Articles by Suk Gee-hyun
Suk Gee-hyun
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[Graphic News] South Korea’s suicide rate takes an upward turn
South Korea’s suicide rate rose 1.5 percent to 28.5 deaths per 100,000 people last year from the rate in 2012, according to Statistics Korea on Wednesday. The data showed that about 40 people took their own lives every day last year. The nation has had the highest suicide rate among member nations of the Organization for Economic Cooperation and Development for 10 straight years, Statistics Korea said. After reaching a peak in 2011, the nation’s suicide rate fell slightly in 2012 before edging u
Social Affairs Sept. 24, 2014
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Hana, KEB to announce merger of card units
Hana Financial Group, the nation’s second-largest financial holding firm by assets, will hold a board meeting on Wednesday to announce the merger of its card unit with the Korea Exchange Bank’s credit card division, officials said.Hana is planning to ask for the Financial Services Commission’s approval for the integration this month, which will lead the merged entity to become the sixth-largest card company in South Korea with a combined market share of 7.8 percent.Hana is eyeing to introduce th
Sept. 23, 2014
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Bank employment rate rises despite low profit
South Korean banks’ employment rate is expected to jump nearly 19 percent from last year, largely driven by the government’s job creation policies, data showed Tuesday.Five major local banks are planning to hire a total of 1,080 people in the second half of this year, up 18.68 percent from 910 people in the same period in 2013.KB Kookmin Bank is set to hire the most, with 290 new hires, followed by Woori Bank’s 250, Shinhan Bank’s 200, Industrial Bank of Korea’s 200 and NongHyup Bank’s 140. Expe
Sept. 23, 2014
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NH Financial chairman stresses ‘chemistry’ in brokerage merger
NH Financial Group chairman Yim Jong-yong (front row, fourth from right) poses with NH executives at a workshop held at its headquarters in Seoul on Friday. (NH Financial Group)Developing a new corporate culture in which people can share value and growth is the key to a successful merger between NH Financial’s brokerage units of NongHyup Investment & Securities and Woori Investment & Securities, said NH chairman Yim Jong-yong.“A successful merger between the two brokerages depends on having chem
Sept. 22, 2014
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Hana Financial pushes for early merger in Oct.
Top management of Hana Financial Group decided to ask the Financial Services Commission for an approval to integrate with the Korea Exchange Bank in October, a Hana group chairman said on Thursday. “We have basically prioritized reaching an agreement with KEB’s labor union, but we will just push ahead with the merger if the unionists continue to refuse the idea,” Hana chairman Kim Jung-tae told reporters.The chairman added that the group may fast-track the application plan if it reaches a consen
Sept. 19, 2014
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‘Korea can become successful yuan hub’
South Korea can become one of the world’s most successful hubs for the Chinese yuan, given its geographical proximity to China and the importance of their economic relations, said Martin Tricaud, president and CEO of HSBC in Korea.“The 19th century was the century of the sterling, the 20th century was the century of the dollar, the 21 century will be the century of the RMB,” Tricaud told the press, referring to renminbi, another name for the yuan.The London-based financial group’s aggressive pus
Sept. 18, 2014
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[Newsmaker] Defiant KB chief creates stir
KB Financial Group chairman Lim Young-rok has become known for two things: being the first financial group chairman to be slapped with a severe penalty and the first to defy the authorities’ sanction. Late Tuesday night, Lim filed an administrative suit against the Financial Services Commission to have the watchdog withdraw its three-month suspension order.“Through the legal procedure, I look forward to revealing the distorted truth (surrounding the banking unit’s computing system change) and th
Sept. 17, 2014
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Prosecution raids KB over IT misconduct
Prosecutors on Tuesday raided KB Kookmin Bank’s computer center in Seoul over alleged irregularities in the bank’s introduction of a new computing system, according to KB officials Tuesday.Investigators seized documents and emails sent between IT department employees and KB Financial Group CIO Kim Jae-yeol, prosecutors said.“The seized emails will help us check conversations concerning the process of switching the bank’s mainframe system,” an investigator said.The raid came after the Financial S
Sept. 16, 2014
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KB board pressures chairman to quit
KB Financial Group’s board on Monday urged its chairman Lim Young-rok to voluntarily resign following the financial regulator’s decision to suspend the KB chief last week.During a two-hour board meeting, a majority of KB Financial’s directors agreed that Lim’s resignation would be inevitable for the group’s stability, a KB spokesman said in an emailed statement. If Lim does not quit voluntarily, the chairman would likely be dismissed during the board’s meeting Wednesday, KB officials said.KB cha
Sept. 15, 2014
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FSC to demand investigation of KB chairman
South Korea’s financial watchdog is stepping up punitive actions against KB Financial Group chairman Lim Young-rok, who has refused to resign over alleged managerial failures.The Financial Services Commission said Saturday it would file a complaint with the prosecution against Lim on Monday for alleged irregular practices in the process of changing the group’s computing system supplier from IBM to Unix.The decision comes only days after the FSC ordered a six-month suspension and resignation for
Sept. 14, 2014
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[Herald Interview] Macquarie capitalizes on reputation
Macquarie, an Australia-based global financial service group, puts a priority on building public trust for sustainable growth in Korea, the top management of the group’s Korean arm said. “It’s obvious and we know that our reputation is everything to us. Without a reputation we have nothing,” Macquarie Group of Companies Korea chairman John Walker said in an interview with The Korea Herald last Friday. Since its entry into the Korean market in 2000 as a foreign investor in infrastructure projects
Sept. 11, 2014
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NH Financial to sell Woori Aviva to DGB Financial
NH Financial Group, the country’s fourth-largest banking group by assets, on Friday signed a memorandum of understanding with DGB Financial Group to sell its 98.90 percent stake in its insurance unit Woori Aviva Life Insurance, company officials said.DGB Financial, led by local Daegu Bank, will study the books of Woori Aviva for six weeks starting as early as mid-September, and finalize the deal by January next year, according to NH officials.“It was a win-win strategy for all three firms. While
Sept. 5, 2014
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Viral video evoking family bonds hits 800,000 views
Cheil Industries’ family-themed promotional video for Everland attracted 800,000 viewers within one day of being posted online Tuesday. (YouTube)Cheil Industries’ viral video to advertise its theme park Everland hit 800,000 views on YouTube a day after its release.The 90-second-long clip featuring a father and a teenage daughter was posted on the firm’s Facebook page and YouTube on Tuesday, raking in more than 300,000 viewers in less than 12 hours.The viral video starts off showing the father sa
Industry Sept. 4, 2014
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Hallyu stars face real estate tax investigation
The National Tax Service is investigating A-list Korean stars Jun Ji-hyun and Jang Keun-suk, according to industry sources. Actress Jun Ji-hyun, who owns real estate properties worth 13.1 billion won ($12.8 million), was confirmed to be under investigation, but Jun’s agency explained it is part of a regular tax inspection process. Hallyu actor Jang Keun-suk’s agency also confirmed that the star was being questioned for allegedly underreporting his income in China, worth an estimated 2 billion wo
Social Affairs Sept. 3, 2014
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Tax agency begins probe into property-rich celebrities
The National Tax Service has launched a thorough investigation into several Korean celebrities for possible tax evasion, a local paper said Wednesday.The NTS’ Gangnam office is looking over at least seven wealthy celebrities’ income reports for tax loophole exploitation, the report said. Speculations rose that the large-scale probe was targeting stars who own properties in Seoul’s posh Gangnam district. (JTBC Twitter)“Tax investigation into celebrities is nothing new. It’s part of a bigger probe
Sept. 3, 2014
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