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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.

Jeju Air signs MOU with Indonesian province for new route

Jeju Air airplane at Gimpo International Airport in Seoul / YonhapJeju Air, Korea's leading budget carrier, said Sunday it has signed an initial pact with an Indonesian provincial government for a partnership to open a new route between the two countries. Jeju Air has signed a memorandum of understanding with North Sulawesi Province to explore opportunities to offer flights to the Southeast Asian country, the company said in a statement. The Indonesian government aims to develop new tourism sites to attract travelers from around the world under the "10 New Bali's" policy.Jeju Air plans to support increasing routes with B737-8s, which will be delivered from next year through 2027. It ordered 40 B737-8s, formerly called the B737 MAX, for 5 trillion won ($4 billion).The budget carrier used to operate 45 B737-800NG chartered planes on 87 routes, including six domestic routes, before the pandemic. The number of planes has fallen to 39. Jeju Air is targeting to turn around next year as eased virus restrictions unleash pent-up travel demand. The low-cost carrier posted net losses for three

Sep 18, 2022
Jeju Air signs MOU with Indonesian province for new route

KB Financial Group harvests honey after months-long bee-saving campaign

Olympic swimmer Hwang Sun-woo, left, and Korea Ladies Professional Golf Association (KLPGA) player Lee Ye-won, both sponsored by KB Financial Group, wear beekeeping gear as they harvest honey from a special apiary on the rooftop of the headquarters of KB Kookmin Bank, the banking group's flagship affiliate, in Yeouido, Seoul, in this photo released Friday. The two were among participants who harvested honey under the banking group's K-Bee Project. Courtesy of KB Financial GroupBy Yi Whan-wooKB Financial Group has harvested honey from a special apiary it runs as a part of its environmental, social and corporate governance (ESG) practices, the company said Friday. The harvest marks the first since the country's largest banking group launched a campaign in May to save bees, which are vital pollinators for food crops yet have been dwindling in numbers due to air pollution and other human-created causes of climate change.Titled K-Bee Project, the campaign was launched on the occasion of World Bee Day on May 20 and the International Day for Biological Diversity on May 22, both observed by

Sep 17, 2022By Yi Whan-woo
KB Financial Group harvests honey after months-long bee-saving campaign

Hyundai Card CEO's sudden resignation draws attention

Hyundai Card headquarters / Courtesy of Hyundai Card Vice Chairman Chung Tae-young's leadership put to test By Anna J. ParkAs the CEOs of both Hyundai Card and Hyundai Commercial stepped down from their posts recently without completing their terms, market attention is now focused on Chung Tae-young, vice chairman at Hyundai Card and Hyundai Commercial, as to the reasons for the CEOs' sudden resignations and the vice chairman's future moves with the firms.The two departed CEOs were both appointed in April last year. Back then, Chung Tae-young stepped down from his long-held CEO role at Hyundai Commercial. But he decided to co-lead Hyundai Card with its newly appointed CEO, while maintaining his CEO position at the card firm, focusing on the company's new ventures and future strategic plans. However, in just a year and a half after the appointment, the two CEOs decided to leave their positions without stating clear reasons behind their sudden resignations. Lee Byung-

Sep 16, 2022By Anna J. Park
Hyundai Card CEO's sudden resignation draws attention

Hyundai Card CEO concerned about departure of top executives

By Yi Whan-wooChung Tae-young, vice chairman and CEO of Hyundai Card and Hyundai Commercial, has expressed concerns over the recent departures of the second-in-command executives of each of the two companies. Chung Tae-young, vice chairman and CEO of Hyundai Card and Hyundai Commercial / Korea Times file“I feel uneasy for some reason if everything seems safe and sound these days,” he wrote on Facebook early this week, after Hyundai Card Co-CEO Kim Duk-hwan stepped down on Sept. 9.Kim's resignation came with more than half of his three-year term remaining, after he became the youngest CEO in the credit card business in March 2021 at age 49.His departure surprised many as it came less than a month after the resignation of Lee Byung-whi, who was the co-CEO of Hyundai Commercial that spun off from Hyundai Card.“It appears Chung is extremely distressed about losing the co-CEOs,” a market observer said. “How he handles the situation and makes a breakthrough amid the hardships facing Hyundai Card draws attention.”The source was referring to a sharp decrea

Sep 15, 2022By Yi Whan-woo
Hyundai Card CEO concerned about departure of top executives

KDB CEO says moving to Busan critical to boost region amid digital era

Korea Development Bank (KDB) Chairman and CEO Kang Seog-hoon speaks during a press conference to mark the first 100 days of his term at KDB headquarters in Yeouido, Seoul, Wednesday. Courtesy of KDBBy Yi Whan-wooKorea Development Bank (KDB) Chairman and CEO Kang Seog-hoon reaffirmed, Wednesday, a disputed plan to move KDB headquarters from Seoul to Busan, stressing it is critical for the development of the southeastern region that used to be the nation's hub for smokestack industries but is losing competiveness in the era of digitalization. Speaking at a press conference to mark the first 100 days of his term, Kang also said the state-run KDB will finance 30 trillion won in the next five years for the chip industry as part of a broader picture to support the Korean economy amid a wave of global challenges.“The southeast used to be at the center of economic growth when it was undergoing rapid industrialization, but not any longer,” he told the press at KDB headquarters in Yeouido, Seoul, noting the relevant infrastructure for growth is concentrated heavily in the capital r

Sep 14, 2022By Yi Whan-woo
KDB CEO says moving to Busan critical to boost region amid digital era

