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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

Prudential tries to be customer-first insurer

By Kang Seung-woo In terms of size or profitability in the local life insurance industry, Prudential of Korea (POK) might be just your average firm. But the Korean arm of U.S.-based global company has something to hold its head high about, as it is leading the pack several rankings that show how the company is an honest and ethical one trusted by customers. According to the Korea Consumer Agency, insurance policies are financial products which receive the most complaints, mainly because policyholders can be satisfied with their policies or not based on how well life planners are qualified to explain products to customers. In this respect, POK, headed by CEO James Choi Spackman, is gaining credit from consumers. The ratio of certified insurance consultants (CIC)s, a certificate given to insurance planners who have received no complaints from customers, posted 34.2 percent in 2010, nearly three times higher than the runner-up who sat at 12.2 percent. To be eligible for the certificate, a person must have worked with the same insurer for over three years, and achieved

Apr 26, 2011By Kang Seung-woo
Companies

Savings bank employees accused of using inside information

By Kang Seung-woo The nation’s financial regulator said Monday that some relatives and friends of employees at Busan Savings Bank made withdrawals ahead of its business suspension in February. “We have found that some relatives of its employees were allowed to take their money out without proper procedure during our inspection of the suspended savings bank,” said an official of the Financial Supervisory Service (FSS). “The bank randomly cancelled the accounts and handed out money without verifying real names.” The Financial Services Commission (FSC), the executive arm of the FSS, suspended Busan Savings Bank, the top savings bank by assets, and its affiliate Daejeon Mutual Savings Bank, on Feb. 17 for six months each after they failed to meet regulatory capital requirements. Along with its own inspection, the FSS on Saturday looked into the bank’s list of customers who took out money on Feb. 15 and 16 to see if there were other improper cases of withdrawals, while looking at the lender’s closed-circuit television (CCTV) tapes. The FSS plans to severely punish any un

Apr 25, 2011By Kang Seung-woo
Companies

Korea to designate small-firm-only biz

By Kang Seung-woo Korea’s large corporations may have to quit businesses such as tofu and red-pepper paste as the government is set to come up with a list of markets suitable for just smaller firms. The Commission on Shared Growth for Large and Small Companies (CGS) held a hearing Friday to decide what items will be included in the list for smaller companies with the aim of wrapping up the work as soon as possible. According to sources markets whose size are between 100 billion and 1.5 trillion won as well as those involving more than 10 small-sized firms would meet the requirements for small-firm-only businesses. The general expectations are that traditional foods, sauces, tofu, tire recapping and metal crafts would make it to the final list. There is controversy in the mold industry, for which CGS head Chung Un-chan expressed special concerns of late, because its market size is about 5.5 trillion won. The CGS initiative comes as larger companies are expanding into areas where smaller counterparts have usually been involved. Along with the chicken and pizza

Apr 22, 2011By Kang Seung-woo
Companies

Concept store for kids opens in central Seoul

KIDZPLANET, a localized concept store for kids, made its debut here on April 9. The store located in central Seoul is dedicated to the lifestyle of today’s trendy children and parents. It is bracing for the single mission of offering everything for children from top quality education material, fun activities and customized parties to products that help encourage individuality and creativity in the modern child, according to the firm. With this in mind, it continuously explores the world to collect the most interesting, educational, and highly trendy collections of fashion, toys, books and decorative items among others. From must have basics to ultimate gifts, KIDZPLANET is the one-stop-shop for stylish parents. Those who look for a place to take children without regard to whether it is a cold, rainy day or an exciting cool spot for hot summer day, KIDZPLANET is the only place to be, the firm said.

Apr 22, 2011By Kang Seung-woo
Companies

From wild land to fun paradise

Everland evolves into world-class amusement park By Kang Seung-woo Everland, the largest amusement park in Korea, marked its 35th anniversary on April 17. The park was established on April 17 1976 under the name of Natural Farm as part of a pilot program of land development. It has been offering a variety of entertainment and special events for families, friends and couples to emerge as the nation’s iconic amusement park. The number of cumulative visitors to the theme park reached 160 million as of March 2011 and its annual attendance has averaged 8.5 million, the seventh highest in the world, with about 20,000 on a daily basis, since 2000. In addition, visitors from outside Korea have been a rising trend. In 1997, about 110,000 foreigners visited the park, accounting for 1.5 percent of the total admissions, but the number has increased to about 550,000, which represents 7.9 percent, as of the end of last year. Although Korea was a wasteland for leisure industries in the 1970s, just focusing on economic development, Everland has continued to come up with differe

