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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.

Retail investors hit hard by Kakao's sharp decline

Kakao's headquarters on Jeju Island / YonhapBy Lee Min-hyungKakao's huge stock fall is unnerving Korean retail investors, as major affiliates of the once-promising growth stock have been hit hard by global monetary tightening.According to data from the Korea Exchange, Kakao and its three other major subsidiaries have extended losses of more than 30 percent this year. The combined market capitalization of Kakao, KakaoBank, Kakao Pay and Kakao Games reached 72.28 trillion won ($56.25 billion) on June 10, down by 33 percent from 108.24 trillion won as of the end of 2021.Kakao is the nation's second-most beloved stock by retail investors, having purchased 13.2 trillion won worth of its stocks as of the end of March, data from the Korea Securities Depository showed.The nation's most used mobile platform operator enjoyed an outstanding rally following the outbreak of the COVID-19 pandemic. Kakao shares soared to around 170,000 won last year but then lost momentum ― for growth ― after the global economy entered a cycle of monetary tightening amid growing inflationary pressure.Kakao is consi

Jun 12, 2022By Lee Min-hyung
Retail investors hit hard by Kakao's sharp decline

Samsung Electronics' stock price hits 52-week low

By Anna J. ParkSamsung Electronics' stock price renewed its 52-week record low on Friday, finishing at 63,800 won ($50.30), a 2.15 percent fall from the previous session. Friday's fall is attributed to weakened investor sentiment in the global semiconductor sector, as shown in the 2.69 percent overnight fall of the PHLX Semiconductor Sector Index in the U.S. market. The growing concern over a global economic recession as well as the resumption of lockdowns in China also affected the stock price's plunge. Foreign investors and institutional investors led Friday's fall, as they net-sold 586 billion won and 76.3 billion won worth of shares, respectively. The global semiconductor chip manufacturer's stock price has been on a downward movement since the start of this year. This year alone, the stock price lost over 13 percent of its value, from 78,600 won logged at closing on Jan. 3, the first trading session of this year. The declining trend is due mainly to the market's concern over the reduced demand for chips amid global recession concerns. “Business-to-consumer demand for perso

Jun 10, 2022By Anna J. Park
Samsung Electronics' stock price hits 52-week low

Korea may ease rules to allow banks to invest more in non-financial firms

Financial Services Commission Chairman appointee Kim Joo-hyun speaks during a press conference held at the headquarters of the Credit Finance Association (CREFIA) in central Seoul, Tuesday. YonhapBanks welcome FSC chief nominee's stance of reexamining 'outdated' ruleBy Anna J. ParkSince Financial Services Commission (FSC) Chairman nominee Kim Joo-hyun has said it's time to reexamine the country's long-held separation of industrial and financial capital, the local banking industry is expecting a favorable policy direction from the new leader of the top regulator. The separation of industrial and financial capital is a double-pronged principle that prohibits financial companies from owning stakes of more than 20 percent in non-financial firms. At the same time, the principle also prevents non-financial companies from owning stakes of more than 4 percent in local banks. A few exceptional cases, as well as internet-only banks and the Korea Development Bank (KDB), a state-run bank with a special purpose, are exempt from the principle under the Banking Act. The principle was first adopted

Jun 10, 2022By Anna J. Park
Korea may ease rules to allow banks to invest more in non-financial firms

KB Financial builds global reputation with net zero campaign

KB Financial Group Chairman and CEO Yoon Jong-kyoo, right, shakes hands with Climate Ambassador Tomas Anker Christensen of the Danish government during Christensen's visit to the banking group's headquarters in Yeouido, Seoul, Thursday. Courtesy of KB Financial Group Chairman Yoon joins advisory board of global finance coalition, meets Danish climate envoyBy Yi Whan-wooKB Financial Group is building a global reputation as Korea's leading banking group, with its green campaigns under the leadership of Chairman and CEO Yoon Jong-kyoo.The company announced Friday that Yoon has been appointed as a member of the Glasgow Financial Alliance for Net Zero's (GFANZ) advisory board for the Asia-Pacific region.With more than 450 member firms worldwide, GFANZ is the world's largest coalition of financial institutions committed to reaching the U.N. goal of carbon neutrality by 2050.Led by U.N. Special Envoy for Climate Action and Finance Mark Carney, it was launched on the occasi

Jun 10, 2022By Yi Whan-woo
KB Financial builds global reputation with net zero campaign

Shinhan set to launch digital non-life insurance business

By Lee Min-hyungShinhan Financial Group headquarters in Seoul / YonhapShinhan Financial Group is one step closer to starting a digital non-life insurance business after obtaining regulatory approval to incorporate BNP Paribas Cardif General Insurance as a new subsidiary.Shinhan is set to transform the company into a digital non-life insurer soon. The financial holding firm acquired a 94.56-percent stake in BNP Paribas Cardif for 41 billion won ($32.65 million) in November of last year. The latest approval from the Financial Services Commission enabled Shinhan to speed up its drive for the launch of the non-life insurance affiliate.The timely launch of the new insurance affiliate is crucial for Shinhan, which is competing fiercely with KB Financial Group whose insurance arms generated a combined net profit of 199 billion won in the first quarter of this year. Shinhan, however, fell short of the figure by reaping 152.4 billion won in net profit during the same period.The upcoming market debut of the tentatively-named Shinhan General Insurance will heat up competition in the local digit

Jun 10, 2022By Lee Min-hyung
Shinhan set to launch digital non-life insurance business

