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Hana extends sponsorship for national football team

Hana Financial Group Chairman Ham Young-joo, right, and Korea Football Association (KFA) President Chung Mong-gyu pose during a ceremony to mark the bank's extended sponsorship for the national football team at Daejeon World Cup Stadium in Daejeon, Tuesday. The ceremony took place at halftime during the men's international friendly match against El Salvador. Courtesy of Hana Financial Group By Yi Whan-wooHana Bank agreed with the Korea Football Association (KFA) to extend its official sponsorship for the national football team for the next 10 years, the company announced on Wednesday. The banking arm of Hana Financial Group has been the team's official sponsor since 1998, with the current deal having been signed in 2013.The extended sponsorship will allow the bank to promote the company in Korea's international friendly matches and maintain its title sponsorship for the FA Cup governed by the K League.“Football is more than a sport considering it has the power to br

Jun 21, 2023By Yi Whan-woo
Hana extends sponsorship for national football team

KDB chief confident about Korean Air's acquisition of Asiana

Korean Development Bank (KDB) Chairman Kang Seog-hoon speaks during a press conference at its headquarters in Yeouido, Seoul, Tuesday. YonhapChairman still at odds with labor union over relocation to BusanBy Lee Yeon-wooKorean Development Bank (KDB) Chairman Kang Seog-hoon expressed confidence over Korean Air's acquisition of Asiana Airlines, Tuesday, stressing that he does not consider a “Plan B,” in preparation for failure, at all necessary. “We expect the merger to be concluded during the third quarter of this year,” Kang said during a press conference marking the first anniversary of his term. “This is not the time to prepare for failure. This is the time to put in all of our effort.”Speaking to reporters at its headquarters in Yeouido, Seoul, Kang noted that the acquisition has been his main focus since Hanwha Group took over Daewoo Shipbuilding & Marine Engineering (DSME) this year. His efforts have included meetings with the European Union's authorities in January and the U.S. Department of Justice (DOJ) in May.So far, the acquisition ha

Jun 20, 2023By Lee Yeon-woo
KDB chief confident about Korean Air's acquisition of Asiana

Seoul Guarantee Insurance kicks off IPO process

Seoul Guarantee Insurance (SGI) headquarters in central Seoul / Courtesy of SGIKDIC-owned insurer's IPO to accelerate retrieval of remaining public fundsBy Anna J. ParkSeoul Guarantee Insurance (SGI) has officially entered a listing process and is expected to become the first state-run company to debut on the main benchmark KOSPI since 2010. According to the Korea Exchange (KRX), the bourse operator, it received an application earlier this week from SGI for a preliminary evaluation ― the first official step to follow when a company aims to go public. Given the usual timeline it takes following the application for the preliminary evaluation, SGI will likely be listed within the fourth quarter of this year. Currently, state-run Korea Deposit Insurance Corporation (KDIC) holds a 93.85 percent stake in SGI, as the result of 10.2 trillion won ($7.9 billion) of public funds injected into the firm to salvage massive payments for corporate bonds it guaranteed during the Asian financial crisis in the late 1990s. So far, 5.6 trillion won of public funds remains outstanding, while 4.6 trillion

Jun 20, 2023By Anna J. Park
Seoul Guarantee Insurance kicks off IPO process

Samsung Electronics holds strategy meetings amid macroeconomic woes

Samsung Electronics' logo is seen in this undated photo, NewsisSamsung Electronics held companywide global strategy meetings Tuesday, amid continuing headwinds from the uncertain macroeconomic environment. The biannual event, taking place in June and December, is where hundreds of Samsung's senior executives from home and abroad get together to discuss pending issues, business plans and strategy.The company's device experience division, which oversees the business of mobile phones and home appliances, will hold the meetings until Thursday, while the device solutions division, in charge of Samsung's mainstay chip business, will only hold meetings Tuesday. Samsung executives are expected to discuss how to navigate the challenges of the sluggish global economy, slowing consumer demand and continuing geopolitical tensions.Samsung's semiconductor business is forecast to log operating losses again in the April-June period, despite signs that the chip industry might have bottomed out with an artificial intelligence chip boom.The world's largest memory chip maker posted a deficit of 4.58 tri

Jun 20, 2023
Samsung Electronics holds strategy meetings amid macroeconomic woes

KB to offer webinar for foreigners on retirement pension

By Yi Whan-wooKB Kookmin Bank will host an online seminar at 5 p.m., Thursday, to explain Korea's retirement pension system to foreign workers and introduce relevant products offered by commercial banks, the company announced on Monday.A promotional image of KB Kookmin Bank's “All About Korean Pension” webinar for foreign workers / Courtesy of KB Kookmin BankTitled “All About Korean Pension,” the webinar will run on the bank's YouTube channel. It will begin at 5 p.m. and last for 40 minutes. It will be offered in English.“Foreign workers are eligible to subscribe to a private retirement pension scheme and we have been receiving many inquiries to help them grasp the general idea of the scheme,” a public relations staffer of the bank said. “We have prepared what we believe to be the most helpful information and hopefully the viewers can benefit from our program.”Those interested in the seminar can register in advance by using a QR code printed on its promotional poster and also by clicking on a banner on the American Chamber of Commerce i

Jun 19, 2023By Yi Whan-woo
KB to offer webinar for foreigners on retirement pension

