Business - The Korea Times

Hana introduces benefits for families with multiple children

A promotional image of Hana Financial Group's campaign to tackle low birth and aging population / Courtesy of Hana Financial GroupBy Yi Whan-wooHana Financial Group said Tuesday it will introduce a range of financial benefits for families with two or more children as part of efforts to join the country's campaign against low birth rates and aging population. The banking group said the benefits will be offered by Hana Bank, Hana Card and Hana Securities, with the goal of forming a “favorable environment for marriage and childbirth.”“We hope our customers find our support helpful as they both work and raise children while making investments for their future after retirement,” the company said. Hana Bank plans to introduce an installment savings program with a maturity of one year for parents with two children or more.The program will be available this month, offering an annual interest rate of up to 8 percent.The bank also plans to cut interest rates for borrowers who have homes with floors of 85 square meters or less and also have two or more children aged 19 o

Apr 4, 2023By Yi Whan-woo

Hana introduces benefits for families with multiple children

Listed firms' net dips 17% in 2022 amid monetary tightening

Consolidated net profit of 604 companies on the main KOSPI market totaled 131.5 trillion won ($100.4 billion) last year, compared with a profit of 159 trillion won from a year earlier, according to the data compiled by the Korea Exchange (KRX), at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, Korea, March 29. YonhapNet profit of listed Korean firms declined 17.31 percent on-year in 2022 amid hikes in key interest rates, the bourse operator said Tuesday.Consolidated net profit of 604 companies on the main KOSPI market totaled 131.5 trillion won ($100.4 billion) last year, compared with a profit of 159 trillion won from a year earlier, according to the data compiled by the Korea Exchange (KRX). Operating profit decreased 14.7 percent on-year to 159.4 trillion won, while sales increased 21.34 percent to 2,814.9 trillion won over the cited period. The tally excludes 84 KOSPI-listed firms that did not or were not required to submit regulatory filings.Consolidated financial statements reflect all assets, liabilities and operating accounts of a parent company

Apr 4, 2023

Listed firms' net dips 17% in 2022 amid monetary tightening

Securities firms reduce dividends amid earnings declines

Financial district of Yeouido in Seoul / gettyimgagesbankBy Lee Min-hyungKorea's major securities firms have reduced their 2022 year-end dividend offerings by as much as 55 percent amid a prolonged stock market slump, data showed Monday.According to data from the Financial Supervisory Service (FSS), all of the listed brokerage houses here ― except for Meritz Securities ― decided to cut their dividends.Samsung Securities topped the list in terms of the scale of dividend cuts. The brokerage confirmed its year-end dividend at 1,700 won per share, down 55.26 percent from the previous year.Other major securities firms also decided on a double-digit reduction in their dividend offerings. Mirae Asset Securities, the nation's most valuable brokerage house by market capitalization, cut its dividend by 33.3 percent during the same period. NH Investment & Securities slashed its dividend by 33.3 percent. Daishin Securities and Kiwoom Securities each cut theirs by 14.29 percent.This was attributable to the year-long stock market doldrums, which lingered as a consequence of the U.S. Federal Re

Apr 4, 2023By Lee Min-hyung

Securities firms reduce dividends amid earnings declines

Woori's new chairman to accelerate bid for SK, eBest, Yuanta Securities

Woori Financial Group Chairman Yim Jong-ryong speaks during a meeting with Financial Services Commission Chairman Kim Joo-hyun in Seoul, March 31. YonhapBy Lee Min-hyungWoori Financial Financial Group is forecast to accelerate a bid for the acquisition of a mid-tier securities firm ― either SK Securities, eBest Investment & Securities or Yuanta Securities ― under the leadership of the group's new Chairman Yim Jong-ryong, industry officials said Monday.eBest and SK Securities are owned by private equity funds (PEF) that are specialized in the sale of acquired companies. Yuanta Securities has also long been considered Woori's best target for acquisition due to its competitiveness in retail finance, but the company denied the rumor late last year, saying it “does not have plans to sell its stake.”Woori has more room for negotiation with SK Securities and eBest. J&W Partners purchased a 10 percent stake in and management rights for SK Securities in 2018. eBest has also been owned by G&A Private Equity since 2008, so there is ample possibility that the PEF is engag

Apr 3, 2023By Lee Min-hyung

Woori's new chairman to accelerate bid for SK, eBest, Yuanta Securities

Samsung Heavy wins $511 mil. order for 2 LNG carriers

A liquefied natural gas carrier built by Samsung Heavy Industries / YonhapKorean shipyard Samsung Heavy Industries said Monday it has bagged a 674.5 billion-won ($511 million) order to build two liquefied natural gas (LNG) carriers for an Asia-Pacific shipper.Samsung Heavy said in a regulatory filing that it will deliver the vessels to the undisclosed shipping company in stages by November 2026.So far this year, Samsung Heavy has clinched orders worth some $2.5 billion, or 26 percent of its 2023 target of $9.5 billion. In early January, Samsung Heavy obtained a $1.5 billion order for a floating liquefied natural gas facility.The shipbuilder registered orders of $12.2 billion and $9.4 billion in 2021 and 2022, respectively, beating its full-year goals for two years on end.A company official said global demand for LNG carriers will likely remain strong this year, helping the company attain its yearly order goal for the third straight year in 2023.Samsung Heavy cited a rosy prediction by market tracker Clarkson Research Services Ltd. that orders for 70 new LNG carriers would be placed a

