Chief financial regulators from Korea, Japan agree on further cooperation

The Korea Times - Sep 29, 2026

Chief financial regulators from South Korea and Japan agreed Tuesday to further cooperate on capital market policies. Lee Eog-weon, chairman of the Financial Services Commission (FSC), held a meeting with Japan's Financial Services Agency Commissioner Yutaka Ito earlier in the day. They exchanged views on the financial situation and agreed to work together to further boost financial cooperation, according to the FSC.

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Officials newly elected in June's local elections reported average assets of 1.35 billion won ($996,500), according to Government Ethics Committee data released Tuesday. The committee disclosed the personal assets of 1,259 individuals, including 563 local governors, mayors, councilors and education chiefs elected in the June elections. The others are 586 people who retired from elected offices and 110 appointed public officials. The average assets of the newly elected people amounted to 1.35 billion won per person. The heads of large local governments averaged 1.99 billion won per person in assets while small local government heads declared an average 1.69 billion won of wealth. Among the heads of small local governments, Bonghwa County Mayor Choi Gi-young reported the largest assets at 34.9 billion won, while Yoon Yu-jin, a member of the Seoul Metropolitan Council, topped the wealth list among newly elected members of large local councils with 15.64 billion won, according to the data.

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What's holding back innovation among Korean startups?

Korea’s largest fashion shopping platform Musinsa is currently under investigation by the Seoul Regional Tax Office over CEO Cho Man-ho’s alleged appropriation of corporate funds for his real estate investment spinoff firm, Lapel. The investigation, which began last month, is being led by Investigation Bureau 4. Unlike other offices that primarily handle regular tax audits, Bureau 4 is known for conducting special investigations that can begin without prior notice and, in serious cases, develop into tax offense investigations, potentially exposing the targets to criminal complaints and significant business risks. The Bureau 4 investigation began while the Fair Trade Commission (FTC) was still investigating Musinsa in a separate case, which concluded earlier this month. The antitrust watchdog looked into whether Musinsa prevented some partner brands from selling through other retail channels in order to secure exclusive sales of their products. The investigation, which began in August 2024, ended with the FTC concluding that the arrangements were part of normal business or marketing

Sep 29, 2026

N. Korea blames US for 'worse crisis' in nuclear order, justifies its arsenal

North Korea on Tuesday accused the United States of driving the global nuclear order into "the worst crisis" through its "nuclear proliferation activities" and used the accusation to defend its own nuclear program. The accusation came in a foreign ministry's "memorandum" carried by the Korean Central News Agency (KCNA), hours after Vice Foreign Minister Kim Son-gyong told the U.N. General Assembly in New York that North Korea's nuclear program is an "irresistible" force needed to protect its sovereignty and security against external threats. Washington has "irresponsibly abandoned its disarmament obligations as a nuclear-weapon state," the memorandum said. Its rapid buildup of nuclear forces and "blatant" nuclear proliferation, it said, left Pyongyang no choice but to "play a more active role" "as a responsible nuclear-weapon state." The document cast the U.S. as the main culprit behind global nuclear proliferation, citing its nuclear buildup and modernization and its withdrawal from arms-control treaties. North Korea also pointed to U.S. nuclear-powered submarine cooperation with Seoul a

Sep 29, 2026

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Cheong Wa Dae denies military inspection of mine blast site connected to Lee's UN remarks

Cheong Wa Dae on Tuesday rejected allegations that the timing of the military's inspection of a mine blast site was tied to President Lee Jae Myung's remarks on sanctions relief for North Korea ahead of last week's U.N. General Assembly. The main opposition People Power Party has accused the government of delaying an inspection of the site due to concerns Lee's call for sanctions relief would be undermined in the event North Korea is found responsible for the mine blast that injured three South Korean soldiers inside the Demilitarized Zone last week. The military on Monday announced preliminary findings that the explosion was highly likely to have been caused by illegally planted North Korean mines. "The Joint Chiefs of Staff and the U.N. Command planned and decided (on the timing of the inspection) purely based on a military judgment in consideration of the suggestions of field commanders," a presidential official said. "The military's on-site inspection regarding the mine accident has nothing to do with the president's U.N. speech." Lee had said in an interview with The New York Times

Sep 29, 2026

Chief financial regulators from Korea, Japan agree on further cooperation

Sep 29, 2026

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Chief financial regulators from Korea, Japan agree on further cooperation

MORE NEWS

Newly elected officials report average assets of 1.35 billion won

What's holding back innovation among Korean startups?

N. Korea blames US for 'worse crisis' in nuclear order, justifies its arsenal

Lee calls for thorough probe of mine blast, vows necessary measures

Cheong Wa Dae denies military inspection of mine blast site connected to Lee's UN remarks

Chief financial regulators from Korea, Japan agree on further cooperation

N. Korea runs alleged secret prison at Beijing embassy: report

Samsung group invests $1 bil. in KKR-founded AI infrastructure firm

Korea's overseas direct investment up 32% in Q2

FTC chief vows to 'restore justice' as court clears way for Coupang probe

LIVE UPDATES: Impeachment trial of Vice President Sara Duterte

Baste Duterte arrives at Senate for VP Sara impeachment

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