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Fri, August 12, 2022 | 06:05
Woori ready to make deals, attract investors
Woori Financial Group Chairman Sohn Tae-seung has three important tasks to achieve in 2019 as soon as the firm is launched as a holding company Jan. 14, and relists its shares on the stock market Feb. 13. They are pursuing acquisitions, attracting long-term foreign institutional investors, and increasing risk management amid a weak economic outlook, according to the group.
Bank stocks face steep declines
Foreign investors in local financial groups will be in for a treat as those companies are about to post strong annual profits for fiscal 2018. But will they? Analysts and industry sources say they should not get their hopes up. KB Financial, Shinhan Financial, Hana Financial and Woori Financial may show their best numbers in years thanks to strong bank earnings.
Economy reeling from unemployment
The annual unemployment rate has hit another record high due to various factors ranging from restructuring in manufacturing and slow population growth to a slowdown in services and small businesses. The number of jobs created in fiscal 2018 stood at 97,000 from the previous year, according to Statistics Korea, Wednesday. In December, the number stood at 34,000 year-on-year du...
Planning for 2019
NongHyup Bank CEO Lee Dae-hoon holds a meeting with 140 executives and employees detailing strategies and goals for 2019 at the bank's headquarters in Seoul, Jan. 8. Lee said the bank will seek to boost marketing, digital services and risk management. Courtesy of NongHyup Bank
Bread and banking
NongHyup Bank CEO Lee Dae-hoon, seventh from right, cuts a ribbon with other executives to open the bank's first Ulsan branch with a bakery shop, Jan. 7. The bank said the bakery will sell breads made of local ingredients and provide a resting area for its customers. Courtesy of NongHyup Bank
Statistics agency slammed for series of blunders
The state-run Statistics Korea has once again been slammed for its methodology for surveying and extractracting data from households, including their incomes. The statistics agency was seriously considering imposing heavy penalties on those who either refuse to respond to its surveys or submit false information in accordance with the law. The law stipulates it can fine indivi...
Shinhan, BC, Lotte forge ties in QR payment
Shinhan Card has forged an alliance with BC Card and Lotte Card for electronic barcode payments, the credit card company said Sunday. The three companies' QR code scan service called QRpay will “offer convenience” not only to customers but also to retail stores, it added. It will be a “win-win” because retail stores will be able to pay lowered fees on credit card transactions...
Bond scandal mars gov't credibility
Cheong Wa Dae, policymakers and lawmakers have entered the rough-and-tumble arena of dirty politics, squabbling and claiming their own versions of the truth over Shin Jae-min's stories about state bonds. Shin, a former finance ministry worker, claimed in a Jan. 2 press briefing that Cheong Wa Dae abused its power and tried to pressure the finance ministry to issue bonds more ...
Becoming digital leader
Shinhan Financial Group Chairman Cho Yong-byoung holds a strategy forum and workshop with 350 employees on Jan. 5 at Shinhan Bank's training center in Yongin, Gyeonggi Province. The chairman said it is time for all Shinhan companies to maximize “creative potential and synergy” in line with the group's vision to become a digital leader in Asia by 2020. Courtesy of ...
[Macro Today] Let's hope and rise
The Korean economy had a tough year in 2018. And unfortunately, it's going to get tougher for a lot of people, especially those in the middle and lower classes. A wide range of problems facing this society and market have been left unresolved - youth unemployment, elderly poverty, declining productivity, income inequality, low birthrate, rigid labor, household debt, sluggish ...
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