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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.

Banks fined $15 mil. for not meeting disability hiring quota

A participant reads aloud the declaration on the rights of persons with disabilities at a ceremony commemorating Disabled Persons' Day at the Marronnier Park, downtown Seoul, Thursday. YonhapBy Lee Yeon-wooDomestic banks have been fined more than 20 billion won for failing to meet the government's quota for hiring people with disabilities last year, according to data released on Thursday, a day which also marks Disabled Persons' Day in Korea.Six domestic banks here ― Shinhan, Hana, KB Kookmin, NH Nonghyup, Woori Bank and Industrial Bank of Korea (IBK) ― have all been fined a total of 20.6 billion won ($15.5 million) for failing to meet the government's disability hiring quota, according to the data provided by Rep. Yun Chang-hyun of the ruling People Power Party.Shinhan Bank paid the largest fine of 4.5 billion won last year, followed by KB Kookmin Bank with 4.48 billion won. Woori, Hana, NH NongHyup, and IBK were all fined less, in that order.The government has set a disability hiring quota of 3.6 percent in central and local government, as well as public institutions. It has set a

Apr 20, 2023By Lee Yeon-woo
Banks fined $15 mil. for not meeting disability hiring quota

TIGER ETF posts handsome returns tracking China's SSE STAR index

Mirae Asset's TIGER ETF promotional image / Courtesy of Mirae Asset Global InvestmentsBy Anna J. ParkWith growing market expectations over China's reopening as well as its government's strong will to support the tech sector, exchange-traded funds (ETFs) tracking the country's SSE Star 50 index, otherwise known as the Shanghai Stock Exchange (SSE) Science and Technology Innovation Board 50 Index, have been posting impressive returns this year.The SSE Science and Technology Innovation Board 50 Index is a Chinese equity market comprised of the 50 largest Chinese companies listed on the SSE Science and Technology Innovation Board (STAR Market), established in July 2019. China's contract chipmaker SMIC was also listed on the STAR Market in 2020. According to Mirae Asset Global Investments, the SSE Star 50 Index has been showing a solid upward movement this year, reflecting the Chinese government's strong determination to foster its chip-making industry. As a consequence, Korea Exchange (KRX)-listed ETFs that track the Chinese tech index have risen by an average of about 30 percent this ye

Apr 20, 2023By Anna J. Park
TIGER ETF posts handsome returns tracking China's SSE STAR index

Shinhan chairman holds 1st overseas investment meeting in Japan

Shinhan Financial Group Chairman Jin Ok-dong speaks during his appointment ceremony held at the group headquarters in Seoul, March 23. Courtesy of Shinhan Financial GroupBy Lee Yeon-wooShinhan Financial Group Chairman Jin Ok-dong kicked off his first overseas investor relations meeting in Japan on Wednesday.The financial group announced on Thursday that Jin went on a business trip to Japan to attract investment from Japanese institutional investors and to promote better private sector exchanges between Korea and Japan.This is the first time that Jin has attended an overseas investor relations meeting since starting his new job in March. Before becoming the chairman of the financial group recently, Jin had been CEO of Shinhan Bank.His meetings began on Wednesday and will continue to Friday.“If various communications restart in the private sector, the relationship between Korea and Japan will make a faster recovery,” Jin said. “Shinhan Financial Group will be a cornerstone and make efforts to promote private sector exchanges in areas including investments and trade.&r

Apr 20, 2023By Lee Yeon-woo
Shinhan chairman holds 1st overseas investment meeting in Japan

Hana awards talented artists with developmental disabilities

Hana Financial Group Chairman Ham Young-joo, left, appreciates works by artists with developmental disabilities at the Hana Bank headquarters in Seoul, Thursday. Exhibited are works by winners of the Hana Artverse, an art contest which aims to promote the talents of artists as well as improving awareness of disabilities. Courtesy of Hana Financial GroupBy Yoon Ja-youngHana Financial Group awarded the winners of the Hana Artverse, an art contest for artists with developmental disabilities, on Thursday, which is Disabled Persons' Day here in Korea.Hana Artverse is a multi-platform art contest launched by Hana Financial Group last year. It aims to provide opportunities for artists with developmental disabilities to demonstrate their talents and improve social awareness of disabilities through an exhibition of high-quality art.“We plan to expand exhibition opportunities and release cards using the designs of award-winning works so that more people can share the emotional impression from these works by artists with developmental disabilities,” Hana Financial Group Chairman Ham

Apr 20, 2023By Yoon Ja-young
Hana awards talented artists with developmental disabilities

Listed firms' dividends dip 7.1% in 2022

Workers monitor the stock market at Hana Bank's headquarters in central Seoul, April 18. YonhapKorean listed firms' dividend payouts fell 7.1 percent in 2022 from a year earlier amid rate hikes and other unfavorable business conditions, the bourse operator said Wednesday.The combined dividend payments of 557 out of the 784 companies listed on the main KOSPI market with fiscal years ending in December came to 26.6 trillion won ($20.1 billion) last year, down from 28.6 trillion won in 2021, according to the Korea Exchange (KRX).The average dividend payout per company also fell by 7.2 percent from 51.5 billion won to 47.7 billion won over the same period.Nearly 95 percent of firms handed out dividends for the second consecutive year in 2022, up 2.7 percent from the previous year. The number of firms that paid out dividends for five straight years also increased by 3.2 percent on-year from 432 to 446. (Yonhap)

