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Lee Hyo-sik

Korea Times Finance Reporter

Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.

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Companies

German chamber to hold Innovation awards

By Lee Hyo-sikThe Korean-German Chamber of Commerce and Industry (KGCCI) is accepting applications from Korean and German companies for its first “KGCCI Innovation Awards.”Those interested in showcasing their innovative ideas, concepts and products are strongly encouraged to file an application, the KGCCI said Friday. The association representing the interests of German companies operating in Korea will receive award applications through June 15.The winners will be notified by the end of July and receive their awards at the KGCCI Innovation Awards Gala, which will be held at the Floating Islands on the Han River on Sept. 5.The awardees will be selected in three categories: innovation in business, including products, processes, organization, distribution, marketing and sales, entrepreneurship, market development and services; innovation in green technologies, such as environmental and resources efficiency; and innovation in workforce development, such as activities, sustainability, inclusiveness and personal development.“The innovation awards were established to rais

May 15, 2015By Lee Hyo-sik
Companies

Hyundai Heavy pins hopes on Modi's visit for LNG deal

By Lee Hyo-sikIndian Prime Minister Narendra Modi will visit a Hyundai Heavy Industries (HHI) plant in the southeastern industrial city of Ulsan on May 19.He will meet HHI Chairman Choi Gil-seon and CEO Kwon Oh-gap, and tour the facility, the company said Friday.The visit is attracting keen attention from business circles, given Modi’s hectic two-day schedule. He will be in Korea on May 18 and 19 for a summit with President Park Geun-hye to find ways to boost bilateral cooperation in security, trade and other areas.On the sidelines, he will take part in business forums and hold a series of meetings with the heads of the country's conglomerates, including POSCO Chairman Kwon Oh-joon and Hyundai Motor Group Chairman Chung Mong-koo.“We are aware that Indian Prime Minister Modi will visit our Ulsan plant and meet with Chairman Choi and CEO Kwon,” a HHI spokesman said. “But we don’t know the specifics of his visit and what he will discuss with company leaders.”Shipbuilding industry watchers speculate that Modi and HHI chiefs would likely discuss Indian

May 15, 2015By Lee Hyo-sik
Opinion

Protecting financial consumers' rights

By Cho Sung-raeDirector general of the consumer protection department at the Financial Supervisory ServiceCho Sung-raeSince the 2008 financial crisis, global interest in protecting financial consumers has increased significantly.This is largely because ordinary citizens, who lack knowledge in financial matters, often put themselves at a disadvantage when dealing with financial services firms. They often suffer losses from transactions involving diverse and complicated financial instruments, especially derivatives such as CDO and CDS which triggered the crisis.To address this issue, the OECD developed the “G20 High-Level Principles on Financial Consumer Protection” in November 2011, stressing the importance of a responsible supervisory authority in the protection of financial consumers.And such a crucial role is being played by the Financial Supervisory Service (FSS) in Korea.In May 2012, the FSS created the Financial Consumer Protection Bureau, set up the relevant committee and held consultative meetings to develop cohesive working relationships between them to focus on c

May 15, 2015By Lee Hyo-sik
Protecting financial consumers' rights
Companies

AmorePacific posts best-ever performance on China success

By Lee Hyo-sikAmorePacific, the country’s largest cosmetics maker, posted its best performance ever in the first quarter, thanks to its booming business in China and other Asian countries.AmorePacific Group posted 1.44 trillion won in sales in the three months to March, up 26.7 percent from a year earlier. Its operating profit soared 50 percent to 320.7 billion won.The group’s stronger-than-expected performance was driven by its flagship unit AmorePacific and other cosmetics affiliates, which sold a record number of products at home and abroad.AmorePacific alone posted record sales of 1.2 trillion won in the first quarter, up 58.2 percent from a year earlier. Its operating profit jumped 29.2 percent to 278 billion won.The firm’s domestic business grew 31 percent to 796.2 billion won as its Sulwhasoo, Hera and other brands performed strongly. Its local sales also received a boost from Chinese and other foreign tourists who purchased the company’s skincare and other beauty products at duty free shops.The company’s overseas sales reached 269.3 billion won d

May 14, 2015By Lee Hyo-sik
Companies

KORES successfully operates Boleo copper mine in Mexico

The state-run Korea Resources Corp. (KORES) operates the Boleo copper processing plant in Santa Rosalia, Mexico. / Courtesy of KORESBy Lee Hyo-sikThe Korea Resources Corp. (KORES), the state-run mineral resources developer, has been successfully producing copper at its processing plant in northwestern Mexico, company officials said Thursday.KORES holds a 74 percent stake in Minera y Metallurgica del Boleo, or MMB, the entity that operates the copper mine in Santa Rosalia. It produced 1,207 tons of copper from January through April.Hyundai Hysco and other domestic firms hold a combined 16 percent stake, while Canadian mining firm Baja Mining has the remaining 10 percent.KORES invested about $1 billion in the Boleo project, which began in 2012.“We will increase production volume over the next year,” a KORES spokesman said. “When the plant operates at its full capacity, we expect to produce 51,000 tons of copper annually. We will also boost the operational efficiency of mining and processing facilities in order to maximize profits.”The mining facility, which star

