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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Economy

Shinhan to help SMEs in Southeast Asia

gettyimagesbank By Lee Kyung-min Shinhan Bank said Monday it has expanded a global management consulting program to help small- and medium-sized enterprises (SMEs) in Southeast Asia including India.Since the program was established in 2016, about 60 firms have received consultations thus far, mostly on seeking business opportunities in Vietnam.A considerable number of Korean firms including Samsung Electronics and SK hynix, the country's top chip makers, have established manufacturing bases in the region. The new plan comes amid growing demand from business owners seeking to gain a foothold in the relatively “untapped” market. Precise and need-based business consultation will be offered through continued cooperation with local experts, further bolstered by the efficient use of high volumes of data. Eligible for the service are firms seeking to establish a corporate entity or manufacturing facilities there, seeking business partners concerning provision of parts and l

Mar 18, 2019By Lee Kyung-min
Shinhan to help SMEs in Southeast Asia
Economy

Why foreign investors dump KB shares?

KB Financial Chairman Yoon Jong-kyooBy Lee Kyung-min KB Financial Group continues to see its share price drop following continued foreign sell-offs, Friday, falling further behind its rival Shinhan Financial Group. By market capitalization, KB with about 18 trillion won ($15.8 billion) is trailing far behind Shinhan’s 28 trillion won. According to Korea Exchange (KRX), KB shares have dropped 8.3 percent this year. On March 13, the price fell to 41,800 won, hitting a 52-week low. The drop is highly “troubling” given other financial-related shares saw a 3.6 percent average increase over the past three months. The poor performance is all the more highlighted by a 5.6 percent increase of the benchmark KOSPI over the same period, largely considered an indication of a return to a bullish run after a huge tumble in the stock market in late 2018. The notable drop is largely driven by foreign investor-dumped shares worth 184 billion won, which has put it third on the list of shares sold off by foreign investors this year. By contrast, Shinhan Financial Group’s share pr

Mar 15, 2019By Lee Kyung-min
Why foreign investors dump KB shares?
Economy

Yuanta Securities Korea names Kuo as CEO

Kuo Ming-chengBy Lee Kyung-min Yuanta Securities Korea has appointed Yuanta Financial Holdings Chief Corporate Banking Officer (CCBO) Kuo Ming-cheng as its new CEO, the firm said Thursday. The Korean arm of the Taiwanese brokerage held a board meeting March 12 at the firm's headquarters in Seoul where a recommendation committee decided to forward the motion alongside other issues that require shareholders' approval. He will begin his three-year term upon approval from the regular shareholders' meeting March 29. He will jointly lead the firm with current CEO Suh Myung-suk.Kuo graduated from University of Texas at Arlington where he earned an MBA.He served as the Yuanta Financial Holdings CCBO since 2014 before serving as executive vice president at Yuanta Securities Company and as director at Yuanta Securities Asia Financial Services in 2015. With the new leadership, Yuanta Securities Korea is expected to continue “outstanding” performance following record earnings in 10 years on the back of a balanced business portfolio. The brokerage house posted a net income of 104.7 b

Mar 14, 2019By Lee Kyung-min
Yuanta Securities Korea names Kuo as CEO
Economy

Young board members

NongHyup Financial Group Chairman Kim Gwang-soo, front row third from left, smiles with members of the group's first “Young Employees' Board of Directors” during an appointment ceremony at group headquarters in Seoul, March 13. The financial group said it created the board to listen to the voices of the young generation with fresh perspectives to boost corporate competitiveness. Courtesy of NongHyup Financial Group

Mar 14, 2019By Lee Kyung-min
Young board members
Economy

China emerges as grave risk for Korean economy

gettyimagesbankBy Lee Kyung-min China is emerging as the biggest downside risk to Korea's economic growth as the world's second-largest economy is losing steam much faster than expected due to falling exports and mounting debts, according to global economists.They said that of possible crises that may originate from the U.S., Europe and China, one from China will be particularly damaging as the country's largest trade partner accounts for about a quarter of Korea's export. “The risks to Koreas are global or regional crisies. A regional crisis is likely to be led by China and a global crisis could originate in the U.S. or Europe,” said Antonio Fatas, economics professor at INSEAD. “There is no certainty that a crisis will happen but there are risks that are already visible through a potential further slowdown of the Chinese economy and a good number of risks apparent."His assessment reflects growing concern about China's much-feared slowdown. China's Premier Li Keqiang said March 5 that the country's economic growth in 2019 was revised down to a range of 6 percent to