Kakao Pay becomes available in Singapore

Promotional image distributed by Kakao Pay / Courtesy of Kakao PayBy Anna J. ParkWith its global partnership with Alipay+, Kakao Pay became available at offline stores and for services in Singapore earlier this month. Alipay+ is Ant Group's global cross-border payment and marketing service that connects offline merchants with mobile payment app users. “Kakao Pay joins hands with Alipay+, aiming to provide convenient payment experiences for users on their overseas trips as well,” an official from Kakao Pay said. “The company plans to extend the global partnership so that users can use the payment app in more countries.”Kakao Pay users can make payments easily through the Korean digital payment app, by either showing a QR code or a barcode, at offline stores in Singapore that are affiliate members of Alipay+ or Kakao Pay, including stores at Changi International Airport and ComfortDelGro Taxi. Payment through Kakao Pay is available at Singaporean offline stores that display an Alipay+ or Kakao Pay logo. Users can easily check money transactions in real time in b

Jun 9, 2022By Anna J. Park
Kakao Pay becomes available in Singapore

Hahn & Co. buys SK Group's PET film business for $1.3 billion

Hahn & Co. CEO Hahn Sang-won and the headquarters of SKC located in central Seoul / Courtesy of each companyBy Anna J. Park Hahn & Co., the second-largest private equity firm in Korea, announced Thursday that it has signed a definitive agreement, or a stock purchase agreement (SPA), to acquire a 100-percent stake in SKC's polyester (PET) film business for 1.6 trillion won ($1.3 billion). The acquisition is one of the largest deals in terms of the transaction price so far this year in Asia. The acquisition is expected to be completed by the end of the year, as SKC plans to hold a special shareholders' meeting in September to earn approval for the necessary split-off to divest the PET film business unit from the company. Hahn & Co.'s purchase includes SKC's film business, SKC Hi-tech & Marketing ― a subsidiary of SKC's film business ― as well as related overseas operations in the U.S. and China.The PET film unit of SKC, which is the largest in Korea, has long been the company's core business. SKC developed PET film in Korea back in 1977 and grew in size to rank fourth i

Jun 9, 2022By Anna J. Park
Hahn & Co. buys SK Group's PET film business for $1.3 billion

Shinhan Bank runs fan voting for KBO All-Star game

A promotional poster for the fan voting for the 2022 Korea Baseball Organization (KBO) All-Star Game highlights the event's return after it was suspended due to the COVID-19 pandemic. Courtesy of Shinhan BankBy Yi Whan-wooShinhan Bank, jointly with the Korea Baseball Organization (KBO), is running fan voting for the KBO All-Star game scheduled for July 16.The title sponsor of the country's professional baseball league, the bank said that the poll opened on Wednesday and will collect votes until July 3.Each fan can vote once every 24 hours on Shinhan Bank's SOL mobile banking app, plus KBO's website and smartphone app. One vote per day is permitted on each platform, allowing each voter to cast ballots up to 78 times over the 26-day voting period. The votes from fans will account for 70 percent of the final tally and those from KBO teams will account for 30 percent. Real-time updates on the voting tallies will be provided each Monday.It will be the first All-Star game since 2019 due to the COVID-19 pandemic. The game will take place at Jamsil Baseball Stadium in southeastern Seoul, wit

Jun 9, 2022By Yi Whan-woo
Shinhan Bank runs fan voting for KBO All-Star game

Hana Bank signs agreement to support firefighters

Hana Bank CEO Park Sung-ho, right, poses with Stump Youth Foundation Director Kang Hyo-chang, left, and National Fire Agency Commissioner Lee Heung-gyo, after signing an agreement for cooperation on supporting firefighters and their families, at the bank's headquarters in downtown Seoul, Thursday. Courtesy of Hana BankBy Yoon Ja-youngHana Bank signed an agreement to support firefighters and the children of firefighters who died on duty. According to the bank, it signed an agreement with Stump Foundation for Youth and the National Fire Agency at the bank's headquarters in downtown Seoul, Thursday, to help support firefighters and their families. The agreement follows a promise made by Hana Financial Group Chairman Ham Young-joo while he was visiting the country's eastern coastal areas that were hit by major wildfires in March. In his first public activity after taking charge of the banking group, Ham had vowed to provide substantial support for firefighters. For this initiative, Hana Bank and Stump Foundation for Youth, a public welfare foundation aiming to solve social problems relat

Jun 9, 2022
Hana Bank signs agreement to support firefighters

Kakao Pay shareholders perplexed by Alipay's block deal

Kakao Pay management and key officials from the Korea Exchange (KRX) and local brokerage industry celebrate the listing of Kakao Pay on the main benchmark KOSPI market at the lobby of the headquarters of the KRX in Yeouido, Seoul, on Nov. 3, 2021. NewsisBy Anna J. ParkSmall shareholders of Kakao Pay are suffering from plunging stock prices, following news that the firm's second largest shareholder sold off five million shares in a block deal.The stock price ended at 89,500 won ($71.23), falling 15.57 percent on Wednesday, as the company officially disclosed earlier in the day that Alipay Singapore Holding ― the second largest shareholder of the company ― dumped five million shares on Tuesday, which amount to 3.77 percent of Kakao Pay's entire stocks. The company explained that the five million shares sold by Alipay through the block deal are about 10 percent of Alipay's own stake in the Korean fintech company, adding that Alipay remains the second largest shareholder as well as its strategic investor, holding some 46 million shares or a 34.72 percent stake in the Korean company. A th

Jun 9, 2022By Anna J. Park
Kakao Pay shareholders perplexed by Alipay's block deal
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