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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

POSCO ahead of 2 bidders in synergy with Korea Express

By Kang Seung-woo POSCO is ahead of two other bidders for Korea Express, the nation’s largest logistics company, in terms of expected post-merger synergy, securities analysts say. Along with the steelmaker, retail goliath Lotte Group and food specialist CJ Group, which submitted letters of intent (LOI) in early March, are gearing up to purchase the major stake in Korea Express, each claiming prospects of strong synergy with their respective existing businesses. Market watchers say that the bidding will be a hard-fought given that POSCO and Lotte are already major clients of Korea Express and CJ can rise as a powerhouse in the logistics sector as it would be merging with the group’s existing logistics. Korea Express however is in favor of the world’s No. 3 steelmaker. “POSCO will be able to make the most of joining forces with Korea Express. When POSCO expands to markets overseas, Korea Express can oversee the distribution network and handle the cargo more efficiently,” said a Seoul-based economist on condition of anonymity due to the sensitivity of the issue. “In a

May 4, 2011By Kang Seung-woo
Companies

Seoul finishes 16th in world competitiveness

By Kang Seung-woo Seoul came in 16th Tuesday in the Cities of Opportunities 2011, a joint analysis of the development of 26 cities worldwide by global auditor PricewaterhouseCoopers (PwC) and the Partnership of New York, a network of business leaders. According to the annual study, the capital of Korea scored 882 points in 10 categories ranging from intellectual capital and innovation to economic clout and lifestyle assets. New York topped the list with 1,226 points, followed by Toronto and San Francisco, which sat at 1,195 and 1,172, respectively. Korea, ranked 13th last year, performed exceptionally in technological readiness, finishing second to New York, while making the top 10 in transportation and infrastructure with ninth place. The city topped the charts in recycling waste, one of the details in the sustainability indicator, where it came in 13th. Singapore became Asia’s leading point getter with 1,067 points, which is the ninth best in the world, while neighboring Tokyo and Beijing finished 14th and 17th, respectively. “The study shows that Seoul is com

May 3, 2011By Kang Seung-woo
Companies

LH tops 2010 borrowings list among public enterprises in debt

By Kang Seung-woo The Korea Land and Housing Corp., or LH, topped the indebtedness list among public enterprises last year. According to the Ministry of Strategy and Finance, the state-run housing company borrowed 14.66 trillion won ($13.72 billion) in 2010 — the largest amount among 27 government-owned enterprises. Its total debts went up to 125.5 trillion won. In 2010, the Korea Student Aid Foundation (KOSAF), the provider of loans for students, and the Korea Electric Power Corp. (KEPCO), borrowed 8.35 trillion won and 8.25 trillion won, respectively, making them second and third on the list. KEPCO’s annual borrowings remained at 4.31 trillion won in 2007 but its freezing of utility charges caused its borrowings to go up a dramatic 91.4 percent last year. Borrowings by all 286 public institutions reached 70.76 trillion won ($66.23 billion) in 2010, up 12.2 percent from 63.78 trillion won the previous year, with those of 27 state-run companies standing at 51.59 trillion won, up 104.5 percent from 25.22 trillion won in 2007. Their borrowings remained at

May 2, 2011By Kang Seung-woo
Opinion

With FSS in hot water, it’s time to bring in KDIC

By Kang Seung-woo Following the revelation of its poor surveillance of troubled savings banks, the fundamental role of the Financial Supervisory Service (FSS) as the omnipotent regulator is being questioned. The suggestion of pairing the FSS with the Korea Deposit Insurance Corp. (KDIC) in monitoring financial institutions is being given additional impetus. Empowering the KDIC with monitoring duties was pushed last year but nixed in the face of strong opposition from the FSS. The FSS failed to prevent “illegal withdrawals” of a large amount of money from savings banks after business hours a day before the suspension of their operation. “The FSS is the lone superintendant to brandish all supervisory power on financial players,” a Seoul-based economist said on condition of anonymity due to the sensitivity

May 2, 2011By Kang Seung-woo
Companies

Bank probed for illegal withdrawals

Prosecutors tracing W5 trillion taken out by 22 clients By Kang Seung-woo Amid growing doubts over “illegal” withdrawals from suspended savings banks, prosecutors are zeroing in on about 5 billion won ($4.68 million) taken out by 22 account holders at Busan Savings Banks on the eve of the suspension of operations. The prosecution plans to call in the customers who took out 5 billion won one day before the nation’s largest secondary lender was ordered to halt operations on Feb. 17 by the Financial Services Commission (FSC) and check if there is any link between the bank’s executives or employees with the account holders. The probe started after up to 14.2 billion won was found to have been withdrawn from Daejeon Mutual Savings Bank and Busan Savings Bank in after-business hours a day before their suspensions. This prompted suspicions that employees of the banks told their family members and friends to withdraw their deposits before their businesses were stopped. Prosecutors believe that 5 billion won out of the total withdrawals at the Busan-based bank was drawn out

