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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.

PEFs gain popularity among domestic investors

By Jhoo Dong-chanAn increasing number of domestic investors are putting their money into private equity funds (PEFs) amid the slump in Seoul stocks, despite the local PEFs being considered an investment source of high risks for high returns. Investors are now eyeing them since they introduced a series of less risky fund productsPromising up to a 7 percent return, these funds have become popular especially among wealthy investors. Money entrusted to these funds has nearly doubled over the past four years.According to the Financial Supervisory Service (FSS), domestic PEFs attracted 173 trillion won ($146.5 billion) as of the end of 2014. The figure nearly doubled that over four years to reach 329 trillion won by the end of 2018. This is in stark contrast to the downtrend in the nation's public equity funds amid the sluggish local stock market.A total of 182 trillion won worth investment was entrusted to public funds by the end of 2014, but the figure slid 10 trillion won during the period to 172 trillion won at

Jun 3, 2019By Jhoo Dong-chan
PEFs gain popularity among domestic investors

KCCI holds 6th photo contest

By Kwak Yeon-soo The Korea Chamber of Commerce and Industry (KCCI) will hold its sixth photo contest.Under the theme of “The workplace and lives of businesspeople,” the country's largest business association, headed by Chairman Park Yong-maan, said Monday it will receive applications from June 3 to Sept. 24. Anyone interested in the contest can apply for the non-press division. Only photojournalists can apply for the press division. The contest is open to both Koreans and non-Koreans.Participants can submit their photos at kcciphoto.korcham.net by computer or smartphone. Photos taken by smartphone can also be uploaded.The submission fee is 1,000 won ($0.80) for each entry, and all proceeds will be donated to charity. The winner of the grand prize will receive 30 million won; the two second-place winners will get 5 million won each; and each of the five third-place winners will receive 2 million won. The 30 fourth-place winners will each get 500,000 won.Winners will be announced in November and their works will be exhibited and produced as a video clip.“The popu

Jun 3, 2019By Kwak Yeon-soo
KCCI holds 6th photo contest

Volunteering for single mothers

Macquarie Korea employees make flower arrangements for single mothers and their children at a welfare center in Nowon-gu, northern Seoul, Friday. This was part of Macquarie Korea's annual "community day,” a day for volunteer activities and donations, which marks its 10th year this year. / Courtesy of Macquarie Korea

Jun 3, 2019By Kim Bo-eun
Volunteering for single mothers

Hanwha to launch first digital non-life insurer this month

By Kim Bo-eun Hanwha General Insurance's building in Yeouido, Seoul / Korea Times file Hanwha General Insurance will launch Korea's first digital non-life insurer, dubbed Carrot, as a subsidiary this month, the company said Friday“A contract was signed to transfer Hanwha's rights pertaining to a new digital non-life insurer to Carrot,” an official said.Carrot has 85 billion won in capital and Hanwha General Insurance is the largest shareholder with a 75.1 percent stake, followed by SK Telecom (9.9 percent), Altos Fund (9.9 percent) and Hyundai Motor (5.1 percent).Hanwha General Insurance held a general meeting in May to establish Carrot, and named the head of Hanwha's digital projects as the company's CEO.Carrot will be based at the Ferrum Tower in central Seoul.Insurers are moving to set up businesses that employ online channels as their sole platform of policy sales, to save costs and adapt to the digital era. This is because a large part of insurers' expenditures c

Jun 3, 2019By Kim Bo-eun
Hanwha to launch first digital non-life insurer this month

Celebrating 30th anniversary

MetLife Korea CEO Song Yong-rok, center, cuts a cake with employees at an event celebrating MetLife Korea's 30th anniversary, at the Oak Valley resort in Gangwon Province, May 24. The event was held a week ahead of its founding day, which falls on June 1. / Courtesty of MetLife Korea

Jun 3, 2019By Kim Bo-eun
Celebrating 30th anniversary

Donating emergency kits

Woori Financial Group Chairman Sohn Tae-seung, left, stands with Korea Red Cross President Park Kyung-seo at the group's headquarters in Seoul, Monday. Woori Financial spent 100 million won to provide 1,200 relief goods kits to the Korea Red Cross. Courtesy of Woori Financial Group