Apr 19, 2023
Listed firms' dividends dip 7.1% in 2022

KakaoBank joins NATO-led global cyber defense exercise

The headquarters of KakaoBank in the city of Seongnam, Gyeonggi Province / Courtesy of KakaoBankBy Anna J. Park KakaoBank has participated in Locked Shields 2023, the world's largest annual cyber defense exercise, as part of a unified team Korea, the internet-only bank announced on Wednesday. The NATO Cooperative Cyber Defense Center of Excellence (CCDCOE) is hosting the annual event.Over 2,600 cyber defense experts from 38 countries have joined this year's NATO-led cyber defense drills. The exercise involves protecting real computer systems from real-time attacks and simulation of tactical and strategic decisions.Led by the National Intelligence Service (NIS), Team Korea is composed of about 60 people from 11 institutions, from private, government and military organizations. The exercise is taking place for four days from April 18 to 21 in Tallinn, Estonia. KakaoBank is remotely joining the drill from the city of Seongnam, Gyeonggi Province, where the bank's headquarters is located. KakaoBank gained the qualification to join the annual global cyber exercise after it excelled in FIES

Apr 19, 2023By Anna J. Park
KakaoBank joins NATO-led global cyber defense exercise

SC Bank Korea begins event offering high-interest returns

Standard Chartered (SC) Bank Korea is offering special interest rates for those subscribing to "Jaeil EZ Account." Courtesy of SC Bank Korea By Yoon Ja-youngStandard Chartered (SC) Bank Korea has launched an event offering high-interest returns to new customers who subscribe to the “Jaeil EZ Account” through the end of May. The Seoul-based lender offers up to a 3.6 percent per annum interest rate on a pre-tax basis for the checking-account product even if account holders deposit funds for just a single day.The event also offers prizes to those chosen by lottery from among customers who open the account and complete their event applications by May 31. As one entry is added for each 1 million won ($758) of a customer's account balance as of May 31, keeping larger amounts in deposit will increase the chances of winning a prize. One first-place winner will receive a 1 million won Shinsegae gift certificate mobile exchange coupon, and 500,000 won in gift certificates wil

Apr 19, 2023
SC Bank Korea begins event offering high-interest returns

KakaoBank plans foray into Southeast Asian markets

KakaoBank CEO Yun Ho-young speaks during a press conference held at Fairmont Ambassador Seoul, Tuesday. YonhapInternet-only bank seeks to balance innovation, expansionBy Anna J. Park KakaoBank plans to advance into the Southeast Asian region within the next few years, as talks are currently ongoing with potential partners in the target countries. During a press conference held at Fairmont Ambassador Seoul on Tuesday, KakaoBank CEO Yun Ho-young said he expects to see tangible developments by the end of this year. “Foraying into overseas markets is not an easy task, as banks are required to secure banking licenses in foreign countries. Yet, many foreign companies suggested we cooperate in business, seeing KakaoBank's success and platform capabilities,” Yun said during the press conference. The chief of the internet-only bank added that it hasn't yet been decided whether the advancement into overseas markets would be through mergers and acquisitions with companies in the target countries or through securing banking licenses independently there. “Currently, talks are on

Apr 18, 2023By Anna J. Park
KakaoBank plans foray into Southeast Asian markets

Physical connectivity key for Korean financial firms to make global leap forward

Kim Young-ran, executive vice president at Samsung Fire & Marine Insurance's IT Innovation Team, poses during an interview with The Korea Times at the former's headquarters in Seoul. Courtesy of Samsung Fire & Marine Insurance Embracing cultural diversity crucial for ESG managementBy Lee Min-hyungMost Korean financial firms are still globally disconnected, as few of them attempt to take on challenging and innovative tasks due to the country's outdated network separation rules, a renowned digital expert said in a recent interview with The Korea Times.“Physical connectivity is crucial for any financial firms to compete against their global peers, but this is not possible in Korea as all the financial firms have to abide by the long-held network separation restrictions here,” Kim Young-ran, executive vice president at Samsung Fire & Marine Insurance, told The Korea Times.Korea's financial authorities introduced the rule back in 2013 when servers and networks of major c

Apr 15, 2023By Lee Min-hyung
Physical connectivity key for Korean financial firms to make global leap forward

Sovereign fund KIC holds 2nd Silicon Valley Int'l Financial Cooperation Council

Participants listen to presentations during the 2nd Silicon Valley International Financial Cooperation Council held at Korea Investment Corporation's (KIC's) San Francisco office in Menlo Park, Calif., Thursday (local time). Courtesy of KIC By Anna J. ParkIn a move to strengthen networks with venture capitalists and startups in the U.S., the Korea Investment Corp. (KIC) hosted the second installment of the Silicon Valley International Financial Cooperation Council on Thursday afternoon, local time, at its San Francisco office in Menlo Park, California. About 30 participants, including venture capitalists, asset managers, officials from corporate venture capitals (CVC) and investment experts from various financial companies, attended the event to share their investment expertise on state-of-the-art technologies. Arif Janmohamed, partner at Lightspeed Venture Partners, gave a presentation on investment strategies in the area of software. Lightspeed Venture is one of r

Apr 14, 2023By Anna J. Park
Sovereign fund KIC holds 2nd Silicon Valley Int'l Financial Cooperation Council
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