Serica Energy to Acquire Pharos Energy for £145.7M, Sending PHARP Shares Soaring 
Nvidia Eyes $250B Guarantee for OpenAI’s Massive Ohio AI Data Center Project 
Dollar Holds One-Month High as Fed Rate Hike Bets Grow, Yen Remains Under Pressure 
RBA Signals More Rate Hikes Possible as Australia Battles Stubborn Inflation 
OpenAI AI Agent Reportedly Breached Hugging Face, Raising AI Safety Concerns 
US Dollar Posts Best Weekly Gain in Over a Month as Middle East Tensions Boost Safe-Haven Demand 
Trump Orders Section 301 Probe Into EU Tech Fines, Signals New Tariffs 
SpaceX Stock Slump Wipes Out Nearly $700 Billion From Elon Musk’s Paper Wealth 
Oil Prices Pull Back After Two-Week Rally as Middle East Supply Risks Persist 
Asian Stocks Rise as Oil Falls, Fed and Big Tech Earnings Take Center Stage 
European Stocks Edge Higher as Strong Earnings Offset Inflation and Fed Rate Concerns 
Asian Markets Rise as Oil Prices Fall Ahead of Fed, BOE, BOJ Meetings 
CXMT IPO Debut in Shanghai Puts $85.5 Billion Chipmaker in Spotlight 
Unilever Raises 2026 Sales Outlook After Strong Q2 Volume Growth 
Zabka Shares Drop 10% as Seven & i Abandons Investment Plans 
Shein Reports $99 Million Loss Ahead of Hong Kong IPO as U.S. Tariffs Hit Sales 
Gold Price Holds Above $4,000 as Fed Rate Hike Bets Rise on Oil-Driven Inflation 
The Financial Services Commission's preliminary approval of Kakao Pay’s insurance subsidiary as an online-only insurance firm and of three peer-to-peer companies is expected by industry experts to pave the way for the country’s innovation in finance.
The approval makes Kakao Pay South Korea's first digital-focused general insurance company, which sells 90 percent or more of its insurance products via telecommunication.
The new digital insurance company can utilize mobile giant Kakao’s technologies and platform to contribute to the promotion of consumer benefits, competition, and innovation in the insurance industry.
The company will partner with Kakao’s subsidiaries, including Kakao Mobility and Kakao Kids, offering various non-life insurance products.
Kakao Pay, which is gearing up for an initial public offering later this year, seeks to launch its insurance company within the year.
However, Kakao Pay still needs to apply for the final approval within six months.
Kakao Pay holds 60 percent while Kakao owns the remaining 40 percent of the general insurance firm.
The FSC also approved People Fund, 8 Percent, and Lendit as the first group of peer-to-peer companies under the Act on Online Investment-Linked Financing and User Protection.
The FSC said the new law protects P2P service users better as it reinforces investor protective measures.
The financial regulator will continue to review applications by other P2P firms, which need to register with the government by Aug. 26, 2021, to abide by the new law.
As of June 9, 41 P2P companies have applied for registration as online investment businesses.
