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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.

Dongwon aims to to acquire McDonald's Korea

A McDonald's branch in Seoul / NewsisBy Anna J. ParkDongwon Industries aims to acquire McDonald's Korea, a move seen as the group's attempt to strengthen its franchise food business. The holding company for a variety of Dongwon Group affiliates, including marine, logistics, finance, food and living businesses, is hopeful that it can create synergy through the acquisition. Dongwon Industries shares closed at 46,700 won ($32), Monday, up 3.78 percent from the previous trading session, on a report that it joined last month's preliminary bidding for acquiring McDonald's Korea as the sole candidate.According to the investment banking industry, both sides are now in the process of negotiating a price for the deal, following last week's first round of due diligence. The global headquarters of McDonald's currently owns a 100 percent stake in McDonald's Korea, and the selling price is estimated to be set at around 500 billion won ($399 million) or slightly lower. Dongwon Industries acknowledged that it joined the preliminary bidding as the sole candidate while declining to comment further. If

Feb 6, 2023By Anna J. Park
Dongwon aims to to acquire McDonald's Korea

SKC's operating profit falls 45% in 2022 amid high electricity costs

This March 2020 file photo shows a production facility of SKC in Cheonan, South Chungcheong Province. Korea Times fileSKC, a Korean manufacturer of advanced materials, said Monday its operating profit declined 45.1 percent in 2022 from a year earlier, mainly weighed down by a spike in electricity bills and other costs. Operating profit reached 220.3 billion won ($176.2 million) for the January-December period, compared with 401.5 billion won the previous year, the chemicals and advanced materials unit of SK Group said in a regulatory filing. Annual sales grew 38.6 percent to 3.13 trillion won, backed by robust demand in secondary battery components, such as copper foil, one of SKC's core businesses.The company reported a net loss of 66.7 billion won in 2022, turning from a net profit of 342.3 billion won in the same period. The sharp increase in the electricity bills is "certainly among the factors" that have affected the top line, as well as the depreciation trend of the Korean won currency last year, Yi Jae-hong, president and CEO of SK Nexilis, SKC's copper foil making unit, said

Feb 6, 2023
SKC's operating profit falls 45% in 2022 amid high electricity costs

Former FSC chief tapped as next chairman of Woori Financial Group

Former Financial Services Commission Chairman Yim Jong-yong speaking in an online lecture, in this file photo provided by EY Hanyoung on Feb. 17, 2021. Yonhap Woori Financial Group on Friday nominated former Financial Services Commission (FSC) chief Yim Jong-yong as its next chairman and CEO.The chairman nomination committee of the major financial holding firm picked Yim as the final candidate after conducting a second round of interview earlier in the day, the company said.If approved at a general shareholders' meeting scheduled for March 24, the former bureaucrat will replace incumbent Son Tae-seung, whose term ends in late March. Born in 1959, Yim served as FSC chairman from 2015 to 2017 and as a vice finance minister in 2010. He also served as chairman of Nonghyup Financial Group between 2013 and 2015. (Yonhap)

Feb 3, 2023
Former FSC chief tapped as next chairman of Woori Financial Group

Ex-financial bureaucrat nominated as Woori Financial chairman

Woori Financial Group headquarters in central Seoul / Korea Times fileBy Yi Whan-wooWoori Financial Group said Friday that Yim Jong-ryong, a high-profile, retired financial bureaucrat, has been nominated as the firm's next chief.A former Financial Services Commission (FSC) chairman, Yim will be officially appointed for a three-year term at the financial holding company if he receives confirmation from shareholders and the board of directors in their meeting on March 24.If successful, he will replace outgoing Chairman Son Tae-seung whose term will end on March 25.Yim Jong-ryong, former Financial Services Commission (FSC) chairman and chairman nominee for Woori Financial Group / Yonhap“The committee picked Lee as the sole nominee, after conducting thorough one-on-on interview with candidates, having them to craft a compelling presentation and share their vision with convictions regarding the firm's future,” Woori Financial Group said.It said the committee tapped Lee for the top post after running two rounds of candidate screenings ― each on Wednesday and Friday ― on four ca

Feb 3, 2023By Yi Whan-woo
Ex-financial bureaucrat nominated as Woori Financial chairman

FSC OKs Apple Pay to be available in Korea

Apple Pay promotional image / Courtesy of Apple PayBy Anna J. ParkApple Pay is expected to be launched in Korea soon, as the financial authorities have finally given the green light to its mobile payment service to be made available in the country. The Financial Services Commission (FSC), the country's top financial regulator, announced Friday it has finished reviewing related local laws, concluding that local credit card companies can officially adopt Apple Pay for use here. “After reviewing related articles and legal interpretations, including the Specialized Credit Finance Business Act and the Electronic Financial Transactions Act, the financial authorities have confirmed that local credit card companies can bring Apple Pay services into the country if they follow the necessary procedures,” the FSC's official statement released on Friday reads.“It is expected that the launch of the Apple Pay service will increase customers' settlement convenience while facilitating developments of new payment services based on near-field communication (NFC) technology.”The

