my timesThe Korea Times
kjk

Kim Jae-kyoung

Korea Times Business Planning Reporter

I’m currently managing director of Content and Business Planning at The Korea Times. Before I took the current position in early 2024, I served as managing editor in charge of both paper and online for over three and a half years. In 2015-2018, I worked as Singapore correspondent covering ASEAN nations.

Go to Email

Read more

Economy

Behind savings bank fiasco

By Kim Jae-kyoung BusinessFocus editor Over the past month, domestic savings banks have made the headlines of local dailies almost every day after the Financial Services Commission (FSC) has suspended eight such institutions due to poor liquidity and snowballing losses. The trouble was seemingly the result of unmanaged asset/liability gaps that led to massive losses from investing in so-called project financing (PF), a new lending scheme designed to support the construction business. With the financial regulator failing to fix the mess properly, the story of how the debacle happened continues to haunt the local financial industry and is now turning into a blame game. On the surface, the fiasco was the outcome of the deadly cocktail of savings banks’ reckless lending to builders mixed with an unfavorable real estate market. The property market has stayed in the doldrums since the latter half of 2008. However, the government should take some responsibility for its inappropriate regulation. Top regulators just sat back and waited for the property market to rebound. Eve

Mar 6, 2011By Kim Jae-kyoung
Economy

Crisis calls for adaptive leadership

By Steven Chai We commonly think of corporate leaders as strong personalities who imprint their will on compliant organizations. However, in the current world of turbulent and unpredictable business environment hierarchical/command-and-control approaches of leadership are simply less effective. The fundamental shifts in today’s business environment compel leaders to rethink the nature of leadership. Adaptive leadership can be distinguished from more traditional models in the following dimensions. First, adaptive leaders know how to navigate uncertainty and to chart a course amid today’s turbulent conditions. In an uncertain world, rigid rules are counterproductive. Therefore, adaptive leaders manage the context in which actors interact, not the instruction set. They cultivate a diversity of perspectives and de-emphasize hierarchy. They constantly question the world around them. Adaptive leaders are always looking outward and realigning their organizations with a shifting environment. They read between the lines to intuitively grasp patterns that may be masked by compl

Mar 6, 2011By Kim Jae-kyoung
Economy

Offloading of flagships a watershed for Doosan

In 1996, one year prior to the 1997-1998 Asian currency crisis, Doosan Group celebrated the 100th anniversary of its founding. Until then, the group was a retail-focused company with a lion’s share in the local liquor and beverage market. However, Doosan did not pop champagne. Instead, the group carried out radical restructuring to reorganize its business portfolio in order to survive in the rapidly-changing market environment, which was the integral factor that helped the nation’s oldest Chaebol head off the 1997-1998 crisis. Park Yong-maan, chairman and CEO of Doosan Corp., was at the forefront of the restructuring and has since been the vanguard for the group’s rebirth into an infrastructure support business (ISB) power house from a retail-oriented domestic company. The Korea Times had an interview with Park to listen to his business philosophy and strategies. Drastic restructuring “We can change even our brand for survival.” This remark by chairman Park during the interview well illustrates the business philosophy of Doosan, ultimately behind the radical restr

Mar 6, 2011By Kim Jae-kyoung
Economy

Don't follow Japan's path

Park Yong-maan, chairman and CEO of Doosan Corp.Doosan chief hits out at firms’ branch manager system Park sets sights on Fortune 200, denies rumors of Bobcat sale By Kim Jae-kyoung In the fading aftermath of the global financial crisis, ``globalization'' is again the beating heart of every top domestic company’s growth agenda. Many Korean firms are rushing abroad to capitalize on the myriad opportunities in emerging markets. The move to cross borders is seemingly the logical next step but the true challenge for Korean players lies in the fact that they are still gazing inward and have yet to embrace globalization in their management systems. In order for Korean companies to make progress in the direction of globalization, reflection on one key question may be useful. ``Is there a well thought out globalization strategy in place and the necessary discipline to implement it successfully?” The immediate response is probably a big “no” as there are many fundamental ``Korea specific barriers'' to overcome such as language, management culture and aptitu

Mar 6, 2011By Kim Jae-kyoung
  • Trailblazer Park defies stereotypes
  • Offloading of flagships a watershed for Doosan
  • Doosan workers go through drastic changes
Companies

GS Chairman Huh to lead FKI

By Kim Jae-kyoung GS Group Chairman Huh Chang-soo will be the new head of the Federation of Korean Industries (FKI), after being recommended by board members at a meeting held in Yeouido, Seoul, the FKI said Thursday. The recommendation came seven months after former chief Cho Suck-rae, chairman of Hyosung Group, stepped down due to health reasons. Huh, who leads GS Group, the nation’s seventh largest conglomerates, will officially take the helm of the big business lobby group as the 33rd chairman if he receives approval on Feb. 24 at the FKI’s general meeting. He will serve for the next two years. “The board members decided to recommend Huh as the new chief after collecting opinions from business leaders and FKI advisors. Huh has contributed to the federation through active participation over the past years,” an official said. Among participants at the meeting were Huh, former FKI Chairman Cho Suck-rai, FKI Honorary Chairman Sohn Gil-seung, Kumho-Asiana Group Chairman Park Sam-goo, Doosan Group Chairman Park Yong-hyun, STX Chairman Kang Duck-soo and six other busines