Shinhan Life to expand operation in Vietnam

A Shinhan Life branch in Vietnam / Courtesy of Shinhan LifeBy Anna J. ParkShinhan Life is expected to open up its new Vietnam business center in Hanoi later this year, aiming to strengthen its presence and competitiveness in the Southeast Asian country. The life insurer began its Vietnamese operation in January this year in Ho Chi Minh City, and its success in the southern city has encouraged the expansion into Hanoi later this year. According to the insurance industry Wednesday, Shinhan Life is planning to sell low-priced insurance plans in Hanoi during the second half of this year. The life insurer's Hanoi branch is slated to begin operation as early as October. Upon starting business in Ho Chi Minh City early this year, Shinhan Life has closely cooperated with other Shinhan affiliates including Shinhan Bank and Shinhan Card to gain quick access to the Vietnamese market. Vietnam is regarded as a blue ocean for Korean insurance companies, as only 5 percent of the Southeast Asian country's population holds insurance plans as of the end of last year. The total revenue of Vietnamese in

Sep 14, 2022By Anna J. Park
Shinhan Life to expand operation in Vietnam

Samsung's Lee not to attend trial due to business trip abroad

Samsung Electronics Vice Chairman Lee Jae-yong meets President Laurentino Cortizo of Panama in Panama City, Panama, Sept. 13. YonhapSamsung Electronics said Wednesday its Vice Chairman Lee Jae-yong will skip attending his trial this week as he continues to visit Samsung's overseas operation sites and drum up support for Korea's efforts to host the 2030 World Expo.Samsung said Lee met President Laurentino Cortizo of Panama on Tuesday in the capital of Panama City to discuss ways to boost Samsung's business in the Central American nation.He also asked Cortizo to support Korea's bid to host the 2030 World Expo in the southern port city of Busan in his capacity as a presidential envoy for the campaign.Lee, Samsung's de facto leader, is currently standing trial over the 2015 merger between two Samsung affiliates and alleged accounting fraud at the pharmaceutical unit Samsung Biologics. The merger and fraud are widely seen as key steps to strengthen his grip on the group. With the ongoing business trip, he will not be attending his trial Thursday, Samsung said. The next trial is slated for

Sep 14, 2022
Samsung's Lee not to attend trial due to business trip abroad

SK to spend $52.4 bil. by 2023 to boost domestic production facilities

SK Telecom headquarters in Seoul / Korea Times fileSK Group, Korea's second-largest conglomerate by assets, said Thursday it will spend 73 trillion won ($52.4 billion) by 2023 to boost its domestic production facilities for chips, green energy and bio. The energy-to-telecom business group will also spend 25 trillion won on research and development (RD) over the next five years to shore up its technological competitiveness in those areas it is pushing for as future growth drivers. The latest announcement came after it unveiled a 247 trillion-won investment blueprint through 2026, with a focus on semiconductors, electric vehicle (EV) batteries and EV battery components, and bio portfolios.SK has said 179 trillion won of the investment will be spent domestically. Of the 73 trillion won to be spent by next year, 48.7 trillion won will go to the chips and materials sector, with 12.8 trillion won to EV batteries, hydrogen and other renewable energies, SK said in a release. Some 9.8 trillion won has been set aside for digital technologies, including the 5th generation (5G) mobile network. A

Sep 14, 2022
SK to spend $52.4 bil. by 2023 to boost domestic production facilities

Corporate margins shrink in Q2 on rising costs: BOK

LG energy solution's battery manufacturing plant located in the city of Cheongju, North Chungcheong Province / Korea Times fileCompanies in Korea saw their profitability shrink in the second quarter from a year earlier despite a sales jump due mainly to a rise in commodity prices, central bank data showed Wednesday. Their operating profit to sales ratio stood at 7.4 percent in the April-June period, down 0.3 percentage point from a year ago, according to a report compiled by the Bank of Korea (BOK). The report is based on a survey of 3,148 companies, including 2,001 manufacturing firms.Combined corporate sales, on the other hand, increased 20.5 percent on-year. The operating profit to sales ratio for manufacturers fell from 9 percent to 8.6 percent over the cited period. That of non-manufacturers fell from 5.4 percent to 5.1 percent.The rise in commodity prices is primarily attributed to Russia's invasion of Ukraine and the entailing trade sanctions on Russia by the Western economies. (Yonhap)

Sep 14, 2022
Corporate margins shrink in Q2 on rising costs: BOK

KB Financial opens country's largest private banking center

KB Financial Group Chairman and CEO Yoon Jong-kyoo, fifth from left, poses with top hallyu actress Lee Young-ae, fourth from left, and other participants during a ceremony to mark the opening of Gold & Wise the First in southern Seoul's Gangnam District, in this photo released by the banking group, Tuesday. Gold & Wise the First is the country's largest private banking center and Lee was tapped to promote it. Courtesy of KB Financial GroupBy Yi Whan-wooKB Financial Group has opened the largest private banking center in the country, with a goal of offering centralized, upgraded wealth management services in person amid the greater reliance on digital banking, the company announced Tuesday. It said the banking center, KB Gold & Wise the First, is a nine-floor building located in Apgujeong-dong, an affluent area of southern Seoul's Gangnam District. Gold & Wise the First has 15 rooms available for one-on-one consulting plus more than 1,400 safe deposit boxes.It was designed under the theme of books and art, and is noted for a media art wall project that stretches over a

Sep 13, 2022By Yi Whan-woo
KB Financial opens country's largest private banking center
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