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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Banking & Finance

Hana Bank vows to cooperate with prosecutors over funds fiasco

A group of people demand a swift investigation into Hana Bank in a protest in front of Seoul Southern District Prosecutors' Office, Thursday. YonhapBy Lee Kyung-min Hana Bank, one of the country's leading commercial banks, said Friday it will cooperate with local prosecutors over the bank's alleged involvement in the “mis-selling” of investment funds.On Thursday, prosecutors launched an investigation into the bank over its alleged mis-selling of over 150 billion won ($126 million) in investment funds, in the latest development of the fiasco concerning what buyers say were fraudulent “financial products” irresponsibly sold by the lender. Hana is facing charges of fraud and violations of the Capital Markets Act. A team of investors and prosecutors with the Seoul Southern District Prosecutors' Office searched the headquarters of the bank in downtown Seoul, and seized documents related to the sales records of the funds in question. Hana bank is the second subsidiary of Hana Financial Group to come under investigation following Hana Financial Investment. The financ

Nov 5, 2021By Lee Kyung-min
Hana Bank vows to cooperate with prosecutors over funds fiasco
Society

'Diesel exhaust fluid' hoarding to be prohibited

People wait in line to buy 'diesel exhaust fluid' (DEF) in Iksan, North Jeolla Province, Thursday, YonhapLittle efficacy expected from gov't move to allow sharing of key transport agent in stock for industrial use By Lee Kyung-min An executive order prohibiting hoarding of “diesel exhaust fluid” (DEF) solution, a critical agent needed to reduce air pollution from diesel vehicles, will take effect next week, the government said Thursday. Locally termed “urea water,” it is a nontoxic solution of 67.5 percent purified water and 32.5 percent ultra-pure automotive grade urea.The government seeks to bring under control a recent rush of attempts to sell the fluid additive at up to 20 times the buying price, in what it deems a criminal manipulation of the market. A taskforce set up by the environment ministry, the Fair Trade Commission, the National Tax Service and Korea Customs Service will monitor and clamp down on any irregularities and draw up measures to help stabilize the domestic supply.The hastily arranged measure is part of efforts to forestall a transportati

Nov 4, 2021By Lee Kyung-min
'Diesel exhaust fluid' hoarding to be prohibited
  • Presidential office launches task force to tackle supply shortage of urea water solution
Economy

'Meaningful representation of women' needed in decision-making roles: BlackRock senior official

Sandra Boss, Global Head, Investment Stewardship for BlackRock.Diversity on board helps corporate performance, long-term value creation By Lee Kyung-min Greater female participation on company boards is vital not only to meet the fiduciary duty to clients but also to create long-term values at companies, a senior official at the world's largest investment management firm said Wednesday. BlackRock Investment Stewardship Global Head Sandra Boss said women should not be limited merely to being elected to corporate boards but also play decision-making roles, a critical step to strengthening diverse voices in what largely remains a male-dominated arena. “It does nothing for companies ― or our clients ― if women are elected to boards but are never put in decision-making leadership roles. We need to see the meaningful representation of women in committee chairs and chair roles on boards,” she said during a keynote speech at the 2021 International Conference of Korean Women in Finance at the Korea Exchange, Wednesday. Organized by the Korea Network of Women in Finance, this year

Nov 3, 2021By Lee Kyung-min
'Meaningful representation of women' needed in decision-making roles: BlackRock senior official
  • Women still struggling to shatter glass ceilings in Korean firms
Economy

KB outperforms Shinhan in 3Q earnings

Shinhan Financial Group Chairman Cho Yong-byoung. Korea Times fileBy Lee Kyung-min KB Financial Group reclaimed the top position among financial firms here in the third quarter in terms of earnings, buoyed by the robust performance of its non-banking businesses. Rival Shinhan Financial Group, which was the top-performer in the previous quarter, slid to second place.KB beat Shinhan in the first half of this year, but fell about 40 billion won behind in the April-June period. However, in the third quarter, KB outperformed Shinhan both in cumulative and quarterly net income.Shinhan's net income in the July-September period of this year was over 1.11 trillion won ($948 million), but down 2.5 percent from a year earlier. Cumulative net profit in the first nine months was over 3.55 trillion won, up 20.7 percent from a year earlier. KB logged a net profit of 1.29 trillion won in the third quarter of this year, with its cumulative net income in the first nine months standing at 3.77 trillion.The performance of the group's banking subsidiaries reported an over 20 percent year-on-year increase

Nov 1, 2021By Lee Kyung-min
KB outperforms Shinhan in 3Q earnings
Economy

US tapering, Bank of Korea rate hike to burden equity market

A trader walks in front of an electric board in a dealing room of a Hana Bank branch in Seoul, Oct. 29. YonhapBy Lee Kyung-min The local equity market will no longer be able to sustain its year-long bullish momentum, crimped by a dialing down of the COVID-19 pandemic-induced emergency expansionary monetary policy compounded further by possible large offloading of shares held by those seeking to avoid a tax rate of up to 25 percent on capital gains.Such scenario is gaining traction due in part to growing uncertainty regarding the whereabouts of the country's top semiconductor shares, the top market cap performers underpinning not only the benchmark KOSPI including Samsung Electronics and SK hynix but also their small business partners listed on the tech-heavy Kosdaq, said analysts, Sunday.Despite Samsung Electronics' brisk third-quarter performance, its share price remained sluggish to close at 69,800 won last week, down 1.27 percent from the previous session. This is a months-long downward trend from a high of 96,800 won on Jan. 11, echoed by SK hynix which hovers at around 103,000 w

