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Kang Seung-woo

Korea Times Business Reporter

Kang Seung-woo is the Business Desk editor at The Korea Times. Prior to this position, he covered politics, national affairs, finance and sports.

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Companies

KDIC conducts knowledge-sharing program

By Kang Seung-woo The Korea Deposit Insurance Corp.’s (KDIC) efforts to share its knowledge and expertise on the operation of a deposit insurance system (DIS) with other entities around the world have unfolded, as it held the Global-KDIC Knowledge Sharing Program (KSP) from Tuesday to Thursday at its headquarters in Seoul. About 30 officials from four countries ― Bhutan, Mongolia, Nepal and Tanzania ― participated in the three-day workshop and they shared the KDIC’s knowledge and expertise on seven sectors including management of deposit insurance funds, risk management and resolution of insolvent financial institutions. At the workshop, proposed by Tanzania seeking to set up an independent deposit insurer, were discussed ways for the KDIC to further support and improve mutual cooperation. This is the second workshop the KDIC has hosted this year following one in April that included the United States, Malaysia and Indonesia. The state-run deposit insurer, headed by President Lee Seung-woo, expects the workshop to boost the KDIC’s profile as an advanced deposit insurer

Nov 3, 2011By Kang Seung-woo
Companies

ROK-EU FTA reviewed

By Kang Seung-woo The first ROK-EU Leaders Forum was held Thursday in Seoul to fortify relations and cooperation between Korea and the European Union, as the free trade agreement (FTA) between the two sides has come into effect. The newly-launched annual bilateral forum, titled “Opening a New Era of Cooperation between the ROK and EU,” is alternately hosted by the respective parliaments. The ROK-EU Parliamentarian Diplomacy Council, headed by Rep. Lee Kang-rae of the main opposition Democratic Party, represented the National Assembly and the six-member European Parliament’s Delegation for Relations with the Korean Peninsula was the EU equivalent, with Christian Ehler assuming the chairmanship. The forum also featured high-profile opinion leaders including Trade Minister Kim Jong-hoon; Gong Ro-myung, chairman of the East Asia Foundation; Tomasz Kozlowski, EU Ambassador to Korea; Elisabeth Laurin, French Ambassador to Korea; and Sergio Mercuri, Italian Ambassador to Korea. In the forum, the sides discussed issues of mutual concern and sought ways to increase cooperation

Nov 3, 2011By Kang Seung-woo
Companies

1 in 7 smartphone users tried mobile shopping

By Kang Seung-woo With the number of smartphone users reaching 20 million, more and more people are going shopping on their handsets, a survey showed Tuesday. The Korea Chamber of Commerce and Industry (KCCI) conducted a poll of 1,000 smartphone users on whether they had bought any goods and services using their handsets ― 13.9 percent of respondents said yes. The survey also revealed that 76.3 percent of those who had purchased something using their smartphone will continue to take advantage of mobile commerce and nearly half of those who are new to it intend to in the future. Mobile shopping is a transaction to conduct commerce using various applications installed on mobile devices, mainly smartphones. The KCCI attributes the growth in mobile shopping to the broad expansion of users. “Recently, more and more people use smartphones and additionally, the markdown of data fees has helped people to easily steer towards mobile shopping,” said the nation's largest business lobby group. According to the Korea Communications Commission (KCC), the number of smartphone

Nov 1, 2011By Kang Seung-woo
Companies

Samsung only top 10 company to see cap rise

By Kang Seung-woo Samsung Group was the lone winner of the recent global financial turmoil, as only its market value grew among Korea’s top 10 conglomerates over the past four months, data showed Tuesday. In addition, the increase has helped Samsung Electronics Chairman Lee Kun-hee become the richest stock holder in Korea. According to data from the Korea Exchange (KRX), FnGuide, a leading online financial information provider, and Chaebul.com, an online conglomerate watchdog, the market capitalization of Samsung Group reached 238.8 trillion won ($214.44 billion) as of the end of October, up from 232.3 trillion won in June, on the back of a steep increase in the stock price of Samsung Electronics, its flagship unit. The world’s largest chipmaker’s market value posted a 17.2 percent gain, or 20.9 trillion won, in the cited period _ from 121.6 trillion won in June to 142.5 trillion won in October. Despite the global financial woes, the company came up with a record-high profit from its handset business and a spike in smartphone sales in the third quarter of this year.

Nov 1, 2011By Kang Seung-woo
Companies

Is greed, for lack of better word, good?

Banks to see record profit of W30 tril. amid criticism for being capricious By Kang Seung-woo The net earnings of the domestic financial industry for this year are projected to be a near record 30 trillion won. Banks and non-life insurers aggressively raised lending rates and auto insurance premiums, while credit card issuers squeezed small retailers with hefty fees. However, appeals to financial institutions to lower surcharges are falling on deaf ears, and they are coming under siege for what the rest of society see as pure greed. According to FN Guide, a leading online financial information provider, 29 listed financial institutions are expected to rake in 20.7 trillion won in net profits for 2011. The 29 are comprised of nine banks and financial holding firms, nine insurers, 10 brokerages and one credit card company. Considering the listed players’ net incomes generally account for two thirds of the total net profits of the sector, the financial industry is likely to make nearly 30 trillion won in 2011. Last year, the Korean financial industry made 21.8 trill

Oct 31, 2011By Kang Seung-woo
Companies

Credit card spending to top W500 tril.

