Business - The Korea Times

Mirae Asset chief donates dividends from asset management arm

Mirae Asset Financial Group founder and Chairman Park Hyeon-joo / Courtesy of Mirae Asset Financial GroupBy Lee Min-hyungMirae Asset Financial Group Chairman Park Hyeon-joo on Monday donated all the dividends ― 1.6 billion won ($1.21 million) worth ― he received from the group's asset management arm, Mirae Asset Global Investments.Park has continued the donation campaign since 2010 when he pledged to put all his dividends received from the company toward the younger generations. The total donated capital over the past 13 years amounts to 29.8 billion won.This donation will be used for training and social welfare programs ― led by Mirae Asset Park Hyeon Joo Foundation and Mirae Asset Hope Foundation. The former was established in 2000 with Park's donation worth 7.5 billion won and has since focused on running a series of social campaigns for human resource development here.Park is also taking on the role of the group's global strategy officer, driving diverse corporate social responsibility (CSR) activities for young people. One representative program is Mirae Asset's overseas scholar

Apr 10, 2023By Lee Min-hyung

Mirae Asset chief donates dividends from asset management arm

Over half of key listed firms see financial health worsen in 2022

GettyimagesbankMore than half of major listed firms in Korea saw their financial soundness worsen in 2022 amid high global interest rates and inflation, data showed Monday.The debt-to-equity ratio of 56 out of the 106 listed companies belonging to the country's top 10 business groups increased last year from a year earlier, according to the data from the Korea Exchange.In particular, as many as 21 companies had a debt ratio of 200 percent or higher.The data is based on those firms' separate financial statements. The 10 leading conglomerates are Samsung, SK, Hyundai Motor, LG, Lotte, POSCO, Hanwha, GS, HD Hyundai and Shinsegae.Their financial health took a turn for the worse as those corporations fared poor in 2022 in the wake of the so-called triple whammy: high interest rates, inflation and the Korean won's weakness against the U.S. dollar, analysts said."It is inevitable for most companies to see their financial soundness deteriorate due to a drop in cash holdings stemming from sluggish business amid unfavorable macroeconomic indicators, such as inflation and interest rates," said

Apr 10, 2023

Over half of key listed firms see financial health worsen in 2022

Financial firms on track to scout top executives from rival firms

Former NH Financial Group Chairman Son Byung-hwan speaks during a seminar celebrating its 10-year anniversary at a hotel in the nation's southern port city of Busan on Nov. 10, 2022. After ending his tenure there, he recently moved to KB Kookmin Bank as its new outside director. Yonhap By Lee Min-hyungFinancial firms here are scouting top executives from their competitors, in a move to add fresh energy to their corporate culture and embrace diversity in their hiring practices.KB Kookmin Bank recently appointed ex-NH Financial Group Chairman Son Byung-hwan as a new outside director. The lender has so far focused on hiring experts in the academic circle, but is now moving to recruit top executives with ample experience in the financial industry. Son is expected to share his decades-long experience in the field and give fresh insight to KB under his two-year tenure.This was not the first time KB appointed an outside director from a rival bank.In 2015, KB Financial Grou

Apr 7, 2023By Lee Min-hyung

Financial firms on track to scout top executives from rival firms

Finance minister vows all-out support for chip industry

Finance Minister Choo Kyung-ho speaks during a meeting held at Samsung Electronics's chip plant in Pyeongtaek, 65 kilometers south of Seoul, April 7, in this photo released by the Ministry of Economy and Finance. YonhapKorea will spare no effort to support local chipmakers amid the industrywide slump, the finance minister said Friday, vowing to provide various incentives, such as tax cuts."Chips act as the brain for cutting-edge industries including artificial intelligence and future mobility," Finance Minister Choo Kyung-ho said during his visit to Samsung's production line in Pyeongtaek, 65 kilometers south of Seoul.South Korea has been struggling to revitalize its semiconductor industry, the backbone for Asia's fourth-largest economy, amid the global downcycle in the industry. Exports of chips, the mainstay product, reached $8.59 billion in March, plunging 34.5 percent on-year.The parliament last month passed a revision of the Act on Restriction of Special Taxation, also dubbed the K-Chips Act, which centers on expanding the tax credit rate for chipmakers.Under the bill, the tax c

Apr 7, 2023

Finance minister vows all-out support for chip industry

Samsung Electronics Q1 profit likely drops 96% as demand plunges

Exterior of Samsung Electronics' Building in Seoul / YonhapSamsung Electronics on Friday said its first-quarter operating profit likely nose-dived nearly 96 percent from a year earlier due to a sharp drop in demand for chips and home appliances amid recession fears.The world's largest memory chip and smartphone maker estimated its January-March operating profit at 600 billion won ($454.9 million), sharply down from 14.12 trillion won a year ago. Sales likely fell 19 percent to 63 trillion won from 77.78 trillion won from a year earlier, the company said in a regulatory filing. The data for net profit was not available.The operating profit was 16.7 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.The tech giant did not provide the results of each business division and will release its final earnings report later.Samsung's Device Solution (DS) division, which oversees its chip business, is forecast to run a deficit of around 4 trillion won, in its first financial loss in 14 years, according to analysts' esti

