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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Samsung Card Q2 net income down 6.5% to $113 mil.

Samsung Card's headquarter is seen in this undated file photo. YonhapSamsung Card on Tuesday reported its second-quarter net profit of 145.1 billion won ($113 million), down 6.5 percent from a year earlier.Operating profit for the April-June period was 192.6 billion won, down 8.2 percent from a year ago, the company said in a regulatory filing. Sales fell 2.7 percent to 979.7 billion won. (Yonhap)

Jul 25, 2023
Samsung Card Q2 net income down 6.5% to $113 mil.

Top 5 banks offload bad debt amid rising concerns over soundness

Banks' ATMs are lined up in downtown Seoul in this March 2022 file photo. NewsisBy Lee Yeon-wooBanks are offloading bad debts due to soaring delinquency rates, signaling an urgent need for enhanced financial soundness management. In the first half of this year alone, the top five banks disposed of 2.2 trillion won ($1.7 billion) in bad loans, driven by high policy rates and economic uncertainties.According to financial sources, Tuesday, five major banks here ― KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup ― disposed of non-performing loans (NPL) amounting to 2.2 trillion won through writeoffs or sales in the first half of this year.The amount is more than double that of the same period last year, matching the total volume for 2022.Typically, banks classify loans that have been in arrears for more than three months as NPLs. When the likelihood of repayment decreases significantly, these loans are regarded as lost assets. Banks either write off these loans entirely from their balance sheet or dispose of them by selling them at a discounted price. While this process reduces banks' as

Jul 24, 2023By Lee Yeon-woo
Top 5 banks offload bad debt amid rising concerns over soundness

Financial industry urged to capitalize on AI to create synergy in corporate world

Andrew Ng, co-founder of Google Brain and adjunct professor at Stanford University's Computer Science Department, speaks during a special lecture on artificial intelligence (AI) at KB Financial Group's headquarters in Yeouido, Seoul, July 21. Courtesy of KB Financial GroupBy Yi Whan-wooFinancial firms can capitalize on artificial intelligence (AI) to partner with shipping, warehouse and other logistics businesses and create a synergy in a corporate world that is being rapidly transformed by AI, an internationally-renowned AI expert said.Andrew Ng, a co-founder of Google's deep learning research team Google Brain, also said AI has been adopted earlier in the financial industry compared to other sectors and that it hopefully can take initiative in AI-related business.Ng, the founder of each of the two AI companies in Silicon Valley ― DeepLearning.AI and Landing AI ― who is also an adjunct professor at Stanford University's Computer Science Department, shared his foresight during a special lecture organized by KB Financial Group in Seoul last week.The largest banking group in Korea invi

Jul 24, 2023By Yi Whan-woo
Financial industry urged to capitalize on AI to create synergy in corporate world

Colliers Korea appoints new managing director

Colliers Korea Managing Director Cho Sung-wook / Courtesy of ColliersBy Lee Yeon-wooColliers, an investment management company that offers professional real estate services, has appointed Cho Sung-wook to its managing director in Korea, Friday, in order to reinforce its investment scale and boost its capabilities in the Asia-Pacific region.Cho, who has been leading Colliers Korea's capital markets and investment services business since 2022, was recognized for his more than 23 years of experience in commercial real estate and investment advisory. The firm expects him to expand domestic relationships while also increasing the flow of global capital into Korea.“As managing director, the strength of Cho's relationship with both institutional and domestic clients will bolster our Korean business at a time of growth and opportunity,” said John Kenny, Colliers CEO in the Asia-Pacific (APAC) region.“Cho embodies Colliers' enterprising spirit and collaborative culture, and his leadership in Korea has been an invaluable asset to our growth across the APAC region. We look for

Jul 24, 2023By Lee Yeon-woo
Colliers Korea appoints new managing director

What's behind foreign investors' purchase of EcoPro shares?

A factory of EcoPro Materials, an affiliate of EcoPro that produces cathode materials, is seen in Pohang, North Gyeongsang Province, in this file photo. YonhapBy Lee Min-hyungForeign investors are purchasing shares of EcoPro, driving the stock to its highest-ever closing price. Even analysts appear reluctant to share their outlook on the stock due to its unexpectedly strong rise. Foreign investors are purchasing shares pressured by the short squeeze and partly on hopes of its inclusion in the MSCI Korea Index in August. The Kosdaq-listed blue chip stock is making headlines after attaining surprisingly sharp rallies day after day. EcoPro is a holding firm of three EcoPro affiliates ― EcoPro BM, EcoPro HN and EcoPro Materials ― all of which extended robust gains in their stock price in recent months.The stock price of EcoPro continued a winning streak since June and has been one of the most attention-grabbing stocks in the secondary stock market here. EcoPro shares closed at 1.14 million won ($886) as of Friday up 5.54 percent from the previous trading day, its highest closing price on

Jul 23, 2023By Lee Min-hyung
What's behind foreign investors' purchase of EcoPro shares?

