance. Sir Keir Starmer, too, raised the case in his first meeting with President Xi last year. The US and UK should intensify this pressure by every means possible. Mr Lai has taken great personal risks to defend the principles of democracy. Democrats must now stand up for him.
The Guardian
13 hours ago
- The Guardian
Men celebrate fourth anniversary of Taliban's return to power in Afghanistan
Thousands of men gathered across Kabul on Friday to watch the scattering of flowers from helicopters, but Afghan women were barred from attending the celebrations marking the fourth anniversary of the Taliban's return to power. Three of the six 'flower shower' locations were already off-limits to women, who have been prohibited from entering parks and recreational areas since November 2022. The Taliban seized Afghanistan on 15 August 2021, as the US and Nato withdrew their forces at the end of a two-decade war. Since then, they have imposed their interpretation of Islamic law on daily life, including sweeping restrictions on women and girls, based on edicts from their leader, Hibatullah Akhundzada. Friday's anniversary programme, which also included speeches from cabinet members, was only for men. An outdoor sports performance, initially expected to feature Afghan athletes, did not take place. Rights groups, foreign governments and the UN have condemned the Taliban for their treatment of women and girls, who remain barred from many jobs, education beyond sixth grade, and most public spaces. Members of the United Afghan Women's Movement for Freedom staged an indoor protest against Taliban rule on Friday in the north-eastern Takhar province. 'This day marked the beginning of a black domination that excluded women from work, education, and social life,' the movement said in a statement shared with the Associated Press. 'We, the protesting women, remember this day not as a memory, but as an open wound of history, a wound that has not yet healed. The fall of Afghanistan was not the fall of our will. We stand, even in the darkness.' There was also an indoor protest in the Pakistani capital, Islamabad. Afghan women held up signs that said 'Forgiving the Taliban is an act of enmity against humanity' and 'August 15th is a dark day.' They were fully veiled, except for their eyes, in the photographs. Earlier in the day, the Taliban leader had warned God would severely punish Afghans who were ungrateful for Islamic rule in the country, according to a statement. Akhundzada, who is seldom seen in public, said in a statement that Afghans had endured hardships and made sacrifices for almost 50 years so that Islamic law, or sharia, could be established. Sharia had saved people from 'corruption, oppression, usurpation, drugs, theft, robbery, and plunder'., he said. 'These are great divine blessings that our people should not forget and, during the commemoration of Victory Day (Aug. 15), express great gratitude to Allah Almighty so that the blessings will increase,' said Akhundzada in comments shared on the social media platform X. 'If, against God's will, we fail to express gratitude for blessings and are ungrateful for them, we will be subjected to the severe punishment of Allah Almighty,' he said. Last month, the international criminal court issued arrest warrants for Akhundzada and the chief justice, Abdul Hakim Haqqani, accusing them of crimes against humanity for the persecution of women and girls. The ICC said there were 'reasonable grounds to believe' they had ordered policies that deprived women and girls of 'education, privacy and family life and the freedoms of movement, expression, thought, conscience and religion'. This year's anniversary celebrations are more muted than last year's, when the Taliban staged a military parade at a US airbase, drawing anger from President Donald Trump about the abandoned American hardware on display. Afghanistan is also gripped by a humanitarian crisis made worse by climate change, millions of Afghans expelled from Iran and Pakistan, and a sharp drop in donor funding.
Reuters
13 hours ago
- Reuters
Chinese diplomat appears at Beijing event after Reuters report of questioning
BEIJING, Aug 15 (Reuters) - A Chinese diplomat, who Reuters reported had been taken for questioning by Chinese authorities, appeared at a diplomatic event in Beijing on Friday evening. Sun Haiyan, a senior Chinese diplomat and former ambassador to Singapore, appeared as a guest at an event organised by India's embassy in Beijing. In response to a question from Reuters at the event, Sun did not comment directly on whether authorities had detained or questioned her, saying, "Well, I'm here." She called the Reuters report "irresponsible". Reuters had reported on Friday that Sun had been taken for questioning by authorities earlier this month, citing three people with knowledge of the matter, who requested anonymity due to the sensitivity of the matter. Reuters could not determine the matters the questioning related to. Chinese authorities questioned Sun around the same time they questioned Liu Jianchao, widely seen as a potential foreign minister candidate, two of the three people with knowledge told Reuters. Liu's questioning by authorities was first reported by the Wall Street Journal and then by Reuters on Monday. Liu, 61, could not be reached for comment. Reuters could not establish if Liu was still being detained. China's State Council Information Office, which handles media queries for the government, and the International Department did not respond to Reuters requests for comment on Friday. Reuters renewed the request for comment to both agencies after Sun's appearance on Friday. Neither agency had an immediate response. Reuters had reported none of the three sources who requested anonymity in discussing Sun's questioning knew the basis of the questioning of either diplomat. Profiles of both Liu and Sun remain on the International Department's website. The detention of Liu marked the highest-level disappearance of a diplomat since China ousted its former foreign minister and President Xi Jinping's protege, Qin Gang, in 2023, following an unexplained public absence. Liu's detention followed a work trip to Singapore, South Africa and Algeria. His house was searched in early August, Reuters has reported. Sun's last public appearance was on August 1, when she attended a reception hosted by Nepal's embassy in Beijing. Sun, 53, is the first woman to serve as a deputy head of the Communist Party's International Department. In that role, she serves as Liu's deputy. Sun was China's ambassador to Singapore between May 2022 and July 2023. She joined the International Department in 1997, where she served in a wide range of roles, including spokesperson and head of the bureau responsible for ties with Southeast Asian countries. She also served as a district Party Committee official in the city of Zibo, Shandong province, in 2008.
