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Top executives to face sacking over future data leaks: FSC

SEOUL, Jan. 22 (Yonhap) -- South Korea's financial regulator on Wednesday unveiled a set of measures to better protect clients from data breaches, including a regulatory framework under which top executives at financial firms could face suspension or dismissal.

Top executives to face sacking over future data leaks: FSC

SEOUL, Jan. 22 (Yonhap) -- South Korea's financial regulator on Wednesday unveiled a set of measures to better protect clients from data breaches, including a regulatory framework under which top executives at financial firms could face suspension or dismissal.

S. Korea vows harsh penalties for data leaks

South Korean regulators Wednesday vowed tougher penalties for financial firms and executives who fail to protect customer data, following the unprecedented theft of information from at least 20 million people. "If an accident like this happens again, the company in question will be shut and its executives will no longer be able to work in this industry," Shin Je-Yoon, the head of the Financial Supervisory Commission (FSC), told reporters. The warning came after the country's largest-ever leak of private financial data that involved three credit card companies.

State-run firms scaling back bond sales

SEOUL, Jan. 16 (Yonhap) -- Bond sales by state-run firms in South Korea plunged this month from a year earlier as they came under growing pressure to cut their debts, industry data showed Thursday. Debt sales by state firms reached 1.68 trillion won (US$1.58 billion) through Wednesday this month, down 60 percent from a year earlier, according to the data compiled by Dongbu Securities. A total of 6.7 trillion won worth of bonds sold by state firms is scheduled to mature this month, half of which is expected to be repaid, meaning that their debt sales may further decline.

Bank CEOs refocus priorities as Canadians borrow less, turn to saving

TORONTO - Canada's biggest banks say consumers are reaching the limit on how much they can afford to borrow, and that's likely to slow loan growth this year. Royal Bank (TSX:RY) chief executive Gord Nixon said Tuesday he expects Canadian households will begin to show more restraint. "In terms of pure consumer lending (growth), we'll probably be operating at a much lower rate than we have been over the last few years," he told a bank industry conference. "There's no question that the consumer has been leveraged up."

What Target customers should know about identity theft protection

By Mitch Lipka (Reuters) - In the wake of a massive data breach that affected up to 100 million shoppers over the holidays, Target Corp has offered all of its customers - whether or not they were directly affected - a year of free credit monitoring. Is it an offer you should take? Here are some questions and answers about what this sort of protection does - and does not - do and what you should keep in mind if you do sign up. Q: What is Target offering?

Watchdogs urge financial firms to beef up measures against data leaks

SEOUL, Jan. 13 (Yonhap) -- The authorities on Monday urged financial companies to tighten their data security systems against leaks following a massive release of confidential information at some credit card firms last week. The Financial Supervisory Service (FSS) called into office more than 80 executives in charge of data and security management for an emergency meeting and asked for vigilance in protecting customers' data from unauthorized access.

Mexico sells $4 bn in long-term debt

Mexico City, Jan 10 (EFE).- Mexico has sold $4 billion in global bonds maturing in 2021 and 2045, the Finance Secretariat said. The government sold $1 billion in seven-year bonds Thursday at a yield of 3.607 percent, 120 basis points more than U.S. Treasury securities of the same maturity. It also sold $3 billion in 30-year bonds at a yield of 5.586 percent, 170 basis points higher than Treasuries.

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Standard and Poor's is mulling a potential credit downgrade for Brazil ahead of the country's October presidential elections, media reported Wednesday. "We are not going to tie our hands just because Brazil is holding general elections. There is a possibility of a downgrade for Brazil this year," the credit firm's senior director Joydeep Mukherji told reporters during a round table with journalists in New York.

Banks' household loan growth slows in Dec.

SEOUL, Jan. 8 (Yonhap) -- Household loans extended by South Korean banks grew at a slower pace in December than a month earlier as households' balance sheets improved on the back of year-end bonuses and offset a rise in mortgage lending, the central bank said Wednesday. Outstanding household loans extended by local banks, including home-backed and credit loans, reached 480.4 trillion won (US$453 billion) as of end-December, up 2.9 trillion won from the previous month, according to the Bank of Korea (BOK).
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