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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.

Securities firms tighten belts amid bearish stock market

EBest Investment & Securities headquarters on Yeouido, Seoul / Courtesy of eBest Investment & SecuritiesBy Anna J. ParkLocal securities companies have announced that they kick-started emergency management systems, aiming to weather through the current challenges of both global and local stock markets. Such moves are deemed necessary, as various geopolitical factors increase market uncertainty. Soaring interest and exchange rates as well as tightening global monetary policies have also significantly weakened local brokerage firms' recent earnings. Early in September, eBest Investment & Securities has launched its emergency management. According to the firm, the emergency management plan includes deferring 20 percent of executives' salaries and reducing business promotional expenses by 20 percent to 30 percent. The emergency management system is to continue until the end of the year.“The move is a preemptive gesture to raise employees' level of alertness against the deterioration of the market,” an eBest Investment official explained. DAOL Investment & Secur

Sep 3, 2022By Anna J. Park
Securities firms tighten belts amid bearish stock market

Ex-financial bureaucrat nominated as new NPS CEO

By Yi Whan-wooKim Tae-hyun, the chairman and president of the state-run Korea Deposit Insurance Corp. (KDIC), has been nominated to lead the National Pension Service (NPS), the pension operator announced, Thursday.The state pension provider said Kim is scheduled to take office, Friday. /Kim Tae-hyun, nominee for National Pension Service (NPS) Chairman and CEO / Courtesy of Korea Deposit Insurance Corp. (KDIC)He will succeed Kim Yong-jin, who was appointed by former President Moon Jae-in and stepped down a month before President Yoon Suk-yeol's inauguration in May.Kim Tae-hyun's nomination as the NPS Chairman and CEO has surprised many because it has been less than a year since he was appointed for the three-year term post at KDIC in 2021.Sources familiar with the matter say Kim's expertise as a career financial bureaucrat was highly valued in the decision to nominate him to lead the NPS.He will be responsible for improving the NPS' investment return. It posted an 8 percent loss on investments in the first half of 2022, after logging an average investment return of more 10 percent for

Sep 1, 2022By Yi Whan-woo
Ex-financial bureaucrat nominated as new NPS CEO

KOMSCO promotes digital government administration

High-ranking government officials from 11 countries including Indonesia and Mongolia watch a demonstration by a KOMSCO employee at the KOMSCO headquarters in Daejeon, Tuesday, where they got a glimpse into Korea's plan to shift to a mobile ID card from plastic ID cards based on blockchain technology. Their visit to KOMSCO, a state-owned corporation in charge of printing and minting banknotes, coins and other government documents, is part of a digital government policy management program by the Ministry of Interior and Safety, which aims to share experiences in the digitalization of government functions and seeks further cooperation. Courtesy of KOMSCO

Sep 1, 2022
KOMSCO promotes digital government administration

Lone Star disappointed in amount of award over dispute with Korea

Customers walk by Korea Exchange Bank (KEB) headquarters in Seoul, Korea, Dec. 29, 2009. AP-YonhapU.S. private equity firm Lone Star Funds said it was disappointed in the amount an international tribunal ordered South Korea to pay as damages over its sale of Korea Exchange Bank, according to a statement received on Thursday."We are disappointed in the amount of the award which fails to fully compensate Lone Star and its investors for losses," it said, without disclosing what it would do with the ruling by the International Centre for Settlement of Investment Disputes.Lone Star had sought payment of $4.68 billion in a claim it filed in November 2012, of which the World Bank Group organization ordered the South Korean government in a ruling received on Wednesday to pay $216.5 million plus interest.Korea's justice minister said on Wednesday the ruling was unacceptable and that he would consider seeking the annulment of the order. (Reuters)

Sep 1, 2022
Lone Star disappointed in amount of award over dispute with Korea
  • Ill-fated relationship between key officials and Lone Star draws focus
  • Korea to challenge Int'l tribunal decision on Lone Star suit

KEPCO, 13 other state-run firms to take measures to improve financial health

Korea Electric Power (KEPCO) headquarters in Naju, South Jeolla Province / Courtesy of KEPCOThe Korea Electric Power (KEPCO) and 13 other state-run firms will reduce debt and shore up capital over the next five years as part of measures worth 34 trillion-won ($25.4 billion) to improve their worsening financial health, the finance ministry said Wednesday.Under the measures, the 14 financially troubled firms plan to sell non-core assets worth 4.3 trillion won, beef up capital of 10.1 trillion won and take other steps to improve their financial health until 2026, the ministry said.The companies include Korea Railroad, the state power firm KEPCO's five power-generating affiliates, Korea National Oil and Korea Gas.With the plan, the government aims to drive down their debt ratio to 265 percent in 2026 from the 350 percent estimated for this year.The move came amid concerns that further deterioration of their financial health could evolve into a spike in debt or insolvency of public firms.The combined debt held by the 14 firms on the watch list amounted to 372.1 trillion won as of the end

