Asian Markets Slide as Nvidia Earnings, U.S.-Iran Tensions and AI Valuations Weigh on Investor Sentiment 
Trump Warns Iran as Gulf Conflict Disrupts Oil Markets and Global Trade 
Tokyo Core Inflation Slows Below 2%, Complicating BOJ Rate Hike Outlook 
PBOC Scraps FX Risk Reserves to Curb Rapid Yuan Appreciation 
Oil Prices Steady as US-Iran Nuclear Talks and Rising Crude Inventories Shape Market Outlook 
U.S. Stocks Rally as Nvidia Earnings Loom, Oil Prices Near Seven-Month Highs 
Australian Dollar Rallies on Hawkish RBA Outlook; Yen Slips as BOJ Faces Political Pressure 
Samsung Electronics Stock Poised for $1 Trillion Valuation Amid AI and Memory Boom 
Boeing Secures $166.8 Million U.S. Navy Contract for P-8A Engineering and Software Support 
Meta Signs Multi-Billion Dollar AI Chip Deal With Google to Power Next-Gen AI Models 
Gold Prices Steady in Asia, Set for Strong February Gains on Safe-Haven Demand 
Trump Orders Federal Agencies to Halt Use of Anthropic AI Technology 
AWS Data Center in UAE Hit by Fire After Objects Strike Facility Amid Regional Tensions 
IMF Urges U.S. to Cut Fiscal Deficit to Reduce Trade and Current Account Gaps 
FedEx Faces Class Action Lawsuit Over Tariff Refunds After Supreme Court Ruling 
Netflix Stock Jumps 14% After Exiting Warner Bros Deal as Paramount Seals $110 Billion Acquisition 
South Korea’s chief of the Financial Service Commission will reportedly be banned from monitoring KakaoBank, the country’s mobile-only bank and financial technology company that was launched in 2016.
It was said that he would be prohibited from being involved in making decisions and regulations related to KakaoBank, which is one of the leading firms in terms of market capitalization today.
According to The Korea Times, the country’s Act on the Establishment of the Financial Services Commission (FSC) will not allow Koh Seung Beom, the new FSC head, to be involved in any regulatory measures on Korea Investment Holdings (KIH) and its affiliates.
Based on the report, the reason why he should inhibit was because of his younger sister's marriage to Kim Nam Goo, KIH’s owner. The company is the second-largest stakeholder of KakaoBank, so the new FSC chief has to be excluded from decision-making in anything related to the said online-based bank.
The ban was also put in place to prevent any potential "conflicts of interest" in the future. Now, the eight commissioners at FSC will handle important decision-making without the agency’s chairman. It was pointed out that the FSC will have to face many issues regarding KakaoBank if Koh Seung Beom would be allowed to participate in its regulation.
Industry insiders said that the arrangement means that the FSC head will be ruled out from the most crucial decision-making. Observers added that he is also likely to have trouble voicing out his opinions on almost all financial policies.
Pulse News reported earlier this month that Koh Seung Beom was chosen and appointed as FSC’s chairman. He was said to be a monetary policy board member at the Bank of Korea as well.
His membership at BOK’s board was extended, and this was said to be the very first time it happened in the state’s bank’s history. The newly assigned FSC chief was described as “well versed in macroeconomic and financial issues and can contribute to the economic recovery through his connection with the finance ministry and other offices.”
Koh Seung Beom took up economics at Seoul National University and joined public service after completing his degree. Since then, he has worked as director-general of the financial policy bureau and financial services bureau and as a secretary-general. Today, he is FSC’s chair, as mentioned earlier.
