my timesThe Korea Times
ksw

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.

Go to Email

Read more

Companies

Insurers struggling in stock market

By Kang Seung-woo Three local life insurers made their debut on the equity market under a big spotlight over the past year but they are struggling as their stock prices remain below the initial public offering (IPO) prices despite the recent market rally. Tongyang Life Insurance launched its IPO on Oct. 8 for the first time among local insurers but failed to enjoy the first mover premium. Its IPO price was 17,000 won per share, but since then, it has dropped about 30 percent to 11,900 won as of Tuesday’s close of the Korea Exchange (KRX). Korea Life Insurance and Samsung Life Insurance, which followed Tongyang, are also in the same situation. Korea Life initially listed at 8,200 won per share in March, but has remained below 8,000 won, sitting at 7,850 won. Samsung, which made its KRX debut to much fanfare in May with its offering valued at 110,000 won, has dropped to 105,500 won. Market analysts think that the low interest rate is the key culprit behind the insurers’ sluggish performance on the stock market. Insurers, which usually invest customers’ premium in i

Oct 7, 2010By Kang Seung-woo
Others

G20 economic impact estimated to top W31 tril.

By Kang Seung-woo The upcoming G20 summit in Seoul is likely to boost the Korean economy not only by bolstering its exports and job creation but also by improving its international image, the Korea International Trade Association (KITA) said Thursday. In its latest report, the Institute for International Trade (ITT) at KITA said that the effect of the G20 summit on the Korean economy would surpass 31 trillion won ($27.75 billion). In addition, it also said that without international cooperation of the G20 nations, there might have been another recession similar to the Great Depression in 1930’s. The heads of the G20 member nations, including U.S. President Barack Obama, German Chancellor Angela Merkel and French President Nicolas Sarkozy, will come to Seoul for the meeting, scheduled for Nov. 11 and 12, while over 15,000 people are also expected to visit the city. It is the first time for a non-G7 member to chair the global gathering. “Successfully hosting the G20 summit will not only have an impact on our economy but on all aspects of our society, including political

Oct 7, 2010By Kang Seung-woo
Companies

FSS wraps up probe into Shinhan chieftain

By Kang Seung-woo The fate of Shinhan Financial Chairman Ra Eung-chan will depend on the outcome of a regulator’s investigation, the outcome of which will be revealed in a matter of days. Ra is one of the central figures in a power struggle with his former protégé, Shin Sang-hoon, who has been relieved of his post as president of one of Korea’s leading financial services providers, which controls the top-rated Shinhan Bank. The nation’s top financial regulator has finished its investigation into Ra for an alleged violation of the Real Name Financial Transaction Law, an official of the Financial Supervisory Service (FSS) said Wednesday. The 71-year-old allegedly wired 5 billion won ($4.45 million) to Park Yeon-cha, the scandal-ridden CEO of Busan-based shoemaker Taekwang, in April 2007 through several bank accounts opened under other people’s names. “The inspection team wrapped up its one-month investigation last Friday. Based on what it found, it will look into if he broke the rules,” the official said. “We are trying to come up with an outcome as e

Oct 6, 2010By Kang Seung-woo
Companies

Bank CEOs under fire for big paychecks

By Kang Seung-woo Following the global financial crisis, one of the biggest issues in the financial industry both at home and abroad was an overhaul of the compensation schemes for financial CEOs as they were criticized for enjoying astronomical incomes in good times while avoiding taking responsibility for losses during bad ones. With the crisis waning, the issue is re-emerging in the local banking industry as many financial firms are still giving huge salaries and bonuses to their CEOs regardless of corporate performance. Shinhan Financial Group and Korea Exchange Bank (KEB) became the top two financial services providers to give the highest saleries to their bosses. According to Bae Young-shik of the ruling Grand National Party (GNP), Shinhan Financial Group Chairman Ra Eung-chan and CEO Shin Sang-hoon were paid 1.05 billion won and 982 million won respectively, down 23.5 percent from their 2008 salaries of 1.38 billion won and 1.29 billion won. The income included performance-related bonuses and other allowances. As for KEB, the nation’s No. 5 bank, it declined to di

Oct 4, 2010By Kang Seung-woo
Companies

Foreign reserves hit all-time high of $289 bil.