Aug 31, 2022
KEPCO, 13 other state-run firms to take measures to improve financial health

Woori wins award in Indonesia

Bank Woori Saudara CEO Hwang Gyu-soon poses at the award ceremony for the 27th Infobank Awards held in Jakarta, Indonesia, in this photo provided by Woori Bank on Wednesday. According to Woori Bank, its Indonesian unit was named the best bank by Infobank, a leading financial magazine in Indonesia, for the 27th consecutive year. Yonhap

Aug 31, 2022
Woori wins award in Indonesia

Korea ordered to pay Lone Star $216.5 mil. in investor-state suit

Leaders of Korea Exchange Bank's union attempt to enter the building of the Financial Services Commission (FSC) in Seoul in this Nov. 18, 2011 file photo, as the FSC holds a meeting to discuss whether to order Lone Star Funds to sell most of its stake in Korea Exchange Bank. The workers are calling for the authorities to impose a punitive measure against Lone Star's stake sale, such as ordering the fund to sell its share on the market, in a bid to prevent the buyout fund from pocketing more than twice the money it spent on purchasing KEB stocks. YonhapAn international tribunal ordered Korea to pay the U.S. private equity firm Lone Star Funds $216.5 million plus interest, officials said Wednesday, bringing an end to a decadelong legal battle surrounding its sell-off of a local bank.Korea said it cannot accept the decision and will actively consider pursuing an appeal.The Washington, D.C.-based International Centre for Settlement of Investment Disputes (ICSID) delivered the verdict in the investor-state dispute settlement suit that Lone Star filed in 2012 to demand $4.68 billion in com

Aug 31, 2022
Korea ordered to pay Lone Star $216.5 mil. in investor-state suit

ABL Life Insurance launches dementia care service

ABL Life Insurance's headquarters in Seoul / Korea Times fileBy Yoon Ja-youngABL Life Insurance is offering special care services for subscribers to its dementia insurance policy. According to the life insurer, customers subscribing to the “ABL Dementia Care Insurance” are eligible for healthcare consulting services to check their susceptibility to Alzheimer's disease. Customers are also provided with information on the best doctors as well as appointments, special offers for medical checkups, and other health related information. They are provided tools for self-diagnosis of dementia and information on nursing facilities. If they are diagnosed with dementia, the patients and their family members are offered help that suits each stage of the illness. If the patient is diagnosed with early stage dementia, they can request the insurer to dispatch an expert who will accompany them to a major hospital and can also receive regular phone calls from the insurer for support. The family members of the patient will also receive psychological counseling.In case the patients are diag

Aug 30, 2022
ABL Life Insurance launches dementia care service

Will KB Kookmin Bank continue successful equity investments?

KB Kookmin Bank headquarters on Yeouido, Seoul / Courtesy of KB Kookmin BankKB's stake acquisition of TMap Mobility coincides with block deal sale of KakaoBankBy Anna J. Park As KB Kookmin Bank continues to form successful strategic partnerships with aspiring tech-based venture companies, market watchers are paying close attention to whether the bank's latest equity investment in T Map Mobility would also yield considerable financial gains.The bank sold over 14 million shares of KakaoBank in a block deal last Friday, which lowered the traditional lender's stake in the digital bank to 5 percent from 8 percent. On the same day, KB Kookmin Bank signed an acquisition contract with TMap Mobility, vowing to acquire an 8.3 percent stake in the mobility platform business. With a total of 200 billion won ($150 million) injected for the share purchase, KB Kookmin Bank has become the fourth-largest shareholder of TMap Mobility. As the two events coincided to take place on the same day, market watchers have started to compare the bank's TMap investment to its previous successful investment in Ka

Aug 25, 2022By Anna J. Park
Will KB Kookmin Bank continue successful equity investments?

Lotte Card partners with Tiki in Vietnam

Lotte Finance Vietnam CEO Kim Jong-geuk, right, poses with Tran Ngoc Thai Son, chairman of Vietnam's e-commerce giant, Tiki, after signing a strategic partnership to launch the buy now, pay later (BNPL) service in the Vietnamese market, at Tiki's headquarters in Ho Chi Minh City, Vietnam, Wednesday. The subsidiary of Korea's Lotte Card said it expects synergy effects by launching a convenient and safe payment service with Tiki which has over 20 million users. Yonhap

Aug 25, 2022
Lotte Card partners with Tiki in Vietnam
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