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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

Seniors represent 11% of population

By Kang Seung-woo Elderly people over 65 years account for 11 percent of the total population, as the nation is rapidly becoming an aged society, a government report said Wednesday. Statistics Korea announced that the number of people aged 65 or older reached 5.35 million as of July 1, when the total population stood at 48.87 million people. The proportion of the elderly has been steady, as it tallied 3.8 percent in 1980, 5.1 percent in 1990 and 7.2 percent in 2000. Korea, which is currently considered an aging society since the ratio went beyond 7 percent in 2000, is expected to become an aged society in 2018 and a super aged society by 2026, when the proportion is likely to reach 14.3 percent and 20.8 percent, respectively. An aged society is where senior citizens 65 years or older account for more than 14 percent of the population and a super-aged society is defined as country where the population ratio older than 65 people exceeds 20 percent. A rapidly aging population can exert a negative influence on economic growth and raises concerns about how to cope with inc

Sep 29, 2010By Kang Seung-woo
Companies

KoreaToday Hyundai Group gears up to acquire Hyundai E&C

By Kang Seung-woo Hyundai Group is again rolling up its sleeves in an attempt to take over Hyundai Engineering and Construction (HE&C), after it won a legal dispute with its creditors’ group over the extension of its debt rescheduling program. The victory has paved the way for the group to brush up on its strategy and join a bidding war on a better footing against Hyundai-Kia Automotive Group to acquire the nation’s largest construction company. Industry watchers are expecting the final price tag for the construction company to be between 3 and 4 trillion won ($2.62 billion to $3.47 billion). “Hyundai Merchant Marine, the group’s key flagship, has been affected negatively in the global market after the creditors’ sanctions, but we will be able to fix our damaged reputation thanks to the ruling,” a Hyundai Group official said. “More than anything else, we have gained momentum in our bid to acquire HE&C given that the group has resolved a few problems with the ruling, such as the creditor banks’ move to freeze new loans to us. This decision will play a positive role in t

Sep 29, 2010By Kang Seung-woo
Companies

POSCO chief declares M&A onslaught

By Kang Seung-woo POSCO Chairman Chung Joon-yang said Monday that the steel manufacturer will be on the prowl for additional mergers and acquisitions (M&A), with its next target likely to be Daewoo Shipbuilding and Marine Engineering, according to analysts. “POSCO is good at planning, building and running steel mills but we want to be competitive at acquisitions,” Chung said in a speech at a forum hosted by the Korea International Trade Association (KITA) in Seoul. “From now, we will actively pursue more mergers and acquisitions if there are opportunities.” Chung said that top global steel producer ArcelorMittal has set M&A as a key strategic target from the beginning and POSCO, the world’s No. 3 steel maker, which had not been as aggressive, will now also seek to acquire firms. But the 62-year-old told reporters after his speech that nothing appealing was currently up for sale. “As for now, there are no pending merger targets. If there are opportunities, we will seek more M&A,” Chung said. POSCO, which has been a strong candidate to make headlines in the M&A ma

Sep 27, 2010By Kang Seung-woo
Companies

Sunshine Loan headache for policymakers

By Kang Seung-woo Since the Sunshine Loan program made its debt on July 26, many low-income individuals have taken advantage of the low-interest lending program initiated by the government to help those with poor credit ratings. However, more than one month after its introduction, policymakers are facing a dilemma in tackling the side effects of the soft loan program, such as high-income earners taking out such loans by using loopholes and the rising moral hazards among lenders. The financial regulator has stepped up efforts to tighten lending rules in order to prevent those with a high income but a poor credit rating from being granted such loans, which are intended to help those in need. According to the Financial Services Commission (FSC), 72,347 borrowers took out 647.1 billion won ($552.62 million) in Sunshine Loans as of Sept. 6. Despite its “successful” soft landing, the subsidized lending program still has several stumbling blocks to overcome en route to helping people often denied by local commercial banks and forced to borrow at usurious rates of up to 44 per

Sep 24, 2010By Kang Seung-woo
Companies

Acting CEO to lead Shinhan Financial

By Kang Seung-woo Shinhan Financial Group will appoint an acting CEO for the group Monday to fill the management vacuum caused by the suspension of its CEO Shin Sang-hoon from his duties for alleged involvement in embezzlement and illegal lending. The group said Friday that it will hold a board of directors meeting Tuesday to name an acting CEO who will lead the nation’s third largest financial holding company until the prosecution’s investigation against Shin is completed. Market participants and investors are paying close attention to the board meeting as it is expected to give a clue to the pecking order of the group following the ongoing internal feuding involving its top three _ Group Chairman Ra Eung-chan, Shin and Shinhan Bank CEO Lee Baek-soon. “The board of directors will come up with an acting CEO on Tuesday,” said a Shinhan Financial spokesman. “Since Shin was suspended from duty, Ra has been swamped with work. Subsequently we decided to pick an acting CEO,” he added. Initially, Ra planned to take on the CEO tasks simultaneously, but due to an excessive w