Apr 3, 2023

Samsung Heavy wins $511 mil. order for 2 LNG carriers

Hanwha gets nod from EU for Daewoo Shipbuilding takeover

This photo shows the Okpo Shipyard of Daewoo Shipbuilding & Marine Engineering on Geoje Island, 330 kilometers southeast of Seoul, Dec. 16, 2022. YonhapHanwha Group has received approval from the European Union for its plan to acquire Daewoo Shipbuilding Marine Engineering (DSME), company officials said Monday. The EU's decision came earlier than expected, as it was widely expected to deliver the result of its review in mid-April. Hanwha has obtained the approval from Turkey, Britain, Japan and Vietnam since its takeover announcement in September last year. China and Singapore gave the green light last month. Korea is the only country whose decision is pending before Hanwha can proceed with the takeover. Korea's Fair Trade Commission (FTC) said it is reviewing the matter in light of concerns Hanwha could monopolize the naval vessels components market using its dominant position as a company long engaged in the defense industry. Hanwha, the seventh-largest conglomerate in Korea, has a dominant market share in the manufacturing of key equipment for military vessels, such as radars,

Apr 3, 2023

Hanwha gets nod from EU for Daewoo Shipbuilding takeover

Daol Investment & Securities seeks earnings rebound with new leader

By Lee Min-hyungDaol Investment & Securities CEO Hwang Joon-hoThe new head of Daol Investment & Securities said he will focus on risk management and ensure that the mid-tier brokerage secures an earnings rebound.Hwang Joon-ho, who was appointed as CEO on March 26, is widely known as a renowned strategist in the securities industry with more than 36 years of experience. He studied business administration at Seoul National University.He has handled diverse executive-level roles in the securities industry. His career includes a stint as vice president of the former Daewoo Securities. After joining Daol's predecessor ― KTB Investment & Securities ― he was in charge of driving the firm's product marketing and strategy-setting before being promoted to the top management of Daol Investment & Securities in March.He was also previously CEO of Daol Savings Bank, driving the lender's digital transformation and widening its customer base.Hwang is expected to focus on normalizing the brokerage's earnings performance as the new leader of Daol's securities arm. The company reported

Apr 3, 2023By Lee Min-hyung

Daol Investment & Securities seeks earnings rebound with new leader

Mirae Asset's Japanese joint venture tops W1 tril. in assets under management

Mirae Asset Financial Group's headquarters in Seoul / Courtesy of Mirae Asset Financial Group By Lee Min-hyungGlobal X Japan ― a joint venture co-established by Mirae Asset Global Investments and Daiwa Securities ― has attained assets under management (AUM) worth 100 billion yen (1 trillion won) in almost two years since releasing its first product there.The joint venture is Japan's sole asset manager focusing on exchange-traded funds (ETF). Global X, Mirae Asset's U.S. ETF subsidiary, joined hands with Japan's Daiwa in September 2019 for the establishment of the company. “Even if sales of thematic or other forms of specially designed ETF products are still in their infancy in the Japanese market, local retail investors, as well as some Korean institutional investors such as big insurers, are paying growing attention to the investment area there,” a spokesperson at Global X Japan said. “Given the scale of the Japanese economy, the market is forecast to achieve susta

Apr 2, 2023By Lee Min-hyung

Mirae Asset's Japanese joint venture tops W1 tril. in assets under management

Shinhan chairman vows to support local startups

Shinhan Financial Group Chairman Jin Ok-dong speaks during a “Welcome Day” event for its startup accelerator program, Shinhan's Future's Lab 2023, held in downtown Seoul, Friday. Courtesy of Shinhan Financial GroupBy Lee Yeon-wooShinhan Financial Group Chairman Jin Ok-dong vowed to support local startups at a “Welcome Day” event for its startup accelerator program held in Seoul, Friday. “Shinhan Finance Group was also a startup when it first started with three branches 40 years ago,” Jin said. “The group will make efforts to create an innovative ecosystem for startups in Shinhan Future's Lab to grow.”Shinhan Future's Lab is the group's startup accelerator program. Since its launch in 2015, it has cultivated around 370 startups and invested 73.6 billion won ($56.1 million), both directly and indirectly. The program has produced 20 pre-unicorn companies.Employees from Shinhan Financial Group and 35 officials from nine startups chosen for the program attended the welcome event. The group will offer the selected startups various benefits, s

Apr 2, 2023By Lee Yeon-woo

Shinhan chairman vows to support local startups

Toss Bank suffers losses in 2022 on increased loan-loss reserves

This May 26, 2019 file photo shows the headquarters of Toss Bank in Seoul, Korea. YonhapToss Bank, the country's third internet-only banking firm, said Friday it suffered a loss last year due to increased loan-loss reserves.Toss Bank, which went into operation in October 2021, reported a net loss of 264.4 billion won ($203.3 million) in 2022, the lender said in a statement. Toss Bank attributed its net losses to its 186 billion-won loan-loss reserves. The bank said it is likely to swing back into the black in the second half of the year, citing fast-growing profitability. Its net interest income came to 217.5 billion won in 2022, amid the central bank's monetary tightening.As of end-2022, the number of Toss Bank customers came to 5.4 million, which grew to 6.05 million as of end-March, bank data showed. (Yonhap)

Mar 31, 2023

Banking & Finance