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Value context and insight. lkm@koreatimes.co.kr
KB Kookmin Bank Corporate Investment Banking Customer Group Senior EVP Oh Bo-youl, second from right, poses with other bank executives and guests during an opening ceremony of the bank's New York Investment Bank (IB) unit at the lender's New York branch, April 7. The New York unit was launched to strengthen networks with global financial companies there and enhance the bank's IB capabilities. Courtesy of KB Kookmin Bank
Public Procurement Service (PPS) Administrator Jung Moo-kyung, right, poses with Christian Saunders, assistant secretary-general for Supply Chain Management at U.N. Department of Operational Support (UNDOS) at the United Nations Secretariat Building in New York, May 8 (local time). Courtesy of PPSBy Lee Kyung-min The Public Procurement Service (PPS) plans to boost cooperation with international organizations to help local small- and medium-sized enterprises (SMEs) enter the international procurement market, the state-run organization said Monday. During his two-day trip to New York from May 8, PPS Administrator Jung Moo-kyung met with Christian Saunders, assistant secretary-general for Supply Chain Management at the U.N. Department of Operational Support (UNDOS). The two agreed to discuss ways to cooperate further in helping Korean firms find more opportunities with U.N.-commissioned procurement projects, including in the ICT, security and defense sectors. Jung had a separate meeting with Andrew Reese, a senior portfolio manager at United Nations Office for Project Services (UNOPS),
Xu Xiao Chun of Moody's AnalyticsBy Lee Kyung-min The Korean economy is facing a rocky path to recovery due to sluggish domestic demand and exports amid lingering global uncertainties involving the U.S-China trade dispute, according to global economists, Sunday. They expect the economy may see a mild turnaround in the short term, mostly because of “base effects” from a shocking contraction in the first quarter, but they said a rebound will not be sustainable citing multiple downside risks.The downbeat view came after Asia's fourth-largest economy contracted 0.3 percent unexpectedly in the first quarter from the quarter before, the worst performance since the 2008 global financial crisis, which is now sending a shudder through the local stock and currency markets.“There is an abundance of downside risks and uncertainties yet to be resolved regarding external demand conditions and the domestic employment market, and thus our expectations of the broader economy must be tempered in the near term,” Xu Xiao Chun of Moody's Analytics told The Korea Times.“Facil
Cho Yong-byoungBy Lee Kyung-min Shinhan Financial Group will inject 660 billion won ($560 million) into Shinhan Investment, a move to strengthen its brokerage unit as a major global investment bank, the group said Friday. The amount will help Shinhan Investment meet the 4 trillion won equity capital requirement, a prerequisite to seeking a license from the financial authorities to become a “mega investment bank.” Only a bank designated as such is allowed to issue a promissory note with the maximum limit of 200 percent of its equity capital. The unit only had 3.37 trillion won as of 2018. The group agreed to approve the plan at a board meeting, Friday, with the whole process to be completed in the latter half of 2019. Of the total, 460 billion won will be drawn from the group's reserves, with the remaining 200 billion won from hybrid bonds to be issued soon. “The approval will help the firm take the next step to a promissory note business which we issue relying on our reputation in the market,” a Shinhan Financial Group official said. “Funds drawn through
Lee Ju-yeolEscalating US-China trade war poses threat to Korean economyBy Lee Kyung-min The Bank of Korea (BOK) will beef up its monitoring of the domestic financial market amid growing uncertainties associated with the U.S.-China trade talks, vowing to take all possible steps to stabilize the country's foreign exchange and stock markets, the BOK chief said Friday.“Recently, uncertainties involving the U.S.-China trade dispute have increased to a great degree over the U.S.' decision to slap additional tariffs on Chinese goods,” Governor Lee Ju-yeol said according to a press statement issued by the bank. “The situation requires further monitoring while expectations still remain that the two countries will continue efforts to resolve the issue.”The remarks seeking to downplay the ongoing financial market developments came at an emergency meeting of key BOK department heads early in the morning soon after both the local and the U.S. market tumbled. The S&P 500 ended at 2,870.72, May 9 (local time), down 8.70 points, or 0.3 percent from a day earlier. The Dow
Foreign residents of Korea promote the opening of a financial services center run by Sentbe in Ansan, Gyeonggi Province, a region known for its large foreign population, May 10. The new fintech firm said the center offers various services to foreigners from 17 countries including cash remittance. Courtesy of Sentbe
By Lee Kyung-min The nation's current account surplus fell to a near seven-year low of $11.2 billion in the first quarter due to a sharp fall in exports of key items such as semiconductors, the Bank of Korea (BOK) said Wednesday. The figure was the smallest surplus on a quarterly basis since the second quarter of 2012 when it came in at $10.94 billion.The surplus narrowed as outbound shipments fell 3.9 percent year-on-year to $137.5 billion in the January-March period, the first quarterly setback in exports since the third quarter of 2016.Hit by this, the goods account surplus narrowed to $19.61 billion, the worst figure since the first quarter of 2014's $17.06 billion.Observers note that the situation is unlikely to turn around in the coming quarters due to continued sagging exports.These dropped 2 percent in April from a year earlier, extending their year-on-year fall for the fifth consecutive month due to a prolonged slump in chips and weak demand from China.“The signals are clear that the country is entering the beginning of what is expected to be a protracted downturn,&rdq
KEB Hana Bank CEO Ji Sung-kyoo, fourth from left, and Korea Housing Finance Corp. (KHFC) CEO Lee Jung-hwan, third from left, pose at the KHFC in Seoul, April 7, after signing an agreement to form a business alliance for helping single parents by offering financial support for their housing. Courtesy of KEB Hana Bank
Figure 2Woori Bank Senior Executive Vice President Cheong Chai-pong, left, and Smart Study CFO Lee Seung-kyu hold characters from “Pinkfong,” a popular children's cartoon, at the bank's headquarters in Seoul, May 3. Courtesy of Woori BankBy Lee Kyung-min Local banks are introducing financial products targeting children to strengthen their future customer base. Woori Bank said Tuesday it has signed a memorandum of understanding (MOU) with Smart Study, a Seoul-based global entertainment company best known as the producer of Pinkfong, a popular children's cartoon.The MOU enables Woori Bank to use Pinkfong's characters to promote its financial services and products. “By using the cartoon characters to promote the bank's numerous products, children will likely become more interested in what our financial products have to offer,” the bank said in a statement. The theme song of the cartoon, titled “Baby Shark Dance,” entered the Billboard Hot 100 chart and stayed there for 17 consecutive weeks.The video for the song has racked up 2.7 billion views on YouT
By Lee Kyung-minThe Korean won is expected to continue to lose value against the U.S. dollar in the coming months, according to analysts, Friday. The local currency fell to a yearly-low against the U.S. dollar Friday at 1,170 won against the greenback, down 5.5 won from the previous close, the lowest level in 27 months since it ended at 1,169.2 won.However, the currency is feared to further drop to 1,200 won against the U.S. dollar due to heightened geopolitical risks surrounding the Korean Peninsula after North Korea fired unidentified short-range projectiles into the East Sea, April 4. According to the Korean Central News Agency, Sunday, North Korean leader Kim Jong-un supervised the "strike drill of defense units in the forefront area and on the eastern front which took place in the East Sea of Korea.” Market analysts expect that the won-dollar exchange rate will become highly volatile for the time being as Korea's economic slowdown is coinciding with the strengthening of the dollar driven by the recovery of the U.S. economy. The Korean economy contracted 0.3 percent in the