Antitrust fines to hit brokerage, bank earnings but leave capital buffers intact: KIS report
Korea’s largest-ever antitrust fine will cut into this year’s earnings at the brokerages and banks that underwrite government debt, but it is unlikely to weaken their capital buffers, according to Korea Investors Service (KIS), a Moody’s affiliate. In a report released earlier this week, the credit rating agency said the penalties imposed by the Korea Fair Trade Commission (FTC) will make “a short-term decline in profitability unavoidable,” especially at the firms facing the largest penalties. It added that their capital strength and the earnings they built up in the first half should be enough to absorb the cost, creating a formidable yet manageable financial hurdle for the country's primary financial institutions. The regulatory crackdown stems from an investigation into primary dealers in Korea's sovereign debt market. The FTC issued corrective orders on Wednesday and imposed roughly 1.6 trillion won ($1.2 billion) in combined fines on 15 financial institutions — all designated primary dealers responsible for underwriting Korea Treasury bonds — for restricting competit
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White House sends CFTC, SEC nominations to Senate
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Lutnick agrees to testify before Congress amid bipartisan concerns
Commerce Secretary Howard Lutnick has agreed to testify before Congress amid bipartisan concerns about the Nvidia spy scandal and the agency's enforcement of chip export controls. Lutnick has "proactively agreed to appear voluntarily" before the Senate Banking Committee, spokesperson Kristen Eichamer said in a statement. Senate Banking Chair Tim Scott (R-S.C.) sent letters to both...
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