Bank stocks in South Korea have long been regarded as an unappealing option for investors. Against this backdrop, a local activist fund was launched Monday targeting seven large Korean lenders to whet investor appetite by shoring up dividends. Korean banks have strong fundamentals and enough capital to cushion against unexpected losses, but their dividend payout ratios remain much lower than those of their global peers, according to Lee Chang-hwan, CEO of Seoul-based private equity firm Align Pa

Market Jan. 10, 2023

The government seeks to sharply raise tax incentives for semiconductor manufacturing facilities days after President Yoon expressed dissatisfaction over smaller-than-envisioned tax cut that lags behind subsidy plans offered by other countries racing to bolster their chip industries. The tax code revision plan proposed by the Ministry of Economy and Finance, big corporations that make investment into “national strategic technologies” such as semiconductors, secondary batteries, and

Industry Jan. 3, 2023

By Business Desk New opportunities can arise from out of crises. Chiefs of Korea's top conglomerates are banking on words of wisdom for the year ahead as businesses face an age of relentless changes stemming from geopolitical conflicts, inflationary pressures and a recessionary environment. To overcome factors dragging on business activities, uncovering their own path to thrive for growth has become more important than ever as traditional approaches and paradigms have been challenged. In

Industry Jan. 2, 2023

The new CEO of Shinhan Bank, one of South Korea's top four lenders by net profit, vowed to put customer-centric service and digital innovation first during his tenure. “Shinhan will manage its soundness through precise data analysis and protect customer value through timely support measures,” said Han Yong-gu, former deputy president in charge of sales management at the lender, who was inaugurated as CEO on Friday. Offering supportive measures for vulnerable debtors such as ow

Market Dec. 30, 2022

Korea International Trade Association Chairman Koo Ja-yeol on Thursday vowed to make all-out efforts to support export companies in finding new growth opportunities next year, as industries seek to transition toward a digital and carbon-neutral economy. “We will actively strengthen our export foothold in response to the changed trade structure and green and digital transitions that have been accelerated since the COVID-19 pandemic,” Koo said in his New Year's message. Diffic

Industry Dec. 29, 2022

Rumors about the possible sale of the Korean unit of Yuanta Securities, a Taiwanese investment bank, to Korean banking conglomerate Woori Financial Group have reemerged, causing the former’s stock price to spike by over 20 percent on Tuesday. Earlier in the day, a local media outlet reported that Yuanta Financial Holdings is in talks to sell its Korean unit to Woori Financial Group with the transaction expected to be closed early next year. The sale price was lowered from 1.5 trillion wo

Market Dec. 27, 2022

South Korean companies have seen revenue growth this year, but their fiscal health has deteriorated due to increased debt and lowered profitability, according to a report from a major business lobby group Monday. Despite their growing revenue, the slowdown in the growth rate, inventory piling up and soaring borrowing costs draw concerns as the country’s economy is largely expected to see headwinds next year, with sluggish exports and uncertainties in the global market. “Companies h

Economy Dec. 26, 2022

In Seoul’s Apgujeong in Gangnam-gu, home to many of Korea’s rich families, an elegant seven-story building draws the gaze of passersby. The eye-catching building is established by KB Financial Group to offer hyperpersonalized financial services to the wealthiest people in the country. This place goes well beyond what people usually expect of commercial banks. Instead of having to grab a queue ticket, customers are served with a cup of coffee a barista stationed in the building just b

Market Dec. 25, 2022

SK Group Chairman Chey Tae-won painted a gloomy outlook for the semiconductors industry, but predicted the downturn will not last long, as chip cycles have tended to grow shorter. “In the long run, semiconductors have always gone up and down, and recently, semiconductor cycles have become very short. In the old days, it took three years, but these days it seems to be shortened to one year,” said Chey, who also serves as the chairman of the Korea Chamber of Commerce and Industry,

Industry Dec. 22, 2022

The government has drawn up new growth strategies to secure future technology such as aerospace and artificial intelligence and to accelerate digital transformation to help its sluggish economy leap forward. Through the "New Growth 4.0 Strategy" unveiled by economy-related ministries on Wednesday, the country seeks to secure forward-looking technology, digital transformation and further expanding the country's prowess in chips and display panels to gain a competitive advantage o

Economy Dec. 21, 2022

Soccer Dec. 3, 2022

  MADRID -- A decade ago, the Korean wave in Spain was almost solely about K-pop, but now it is virtually K-everything, the chief of a state-run cultural institution in Madrid said. “Because of the growing interest in Korean culture here, the Korean Cultural Center in Spain is making efforts to introduce new genres of Korean culture, such as games, magic, children's plays and fashion to the Spanish people,” said Oh Ji-hoon, director of the Korean Cultural Center of Madrid in a r

Culture Dec. 2, 2022

  MADRID -- Self-understanding is the most critical part of treating children with video game addiction, which can be caused by various factors, a game addict-turned-psychiatrist and founder of a mental health coaching company said Thursday. “The best antidote to the digital addiction is self-understanding,” Alok Kanojia, president and co-founder of Healthy Gamer, said during the fifth edition of the enlightED 2022 conference hosted by Fundacion Telefonica together with IE Unive

People Nov. 21, 2022

The main opposition Democratic Party of Korea’s push to introduce a new tax on stocks from next year is causing concern among retail investors who fear it could further dampen investor sentiment in the local equity market. The envisioned scheme is to levy a capital gains tax of 22 to 27.5 percent on income a retail investor makes from financial investments such as share or bond sales, if it is above the set threshold. The plan won bipartisan support in the parliament in 2020 under the pr

Market Nov. 12, 2022

Smartphones brought the world to our fingertips. But they have also brought endless notifications, social feeds and a deluge of information and distractions. Fatigue from this ever-persistent and ultra-fast connectivity has led to a growing interest in ‘digital detox’, or unplugging from the digital and online world, among South Koreans. Kim Young-jae, a 40-year-old office worker, felt a strong urge to disconnect recently. It was after the Oct. 29 Itaewon crowd crush which left 156 p

Culture Nov. 12, 2022