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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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South Korea

‘Rebate-taking’ doctors indicted

By Kim Tae-jong The prosecution indicted 11 doctors, pharmacists and hospital officials Wednesday on charges of receiving what are widely known as "rebates" here from drug makers in return for prescribing, purchasing or recommending their products. The indictment was the first of its kind since the introduction of legislation to punish rebate-takers and providers last November, as part of efforts to make medicine dealing more transparent and to reduce prices. “This is meaningful because it is the first time rebate-takers have been indicted since the implementation of the measure,” said Kim Gook-il, an official from the Ministry of Health and Welfare. “In the beginning, people were skeptical over the possibility of rebate-takers being really punished, but now the indictment indicates that the authorities are taking a stern stance over the illegal practice.” Among those indicted were a 56-year-old CEO of a drug distribution company named Cho; a 37-year-old doctor, Kim, who heads a hospital; and a 57-year-old doctor, Cho, who is a director on the board of a medical corpor

Jun 20, 2011By Kang Seung-woo
Companies

Govt struggles to revive jeopardized Woori sale

By Kang Seung-woo The government is making a last-ditch effort to keep the Woori Financial sale alive, and is set to stick to a plan to ease requirements for local banking groups to boost interest from bidders. The Financial Services Commission (FSC) said Sunday it will push for a revision of the financial holding company regulations until Wednesday, the deadline for letters of intent to purchase the government’s 56.97 percent stake in the nation’s largest banking group by assets. “The FSC will drive to soften ownership rules until Wednesday,” said a high-ranking official with the organization. “The financial regulator is trying to get approval from the National Assembly in its efforts to relax the rules by that time.” On May 30, the FSC came up with the plan to lower the barrier for financial holding groups to participate in the Woori bid. The existing rules require a financial holding company to acquire at least 95 percent of the target holding company in consolidating their businesses, but a proposed revision would reduce the requirement to 50 percent if the tar

Jun 20, 2011By Kang Seung-woo
Companies

S-Oil unpacks at new headquarters

By Kang Seung-woo S-Oil moved its head office to a newly-erected building in Mapo, Seoul Monday on its 35th anniversary. In addition, the Korean oil refiner plans to play a key role in contributing to local communities in terms of culture and art. Since its foundation in 1976, this marks the first time the company has built its own building. Celebrating its historical move and anniversary on Monday a special event was hosted with a fusion traditional Korean music performance. “On the occasion of our 35th anniversary, I’m deeply moved to see that we’ve grown into a highly competitive refiner in the world and moved into our own company building for the first time,” said S-Oil CEO Ahmed Subaey. He added that the Mapo building will serve as the heart of S-Oil by helping the refiner to utilize its resources and capabilities efficiently and pursue sustainable profitable growth in a more convenient working environment. The new 30-story headquarters with seven floors underground is located next to the Gongdeok intersection and its exterior is in the shape of a yellow sailbo

Jun 20, 2011By Kang Seung-woo
Companies

Banking reshaping to take place this month

Regulators discussing future for up-for-sale Woori Financial, Korea Exchange Bank By Kang Seung-woo The future direction of the Korean banking sector’s restructuring is likely to be decided this month, with the Woori Financial privatization and Korea Exchange Bank (KEB) takeover taking center stage. However, the probable outcomes are not expected to clear the way for the deals to be done as hoped, as unfavorable factors are looming. The government announced a road map for the sale of Woori in May after suspending the deal worth $6 billion (6.49 trillion won) to auction off its 56.79 percent stake December due to the absence of a valid bidder. The financial authorities are scheduled to accept letters of intent by June 29 and to select a preferred bidder by September in order to sell the nation’s largest financial holding firm by assets. The Financial Services Commission (FSC) and its Chairman Kim Seok-dong have aggressively pursued the Woori sale by pushing to relax rules in hopes that the regulatory revision will allow the nation’s major financial services companies

Jun 20, 2011By Kang Seung-woo
Companies

Greece crisis not to weigh on Korea

By Kang Seung-woo As global worries about the sovereign-debt crisis of Greece are growing, the world is bracing for the potential default and debt restructuring of the southern European country, with Korea also on alert over the fallout. During the first episode of the financial malaise last year, Korea saw around $700 million exiting Seoul’s stock market. However, the head of the nation’s leading think tank for the global markets said that the Asia’s fourth-largest economy will be little affected by the debt fiasco in Greece although it is more serious than before. “When the eurozone’s sovereign-debt crisis took place for the first time, there were more uncertainties because we could not predict how it would evolve. The highest risk factor is uncertainty in the global financial market,” Korea Center for International Finance (KCIF) President Lee Sung-han said in an interview with The Korea Times. “One year after the financial storm traveled across the globe, we can analyze the exact problems there. “Therefore, the impact will be limited.” Debt-laden Greece recei

