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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.

Order snack via Shinhan SOL

A model poses with her smartphone displaying the Shinhan SOL app at Gocheok Sky Dome in Seoul, Wednesday. A Shinhan Bank official said visitors can use the app to order snacks at Gocheok Sky Dome and Changwon NC Park starting Tuesday. Ordered snacks will be delivered to visitors' seats at the ball parks. / Courtesy of Shinhan Bank

Jun 20, 2019By Jhoo Dong-chan
Order snack via Shinhan SOL

Travel stocks suffer slump despite upcoming vacation season

Incheon International Airport / YonhapBy Jhoo Dong-chanShare prices of the nation's travel agencies are suffering an unanticipated slump despite the upcoming vacation season next month.According to the Korea Exchange (KRX), the share price of Hana Tour closed at 55,400 won ($47.09) on the Wednesday session. The figure was up 200 won, or 0.36 percent, from the previous session, but was down 41 percent from its yearly high of 78,000 won on March 19.Another travel agency powerhouse Mode Tour also closed at 20,950 won on the day. The price dropped 16.86 percent compared to its March 19 price.“This is very unusual,” said a travel agency worker who asked not to be named. “Travel agencies enjoy high sales right before vacation season because travelers make reservations a month or two before their trips. I understand both firms' reservation rates are very disappointing this month.”Despite both firms' disappointing sales in May, market observers remain optimistic about their future stock prices.“Mode Tour's operating profit slid 4 percent year-on-year to 9.1 bil

Jun 20, 2019By Jhoo Dong-chan
Travel stocks suffer slump despite upcoming vacation season

Helping needy neighbors

KEB Hana Bank CEO Ji Sung-kyoo, right, holds an MOU with Health and Welfare Minister Park Neung-hoo, at the bank's head branch in central Seoul, Tuesday. Under the deal, the bank will introduce various financial products designed to help those in the low-income bracket jointly with the ministry. / Courtesy of KEB Hana Bank

Jun 20, 2019By Jhoo Dong-chan
Helping needy neighbors

Financial groups pouring billions into startups

Shinhan Financial Chairman Cho Yong-byoungBy Park Hyong-kiLocal financial groups are moving aggressively towards increasing their bets on fintech startups, industry sources said Wednesday.Besides offering a wide range of services through their innovation centers, the groups have internally reorganized and set up new divisions focusing on spurring the entrepreneurial spirit.Shinhan Financial Group, the biggest holding company by profit, said it will invest 64 trillion won ($54 billion) in startups through its funds and programs over the next five years.It has even formed a committee chaired by Shinhan Chairman Cho Yong-byoung, who has mobilized 2,000 employees at 14 subsidiaries to “discover the next big thing.”The group established Shinhan Future's Lab in 2015. Expanded recently, the Lab, which is considered the group's in-house "sandbox" where startups can freely maximize their creativity, plays with their ideas and tests them for commercialization. Woori Financial Chairman Sohn Tae-seungWoori Financial Group has also launched an innovation committee, getting its employe

Jun 19, 2019
Financial groups pouring billions into startups

Inter-Korean shares rally on possible US-North Korean talks

gettyimagesbankBy Jhoo Dong-chanShare prices of firms related to inter-Korean economic cooperation enjoyed a rally in June over a possible third U.S.-North Korea summit ahead of U.S. President Donald Trump's visit to Seoul late this month. According to online market researcher Market Point, share prices of Shinwon and GoodPeople gained 18 percent and 14.1 percent, respectively, this month as of Tuesday. Both fashion firms had operated manufacturing plants in Gaeseong Industrial Complex before they were shut down in February 2016.Other Korean firms such as In The F and Jestina, which had also operated a factory in the complex, enjoyed a rally in their share prices in the period.Share prices of Ecomaister and Hyundai Rotem jumped around 30 percent and 12 percent, respectively, this month alone. Both firms will participate in inter-Korean railroad projects if they go ahead.Of the nation's inter-Korean economic cooperation stocks, market observers said Hyundai Elevator is expected to benefit the most from the peaceful atmosphere.Owning a 73.9 percent stake in the elevator-producing firm,

Jun 19, 2019By Jhoo Dong-chan
Inter-Korean shares rally on possible US-North Korean talks
  • 'North Korea, US readying for new agreement'
  • Seoul to send 50,000 tons of rice to Pyongyang

