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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

Confucian institute asks KBS to change drama title

By Kang Shin-who Sungkyunkwan, Korea’s traditional Confucian institution, is protesting to the state-run KBS for the title of its new drama series, “Sungkyunkwan Scandal.” Choi Gun-duk, head of the centuries-old academic institute, requested the broadcaster to change the name, claiming it is defamatory. Choi sent a letter to the broadcaster 10 days ago to express his dissatisfaction with the title, but KBS failed to reply. The English title of the drama is spelled slightly differently but comes from the same Korean name. The highest educational institute during the Joseon Dynasty was established in 1398. “It’s nonsense to associate the disgraceful word ‘scandal’ with the Confucian heritage,” Choi was quoted as saying. “Sungkyunkwan is the sole national university from our traditional society where past leaders of the nation were trained.” “How could they attach the word ’scandal’ to such a noble place? This is defamation,” he added. The drama, scheduled to begin airing on Aug. 30, is a period drama portraying love and conflict between students of noble famili

Aug 20, 2010By Kang Seung-woo
Companies

Recent bus explosion jacks up bike sales

By Kang Seung-woo Kim Youn-soo, a communications graduate school student, is considering riding a bicycle to work. The 27-year-old is not an athletic type and his decision to commute by bicycle followed an explosion on a commuter bus. “I have commuted between school and home by bus, but this accident has unnerved me and I am considering buying a bicycle,” Kim said. Kim is just one of a growing number of commuters, who are taking a new liking to two-wheelers after the incident, according to Gmarket, the leading online marketplace. Gmarket said that bicycle sales increased 54 percent for the week after the accident, compared to a week earlier. On Aug. 9, a natural gas-powered public transit bus exploded on a Seoul street, injuring 17 passengers. The most seriously injured was a 28-year-old female whose ankles were shattered. She underwent reconstruction surgery but it was not clear whether she will fully recover. The explosion was followed by reports of several bus-related accidents. One involved a crash due to a flat tire that left some passengers slightly in

Aug 20, 2010By Kang Seung-woo
Companies

Ex-KB CEO barred from working for financial industry

By Kang Seung-woo Former Kookmin Bank CEO Kang Chung-won will be barred from working in the financial industry for three years for his mismanagement during six years as the top manager of Korea’s leading bank. The Financial Supervisory Service (FSS) handed down the severe penalty on the 59-year-old, Thursday, at a disciplinary committee meeting. Eight other executives also face disciplinary action, while 79 were reprimanded ― penalties will be made final by FSS Governor Kim Jong-chang. The total number of those subject to such measures is the largest ever in terms of penalties imposed on financial institutions. Kang stepped down on July 13, three months before his term ended. The financial watchdog said the bank suffered a loss of 400 billion won ($341.2 million) in acquiring Kazakhstan’s Bank Credit Center (BCC) in 2008, by ignoring obvious unfavorable conditions. In addition, the FSS issued punitive measures on nine banks which sold knock-in knock-out contracts (KIKO), heavily penalizing four and reprimanding 68. The nine were Woori, Shinhan, Hana, Citi, SC

Aug 19, 2010By Kang Seung-woo
Companies

KEB chairman honored for Good Samaritan work

By Kang Seung-woo Korea Exchange Bank (KEB) Chairman Richard Wacker received a special appreciation plaque from the Korea Liberation Association at the 61st memorial service for Homer Hulbert held during a book publication ceremony, the bank announced Thursday. Hulbert was not only a missionary but also a special envoy of the Korean emperor. Wacker, who is interested in Korea’s history and culture, has provided scholarships and living expense support worth 100 million won each year for men of merit for national independence and their descendents through the KEB Foundation. “I am greatly honored to receive the appreciation plaque even though I didn’t expect it and was just happy that we could be of help to the descendents. We will continue to practice ‘management with the spirit of sharing’ by keeping up our social contribution efforts,” said Wacker.

Aug 19, 2010By Kang Seung-woo
Companies

Trouble hits New York Life, ING

By Kang Seung-woo Foreign insurance firms are facing a myriad of problems ranging from a soured bottom line to the defections of experienced hands, apparently forcing at least one to consider calling it a day. According to sources in the insurance industry, New York Life Insurance is likely to sell its Korean subsidiary within this year. The Korea operations of New York Life Insurance posted a net loss of 73.7 billion won ($62.65 million) and 43.6 billion won in 2008 and 2009 respectively. ING Life Insurance has been plagued by loss of human resources. In the first half of this year, 100 employees including five branch managers left the firm and joined Mirae Asset Life Insurance, while around 80 insurance planners bolted for another firm. To make their situation worse, their market share has been on the decline. According to the Financial Supervisory Service (FSS), the foreign insurers’ market share stood at 20.8 percent as of the end of December 2009, down 0.7 percent points compared to a year earlier. “Prudential and ING have led the life-insurance sector

