Business - The Korea Times

Will foreign investors extend record buying spree of Samsung shares?

Officials from Samsung Electronics walk though a chip production facility in Pyeongtaek, Gyeonggi Province, in this file photo. YonhapBy Lee Min-hyungSamsung Electronics shares are picking up renewed momentum after a rebound on foreign investors' stronger-than-expected buying sprees.The return of foreign investors came in response to reviving hopes for Samsung to achieve an outstanding earnings rebound in the latter half of this year on semiconductor market recovery.According to data from the Korea Exchange, Samsung Electronics shares jumped by 23.4 percent this year. The Samsung stock closed at 55,500 won ($41.76) on the first trading day of 2023, and has since experienced turbulent ups and down until the first quarter. But Samsung shares appear to show signs of a solid rebound in the second quarter, with its price closing at 68,400 won on Tuesday.Other data showed that foreign investors' net-buying of Samsung shares reached an all-time high between Jan. 2 and May 22. They purchased Samsung shares worth 9.14 trillion won during the period, the largest since the exchange started comp

May 24, 2023By Lee Min-hyung

Will foreign investors extend record buying spree of Samsung shares?

Shinhan Bank Vietnam receives award for digitalization efforts

Awardees at the 2023 Digital Transformation event including Deputy Director of Shinhan Bank Vietnam Jung Kyung-won, left, pose with State Bank of Vietnam (SBV) Governor Nguyen Thi Hong, sixth from the left, during the award ceremony held in Vietnam, Thursday. Courtesy of Shinhan BankBy Lee Yeon-wooShinhan Bank Vietnam, a subsidiary of Shinhan Bank, was awarded by the State Bank of Vietnam (SBV) for its digitalization efforts. It was the only foreign-affiliated firm to receive an award at the event, the bank announced on Tuesday.Last Thursday, the SBV hosted the 2023 Digital Transformation event to showcase the level of digitalization in Vietnamese finance to external observers and to recognize financial firms that have contributed to digitalization. Shinhan Bank Vietnam was awarded the Certificate of Merit along with three other Vietnamese banks: Agribank, Vietcombank and Vietinbank.SBV Governor Nguyen Thi Hong attended the event and encouraged the officials from the awarded banks. Ranking officials of the Vietnamese government also participated.Shinhan Bank Vietnam is making efforts

May 23, 2023By Lee Yeon-woo

Shinhan Bank Vietnam receives award for digitalization efforts

KB to host annual golf tournament

By Yi Whan-wooKB Financial Group will host a Korea Professional Golfers' Association (KPGA) tournament from Thursday to Sunday, offering 700 million won ($533,700) in prize money, including 140 million won for the winner, the company said Tuesday.The annual tournament, known as the KB Finance Liiv Championship, will be held at Blackstone Golf Club in Gyeonggi Province's Icheon. Defending champion Yang Ji-ho and other top-ranked players of the association will be participating. A promotional image for the 2023 KB Finance Liiv Championship / Courtesy of KB Financial GroupThe banking group said this year's tournament will continue to reflect its commitment to philanthropy and joint prosperity.Accordingly, it will donate 1 million won to charity for the first hole-in-one on the 13th hole.It will also make a commitment to pay the mobile phone bills of some teenagers living in Icheon or its neighboring city of Yeoju for the next two years, whenever a tee shot hits the green on the 17th hole.The green on the 17th hole will be called the KB Liiv Mobile Zone during the tournament.Up to 100 te

May 23, 2023By Yi Whan-woo

Hana promotes customer-centered corporate culture worldwide

Employees of Hana Bank's subsidiary in Brazil hang the "Customer Satisfaction Charter" in the office. Courtesy of Hana Financial GroupBy Yoon Ja-youngHana Financial Group is spreading its “customer-centered” corporate culture to employees of its overseas operations, the banking group announced Tuesday. According to Hana, its “Customer Satisfaction Charter,” translated into 10 different languages, was distributed to its overseas operations. Based on the group's management philosophy that puts customers first, the charter is intended to be the customer satisfaction standard for not only Hana but also any other global financial company. It includes tasks to be fulfilled for “customer happiness” as well as its pledge that it will “growth together” with customers while protecting them.The group's subsidiaries and branches overseas also had an event called Customer Satisfaction Day, aimed at motivating local employees to make their customers happy. It plans to have a Customer Satisfaction Day each quarter, accompanied by various other special

May 23, 2023By Yoon Ja-young

Hana promotes customer-centered corporate culture worldwide

INTERVIEW Foreign investors advised to consult eligibility for cash grant

Oh Sang-bum, partner at Samjong KPMG, speaks during an interview with The Korea Times at the accounting firm's Seoul office in Seoul on May 11. Courtesy of Samjong KPMGNon-tax incentive draws renewed interest ahead of global minimum tax implementationBy Anna J. ParkInternational tax expert Oh Sang-bum advises foreign investors planning to make direct investments in Korea to closely review their eligibility for “cash grants” provided by the Korean government. Cash grants are a form of non-tax incentive offered by the government to attract more foreign direct investment (FDI). Since its introduction in Korea in 2003, foreign investments that satisfy certain conditions ― such as job creation, advanced-technology transfer or strategically important impact on the economy ― have been awarded generally 10 to 40 percent of cash reimbursement for their investment activities.“While the cash grant system has been in practice in the country during the past decades, this non-tax incentive for FDI is receiving renewed attention lately, as countries face an implementation of a glo

