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'Big 3' financial groups recognized in this year's Bloomberg Gender-Equality Index

The logo of the Bloomberg Gender-Equality Index / Captured from Bloomgberg websiteBy Yi Whan-wooThe country's three largest financial groups ― KB, Shinhan and Hana ― are included in this year's Bloomberg Gender-Equality Index which tracks companies' commitment to gender equality and transparency, the companies said Tuesday.The three are among 484 listed companies from 45 countries that have committed to five key pillars presented by the index ― female leadership and talent pipeline, gender pay parity, inclusive culture, anti-sexual harassment policies and pro-women brand.It marks the fifth year in a row that both KB and Shinhan have been recognized by the index. Hana was included on the index again after it did so for the first time in 2022.KB Financial Group said it was highly rated for promoting gender equality in its workforce through its various mentoring and education programs. Among them are Woman's Empowerment Star Mentoring, KB Women of Excellence and KB Securities' Value-up. The country's top banking group also officially supports the Women's Empowerment Principles establish

Jan 31, 2023By Yi Whan-woo
'Big 3' financial groups recognized in this year's Bloomberg Gender-Equality Index

Hybe acquires 56.1 percent stake in AI sound startup Supertone

The headquarters of Hybe, the agency of K-pop supergroup BTS, in Seoul / YonhapHybe, the Korean entertainment agency behind supergroup BTS, said Tuesday it has invested 45 billion won ($36.5 million) to acquire 56.1 percent of stake in Supertone, an artificial intelligence (AI) sound startup.Hybe first acquired a 18.2 percent stake in Supertone in 2021 and made an additional investment to become its largest shareholder.Supertone is known for advanced AI sound technology capable of synthesizing realistic voices that can sing, which was introduced on local music programs. Hybe said the acquisition was aimed at creating a synergy effect between the two companies to enhance its content business."We have high expectations in creating new content that would combine Supertone's AI voice synthetic technology, which enables realistic acting and singing, and Hybe's production know-how," Hybe CEO Park Ji-won said in a release. (Yonhap)

Jan 31, 2023
Hybe acquires 56.1 percent stake in AI sound startup Supertone

Industrial output down 1.6% in Dec. amid weak exports

This photo shows a production line of POSCO, Korea's top steelmaker, in Pohang, 272 kilometers southeast of Seoul, Jan. 1. YonhapKorea's industrial output fell 1.6 percent on-month in December, data showed Tuesday, as the manufacturing sector remained sluggish amid weak exports.Industrial production decreased at the widest margin in 32 months, shifting from a 0.4 percent rebound posted in November, according to the data from Statistics Korea. The output in the mining, manufacturing, gas and electricity industries fell 2.9 percent on-month in December, due to the sluggish performance of the automobile and electric parts sectors, which decreased 9.5 percent and 13.1 percent, respectively.The output of the mainstay chip industry, on the other hand, rose 4.9 percent over the period, the data showed. The latest overall decrease in the output came amid Korea's weak exports. For December, monthly exports fell 9.5 percent on-year to stand at $54.99 billion, extending the losing streak to the third consecutive month.The data also showed that the output from the service sector declined 0.2 per

Jan 31, 2023
Industrial output down 1.6% in Dec. amid weak exports

Shinhan Financial launches group-wide data network

Logo of Shinhan Financial Group's One Data network / Courtesy of Shinhan Financial GroupBy Yi Whan-wooShinhan Financial Group has formed a single, group-wide network connecting the data of all its affiliates, the lender announced on Monday.Shinhan Financial Group headquarters in Seoul / YonhapIt said its One Data network is aimed at standardizing data across its major affiliates, including Shinhan Bank, Shinhan Card, Shinhan Securities and Shinhan Life Insurance. The network accordingly analyzes customized data in a more efficient manner.“We hope to take the initiative in the finance industry's data ecosystem through One Data and also offer customized services for our clients,” Shinhan Financial Group said.It assessed its One Data network as a “cornerstone for digital finance.” “The network will play a central role for group-wide projects aimed at nurturing new growth engines,” the company said. “We will continue to maximize customer value and pursue sustainable growth in relation to customers, society and the corporate world.”The count

Jan 30, 2023By Yi Whan-woo
Shinhan Financial launches group-wide data network

Bank operating hours return to normal amid union opposition

A notice at the entrance of a major commercial bank branch in Seoul on Jan. 27 informs customers of operating hours returning to normal from Jan. 30. YonhapBy Anna J. Park From Monday, five major commercial banks in Korea will return to their normal operating hours, opening at 9 a. m. and closing at 4 p.m. The lenders decided to shorten their operating time by an hour 18 months ago, opening at 9:30 a.m. and finishing at 3:30 p.m., due to coronavirus-led social distancing policies in July 2021.As the country's indoor mask mandate is lifted from Monday, except on public transportation and some other cases, the five major banks ― KB, Shinhan, Hana, Woori, NH NongHyup ― notified their branches last Friday about the changed operating hours. Korea Development Bank (KDB), Industrial Bank of Korea (IBK), Standard Chartered Bank Korea, as well as other foreign bank branches and regional banks, also followed suit. Major savings banks, including SBI and DB, also return to their original operating hours from 9 a.m. to 4 p.m. However, this decision was unilaterally made by the banks' management,