Jun 17, 2011By Kang Seung-woo
Companies

Insurance firms stop selling cancer policies

By Kang Seung-woo Although cancer is the foremost cause of death in Korea, local life insurance companies are reluctant to add an insurance policy specializing in the disease due to growing loss ratios. Instead, subscribers can add cancer coverage to other insurance policies such as permanent insurance or critical illness (CI) insurance. According to the insurance sector, only nine life insurance firms out of 23 deal with policies mainly covering cancer, while Hyundai Marine and Fire Insurance is the only one among major non-life insurers. The demise of such policies contrasts with the early 2000s, when they were the best-selling items among life insurers. In December 2003, 16 life insurance companies were selling cancer insurance. The industry said that the companies’ declining interest in such products is attributed to the fact that the number of patients has increased, with companies’ losses from policies rising. According to the Korea Insurance Development Institute (KIDI), the number of those diagnosed with cancer increased annually by 2.9 percent between 1999

Jun 17, 2011By Kang Seung-woo
Companies

Combatants refuse to bend in plastic fight

BC Card accuses Visa of anti-competitiveness in managing cash withdrawal services By Kang Seung-woo BC Card, Korea’s credit card payment services provider, plans to ask the Fair Trade Commission (FTC) to punish Visa Card for abusing its market dominance, a BC Card official said Wednesday. Visa has responded that BC’s claim is true but also threatened to take action as appropriate. “Visa blocks the entry of a competitor,” the BC official said. “We will take this matter to the FTC.” The heart of the dispute dates to October

Jun 16, 2011By Kang Seung-woo
Companies

Some GS gas stations out of gasoline

By Kang Seung-woo GS Caltex, the nation’s No. 2 oil refiner, has had trouble providing gas to its service stations near the capital due to a shortage of supply, the company said. However, its supply returned to normal levels as of Monday afternoon. According to the company, orders weren’t delivered to some GS Caltex gas stations in Bucheon, Gyeonggi Province and they were unable to open for three straight days. When all four local oil refiners rushed to mark down their oil prices by 100 won per liter in April, a few refiners were reluctant to supply gas to unaffiliated stations, but a failure to supply affiliated stations by a major oil refiner is seen as a rare case. “Since the price cuts in April, demand for gas has been higher than estimated. As a result, we could not supply gas at the necessary time,” said an official of GS Caltex. “However, our supply returned to normal from Monday afternoon.” Observers analyzed that due to the markdown, GS has been swallowing losses in the face of increasing pressure from the government, which is trying to tame inflation,

Jun 14, 2011By Kang Seung-woo
Companies

What can be done to curb credit card debt?

By Kang Seung-woo Credit card companies’ aggressive push for asset growth through loan services is feared to pose a threat to the nation’s already-high household debt. Given that a significant portion of the fast-rising amount of loans may go sour, the financial authorities fear that they will add to already-mounting household debts. According to the Bank of Korea (BOK), the problem can no longer be ignored as household debt surpassed 800 trillion won for the first time in the first quarter. It rose 6 trillion won from the previous quarter.

Jun 13, 2011By Kang Seung-woo
Companies

Taxpayers may have to save savings banks

By Kang Seung-woo By some indications, the government is considering creating public funds for its possible restructuring of troubled savings banks, as more than the originally-estimated budget is expected to be spent on propping up the ailing secondary banking sector. With corruption scandals involving Busan Savings Bank ceaselessly popping up, the special funds for savings banks of up to 15 trillion won are expected to be shy of carrying out a purge of teetering savings banks in the second half of this year. In addition, the fiasco is going viral in political circles and emerging as a potential backlash that could hit the ruling party hard one year ahead of the general and presidential elections, so the financial authorities are expected to reach into public funds to wrap up the rapidly expanding case as soon as possible. On March 8, the Financial Services Commission (FSC) proposed a revised bill to enable the government to use part of aid funds designed to overhaul troubled savings banks if necessary. As part of the government’s move to overhaul the ailing sector, the

Jun 13, 2011By Kang Seung-woo
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