Mar 13, 2019By Lee Kyung-min
  • Blind optimism begets economic crisis
Economy

BC, Hyundai Motor agree on card transaction fee

By Lee Kyung-min gettyimagesbankBC Card said Monday it had reached an agreement with Hyundai Motor to charge it a transaction fee of 1.89 percent, as proposed by the automaker.Customers seeking to buy cars from the automaker will be able to use cards issued by BC for monthly installment payments. The last-minute agreement on an increase of 0.05 percentage points has ended a months-long conflict between the card firm and the automaker sparked by the government's policy to impose restrictions on card transaction fees. The Financial Services Commission revised the card fee system to have “larger, “lucrative” businesses pay more following an outcry from the self-employed and small- and medium-sized enterprises (SMEs) who claimed fee transactions were unreasonably impacting their bottom lines. Meanwhile, no agreement is expected any time soon with the three major card firms, Shinhan, Samsung and Lotte, all of which maintain the carmaker should pay up to 0.15 percentage points more. Hyundai Motor has not officially sent letters terminating its contracts with the three, bu

Mar 11, 2019By Lee Kyung-min
BC, Hyundai Motor agree on card transaction fee
Others

Meeting with IMF

Finance Minister Hong Nam-ki, left, shakes hand with Tarhan Feyzioglu, the IMF mission chief for Korea, in a meeting at the government complex in Gwanghwamun, Seoul, March 11. During the meeting, the two discussed the country's economic situation and key policies. Courtesy of Ministry of Economy and Finance

Mar 11, 2019By Lee Kyung-min
Meeting with IMF
Economy

Exports faltering on falling chip sales

By Lee Kyung-min Korea's exports in the first ten days of March decreased nearly 20 percent from a year earlier, fueling concerns that the nation's economic downturn is deepening amid a global slowdown. gettyimagesbankAccording to data from Korea Customs Service (KCS), the country's export between March 1 and 10 stood at $10.95 billion (12.4 trillion won), a 19.1 percent drop from a year earlier. The drop came after exports decreased by 12.6 percent in February and 5.9 percent in January, respectively.On a monthly basis, the nation's exports started contracting in December, with the external shipments standing at $48.27 billion, down 1.7 percent from a year ago.In March, a sharp fall in exports was driven by falling sales in petrochemicals and chips, which suffered the steepest decline at a rate of 39 percent and 29.7 percent, respectively. Sales of vessels and ships also dropped 9.7 percent, while telecommunication equipment dropped 4.1 percent. Experts voiced concerns that exports are likely to remain sluggish as the semiconductor industry, which underpinned the nation's economic g

Mar 11, 2019By Lee Kyung-min
Exports faltering on falling chip sales
Economy

'NK wants sanctions relief for inter-Korean projects'

gettyimagesbankBy Lee Kyung-min North Korea has sought to obtain sanctions relief by receiving funds from South Korea for inter-Korean economic projects, according to U.S.-based North Korea expert Tara O.She said that without sanctions relief, North Korean leader Kim Jong-un and his regime will not be able to take advantage of over $1 billion (1.12 trillion won) in the Moon Jae-in administration's budget allocated for affairs related to his regime.Tara O“Of the over $1 billion budget of the Ministry of Unification, a big portion is earmarked for North Korea, such as for reopening the Gaeseong Industrial Complex and Mount Geumgang, as well as building roads and other projects,” O, adjunct fellow at the Pacific Forum, told The Korea Times in an email interview.O said the sanctions do not allow for money transfers as they were put in place in response to North Korea's nuclear weapons program. O is a member of the board of directors of the International Council on Korean Studies and author of “The Collapse of North Korea: Challenges, Planning and Geopolitics of Unificat

Mar 11, 2019By Lee Kyung-min
'NK wants sanctions relief for inter-Korean projects'
Economy

Woori, Hana differ over dividend policies

By Lee Kyung-min Korea's four major financial groups are putting differing priorities on the course of their business in 2019 indicated by how they are dealing with record earnings in 2018. Hana Financial Group Chairman Kim Jung-taiHana paid out a larger dividend to shareholders to jack up its undervalued share price, while Woori retained much of the capital ahead of planned major mergers and acquisitions (M&As). Shinhan and KB sought a balanced approach as their business portfolio required the two priorities to be valued equally. The four posted a combined 2.52 trillion won ($2.21 billion) in 2018 profits, an 8.8 percent increase from a year earlier. KB recorded the highest at 759.7 billion won, followed by Shinhan (753 billion), Hana (570 billion) and Woori (437.6 billion). Hana decided to increase the dividend rate to 25.5 percent, up 3 percentage points from the previous year. Woori's rate decreased to 21.5 percent, down 5.2 percent from 2017. KB's rate is 24.8 percent, while Shinhan's is 23.9 percent. Hana paid the highest annual dividends at 5 percent. Both KB and Woori pai

Mar 10, 2019By Lee Kyung-min
Woori, Hana differ over dividend policies
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