Feb 3, 2023By Anna J. Park
FSC OKs Apple Pay to be available in Korea

K bank decides to delay IPO plan

The headquarters of K bank in central Seoul / Courtesy of K bankBy Anna J. ParkK bank CEO Suh Ho-sung / Courtesy of K bankK bank has officially decided to halt its IPO procedure, due mainly to unfavorable market conditions that attributed to a decline in the internet-only bank's corporate value. The bank made the decision earlier this week, five days before the deadline for submitting a prospectus for its IPO procedure. The internet-based lender passed the preliminary evaluation for the IPO at the Korea Exchange (KRX), the country's bourse operator, on Sept. 20 last year, and the effect of the preliminary round remains valid for six months.“K bank has decided not to push forward to go public during the remaining effective period since its preliminary assessment last fall,” K bank said. “Considering various external and internal environmental factors as well as impaired investment sentiments, K bank will not raise an IPO this time,” the bank continued. K bank's suspension of its IPO plan has been somewhat predicted, as the bank didn't submit its investment memo

Feb 3, 2023By Anna J. Park
K bank decides to delay IPO plan

KOSPI rallies as Fed shows signs of slowing rate hikes

U.S. Fed Chairman Jerome Powell speaks during a press conference following a Federal Open Market Committee meeting, on Feb. 1 in Washington, D.C. Reuters-YonhapDollar weakens on diminished fears of global monetary tighteningBy Lee Min-hyungThe benchmark KOSPI advanced Thursday after the U.S. Fed slowed its pace of rate hikes, in a relief rally buoyed by increasing hopes for an end to the cycle of global monetary tightening. Other multiple indices also moved in favor of risky assets, with the U.S. dollar losing its ground against the Korean won. Cryptocurrencies extended gains after the Fed's “unsurprising” decision of increasing its benchmark rate by 25 basis points.The Korean main bourse closed at 2,468.88, up 0.78 percent from the previous day, according to data from the Korea Exchange. The tech-savvy Kosdaq achieved a bigger gain of 1.82 percent. Market analysts remained optimistic over local stocks' additional growth after picking up momentum for an unexpected rally in January.They said the stock market here will be able to extend further gains until as early as the e

Feb 2, 2023By Lee Min-hyung
KOSPI rallies as Fed shows signs of slowing rate hikes

Dutch chip firm ASM to invest $100 mil. in Korea for facility expansion

This photo, provided by Korea's industry ministry, shows an opening ceremony of "Invest Korea Week 2022" held in Seoul, Nov. 2. YonhapKorea's industry ministry said Thursday it agreed with Dutch semiconductor equipment supplier ASM to boost cooperation for the firm's planned investment of $100 million to build a production factory and a research and development center in Korea.The two sides signed a memorandum of understanding (MOU) in Seoul on the day, which calls for joint work for the smooth implementation of the corporate investment worth $100 million through 2025, according to the Ministry of Trade, Industry and Energy.The company is reviewing building a second factory that produces equipment for atomic layer deposition, a key process in chips manufacturing, and the expansion of its RD center in Korea.Currently, ASM is headquartered in the city of Hwaseong, Gyeonggi Province, some 40 kilometers south of Seoul.In October, ASM announced a plan to invest $100 million in Korea, but the amount has surged "as discussions between the two sides have developed," a ministry official said.

Feb 2, 2023
Dutch chip firm ASM to invest $100 mil. in Korea for facility expansion

New Hanwha Investment leader to focus on risk management

By Lee Min-hyungHahn Doo-hee, CEO-nominee of Hanwha Investment & SecuritiesHahn Doo-hee, president of Hanwha Asset Management, will move to Hanwha Investment & Securities as the latter's new CEO, in a strategic reshuffle of top management amid rapidly changing market conditions.Hahn is best known for his expertise in a broad range of financial investment businesses. Hanwha nominated him for the position in the hope of tightening the firm's risk management and preemptively bracing itself for the rapidly-changing market environment amid global financial uncertainty.He has worked as a leader of the asset management arm of Hanwha since July 2021. Previously, he also took on key posts at Hanwha's financial affiliates, including as chief of a trading division at the brokerage arm. He also led Hanwha Life Insurance's investment business division before becoming the top executive at Hanwha Asset Management.Hahn studied business administration at Korea University. He also served as head of the derivatives and the alternative operation division at formerly Shinhan BNK Paribas Asset Man

Feb 2, 2023By Lee Min-hyung
New Hanwha Investment leader to focus on risk management

Toss Bank offers new group account product

Toss Bank CEO Hong Min-taek, second from left, speaks during an online press conference held at the headquarters in southern Seoul, Wednesday. Courtesy of Toss BankBy Anna J. ParkToss Bank, one of Korea's major internet-only banks, announced Wednesday that it has newly launched a joint deposit account product called the “gathering passbook,” through which a group of people can jointly manage a shared account. According to the bank during its online press conference in Seoul, the new account product allows every registered member of a joint account the same access and rights to a deposit account ― including cash withdrawals, deposits and payment settlement. Every member can also get their own debit card for the shared account. Previously the bank granted only one person from a group the right to control the account's withdrawals, payment settlements and card issuance.“Toss Bank's philosophy is to provide a solution to problems where customers commonly feel and experience inconveniences,” Toss Bank CEO Hong Min-taek said during the press conference. “The b

Feb 1, 2023By Anna J. Park
Toss Bank offers new group account product
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