Morning in brief: South Korean stocks down on Jong-il death, Osborne urged to rethink reforms

News that North Korean leader Kim Jong-il has died sends South Korea’s Kospi index and the won down, while Denmark’s Danske Bank names its incoming chief executive.

Markets

South Korea’s benchmark Kospi stock index falls by up to 4.9% after North Korean leader Kim Jong-il dies of a massive heart attack, the BBC reports. The South Korean won also drops on the news.

Companies

Blacks Leisure seems headed towards pre-pack administration after hopes fade that rival retailers and buy-out companies will embark on a formal takeover bid of the indebted business, says the Financial Times.

Copenhagen-based bank Danske Bank names chairman Eivind Kolding as its new chief executive, according to Bloomberg. Kolding will take over after current head Peter Straarup retires.

UK

The Joint Committee on the Draft Financial Services Bill calls on chancellor George Osborne to rethink his suggested reforms of the country’s financial regulation or risk history repeating itself, the Daily Telegraph reports.

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