Sep 24, 2010By Kang Seung-woo
Companies

Listed companies to post another record quarter

By Kang Seung-woo Korea’s major listed companies expect to see record earnings for the third quarter on the back of robust performances by technology exporters benefiting from the strengthening of the Japanese yen, a financial data provider said. But sales are likely to decline due to growing concerns over economic uncertainties caused by lingering woes overhanging the global economy. According to the FnGuide, Monday, 157 companies out of 639 listed on the Seoul bourse are forecast to post a combined 23.91 trillion won in operating profit, up 12.67 percent from three months earlier. In terms of net income, those firms are forecast to stand at 22.3 trillion won, up 17.04 percent from the previous quarter. It is a stark contrast from an earlier estimation. The industry predicted that the third quarter’s numbers were not expected to match those of the second quarter amid worries over the won’s strengthening and a drop in unit prices of the chief items of export. Economists say the KOSPI-listed firms will report record-high earnings for the third quarter, as tech compan

Sep 20, 2010By Kang Seung-woo
Companies

Hyundai Motor going local in Russia

Dealerships expanding, assembly boosted, PR efforts strengthened By Kim Da-ye Moscow ― Hyundai Motor intends to go local in developing its business in Russia. Korea’s largest carmaker said Saturday that it will produce small-size vehicles tailored for the Russian market starting in January 2011 at a newly built plant in Russia while launching a series of new models that will better suit the needs of local consumers. Hyundai will also expand its dealership network by hiking the number from 120 locations in 2009 to 160 in 2012 and advance its brand awareness with aggressive marketing activities including the opening of a brand shop in downtown Moscow. Localization is much in need as Russia remains a large yet protected market for foreign car manufacturers. In 2008, Russians bought 2.9 million vehicles, 69.7 percent of which were non-Russian brands. The figure plummeted to about 50 percent to 1.47 million in 2009 during the global financial crisis, but is climbing again along with the economic recovery. Hyundai Motor saw its sales in Russia increasing from 100,68

Sep 19, 2010By Kang Seung-woo
Companies

KOSPI breaks 1,800

By Kang Seung-woo Korean stocks topped the 1,800 level for the first time in more than two years Friday on the back of an overnight rally in the U.S. market fueled by eased concerns over a double dip recession in the world’s largest economy. The Korea Composite Stock Price Index (KOSPI) rose 18.22 points, or 1.02 percent, to end at 1,802.58, the highest since June 9 2008 when the benchmark index closed at 1,808.96. The tech-laced Kosdaq also advanced 2.62 points, or 0.54 percent, to 484.48 points. Buoyed by the bullish run on the stock market, the local currency continued to rise against the U.S. dollar for the third straight day to hit a one-month high after finishing the day at 1,165.70 won, up 1.70 won from the previous close. Foreign investors led the upturn, switching to net buying after two straight sessions of net selling. They added a net 539.5 billion won worth of local stocks. Analysts believe that investors purchased local shares on expectations that the U.S. economy will avoid a double-dip recession thanks to better-than-expected jobless claims in the U.S.

Sep 10, 2010By Kang Seung-woo
Companies

Poongsan chairman to head IWCC

Ryu Jin, chairman of Poongsan Corporation, was voted in as head of the International Wrought Copper Council (IWCC), company officials said Thursday. The London-based IWCC, comprised of 151 companies from 21 countries, is a trade association for the copper fabricating industry and has three Korean firms, including Poongsan, as members. Ryu, 52, will be the first Korean president of the IWCC, though he previously served as the group’s Asian chairman. Ryu, who has been a vice president of the group, will replace outgoing IWCC President Heiner Otten of Germany. Poongsan, established in 1968, is involved in the business of non-ferrous metal products.

Sep 9, 2010By Kang Seung-woo
Companies

Non-life insurers suffering soaring loss ratio

By Kang Seung-woo A large number of local non-life insurance companies were hit hard in the auto segment by their escalating loss ratio last month. According to company data, the average loss ratio for eight non-life insurers selling auto policies to local customers surpassed 80 percent in August, up from 73 percent a year ago. The ratio, which is the portion of insurance money to their insurance premium income, is seen as the barometer for companies’ profitability and if a loss ratio stays above 80 percent, auto insurance firms are not able to make their ends meet. ERGO Daum Direct suffered the highest loss ratio of 96 percent, followed by Green Non-Life Insurance, Hyundai Hicar Direct and The-K Non-Life Insurance which saw their ratio in shortfall remain well-above 80 percent, from 85.9 percent to 88.4 percent. The four insurers which stayed below the 80 percent mark were Hyundai Marine and Fire Insurance, Samsung Fire and Marine Insurance, Dongbu Insurance and Meritz Fire and Marine Insurance, but they neared the level. “Since it hit its lowest point in the sprin

Sep 9, 2010By Kang Seung-woo
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