Feb 17, 2011By Kim Jae-kyoung
Companies

Suh to be Shinhan CEO for 15 months

By Kim Jae-kyoung Shinhan Financial Group surprised the market Thursday by appointing Suh Jin-won, CEO of Shinhan Life Insurance, as the new CEO of Shinhan Bank, the flagship of the nation’s third largest financial group. Suh was not on the leading candidate list ― which included Shinhan Financial Deputy President Wi Sung-ho, Shinhan BNP Paribas Asset Management CEO Choi Bang-gil and Shinhan Investment Corporation CEO Lee Hyuw-won ― even right before the group announced the new CEO. The appointment indicates that the group will place top priority on stabilizing the organization first before pushing to overhaul the entity that has been damaged by the internal dispute among the top three executives ― former Shinhan Chairman Ra, former Shinhan CEO Shin and former Shinhan Bank CEO Lee baek-soon. The internal feud has shown signs of settling down after Shin offered step down in early December in return for Shinhan Bank dropping its complaint against him. However, ahead of the new CEO appointment, there were signs that the group was again being divided into factions. After f

Dec 30, 2010By Kim Jae-kyoung
Companies

Suh Jin-won named new Shinhan CEO

By Kim Jae-kyoung Suh Jin-won, CEO of Shinhan Life, was named as new president and CEO of Shinhan Bank to replace outgoing CEO Lee Baek-soon, according to Shinhan Financial Group, Thursday. The appointment came a day after the outgoing Lee offered to resign Wednesday following the prosecution’s decision to indict Lee and former Shinhan CEO Shin Sang-hoon on embezzlement charges. The group said that it nominated Suh as new CEO at a subsidiary management committee meeting Thursday morning and the bank’s board of directors approved the nomination later in the day. The 59-year-old is expected to take the helm of the lender, the flagship of the nation’s third largest financial group, until the shareholders’ meeting in March 2012. “The committee appointed Suh as he is believed to have management capabilities and leadership to ensure that the group will regain organizational unity and stabilize the group as soon as possible,” a Shinhan official said. A graduate of Korea University, Suh started his banking career at Seoul Trust Bank in 1977 and moved to Shinhan Bank in 1983. P

Dec 30, 2010By Kim Jae-kyoung
Companies

IBK boss aims to create world-class bank

By Kim Jae-kyoung The new head of the Industrial Bank of Korea (IBK) said that he will seek to transform the state-run lender into the nation’s best and one of the world’s top banks. In his inauguration speech Wednesday, referring to Martin Luther King’s “I Have A Dream” speech in 1963, IBK CEO Cho Joon-hee said, “I also have a dream of making IBK the nation’s best and one of the world’s first-class bank.” To that end, Cho stressed that he will place top priority on customer-centered management, strengthening corporate banking for small- and medium-sized enterprises (SME), finding new growth engines, enhancing corporate social responsibilities, and establishing a solid foundation of a comprehensive financial group. “Customers are everything for banks and they are the reason why we exist,” the 56-year-old said. “IBK is the number one lender in SME banking. We will extend the scope of services for SMEs from simple lending to more professional services, such as consulting and providing support for overseas expansion,” he added. He also expressed his vision to create a

Dec 29, 2010By Kim Jae-kyoung
Companies

Top 3 at Shinhan shown the door

By Kim Jae-kyoung The prosecution decided Wednesday to charge Shinhan Financial Group CEO Shin Sang-hoon and Shinhan Bank CEO Lee Baek-soon with embezzlement, while dropping charges against former Shinhan Chairman Ra Eung-chan. Following the prosecution’s announcement, Lee offered to step down to secure stability in the organization. With the decision, Shin is likely to lose his seat at the group’s board of directors, which will speed up the group’s move to reform its governance structure and find a new leader to fill the management vacuum. Ironically, the internal strife caused by a power struggle between Ra and Shin has ended up in having all of them step down, only leaving scars on the group’s image and exposing the hidden fractures within the local financial group’s governance structure. According to the prosecution, the 62-year-old Shin was charged with illegally extending 43.8 billion won in loans to his relative’s companies while serving as Shinhan Bank’s chief from 2006 to 2007. He was also charged with embezzling some 1.5 billion won in consulting fees that shoul

Dec 29, 2010By Kim Jae-kyoung
Companies

Financial firms accelerate East Asia advancement

By Kim Jae-kyoung Local financial firms are rolling up their sleeves to speed up globalization as Asia’s emerging market economies have continued to grow with the global financial crisis fading. The moves to expand overseas presence are seen as their attempts to get the upper hand in the promising markets and find new growth engines abroad, as the local financial market has reached saturation point. Four major banks and leading insurance companies have planned to increase their oversea presence next year by setting up more branches in emerging markets, such as China and Vietnam, or taking over local firms there. Kookmin Bank has decided to open its branch in Osaka, Japan, next year, while upgrading its representative office in Ho Chi Minh City, Vietnam, to a branch. It recently applied to the Vietnamese regulator for approval. It is also considering opening an office in Mumbai, India. Woori Bank plans to open a branch in Saint Petersburg, Russia, and to upgrade its Chennai office in India to a branch in 2011. It plans to turn its Sao Paulo office in Brazil into a subsi

Dec 28, 2010By Kim Jae-kyoung
previous page
2324252627
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.