May 14, 2015By Lee Hyo-sik
Companies

Indian prime minister to court Korean companies

By Lee Hyo-sikNarendra ModiIndian Prime Minister Narendra Modi, who will visit Korea early next week to hold a summit with President Park Geun-hye, is expected to make a sales pitch encouraging Korean companies to expand investment in his home country, according to multiple business circles here, Wednesday.Besides discussing a wide range of bilateral issues with President Park, Modi will take part in business forums and hold a series of one-on-one meetings with the heads of the country’s conglomerates.The prime minister, who came into power in May 2014, has been promoting the “Make in India” campaign to reinvigorate India’s manufacturing industries. To do so, Modi has been asking Korean and other foreign businesses to build plants in Asia’s third-largest economy.The Indian government reportedly wants domestic shipbuilders to manufacture LNG carriers and other commercial vessels in the country, and construction firms to participate in infrastructure development projects.Modi will pay a two-day visit to Korea on May 18-19 to meet with President Park to fin

May 13, 2015By Lee Hyo-sik
Indian prime minister to court Korean companies
Companies

Korea to tap into global infrastructure

Choi Won-sik, director of McKinsey & Company’s Seoul office, speaks during the “3rd KCCI Management Concert” at the headquarters of the Korea Chamber of Commerce and Industry (KCCI) in downtown Seoul, Tuesday.By Lee Hyo-sikBuilders and other companies here should double their efforts to play a bigger role in the rapidly growing global infrastructure market if Korea wants to make another leap forward in the coming years, the local head of a global consulting firm said Tuesday.Before about 200 CEOs of member companies of the Korea Chamber of Commerce and Industry (KCCI), Choi Won-sik, director of McKinsey & Company’s Seoul office, said the international infrastructure development market will reach $57 trillion in 2030. He urged Korean companies to make inroads into Asia, South America and other emerging markets to achieve a sustainable growth.In a speech titled “McKinsey’s View of Global Economy and Korean Enterprises’ Survival Strategy,” Choi said, “The ongoing global economic uncertainties will likely persist for the next

May 12, 2015By Lee Hyo-sik
Companies

DSME considers acquiring STX France

By Lee Hyo-sikDaewoo Shipbuilding & Marine Engineering (DSME) said Tuesday that it is considering acquiring STX France, a European subsidiary of struggling STX Offshore & Shipbuilding, which manufactures cruise ships.The world’s second-largest shipbuilder said its main stakeholder, Korea Development Bank (KDB), had asked it to look into the possibility of taking over the STX France shipyard in Saint-Nazaire, northwestern France.“We just began the study and, at this point, it is too early to say what we will do,” a DSME spokesman said. “The review process may gain speed after our new CEO takes office later this month.”The news comes at a time when Jung Sung-leep, former CEO of STX Offshore & Shipbuilding, is set to become the new DSME chief. Jung was appointed to head the shipbuilder at the board of directors’ meeting in early April. On May 29, the company will hold a shareholders’ meeting to endorse Jung’s appointment.KDB, which holds a 31.5 percent stake in DSME, has sought to dispose of STX Europe as part of a restructurin

May 12, 2015By Lee Hyo-sik
Companies

CJ CGV rides high on overseas success

By Lee Hyo-sikCJ CGV shares closed sharply higher on Monday after positive reports from brokerage houses that believe the country’s largest cinema chain will perform strongly on growing overseas ventures.The release of blockbuster movies such as “The Avengers: Age of Ultron” at home and abroad have also helped lift the bottom line, analysts say.They believe the share price will continue to rise.Korea Investment & Securities Monday issued a “buy” for the shares, raising the target price to 100,000 won from 86,000 won.CJ CGV hit a daily limit high of 14.95 percent, closing at 93,800 won on Monday. The benchmark KOSPI closed up 0.71 percent at 2,100.42.“In the first three months of the year, the company performed stronger than initially expected on the back of its strong business in China and other Asian countries,” said analyst Jeong Hee-seok of Korea Investment & Securities. “China’s movie industry grew 42 percent in the first quarter from a year earlier, but CJ CGV sales soared 60 percent in the world’s fastest-growi

May 11, 2015By Lee Hyo-sik
Companies

Dabonda files for court receivership

By Lee Hyo-sikDabonda, which makes black boxes for vehicles, has filed for court receivership after losing money because of “excessive” marketing and “reckless” expansion, industry sources said on Monday.The company, which market the boxes as “a lawyer in a car,” asked the court on May 1 to initiate court-managed corporate rehabilitation. The court is expected to decide soon whether to grant the request.A Dabonda official confirmed that the company had filed for court receivership, but said Dabonda would continue to market its products and develop new ones. The company would decide what to do after the court decision.According to audit reports, Dabonda posted a 3.4 billion won operating loss in 2013, even through its revenue reached 65.7 billion won as it spent large sums on marketing and other activities designed to boost sales.The company has yet to announce its 2014 results, but is widely expected to incur larger losses because it has lost market share to competitors in the increasingly saturated domestic market.The market share of Dabonda ―&nbs

May 11, 2015By Lee Hyo-sik
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