Business - The Korea Times

New KDB chairman faces bumpy road ahead

The Korea Development Bank (KDB) logo is seen in front of its headquarters in Yeouido, Seoul. Korea Times fileBy Yi Whan-wooNew Korea Development Bank (KDB) Chairman Kang Seog-hoon is facing a bumpy road with a series of politically sensitive — as well as long-pending — issues awaiting him. Kang was barred from entering his office on his first day of work in Yeouido, Seoul, Wednesday, as unionized members of the KDB were protesting his appointment.New Korea Development Bank (KDB) Chairman Kang Seog-hoon / Korea Times fileThe protest centers on President Yoon Suk-yeol's plan to move KDB headquarters out of Seoul to Busan in the name of balanced regional development. The unionists accordingly were hostile toward Kang because he has been Yoon's economic adviser and is believed to be embracing the disputed relocation plan.Calling Kang a "parachute appointee,” the protesters demanded that he state his view on the relocation plan.Kang did not answer their demands directly. He instead said, “The topic can be a subject of discussion,” when quizzed by a

Jun 8, 2022By Yi Whan-woo

Hanwha unveils new ESG plan

Seen above is the 63 Building in Seoul where Hanwha Life Insurance's head office is located. YonhapBy Lee Min-hyungHanwha Life Insurance has unveiled its mid-term environmental, social and corporate governance (ESG) management roadmap, with a view to building a more solid foundation for sustainable growth.Under the slogan of Green Life 2030, the company set three core strategies for its new ESG management plan. They include twofold growth in eco-friendly and prosocial investments, a 40-percent cut in the company's carbon emissions and an improvement in the Diversity, Equity and Inclusion Index by 2030, the insurer said, Wednesday.Last year, the company declared its plan to become a carbon-free insurer, as part of its strong willingness to join the global eco-friendly drive. The Hanwha affiliate aims to carry out more concrete ESG activities by introducing the new mid-term vision.The roadmap was approved at its sustainable management committee meeting held on June 3 when the company reappointed Hwang Young-key as the leader of the committee. Hwang is also serving as a non-executive di

Jun 8, 2022By Lee Min-hyung

Corporate sales, profitability boosted by robust exports, spending in 2021: BOK

gettyimagesbank Companies in Korea saw their sales and operating margins improve markedly in 2021 on the back of robust exports and a spending recovery from the COVID-19 pandemic, central bank data showed Wednesday.Combined sales of 26,880 corporations ― manufacturing and non-manufacturing firms subject to external auditing ― grew 17.7 percent last year from a year earlier, according to the data from the Bank of Korea.The rise followed a 3.2 percent year-on-year decline a year earlier when the country was in the middle of the pandemic. It also marked the steepest sales growth since relevant data begun to be compiled in 2013.Their profitability also improved.Their operations to sales margin rose to an all-time high of 6.8 percent last year, compared with 5.1 percent in 2020, the data showed.The improvement came as the country's exports remained strong despite the pandemic and local spending by consumers rebounded from falls caused by stringent curbs on business opera

Jun 8, 2022

Corporate sales, profitability boosted by robust exports, spending in 2021: BOK

AIA Korea launches special event ahead of Tottenham Hotspur's visit to Korea

Son Heung-min of Tottenham Hotspur Football Club, right, a brand ambassador of AIA Korea. Courtesy of AIA KoreaBy Yoon Ja-youngAIA Korea launched a special campaign ahead of Tottenham Hotspur's visit to Korea, including providing customers with the opportunity to meet the star players of the football team including Son Heung-min. AIA Group is the Global Principal Partner of Tottenham Hotspur Football Club, which will be visiting Korea from July 10 to 16 for a pre-season tour. The team will be playing exhibition matches against Team K League in Seoul and Sevilla FC in Suwon as part of the Coupang Play Series. Leading up to the tour, AIA Korea will be running the Tottenham Korea Tour campaign, starting with the Tottenham Hotspur's Player of the Season event which runs until June 26. The participants should cast their votes for their player of the season among Son Heung-min, Harry Kane and Cristian Romero. Winners will be drawn randomly every week amongst event participants, and those who do not win prizes will be automatically included in the next draw. The first-place winner will rece

Jun 8, 2022

AIA Korea launches special event ahead of Tottenham Hotspur's visit to Korea

Hyundai Card taps into NFT market

The corporate logo of Modern Lion, a joint venture established between Hyundai Card and Like Lion / Courtesy of Hyundai CardBy Lee Min-hyungHyundai Card launched a joint venture to establish a non-fungible token (NFT) trading platform with a local programming education startup, aiming at expanding its presence in the emerging growth area.The card firm and Like Lion will join hands for the launch of an NFT marketplace and wallet service sometime in the latter half of 2022, Hyundai Card said Tuesday.The Hyundai affiliate is considered one of the nation's frontrunners in the finance technology business. The company has pushed for a series of blockchain-powered businesses in recent years in areas such as data science and artificial intelligence.The latest decision came as the NFT is drawing huge popularity as a fresh investment area both in the country and abroad. The NFT refers to a unique digital token that cannot be replicated. The blockchain is a backbone technology for the NFT.The name of the joint venture is Modern Lion. The word “Modern” symbolizes Hyundai Card, and &l