By Kang Seung-woo Korea’s foreign exchange reserves hit a new record high in September on the back of a jump in investment returns and an increase in the conversion value of the euro- and British pound-denominated assets against the U.S. dollar. The state intervention to curb the rapid strengthening of the local currency against the dollar also contributed to the increase, according to market experts. The won has been on a sharp gain due to high current account surpluses and foreigners’ strong buying in the equity market. The Bank of Korea (BOK) reported Monday that the nation’s foreign reserves reached $289.78 billion as of the end of last month, up $4.42 billion from a month ago and well above the previous record of $285.96 billion recorded in July. It was the third time in 2010 for the foreign reserves to reach a fresh record high following April and July. The reserves in April reached $278.87 billion after beating the previous record of $273.69 billion in January. Foreign reserves consist of securities and deposits denominated in overseas currencies along with Inte

Oct 4, 2010By Kang Seung-woo
Companies

Rising inflation presses BOK to hike rates

By Kang Seung-woo The Bank of Korea (BOK) is expected to raise its key interest rate this month, with a faster-than-expected increase in consumer prices tipping the balance of monetary policy in favor of further credit tightening. In addition, given that there are a lot of liquid assets in the market and the real interest rate remains in negative territory, the central bank will be expected to be under growing pressure to fixing it up in three months. The BOK has frozen its key interest rate at 2.25 percent since it raised it by 0.25 percent from a record low of 2 percent in July and its monetary policy committee will negotiate the October’s rate next week. According to Statistics Korea on Friday, the consumer price index hit a 17-month high of 3.6 percent last month from a year earlier, which was higher than the government’s early prediction of a low 3 percent. It was the first time for the index to surpass the 3 percent mark since January, when it tallied 3.1 percent. Worse, the index climbed 1.1 percent from August to post the biggest monthly gain since March 2004,

Oct 3, 2010By Kang Seung-woo
Companies

KB to continue sponsoring Yu-na

By Kang Seung-woo KB Financial Group is expected to maintain their sponsorship of star figure skater Kim Yu-na. The nation’s largest financial group announced that it is positively considering renewing a contract with the Olympic champion but the official did not disclose the timing of the deal. KB became the first local firm to back Kim, as their relations started in 2006. “Although there was a bit of a troubling issue for Kim of late, it is not a big obstacle to stand in the way of us sponsoring her in the future,” an official of the KB Financial Group told The Korea Times. The 20-year-old former world champion made headlines in August due to an ugly feud with her former coach Brian Orser of Canada over his dismissal. After it descended into a public bout, they finally split and Kim is now training in Los Angeles and looking for a new coach. “Kim is one of the country’s most competitive brands, with world-class name value, and she has contributed to enhancing the group’s image. “In addition, she boosted the morale of the people by making Korea an up-and-com

Oct 3, 2010By Kang Seung-woo
Companies

Shinhan supports multicultural families

By Kang Seung-woo With more and more Koreans marrying foreigners, supporting multicultural families has become one of the key issues here not only for the government but also for society. The government and local companies are joining efforts to help them settle properly after finding that their problems are becoming more and more serious. Multi-ethnic families are facing a number of challenges such as culture differences and language barriers. Shinhan Financial Group, the nation’s third largest financial group, and its subsidiaries, are taking a leading role in supporting multi-cultural families by offering a variety of services, such as financial aids and finance education programs. A multicultural household refers to a family in which the two parents have different cultural and ethnic backgrounds and they confront problems which have to do with language and economy in the process of their settlement here. According to Statistics Korea, the number of multicultural families in Korea climbed from 140,000 in 2008 to 167,000 in 2009. First of all, as part of efforts to h

Sep 30, 2010By Kang Seung-woo
Companies

Industrial output rises for 14th straight month

By Kang Seung-woo Korea’s industrial output increased for the 14th straight month in August, as the economic recovery is getting back on track, a government report said Thursday. But the leading economic composite index declined for eight consecutive months. Statistics Korea announced that production in the mining and manufacturing sectors grew 17.1 percent last month from a year earlier. However, the industrial output marked the first monthly contraction since October 2009, as it dropped 1 percent from July due to a decline in market demand for automobiles. The production in the automobile sector fell 13.3 percent in August. The factory operating rate declined 3 percentage points from the previous month when the figure rose to the highest level since Seoul started recordkeeping in January 1980. The government thinks that a seasonal factor, or the summer vacation season, partly affected the decrease. “In August, consumption as well as industrial output remained in negative territory because a large number of people took off on summer vacations,” said Yoon Jong-won,

Sep 30, 2010By Kang Seung-woo
Companies

Trade surplus down sharply in August

By Kang Seung-woo Korea’s current account dropped to a four-month low in August following a fall in exports due to a slowdown in overseas demand, the Bank of Korea (BOK) said Wednesday. But it predicted that the surplus will expand again next month. The central bank said the current account recorded a surplus of $2.07 billion last month, down from a revised $5.82 billion in July. The current account is the broadest measure of trade that reflects the movement of goods and services. Although the figure has kept Asia’s fourth-largest economy in the black for the seventh straight month, the surplus was the smallest since April, when it marked $1.42 billion. The country’s balance of goods posted the smallest surplus since February after taking a sharp fall from a record $7.16 billion to $3.69 billion, as overseas shipments declined. Exports increased 27.8 percent year-on-year to $38.6 billion in August while imports advanced 29.8 percent to $35 billion. The service account, which covers the flow of travel and transport costs, registered a deficit of $1.78 billion, up

Sep 29, 2010By Kang Seung-woo
previous page
279280281282283
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.