Apr 21, 2011By Kang Seung-woo
Companies

Little Amsterdam in Everland arrests attention

By Kang Seung-woo Everland, the nation’s leading amusement park, has played an outstanding role as a diplomatic link with the Netherlands through unique ideas, according to local industry observers. It has held the annual Tulip Festival since 1992 and has been operating the “Holland Village,” its themed European street setting. In honor of the 50th anniversary of Korean-Dutch diplomatic ties, Everland has come up with the “Netherland Special Garden” to reproduce the landscape of Amsterdam along with the Holland Village. It is located in the Four Seasons Garden, which is filled with fragrant and beautiful tulips, and visitors can enjoy Dutch post-impressionist artist Vincent van Gogh’s The Starry Night, recreated by using 28 types of flowers including tulips, hydrangeas and begonias. The amusement park expects that the opening of the special garden along with Holland Village will establish itself as the best place for visitors to experience Dutch culture in what appears to be just like Amsterdam. Dutch Ambassador Paul Menkveld said in an opening ceremony of the speci

Apr 21, 2011By Kang Seung-woo
Companies

ACE Life Korea launches Green Campaign for Customers

ACE Life Korea, a subsidiary of the Swiss-based insurance firm, launched Thursday the “ACE Green for the Customers” to mark Earth Day on Friday, the foreign insurer said. The one-month campaign is the first such activity for the life insurance company after its launch in Korea in February this year. ACE Life aims at protecting the nation’s natural environment for the happiness and satisfaction of its customers. Furthermore, the campaign affords ACE Life an opportunity to interact with its customers to introduce the brand. “‘ACE Green for Customers’ has significant meaning to ACE Life, since it is an activity introducing ACE Life’s social responsibility towards its customers and the environment. Through this brand activation initiative, we are able to interact face to face with our customers,” said Brian Greenberg, ACE Life Korea CEO. “ACE Life is a company with a strong social conscience. We want to take a proactive role as a company to acquaint all our customers, both existing and potential, that we can all be hopeful of meeting the happiness and satisfaction of custo

Apr 21, 2011By Kang Seung-woo
Companies

Clash of regulators

New FSS chief Kwon engages in one-upmanship with boss By Kang Seung-woo The nation’s top two financial regulators, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), are notorious for their continued discord. What seems to be the latest clash took place Monday, when they announced the financial authorities are considering establishing a bad bank for soured project financing (PF) loans. A bad bank is a financial vehicle that takes over non-performing loans from other banks, enabling them to make a fresh start. FSS Governor Kwon Hyouk-se was quoted saying that his organization is pushing to

Apr 20, 2011By Kang Seung-woo
Companies

Bad bank to deal with builders’ soured loans

By Kang Seung-woo The nation’s financial watchdog said Monday that the top five financial groups may set up a “bad bank” as a way of dealing with soured project financing (PF) loans that are weighing down on construction companies and savings banks. “The five leading banking groups will chip in money to the bad bank, if established,” said Joo Jae-seong, deputy governor of the Financial Supervisory Service (FSS). Joo’s statement came after Financial Services Commission (FSC) Chairman Kim Seok-dong and FSS Governor Kwon Hyouk-se met with the heads of KB, Shinhan, Woori, Hana and Korea Develop Bank (KDB) Financial Groups. The FSS is the executive arm of the FSC. A bad bank is a financial vehicle that takes over non-performing loans from other banks, enabling them to make a fresh start. The bad bank could be established in the next couple of months, according to FSS officials. Despite the FSS statement, the FSC, the decision-making body of the FSS, said there had been no discussions on the creation of a bad bank. The move came as Sambu and other mid-sized constructi

Apr 17, 2011By Kang Seung-woo
Companies

Interest burden to be eased for poor

By Kang Seung-woo The country’s financial regulator announced measures, Sunday, to support low- and middle-class families who are in debt. According to the plans by the Financial Services Commission (FSC), which are contingent on approval by lawmakers, private money lenders will only be able to charge a maximum 39 percent interest rate on loans, down from the current 44 percent. The 5-percent cut will be the government’s third reduction of the cap since 2007 and the first since July last year when it was lowered from 49 percent. The government will also spend more than 3 trillion won (about $2.76 billion) by the end of the year to support micro-credit products and other services provided by financial institutions to the poor, the FSC said. The proposal comes at a time when the alarm has been sounding more loudly over the country’s historically high level of household debt. Households currently owe more than 900 trillion won to banks and the number has likely already exceeded the 1,000 trillion won mark when adding unsecured loans. High levels of household indebtedness ar

Apr 17, 2011By Kang Seung-woo
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