Oct 31, 2021By Lee Kyung-min
US tapering, Bank of Korea rate hike to burden equity market
Banking & Finance

For green growth

Export-Import Bank of Korea (Eximbank) CEO Bang Moon-kyu, right, and Global Green Growth Institute (GGGI) Director-General Frank Rijsberman hold copies of a signed memorandum of understanding at the state lender's headquarters in Yeouido, Seoul, Oct. 29. The two will increase green investment business opportunities in renewables, urban transportation and recycling, and strengthen consulting for investment projects. Courtesy of Eximbank

Oct 31, 2021By Lee Kyung-min
For green growth
Economy

'Regulator pursues ESG goals not because it's easy but because it's hard'

Financial Supervisory Service (FSS) Governor Jeong Eun-bo delivers a speech during the 2021 Korea Times Global ESG Forum, themed “Global Investors' ESG Proposals,” at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul, Friday. Korea Times photo by Shim Hyun-chul By Lee Kyung-min The environmental, social and corporate governance (ESG) drive should be the governing principle for corporate management in the years to come, despite the immediate dent in corporate profit amid economic and financial uncertainties, the country's top financial regulator said, Friday. As counterintuitive as risk-taking may seem with the dimming economic growth outlook brought on by the COVID-19 pandemic, the hard choice of prioritizing sustainability at the expense of near-term corporate profit will be more than worth the effort and rewarding, once the new growth approach becomes the new norm. “We are stressing the importance of ESG goals here today, because we know it is

Oct 29, 2021By Lee Kyung-min
'Regulator pursues ESG goals not because it's easy but because it's hard'
  • Korea Times forum proposes global investors' ESG principles
Companies

Reporter's notebook Namyang chairman should have left with dignity when he had the chance

Namyang Dairy Chairman Hong Won-sik / Korea Times fileBy Lee Kyung-min It takes an enormous amount of courage to admit to one's wrongdoings.It takes an even greater amount to do it publicly. Only those who have confidence in themselves and high self-esteem are able to understand the value of growth and strength through reflecting on their wrong behaviors and dealing head-on with the consequences brought on by their lapses in judgment.The worst are those pointing fingers at others or playing the victim, in a petty, desperate and futile attempt to save face with what little dignity they are left with. Equally repulsive are those trying to just drag things out without saying anything that could hurt the chances of them getting their way, hoping they can wait long enough until the issue fades from the minds of the public and from news headlines.This scenario is precisely what Namyang Dairy Chairman Hong Won-sik seems to want. However, things playing out suggest he will get anything but. The National Tax Service said Wednesday that the dairy conglomerate's headquarters in Gangnam and two

Oct 28, 2021By Lee Kyung-min
[Reporter's notebook] Namyang chairman should have left with dignity when he had the chance
Economy

INTERVIEW Statistics Korea to bolster integrated, efficient use of public data

Statistics Korea Commissioner Ryu Keun-kwan Courtesy of Statistics KoreaLaw revision vital to statistical analysis-based policymaking By Lee Kyung-min Korea will establish an advanced, cloud-based statistics system whereby closer integration and secure management of public data will be efficiently used for effective and timely policymaking, the head of the statistics agency said in an interview with The Korea Times. The envisioned system, K-Statistics, will enable easy viewing of a variety of related data currently dispersed across two dozen government ministries and a far greater number of state-run organizations, thereby helping the government pursue an evidence-based strategy to best update and revise current policies with all needed factors considered, according to Statistics Korea Commissioner Ryu Keun-kwan. Crucial to advancing the initiative is the swift passage of a pending revision bill at the National Assembly, giving a legal basis for the statistics agency to execute the plans. “Our initiative will help the country better outline a policy that best meets the needs of

Oct 27, 2021By Lee Kyung-min
[INTERVIEW] Statistics Korea to bolster integrated, efficient use of public data
Economy

Ex-Constitutional Court justice joins Yoon & Yang

Ahn Chang-hoBy Lee Kyung-min Former Constitutional Court Justice Ahn Chang-ho has joined the law firm, Yoon & Yang, the firm said Monday. Ahn, a former prosecutor with 27 years of experience who served as a judge at the Constitutional Court from September 2012 to September 2018, will advise on criminal cases.Cases he reviewed include the impeachment trial of former President Park Geun-hye, the dissolution trial of the left-leaning Unified Progressive Party, the removal of adultery as a crime and the adoption of conscientious objection.Ahn began his public service at the Seoul Central District Prosecutors Office in 1985 and also worked at the justice ministry.He headed the Daejeon District Prosecutors' Office, Gwangju High Prosecutors' Office and Seoul High Prosecutors' Office, during which time he handled major corruption investigations. The law firm said Ahn is expected to advise on a wide range of cases including labor, serious disasters, elections, constitutional litigation, legislation and North Korea.

Oct 25, 2021By Lee Kyung-min
Ex-Constitutional Court justice joins Yoon & Yang
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