Jan 29, 2023By Anna J. Park
Bank operating hours return to normal amid union opposition

Hana unveils vision to become Asia's best financial group

Hana Financial Group Chairman Ham Young-joo speaks during the group's New Year event at Kyung Hee University in Seoul, Saturday. Courtesy of Hana Financial GroupHana chief Ham plans to focus on global expansion, digital innovation By Lee Min-hyungHana Financial Group Chairman Ham Young-joo has presented three major group-wide strategies: global expansion, digital innovation and financial competitiveness reinforcement, as part of its 2023 corporate vision to become Asia's leading financial group, the company said Sunday.Under the announced strategies, the leader of the nation's third-largest financial holding firm urged its staff to find fresh opportunities for growth by overcoming the looming crisis of a possible recession and as well as post-pandemic financial uncertainty.“Hana Financial Group has built 1,100 networks across the globe, and grown as one of Korea's best financial groups with 21,000 employees developing their dream here,” Ham said during a New Year's event titled “Hana Financial Group 2023: One Spirit! Connecting the world and future as one.”Mor

Jan 29, 2023By Lee Min-hyung
Hana unveils vision to become Asia's best financial group

Securities firms face dismal earnings results for 2022

Korea's financial district in Yeouido, Seoul / gettyimagesbank By Lee Min-hyungKorea's major securities firms are forecast to report weaker-than-expected earnings for 2022, as their brokerage commission revenues plunged in the wake of an unexpected stock market crash sparked by steep rate hikes and multiple external risk factors such as the outbreak of war in Ukraine, data showed Friday.Mirae Asset Securities, the nation's largest brokerage house by market capitalization, was the first to have announced preliminary earnings. According to data from the Financial Supervisory Service, the brokerage reported an estimated operating profit of 845.9 billion won ($686 million) in 2022, down 43.1 percent from the previous year. Its net profit also suffered a similar drop of 47.7 percent during the same period.Other Korean securities firms also face similar dismal earnings outlooks from last year. According to data from market tracker FnGuide, the combined operating profit of

Jan 27, 2023By Lee Min-hyung
Securities firms face dismal earnings results for 2022

Woori shortlists four candidates for next chairman

From left are Woori Bank CEO Lee Won-duk and former Financial Services Commission Chairman Lim Jong-ryong. YonhapBy Lee Min-hyungWoori Financial Group confirmed the shortlist for its next chairman, Friday, with four contenders vying for the leadership of the financial holding firm.The four candidates included Woori Bank CEO Lee Won-duk, Woori America Bank CEO Shin Hyun-seok, former Woori FIS CEO Lee Dong-yeon and former Financial Services Commission (FSC) Chairman Lim Jong-ryong.“Woori's executive recommendation committee shortlisted the four candidates after conducting thorough discussions on their expertise, leadership, communication skills, morality, work experience and digital capability,” a spokesman at the committee said.The Woori Bank chief and former FSC chairman are considered to be the two strongest contenders for the post. Just recently, the committee longlisted eight candidates that included top executives from Woori's key affiliates and some candidates from outside its ranks.The leader of Woori Bank is one of the major contenders for the race. He is a key fig

Jan 27, 2023By Lee Min-hyung
Woori shortlists four candidates for next chairman

Biz outlook worsens for Feb. amid recession woes

This photo shows the Yeouido Business District in Seoul. Korea Times fileKorea's business sentiment worsened for February as worries over high inflation, monetary tightening and an economic slump weighed on sentiment, a central bank poll showed Friday.Local companies' business sentiment index (BSI) for February came to 68, down 2 points from what was tallied for the previous month, according to the survey by the Bank of Korea (BOK).The index measures corporate prospects for business conditions the following month. A reading below 100 means pessimists outnumber optimists.Business sentiment worsened as worries are mounting that rising interest rates enforced to fight inflation could excessively cool economic growth.The BSI for manufacturers stood at 65 for February, down from the previous month's 68. The index for nonmanufacturing firms was also down 2 points over the same period to 70, the data showed.The BSI for large companies dropped from 71 to 67, but the figure for small and medium-sized enterprises remained unchanged at 64.The survey was conducted on 2,739 firms, including 1,636

Jan 27, 2023
Biz outlook worsens for Feb. amid recession woes

FSS chief warns of stern action against opposition to normalizing banks' biz hours

This photo shows a notice informing customers of the shortening of business hours by one hour at a bank in Seoul, Jan. 25. NewsisA financial regulator chief on Thursday warned of stern action against labor unions opposing banks' plan to "normalize" their pandemic-caused shortened operation hours as the government is set to lift the indoor mask mandate later this month."As far as I know, employers have determined the stance (of normalizing operating hours) after reviewing legal aspects," Lee Bok-hyun, head of the Financial Supervisory Service (FSS), told reporters after attending a meeting with CEOs of insurers in Seoul. "In common sense, would anyone understand if they are opposed to normalizing operating hours that have shortened due to COVID-19?" he said. "The government and financial regulators would strongly respond to opinions expressed through illegal means against a measure based on proper law interpretation and authority."In July 2021, banks decided to temporarily shorten their operation hours by one hour from 9 a.m.-4 p.m. to 9:30 a.m.-3:30 p.m. in July in the greater Seoul

Jan 26, 2023
FSS chief warns of stern action against opposition to normalizing banks' biz hours
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