Jun 3, 2019
Donating emergency kits

Eximbank backs LS-Nikko's Chile copper development

By Park Hyong-kiThe Export-Import Bank of Korea (Eximbank) has decided to provide $400 million in project financing to LS-Nikko Copper to develop a copper mine in Chile, the policy bank said Monday. The project financing includes $240 million in loans for the Korean-Japanese joint venture to use for the development of the mine in Tarapaca in northern Chile, bordering Bolivia. The copper mine is going through its second phase of development, the Eximbank noted.Besides LS-Nikko Copper, Canada-based Teck Resources and Japan-based Sumitomo Metal Mining are currently participating in the development, securing funds from their respective banks.The two companies, Chile and a consortium from Germany have invested a total of $4.7 billion in the Tarapaca copper mine.Backed by the state-run Eximbank, LS-Nikko will be able to secure 100,000 metric tons of coppers from the mine over the next ten years.The country imports 1.7 million tons of copper on average a year, according to the Eximbank. “Countries are competing to secure copper as they seek to further develop their infrastructures, in

Jun 3, 2019
Eximbank backs LS-Nikko's Chile copper development

Hana Financial prioritizes sustainable goals

Hana Financial Group Chairman Kim Jung-taiBy Lee Kyung-min Hana Financial Group will continue to focus on digitization, globalization and risk management while creating a corporate culture that values family, humanity and a sense of belonging, it said Sunday. In its 2018 sustainability report, the group said these visions are in line with the United Nations' Sustainable Development Goals (SDGs) outlined to help governments, global business leaders and society build a more healthy and productive environment.A particular emphasis was put on risk management involving climate change, a growing concern that could seriously damage people's living conditions following a series of unpredictable natural disasters. Failure to implement regulatory standards in time, the report recognized, could hurt the firm's market reputation and could lead to a greater credit risks in both the financial and non-financial sectors. This is why the group is pushing for a full disclosure of climate-related information from listed companies in Korea to help investors determine risk.The move is in line with a reco

Jun 2, 2019By Lee Kyung-min
Hana Financial prioritizes sustainable goals

Bankbooks becoming thing of past

By Lee Kyung-min The number of newly issued bankbooks has been decreasing sharply over the past few years amid the increase in paperless financial transactions, according to data from the Financial Supervisory Service (FSS) Sunday. About 27 percent, of bank account holders had no bankbooks in 2018, a three-fold increase from 2015, when only 9 percent did, the data showed.Similarly, the number of bankbooks issued by the nation's top five commercial banks ― Shinhan, KB Kookmin, Woori, KEB Hana and NongHyup ― are steadily declining. They issued a combined 28.65 million bankbooks in 2018, a 1.4 million drop from over 30.05 million in 2017. This was a further drop from 32.57 million in 2016.This year's figure is expected to fall far faster given the January-March period is known to attract the highest number of new customers. The five banks issued only about 7.2 million bankbooks in the first quarter, about 10 percent fewer compared to 2018. Banks are offering various incentives to help customers join the eco-frie

Jun 2, 2019By Lee Kyung-min
Bankbooks becoming thing of past

Vietnam gets over W1 tril. in financial aid from Korea

By Jhoo Dong-chanVietnam was the largest recipient of funding from the Economic Development Cooperation Fund (EDCF) provided by the Export-Import Bank of Korea (Korea Eximbank) over the past five years, the bank said Sunday.Established in June 1987, the EDCF has promoted economic cooperation between Korea and emerging economies. It assists partner countries by providing funding for their industrial development and economic stability.The Korea Eximbank said the state-run bank provided 5.73 trillion won ($4.8 billion) through the EDCF in Asia over the past five years. It invested 1.07 trillion won in the region in 2017 and 913 billion won last year.Of the recipient countries, Vietnam received 1.09 trillion won over the past five years, the highest on the list followed by Myanmar with 867.2 billion won and Bangladesh, 828.2 billion won.“Reflecting the country's rapid economic growth rate, Vietnam has been the world's most active player in establishing its industrial infrastructure,” said a Korea Eximbank official.“It is carrying out a number of infrastructure projects,

Jun 2, 2019By Jhoo Dong-chan
Vietnam gets over W1 tril. in financial aid from Korea
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