Mirae Asset maintains innocence despite court ruling

Mirae Asset Financial Group's headquarters in Seoul / YonhapBy Lee Min-hyungMirae Asset Financial Group maintains it is innocent after a recent Seoul court ruling that the financial conglomerate violated a local fair trade act by reaping undue profits while managing a golf course and luxury hotel.The years-long legal tussle between Mirae Asset and the Fair Trade Commission (FTC) is centered on whether the financial group engaged in any unfair acts in operating Blue Mountain CC and Four Seasons Hotel Seoul. The two luxury facilities are managed by Mirae Asset Consulting ― the group's sole non-financial affiliate.The FTC claimed that Mirae Asset has violated the fair trade act, as its key affiliates “unfairly supported” businesses of the two facilities and helped their sales growth.The financial group, however, said the company has had no choice but to take such actions due to a regulation that separates the industrial and financial capital. Blue Mountain CC is a golf course that Mirae Asset's key financial affiliates such as Mirae Asset Global Investments and Mirae Asset S

Jul 23, 2023By Lee Min-hyung
Mirae Asset maintains innocence despite court ruling

KakaoBank to sell funds by end of year

KakaoBank logo / Courtesy of KakaoBank By Anna J. ParkKakaobank plans to start selling mutual funds through its mobile platforms before the end of the year, as it has become the country's first internet-only bank to obtain a financial investment license.According to the bank, Friday, the Financial Services Commission (FSC) approved KakaoBank's financial investment business license during its 14th regular meeting held earlier this week. The banking subsidiary of the Kakao conglomerate had applied for investment trading and investment brokerage licenses in May. With the FSC's decision, KakaoBank has become the only digital bank licensed to offer investment brokerage services, ahead of its competitors K bank and Toss Bank. The bank forecasts that it could begin selling mutual fund products on its mobile platform later this year at the earliest, or by early next year.The internet-only bank expects the new business expansion will contribute to its non-interest profits, d

Jul 21, 2023By Anna J. Park
KakaoBank to sell funds by end of year

Leaders of KB, Sompo Holdings hold further discussions on cooperation

KB Financial Group Chairman Yoon Jong-kyoo, right, shakes hands with Sompo Holdings CEO Kengo Sakurada during their reunion at the Korean banking group's headquarters in Yeouido, Seoul, Wednesday. The two met previously in Tokyo last year, when they signed a memorandum of understanding (MOU) on cooperation. Courtesy of KB Financial Group By Yi Whan-wooKB Financial Group Chairman Yoon Jong-kyoo met with CEO Kengo Sakurada of Japan's top-ranked insurance company Sompo Holdings for an in-depth discussion on cooperation between the companies, the Korean banking group said Friday.The meeting took place at KB Financial Group's headquarters in Yeouido, Seoul, Wednesday, following the previous gathering in Tokyo in June 2022. Back then, Yoon and Sakurada signed a memorandum of understanding (MOU) to bolster cooperation.The Seoul gathering in turn focused on elaborating details on possible areas of cooperation, including insurance, wealth management, digital technology and g

Jul 21, 2023By Yi Whan-woo
Leaders of KB, Sompo Holdings hold further discussions on cooperation

State lender speeds up sales of HMM, KDB Life Insurance again

The headquarters of the state-run Korea Development Bank (KDB) in Yeouido, Seoul / Korea Times fileBy Yi Whan-wooKorea Development Bank (KDB) is speeding up efforts to sell off a string of tax-financed companies, including HMM and KDB Life Insurance, after repeatedly making multiple, unsuccessful attempts to do so. Since April, the state-run KDB took an aggressive move to privatize the firms that had been under its control for years, as witnessed in the completed sales of Daewoo Shipbuilding and Marine Engineering (DSME) to Hanwha Group for about 2 trillion won.Hanwha Group's takeover of DSME, now rebranded as Hanwha Ocean, came after months of talks between the conglomerate and KDB, which injected more than 4.2 trillion won into the debt-ridden shipbuilder over 21 years and yet failed five times to close a sales deal.The largest shipping line in Korea, HMM became the latest sales target, Thursday, when the KDB announced a plan to sell a combined 38.9 percent stake in HMM owned by the lender and the Korea Ocean Business Corp. (KOBC), also a state-run firmThe stakes up for sale are eq

Jul 21, 2023By Yi Whan-woo
State lender speeds up sales of HMM, KDB Life Insurance again

KakaoBank highlights ESG achievements in annual report

The interior of KakaoBank's headquarters in Seongnam, Gyeonggi Province / Courtesy of KakaoBankBy Yi Whan-wooKakaoBank highlighted its achievements in environmental, social and corporate governance (ESG)-focused management in its annual ESG report published this month, the company announced on Friday.The internet banking arm of tech giant Kakao said the report also highlighted the other major achievements of its ESG practices in the last year.They included: implementing and substantiating operation of environmental management systems, expanding human rights management, reinforcing integrity of the board of directors, creating economic and social value through inclusive finance and enhancing information security and customer data management.The six achievements made since 2022 were among 17 topics addressed in the report published by KakaoBank.The company is the first internet-only lender in Korea to publish a report on ESG management. The report is aimed at sharing the firm's management strategies and outcomes in accordance with ESG principles under its long-term vision.“KakaoB

Jul 21, 2023By Yi Whan-woo
KakaoBank highlights ESG achievements in annual report
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