Aug 19, 2010By Kang Seung-woo
Companies

KDB ranks highest in bad loan ratio

By Kang Seung-woo The Korea Development Bank (KDB) and Woori Bank have emerged as the biggest victims from the prolonged slump in the real estate market, as their bad loan ratios have been soaring due to massive delinquency of their project financing (PF) loans. The Financial Supervisory Service (FSS) said Thursday that the bad loan ratio at the state-run KDB was the highest among local lenders in June at 3.7 percent, well above the industry average of 1.94 percent, which was also up from 1.48 percent in March. Woori Bank ranked second with 3.03 percent, followed by Nohghyup (2.94 percent), Suhyup (2.22 percent), Daegu Bank (2.1 percent), Kookmin (1.98 percent), Citibank Korea (1.98 percent) and Hana (1.37 percent). The bad loan ratio refers to the portion of loans overdue for more than three months. The combined figure for the Korean lenders reached a six-year high of 1.94 percent, the highest since the third quarter of 2004 when it was 2.37 percent. Non-performing loans totaled 25.5 trillion won in June, up 6.6 trillion won from the first quarter. “Local banks suff

Aug 19, 2010By Kang Seung-woo
Companies

Shinhan takes lead in microcredit service

By Kang Seung-woo Shinhan Bank has solidified its leading position in the banking industry in the second quarter with an outstanding business performance while other lenders are reeling from the prolonged lull in the real estate market. Based on its remarkable showing, the nation’s third largest lender has stepped up efforts to strengthen its microcredit finance services as part of efforts to support low-income families and small businesses. Along with its parent company Shinhan Financial Group, it set up Shinhan Smile Microcredit Bank, the first among local lenders in December last year in order to offer unsecured loans to low-income households. Since its inception, the service has lent 1.5 billion won as of August and it plans to expand its size of capital from 50 billion won to 70 billion won by next year. Most recently, on Tuesday, the group opened its fourth microcredit bank in Mangwoo-dong in Seoul expanding its financing services for the poor and underprivileged. It also plans to open microcredit bank branches in Changwon and Cheongju in September and in Youngc

Aug 18, 2010By Kang Seung-woo
Companies

Private sector debts reach 1,400 tril. won

By Kang Seung-woo Household and corporate debts are continuing on an upward trend, spawning fears that they will combine to create a toxic cocktail for the Korean economy with the prolonged slump in the real estate market. The central bank said Tuesday that households and corporate lending reached 1,409 trillion won ($1.2 trillion) in June, as a low interest rate led them to take out loans from financial companies. The outstanding balance of household debt was 652.5 trillion won as of the end of June, while that of companies stood at 756.7 trillion won, according to the Bank of Korea (BOK). The amount of lending surpassed the 1,400 trillion won mark for the first time in May, at 1,408.3 trillion won and it has continued to rise on the strength of low borrowing costs. Household lending, despite a growing inability to repay the debt, has also been rising. January’s debt at households and firms stood at 1,371.1 trillion won, rising to 1,380.7 trillion won in February, 1,383.5 trillion won in March and 1,391.5 trillion won in April. “Above all, the low interest

Aug 17, 2010By Kang Seung-woo
Companies

US regulator probing 2010 Kia Soul

By Kang Seung-woo The U.S. Federal safety regulator has launched an investigation into the 2010 Kia Soul for potential loss of steering control while driving the vehicle. The National Highway Traffic Safety Administration (NHTSA) said Tuesday morning (KST) that it had begun a preliminary probe into the small, stylish, boxy street-cruiser after receiving a complaint about a steering problem. The investigation, the first stage in a process to decide whether it will be recalled or not, will check more than 50,000 vehicles. The safety watchdog said that an owner of the boxy vehicle had complained that the steering shaft fell off from the steering wheel, resulting in a complete loss of control. Additionally, the shaft fell into a position that interfered with the driver’s ability to brake. Although it is rare that the NHTSA launches an investigation on the basis of one complaint, the government agency sees it as a larger possible threat to safety. It said that it is very concerned about this failure in that it occurred without warning on a new vehicle at low mileage

Aug 17, 2010By Kang Seung-woo
Companies

Daums Lycos venture turns out to be ill-fated

By Kang Seung-woo The dream of overseas expansion for Daum Communications has faltered, as Korea’s second largest portal sold off its U.S. subsidiary. Daum announced Monday that it has sold Lycos to Ybrant Media Acquisition at $36 million (42.6 billion won). Lycos is a U.S.-based search engine and draws 16 million visitors on a monthly average, according to Daum. With the sale of the U.S. search engine and web portal, Daum has finished clearing up its key overseas operations.

Aug 16, 2010By Kang Seung-woo
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