May 23, 2023By Anna J. Park

[INTERVIEW] Foreign investors advised to consult eligibility for cash grant

KSD Sharing Foundation fulfills social responsibility

Students attend a financial education session offered at the Securities Museum. Courtesy of Korea Securities DepositoryThe Korea Securities Depository (KSD) is expanding its corporate social responsibility (CSR) activities through a non-profit organization established to engage in diverse social welfare activities. The KSD Sharing Foundation was established in April 2009 to give back to society by providing financial education, scholarships and CSR programs supporting the public here and abroad, according to the KSD.Under the slogan of “connecting the mind,” the foundation has focused on financial education campaigns targeting vulnerable social groups, teenagers and certain regional communities.Specifically, it offered customized financial education for families in the low-income bracket and those with a developmental disability, so they can understand basic financial notions.The foundation also has provided securities-related education to children and adolescents ― such as classes on the history of securities.The KSD Sharing Foundation is also widening its scholarship ca

May 23, 2023

KSD Sharing Foundation fulfills social responsibility

Daewoo Shipbuilding & Marine Engineering to raise $107.7 mil. via stock sale

A crane without Daewoo Shipbuilding and Marine Engineering (DSME)'s logo / Courtesy of Daewoo Shipbuilding and Marine EngineeringDaewoo Shipbuilding Marine Engineering on Tuesday announced that it will sell stock to raise 141.3 billion won ($107.7 million). The proceeds from the stock offering will be used primarily to pay off its debts.According to a regulatory filing, the company will issue some 5.14 million common shares at a price of 27,467 won per share. The stock will be sold to the investors that the firm designated. (Yonhap)

May 23, 2023

Daewoo Shipbuilding & Marine Engineering to raise $107.7 mil. via stock sale

Mirae Asset Global Investments contributes through social, educational programs

Students selected as beneficiaries of Mirae Asset's scholarship program pose before an orientation session in this undated file photo. Courtesy of Mirae Asset Global InvestmentsBy Yoon Ja-youngMirae Asset Global Investments is actively engaging in social contribution efforts both locally and overseas, focusing on nurturing human resources and establishing education infrastructure.It has been offering various programs in financial and career education to increase economic and financial knowledge and skills. Since launching the global leadership program in 2006 for subscribers of its investment fund targeting children, Mirae Asset has initiated school tours, classes and camps to teach children and teenagers about economics. As of the end of March, more than 402,945 people have participated in skill nurturing programs offered by Mirae Asset Group subsidiaries so far. Mirae Asset Financial Group's headquarters in Seoul / Courtesy of Mirae Asset Financial GroupMirae Asset Park Hyeon Joo Foundation is leading the group's social contribution activities. Group Chairman Park Hyeon-joo has don

May 22, 2023

Mirae Asset Global Investments contributes through social, educational programs

UAE explores investment opportunities in Korea

Ranking officials from Korea's financial sectors and a business delegation from the United Arab Emirates (UAE) pose after holding the UAE-Korea Sovereign Investment Partnership Forum in Seoul, May 15. In the front row are Korea Financial Investment Association Chairman Seo Yoo-seok, left, Korea Chamber of Commerce & Industry (KCCI) Vice Chairman Woo Tae-hee, third from left, First Vice Finance Minister Bang Ki-sun, fourth from left, Mubadala Investment Company Deputy CEO Waleed Al Muhairi, sixth from left, Financial Services Commission Vice Chairman Kim So-young, seventh from left, and Korea Development Bank (KDB) Chairman Kang Seog-hoon, eighth from left. Courtesy of KDBBy Lee Min-hyungThe United Arab Emirates (UAE) is on track to execute $2 billion (2.63 trillion won) of investments in Korea's promising growth areas such as energy and information and communications technology (ICT), the Korea Development Bank (KDB) said in a statement Monday.This investment comes as a follow-up measure from a summit in January between President Yoon Suk Yeol and UAE President Mohamed bin Zayed

May 22, 2023By Lee Min-hyung

UAE explores investment opportunities in Korea

JPMorgan CEO Jamie Dimon to visit Korea in June

Jamie Dimon, chairman of the board and chief executive officer of JPMorgan Chase & Co., speaks during an interview with Reuters in Miami, Florida on Feb. 8. Reuters-YonhapBy Anna J. ParkJamie Dimon, chairman and CEO of JPMorgan Chase & Co., is slated to visit Korea early next month, drawing market attention as to what the most powerful banker in the world might do during his visit. According to the investment banking industry and media reports, Dimon's itinerary in Korea is expected to start on around June 5 and be short. During the visit, Dimon is expected to meet heads of major financial groups and key institutional investors, to discuss market outlooks of the region and mutual investment projects. JPMorgan has maintained strong networks with the National Pension Service (NPS), one of the world's largest institutional investors, and the Korea Investment Corporation (KIC), the country's sovereign wealth fund. Jamie Dimon, chairman of the board and chief executive officer of JPMorgan Chase & Co., left, shakes hands with President Yoon Suk Yeol at the World Economic Forum

May 21, 2023By Anna J. Park

Banking & Finance