Jun 7, 2022By Lee Min-hyung

Retail stocks expected to rise as consumers spend more offline

gettyimagesbankBy Anna J. Park Traditional retail stocks, such as department stores and shopping malls, are expected to benefit the most from a wider resumption of spending in the second half of this year. While luxury product sellers and online retailers enjoyed a boom during the COVID-19 pandemic, fashion and food-and-beverage (F&B) purchases through offline channels are expected to attract more consumers as the country transitions to treating the virus as endemic. Department stores are a representative offline shopping channel that are expected to enjoy increased revenues and profits during the latter half of this year. With an increased revenue forecast in fashion and F&B services due to the recovery of private spending, local department stores' profits are expected to grow.Hyundai Department Store is one of the favorite stocks chosen by analysts that is expected to yield considerable returns. The firm's annual revenue this year is forecast to rise 9.5 percent year on year to 3.9 trillion won ($3.1 billion), while operating profit is forecast to surge 32.2 percent to 349

Jun 6, 2022By Anna J. Park

Retail stocks expected to rise as consumers spend more offline

Pension funds to reduce exposure to domestic stocks

The National Pension Service (NPS) is one of the country's three major funds that want to reduce their investments in domestic stocks over lower-than-expected returns. Korea Times fileBy Yi Whan-wooThe nation's three major pension funds are geared toward lowering their investments in domestic stocks, over lower-than-expected investment returns on the paths to rebalancing their management portfolios. Financial sources said Monday that the National Pension Service (NPS) plans to reduce its domestic stocks holdings from 17.5 percent of its total holdings in 2021 to 15 percent by 2025.During the same time period, Teachers' Pension (TP) is considering reallocating the rate of domestic stocks in its total assets from 19.1 percent to 14.5 percent, while the Government Employees Pension Service (GEPS) pushes to reduce the rate from 18.5 percent to 10 percent.For the NPS, the rate of return from domestic stocks was 6.73 percent last year, lower than the 29.48 percent from overseas stocks, 23.8 percent from alternative investments and 7.09 percent from overseas bonds.For TP, domestic stocks br

Jun 6, 2022By Yi Whan-woo

Pension funds to reduce exposure to domestic stocks

Shares of budget carriers expected to rise

Passengers stand in line for at a check-in counter at Terminal 1 of the Incheon International Airport, Friday. Newsis By Anna J. ParkStock prices of so-called LCCs, or low-cost carriers, continue to move upward lately, reflecting the country's revitalized travel sector, with the number of international travelers increasing. According to the Korea Exchange (KRX), the stock price of Jeju Air saw a weekly increase of 7.73 percent, as the price rose from 20,700 won ($16.53) logged on May 27 to last Friday's closing price of 22,300 won. When compared to the intra-day trading price of 18,800 won on May 26, the airplane stock rose by 18.6 percent in just eight days.Other low-cost carriers, including Jin Air and T'way Air, also logged a weekly increase of 2.23 percent and 3.37 percent during the same period. The rise in flight carriers' stock prices is mainly attributed to the Japanese government's recent decision announced on May 26 to permit the entrance of foreign travel

Jun 5, 2022By Anna J. Park

Shares of budget carriers expected to rise

KB Financial releases video clip on bee conservation campaign

The promotional image of “Warning of the bees,” a video clip released by KB Financial Group on the occasion of the U.N.-observed World Environment Day on June 5. / Courtesy of KB Financial GroupBy Yi Whan-wooKB Financial Group has released a video clip aimed at raising public awareness of the importance of protecting bees and the threats they face, on the occasion of the U.N.-observed World Environment Day on June 5.Titled “Warning of the bees,” the clip was also released as a part of the firm's “K-Bee Project” campaign, which it launched this spring under a broader goal supporting environmental, social and corporate governance (ESG) practices.The five-minute clip is available on KB Financial Group's YouTube channel.“We came up with the video message to expand a social bond concerning the importance of bees as a long-time companion of humankind and the need for a recovery of the ecological system for bees,” the company said in a press release. “We hope our efforts for the good cause spread across society and that small yet critica

Jun 5, 2022By Yi Whan-woo

KB Financial releases video clip on bee conservation campaign

Hana vows value-driven growth based on innovative platform

Hana Financial Group Chairman Ham Young-joo speaks during a meeting with executives and employees at its headquarters in Seoul, Thursday. Courtesy of Hana Financial GroupHana chairman unveils new group visionBy Lee Min-hyungHana Financial Group Chairman Ham Young-joo has unveiled a new group-wide vision of “All connected in Hana Finance,” pledging to build an innovative and trustworthy financial platform. Under the vision, the company and its affiliates plan to develop their financial platforms focusing on keywords such as trust and innovation, the company said Friday.The financial holding firm also presented the “O.N.E. Value 2030” as its mid- to long-term growth strategy that places more focus on value-driven growth, rather than external expansion. The O.N.E. refers to Our Value, New Value and Extra Value, according to the company.“Under the new corporate vision, Hana will offer special experiences to customers' daily lives, and help them connect with a new and prosperous future beyond finance,” he said. “Hana should make group-wide efforts

Jun 3, 2022By Lee Min-hyung

Banking & Finance