Apr 7, 2023

Samsung Electronics Q1 profit likely drops 96% as demand plunges

HYBE shares soar after Jimin of BTS tops Billboard chart

Jimin of BTS / YonhapBy Lee Min-hyungShares of HYBE, the agency of K-pop superstar BTS, is on a robust rally after its member, Jimin, topped the Billboard Hot 100 chart with his new single.The stock price of Korea's most valuable entertainment company extended a surprising winning streak for three consecutive trading days until Thursday. According to data from the Korea Exchange, HYBE shares jumped 11.43 percent at one time during intraday trading on the benchmark KOSPI before closing at 205,500 won, up 7.5 percent from the previous trading day.This marked the first time in about two months that HYBE shares topped the 200,000-won mark. Investor sentiment remained lukewarm for the past two months as HYBE locked horns with Kakao to gain management control over SM Entertainment.But after Jimin made headlines as the first Korean artist to top the Billboard Hot 100 chart, shares of his agency hit a new high so far this year. His solo song, “Like Crazy,” swept the U.S. Billboard chart on April 3. In 2012, singer PSY's “Gangnam Style” came in second on the chart and

Apr 6, 2023By Lee Min-hyung

HYBE shares soar after Jimin of BTS tops Billboard chart

Daishin heir on course for third-generation succession

By Yi Whan-wooYang Hong-seok, the third-generation heir of Daishin Financial Group / YonhapDaishin Financial Group heir Yang Hong-seok is on course for the third-generation succession of the mid-sized financial services company. The group said Vice Chairman Yang, 42, has been named to chair the board of directors at its flagship affiliate Daishin Securities. The decision was made during the annual meeting of shareholders of the brokerage house last month.The board had been led by Daishin Financial Group Chairwoman Lee Auh-ryung, who is Yang's mother.“Yang's replacement of Lee implicitly suggests he will soon take over his aging mother's role as the group's top leader,” an industry source said.The source pointed out that Lee, formerly a housewife, will turn 70 years old in September. After the death of her husband, Yang Hye-moon, in 2004, she took the helm at Daishin Securities and the group's smaller affiliates.The late Yang was the second-generation leader of Daishin Securities after his father and the firm's founder Yang Jae-bong.The founder passed away six years after

Apr 6, 2023By Yi Whan-woo

Daishin heir on course for third-generation succession

KEPCO's future dims due to delays in electricity rate hike

Electric meters in downtown Seoul / YonhapBy Lee Yeon-wooKorea Electronic Power Corporation (KEPCO) is facing a bleak future in its desperate efforts to recover from its financial crisis as a plan to raise electricity fees in the second quarter was held off. With mounting losses again projected for this year, the company may have to issue more corporate bonds, possibly negatively affecting the debt market. Reflecting market anxiety, shares of KEPCO ended at 18,010 won ($13.69), Tuesday. The stock price of KEPCO soared to 22,450 won on Dec. 28 but has since experienced a continuous drop of 20.3 percent as of Monday, following the decision by the government and the ruling People Power Party.KEPCO stabilizes the price of electricity by issuing corporate bonds, as it only recovers 70 percent of production cost under the current structure. As of March, KEPCO has already issued corporate bonds worth 7.6 trillion won. KEPCO's corporate bonds have been referred to as a “black hole” in the market, absorbing liquidity with their high-interest rates. The energy ministry warned that

Apr 5, 2023By Lee Yeon-woo

KEPCO's future dims due to delays in electricity rate hike

MBK Partners' founder projects continued strong growth in Northeast Asia

MBK Partners Founder and Chairman Michael ByungJu Kim / Courtesy of MBK PartnersPE legend stresses health care and elderly care investment in Northeast AsiaBy Anna J. ParkMichael ByungJu Kim, the founder and chairman of MBK Partners, one of the largest private equity firms in Asia, stressed that he believes in the continued strong development of Northeast Asia's private equity markets. He also stressed the importance of taking a patient, long-term view to witness further growth in the region. In his annual letter to institutional investors of the private equity firm, Kim said the global economy has entered a new phase where investment exits have become more challenging with the plunges in asset prices globally. But he highlighted that this also provides more investment opportunities.“We believe in the continued strong development of the North Asian private markets, despite recent bumps in the road, especially in China. This approach requires patience,” Kim wrote in the letter. “The Asian private equity markets cannot be expected to grow in a leap to the West's penet

Apr 4, 2023By Anna J. Park

MBK Partners' founder projects continued strong growth in Northeast Asia

KB Solveathon documentary hits 1 million views

A preview image of KB Financial Group's documentary uploaded on YouTube / Courtesy of KB Financial GroupBy Lee Yeon-wooKB Financial Group announced on Tuesday that the documentary on KB Solveathon, its debate competition, has reached 1 million views on YouTube.Held in 2022, the event featured 64 college students in a debate competition to develop a potential strategy for KB Financial Group in a marathon-like timeframe of 42.195 hours.The group filmed the students as they struggled with challenges and grew in an eight-part documentary series, which was released on YouTube last month. The documentary has received positive feedback from viewers.The group said it produced the series to promote a culture of healthy debate and capture participants' emphasis on respectful listening. The documentary portrays the intense debates between students representing their respective colleges, while also demonstrating their ability to respect differences of opinion.It has also been translated into Indonesian. “Indonesia is also paying attention to debate culture just like Solveathon that can con

Apr 4, 2023By Lee Yeon-woo

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