May 1, 2011By Kang Seung-woo
Companies

Smoking weighs down on low-income families

By Kang Seung-woo Spending on cigarettes by those in the low-income bracket was more than double that of the high-income group last year, the central bank and the statistical office said Thursday. However, amid soaring consumer prices, and with some tobacco producers raise prices, by some 200 won from the previous 2,500 won, tobacco is likely to place a heavy burden on the low-income group. According to the Bank of Korea (BOK) and Statistics Korea, the bottom 20 percent in terms of income spent 13,766 won ($12.77) per month in 2010, accounting for 1.2 percent of its overall expenditures of 1.15 million won. On the other hand, the top 20 percent of the table spent 18,985 won out of 3.58 million won, taking just 0.5 percent. As for the national average, each household spent 2.28 million won on average last year, with 18,501 won on cigarettes, or 0.8 percent of the total expenditure. In addition, cigarettes outweighed liquor in terms of the spending ratio. A total of 13.7 trillion won was spent on the two items last year, but per-household expenditure on liquor s

Apr 29, 2011By Kang Seung-woo
Companies

Steel giant becoming technology intensive

POSCO backs new high-value steel By Kang Seung-woo POSCO has been a driving force of the nation’s economic growth since the 1970s as a key supplier of basic industries such as car and shipbuilding. Now the Korean steel maker is going a step further with its focus shifted to new technology development for the purpose of leading the rapidly-changing global steel industry. POSCO, based in Pohang, North Gyeongsang Province, is speeding up its efforts to develop cutting-edge products as well as secure cost competitiveness on the back of advanced skills. In 2010 POSCO, the nation’s sixth-largest company, posted a 60.3 percent gain in operating profit from the previous year after expanding its production base of high value products like twinning induced plasticity (TWIP) steel and galvanized steel-aerosols charged with electrostatics (GI-ACE). TWIP steel, which uses a specific type of strain to increase the effectiveness of work hardening on the alloy, is easier to handle and excels in strength over other products. It can improve fuel efficiency by enabling vehicles to

Apr 27, 2011By Kang Seung-woo
Companies

Aramco forging greater Korea-S. Arabia partnership

By Kang Seung-woo Saudi Aramco, the state-run oil company of Saudi Arabia, held an exhibition under the theme of “Partnership in Prosperity” Tuesday in Seoul to explain cooperation between Korea and Saudi Arabia in the areas of construction, general business, finance, and academic exchanges and to extend gratitude to Korean partners. The three-day exhibition is scheduled to run through Thursday. The Middle Eastern country’s high-profile figures, including Finance and National Economy Minister Ibrahim Al-Assaf and Aramco President and CEO Khalid Al-Falih, attended the opening ceremony and welcomed guests from a variety of fields, including Korean government officials, business leaders, and scholars. Al-Falih and the oil firm’s other senior executives are currently in Seoul to attend a board meeting of Aramco this week. The company held its meeting in Beijing last year. At the ceremony, Saudi Aramco expressed its gratitude to Korean partners, tracing the past 40 years of history in Korea-Saudi Arabia cooperation that began in the 1970s in the area of construction and has no

Apr 27, 2011By Kang Seung-woo
Companies

PCA Life gets closer to clients with Listening Campaign

By Kang Seung-woo PCA Life Korea, a unit of the U.K.-based PCA Group, abides by a management philosophy focusing on listening to and understanding customers. To achieve better communication, the life insurer launched a two-month “Listening Campaign” on April 11, with the slogan “Always Listening, Always Understanding.” In addition, PCA Life, which believes mutual understanding between employees and executives is a pre-step for improved communication with customers, plans to take advantage of this program to listen to its own staff. PCA, headed by CEO Kim Young-jin, recently set up a center for civil petitions that helps the firm interact face to face with customers. The international financial service provider, which has established itself as the best player in the retirement insurance market since it began operations here in late 2001, has sponsored University of the Third Age at Seoul National University and its executives and employees are taking the school’s classes to strengthen expertise in mapping out retirement plans. The insurance company has organized two

Apr 26, 2011By Kang Seung-woo
Companies

Aramco calls for Korea to join 5-year projects

By Kang Seung-woo The chief executive of Saudi Aramco, Saudi Arabia’s state-run oil company, Tuesday called for Korean companies to join its five-year domestic and global projects worth $125 billion (135 trillion won). “Saudi Aramco’s capital program holds tremendous potential for Korean companies which can meet our standards and deliver on our expectations,” Saudi Aramco CEO Khalid Al-Falih told local business leaders in a meeting organized by the Korea Chamber of Commerce and Industry (KCCI). He and the company’s other senior executives are in Seoul to attend a company board meeting this week. “I would like to see Korean companies adopt a forward-looking strategy in which they invest in the ability to manufacture and maintain materials and equipment in Saudi Arabia, rather than simply supporting us and the Middle East region from over the horizon here in Korea,” he said. According to him, Aramco will increase its daily refining capacity from its current four million barrels to more than 6 million barrels per day. “That growth will be accomplished through two new

Apr 26, 2011By Kang Seung-woo
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