By Kang Seung-woo Korea’s credit card spending is on pace this year to surpass 500 trillion won ($453 billion) for the first time since 2002, data showed Monday. Credit card spending in the first half of this year amounted to 261.7 trillion won, up 10 percent from 239.1 trillion won from a year earlier, according to industry data. Given that last year’s total spending by credit cards was 493.8 trillion won, the current rate of usage is expected to result in card spending easily passing 500 trillion won at the end of 2011. The pre-estimated figure is the highest since the record 622 trillion won tallied in 2002, a year ahead of the credit card crisis which involved more than three million people defaulting on their credit card payments. “The amount of card spending for this year will easily surpass 500 trillion won, considering that it sharply takes off in the second half because of the vacation season and a long weekend,” said an official of the credit finance industry. Spending on plastic, which managed to reach 13.3 trillion won in 1991, broke the 100 trillion won

Oct 31, 2011By Kang Seung-woo
Companies

GS Caltex expands into east China

By Kang Seung-woo GS Caltex said Thursday that it has completed a polymer compound plant in China, as Korea’s second-largest oil refiner continues to expand its overseas business portfolio. The plant, located in Suzhou, Jiangsu Province, has started commercial operations with an annual output of 37,000 tons, according to the company. Polymer compounds are used in cars and home appliances. GS Caltex, the flagship unit of GS Group, founded GS Caltex (Suzhou) Plastics China in October last year. With the setup of the plant, the refiner, headed by Chairman Hur Dong-soo, has entered East China following North China. In June 2006, the firm founded GS Caltex (Langfang) Plastic China in Langfang, Hebei Province and built a plant with an annual production capacity of 40,000 tons. It has supplied polymer compounds to Chinese firms and neighboring countries such as Russia, Taiwan and Thailand. GS expects its second Chinese polymer compound plant to supply the product for Chinese companies including Haier Electronics, Midea as well as local players such as Samsung Electronics,

Oct 27, 2011By Kang Seung-woo
Companies

SKT may be lone bidder for Hynix

By Kang Seung-woo Despite creditors’ efforts to lure more buyers, SK Telecom is expected to be the lone bidder in the sale of a 15 percent stake in Hynix Semiconductor, industry sources said Wednesday. According to the financial industry, Credit Suisse, a co-main creditor of the deal, tapped 12 local major companies’ opinions on whether they are interested in joining the takeover process for the world’s No. 2 memory chipmaker but there was no positive response from them. In a related move, creditors extended the deadline for the final bidding by a week to Nov. 10, Tuesday, with the hope that other buyers would emerging to vie with SK Telecom. In July, STX Group, a Korean shipping and shipbuilding conglomerate, and SK Telecom, the nation’s largest mobile carrier, submitted letters of intent (LOI) to purchase the stake in the chipmaker, with an estimated value of 1.5 trillion won ($1.32 billion), and did seven weeks of due diligence. However, the sale hit a snag last month, as STX pulled out of the bidding due to global uncertainty and the huge investment burden, leavin

Oct 26, 2011By Kang Seung-woo
Companies

Is steel industry heading for overcapacity?

By Kang Seung-woo Following a hefty investment of 13 trillion won in the past four years, the local steel industry is set to pump more than 16 trillion won by 2015 en route to its annual production capacity of 17.50 million tons in order to meet growing overseas demand. However, with many signs of a possible double dip recession looming, observers say that there are lingering risky factors that can deliver a threat to local steelmakers. According to a recent research by NICE Investors Service, the nation’s major steelmakers including POSCO, Hyundai Steel, Dongkuk Steel and Hyundai Hysco plan to make an investment of 16.26 trillion won between 2011 and 2015, with an annual investment reaching 4.59 trillion won. POSCO, the world’s third-largest steel producer, intends to spend 1.60 trillion won and 2.20 trillion won, respectively, on its Gwangyang and Pohang Steel Works, while investing 3.12 trillion won in erecting an integrated steel mill in Indonesia, where it is constructing the steel plant with its joint venture partner PT Krakatau Steel. Hyundai Steel plans to in

Oct 25, 2011By Kang Seung-woo
Companies

Korea may seek currency swap with China

By Kang Seung-woo Amid global economic uncertainties, Korea’s efforts to secure extra liquidity are reaching China, as the two sides are likely to sign a currency swap agreement. The speculation comes as the finance minister did not reject questions about such an arrangement with China, the world’s largest foreign-exchange reserve holder. If the deal is signed, it will be the second between the two countries following a 2008 agreement. “I cannot say anything on the issue,” Bahk Jae-wan, the minister of strategy and finance, said at the Korea-Latin America business forum. The minister also ducked questions that the possible currency swap was discussed with his Chinese counterpart at the annual International Monetary Fund (IMF) and World Bank meeting held in Washington last month. Currency swaps strengthen financial safety nets by allowing central banks to exchange currencies with each other when there is a liquidity crunch. The Seoul Economic Daily, a sister paper of The Korea Times, also reported on the same day that Korea is seeking to expand its currency swap

Oct 21, 2011By Kang Seung-woo
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