ABL's whole life insurance plan offers additional death benefit

Promotional image of “ABL The Dream Whole Insurance Policy” by ABL Life Insurance / Courtesy of ABL Life InsuranceBy Anna J. ParkABL Life Insurance's “ABL The Dream Whole Insurance Policy” guarantees an additional death benefit, once insurance premiums are fully paid. The insurance policy plan was launched in August 2021. According to the insurer, when holders of the whole insurance policy complete payment for a certain period of time stipulated in their main contract, the increased death benefit is guaranteed from the first day of the next coming monthly contract day. The amount of the increased death benefit is determined by multiplying the total amount of premiums paid up by a completed payment bonus rate of 9 percent when the premium payment period is five years, or 10 percent when the premium payment period is seven years or more. Thus, whenever an ABL The Dream Whole Insurance Policy holder completes payment of monthly premiums for a pre-determined payment period, they will be subject to an increased death benefit during the remainder of their life. Peop

Jun 19, 2023By Anna J. Park
ABL's whole life insurance plan offers additional death benefit

Korean content production firms to debut on Nasdaq via SPAC merger

A scene from “A Taxi Driver,” a Korean film starring Song Kang-ho. The film garnered over 10 million viewers at theaters after its release in August 2017. NewsisSPAC merger between Global Star and K Enter Holdings expected to attract U.S. investors By Anna J. ParkSeven Korean content production companies, including The Lamp, which produced one of Korea's highest-grossing films, “A Taxi Driver,” are set to make their U.S. stock market debuts on the Nasdaq via a SPAC merger as early as the fourth quarter of this year, according to the companies involved. This is the first time for Korean content production companies to be listed on the U.S. stock market.A SPAC, or special purpose acquisition company, is a publicly traded shell company serving as a vehicle for a private business to go public.The IPO process will be the result of a merger with Global Star, a SPAC listed on the Nasdaq. A public listing via a SPAC merger such as this usually takes less time than a traditional IPO process. Companies choose to use this path in order to have more certainty in raising c

Jun 18, 2023By Anna J. Park
Korean content production firms to debut on Nasdaq via SPAC merger

Regulator fines GM distributor $207,000 for coercing sellers on marketing costs

The General Motors headquarters in Detroit, Mich., U.S. is seen in this undated photo. Reuters-YonhapKorea's antitrust regulator said Sunday it has decided to slap a fine of 265 million won ($207,000) on General Motor's Asian distributor and correct its unfair business practice of forcing its dealers to share the burden of marketing costs.The punitive measure came after GM Asia Pacific Regional Headquarters, a wholly-owned subsidiary of U.S.-based General Motors, rolled out promotional campaigns from 2016 to 2018 in Korea without the agreement of retailers, the Fair Trade Commission (FTC) said. According to the regulator, GM Asia Pacific Regional Headquarters, the distributor of Cadillac models in Korea, compelled dealers to bear a portion of marketing expenses exceeding 5 percent of a vehicle's cost.Over the period, the sellers had to pay around 482 million won for discounts on the automobiles sold."GM Asia Pacific Regional Headquarters desperately needed to roll out monthly promotional events to expand their low market share and ease the cost burdens of managing inventories," the r

Jun 18, 2023
Regulator fines GM distributor $207,000 for coercing sellers on marketing costs

Koreans' purchase of Japanese yen up nearly fivefold in May

An employee organizes Japanese yen at a foreign exchange department of a bank in Seoul, Jan. 3. NewsisKoreans' combined purchase of the Japanese currency at local banks jumped nearly fivefold in May from a year earlier, data showed Sunday, as more people took advantage of a weaker yen. The amount of Japanese currency sold at the country's four major banks came to 30.16 billion yen ($213 million) in May, soaring from 6.28 billion yen tallied a year earlier, according to the market data.The increase apparently came as more people took advantage of the weak yen in recent weeks, which fell to an eight-year low against the won. On Friday, the Korean won closed at 903.82 won against 100 yen, marking the highest level since June 2015, when it traded at 905.4 won.The eased COVID-19 travel restrictions also induced more people to travel to Japan, with others purchasing the yen for future profits.The amount of deposits in the yen at the four banks came to 810.9 billion yen as of Thursday, up 16 percent from 697.8 billion yen tallied in late May.The latest slide in the yen comes as Tokyo contin

Jun 18, 2023
Koreans' purchase of Japanese yen up nearly fivefold in May

Korean financial firms make inroads into Southeast Asian market

KakaoBank CEO Yun Ho-young, left, and SCBX CEO Arthid Nanthawithaya pose after signing a partnership on forming a consortium for a virtual bank license in Thailand at SCB Park Plaza in Bangkok, Thursday. Courtesy of KakaoBank By Lee Min-hyungFinancial companies here are in a rush to expand their presence in Southeast Asia amid the toughening rivalry that is prevalent in the domestic market.KakaoBank, the nation's leading internet-only bank, has recently signed a partnership with SCBX of Thailand. The latter is one of the country's leading financial groups, rapidly expanding its investment in the area of financial technology there.Under the alliance, both companies decided to establish a consortium for a virtual bank license in Thailand. They will cooperate in not only the early phase of the consortium's operation but also after receiving the license, according to a statement from the Korean lender. The virtual bank refers to a kind of internet-only bank that does no

Jun 16, 2023By Lee Min-hyung
Korean financial firms make inroads into Southeast Asian market
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