Financial firms seeking to foster female leaders

gettyimagesbankBy Kim Bo-eunFinance firms are seeking to cultivate female leaders to break the glass ceiling and promote diversity in the traditionally male-dominated sector. KB Securities is leading such efforts, stating its goal of making the percentage of women in leadership positions 20 percent by 2022. This currently stands at 13 percent.The brokerage recently signed a partnership with the Ministry of Gender Equality and Family on increasing female representation in management and leadership positions, after Park Jeong-rim became its CEO, the first female head of a securities company here.KB Financial Group was included in Bloomberg's list of 230 global companies committed to transparency in gender reporting and advancing equality in the workplace.It was recognized for efforts to foster female CEOs and executives, guaranteeing childbirth and childcare leave, setting up daycare centers at affiliate companies, and for its weekend family programs.“Guaranteeing childcare leave applies to male employees as well, and many are using the system,” a KB Securities official sai

Jun 19, 2019By Kim Bo-eun
Financial firms seeking to foster female leaders

Kim appointed new CREFIA chief

By Kim Bo-eunKim Joo-hyunThe Credit Finance Association of Korea (CREFIA) appointed Kim Joo-hyun, former president of the Korea Deposit Insurance Corporation, as its new chairman, Tuesday.The association made the decision at a general meeting held the same day.Kim will serve a three-year term that began Wednesday.Kim has decades of experience in the public sector, joining the finance ministry after passing the civil service examination in 1981. He has worked for the Asian Development Bank and the Financial Service Commission.

Jun 19, 2019By Kim Bo-eun
Kim appointed new CREFIA chief

Regional banks eye Southeast Asia

By Park Hyong-kiRegional financial groups are looking to expand further in Southeast Asia as the local market is getting smaller and more crowded, industry sources say.DGB Chairman Kim Tae-ohDGB Financial Group is preparing to open a bank branch in Vietnam as it applied for a license there, the listed financial holding company said.It has so far made inroads into Cambodia and Laos.“We are looking for opportunities in Vietnam as Shinhan Bank did there. There are a lot of cultural similarities between Korea and Vietnam. This is one of the reasons we are seeking to launch services there,” a DGB spokesman said. DGB Daegu Bank acquired Cambodia's Cam Capital Specialized Bank last year, and DGB Capital launched DGB Laos Leasing Company in Laos in 2016, he noted. Shinhan Bank made inroads into Vietnam in 1993 and became the largest foreign-invested bank following its acquisition of ANZ Vietnam's retail banking division in 2017.JB Financial Group is also seeking a fresh start in Southeast Asia, it said.JB Chairman Kim Ki-hongWith its flagship Jeonbuk Bank, the group acquired Camb

Jun 18, 2019
Regional banks eye Southeast Asia

KDB pursues acquisitions in Indonesia

Korea Development Bank Chairman Lee Dong-gullBy Jhoo Dong-chanThe Korea Development Bank (KDB) is seeking to acquire Indonesian financial companies to boost its presence in the Southeast Asian market, a source said Tuesday.It is said to be targeting companies that have a license to offer a range of services from leasing and consumer financing to credit card financing in the region.The state-run policy bank has retained Deloitte Korea as its adviser to list potential targets there for acquisitions.This is also part of KDB's efforts to look beyond Korea's crowded financial market where commercial and policy banks are facing difficulties in generating positive cash flow amid low interest rates.“The consulting process has been completed. The policy bank is currently reviewing its adviser's suggestions,” a KDB official said. “We do not yet have any plans to announce what we are going to do at this point.” The KDB is considered to be a latecomer in the Southeast Asian financial market. Apart from its office in Hong Kong, KDB operates offices in Bangkok, Ho Chi Minh

Jun 18, 2019By Jhoo Dong-chan
KDB pursues acquisitions in Indonesia

Center for multiracial students

Hana Financial Group Vice President Ham Young-joo, second row third from right, poses with officials and multiracial students after agreeing to support the development of a multicultural exchange center in Hongcheon County, Gangwon Province, Tuesday. Also at the event were Community Chest of Korea Chairman Ye Jong-suk, second row second from left, Gangwon Province Governor Choi Moon-soon, second row third from left, and Hae Mill School board Chairwoman Kim In-soon (also known as the singer Insoone). Courtesy of Hana Financial Group

Jun 18, 2019By Kim Bo-eun
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