Articles by Suk Gee-hyun
Suk Gee-hyun
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Korea to see limited effects from Argentina, Russia woes: FSS
South Korea will see limited effects from Argentina’s debt crisis, and the U.S. and Europe’s additional sanctions against Russia as Korean companies have relatively low financial exposure to the emerging markets, the Financial Supervisory Service said.“Domestic banks have been stably renewing their short-term debt, and market interest rates have been facing low volatility,” an FSS official said.The global financial markets have been in panic after the International Swaps and Derivatives Associat
Aug. 4, 2014
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BNP Paribas Seoul office names new COO
Hugues AntierBNP Paribas’ Seoul branch on Friday said it appointed Hugues Antier as its new chief operating officer.Antier will have various duties overseeing information technology, general management, finance, tax and operational permanent control, the bank said. The COO started his banking career at the France-based BNP headquarters in 1996 after earning a bachelor’s degree in economics from the University of Angers in France. Following the merger between BNP and Paribas Bank in 2000, he work
Aug. 1, 2014
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Woori Bank to introduce digital bankbooks
Woori Bank said Wednesday it would introduce a digital bankbook application next month to phase out conventional bankbooks. The digital bankbook smart application will be available for Android-based devices as of Aug. 1, while iOS users can download it from Aug. 11, according to Woori officials.Under the current banking system here, users must use either bankbooks or debit cards to withdraw and deposit cash at ATMs. But the new application will make the process easier by requiring only smartphon
July 30, 2014
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[Herald Interview] ‘Hana should gain KEB’s trust before merger’
Hana Financial Group executives should first gain the trust of Korea Exchange Bank employees before taking steps to merge KEB with Hana Bank, KEB union spokesman Kim Bo-heon said.“The 2012 agreement with Hana, which guaranteed KEB’s managerial independence for the following five years, basically embodies our hopes to secure KEB’s identity and competency. Breaking that promise means breaking the trust of the union and management,” Kim recently told The Korea Herald. Kim Bo-heon. ( Ahn Hoon/The Ko
July 27, 2014
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Daewoo E&C’s earnings jump on housing orders
Daewoo Engineering & Construction, a leading South Korean builder, achieved a better-than-expected 95.7 billion won ($92.9 million) in net earnings in the first half of this year, an 18 percent increase from the same period a year ago, the company said on Friday. Daewoo logged 222.5 billion won in operating profit and 4.53 trillion won in revenue, up 2.2 percent and 5.6 percent, respectively, from the same period last year. Daewoo officials attributed the net profit increase in the first half to
Industry July 25, 2014
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Hanwha E&C completes world’s largest domed arena
Philippines President Benigno Simeon Cojuangco Aquino III (on screen) on Monday delivers a congratulatory speech during a ceremony celebrating the completion of the Philippines Arena built by Hanwha Engineering & Construction. (Hanwha E&C)Hanwha Engineering and Construction Corp. on Monday celebrated the completion of the Philippines Arena, the world’s largest domed arena, in the Philippines.The ceremony was attended by some 60,000 people including Philippines President Benigno Simeon Cojuangco
Industry July 24, 2014
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Hi Design Festival ends on high note
Hundreds of families, students and visitors participated in a design festival aimed at promoting local products and introducing stylish and yet practical design ideas.The Hi Design Festival was held at Hibrand, a shopping outlet located in the affluent Yangjae-dong area of Seoul, from Friday to Sunday under the theme of “a healing family festival.”The festival was jointly hosted by Herald Corp. and Hibrand, featuring products by young inspiring designers. Some 30 local designers participated in
Industry July 20, 2014
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Caffe Bene strives for stronger foothold in U.S
Caffe Bene is striving to gain a firm foothold in the U.S. market, hoping to become a bigger presence there within the next three years, Kim Sun-kwon, the chief executive of the South Korean coffee franchise, said on Thursday.“Increasing our exposure to U.S. consumers is the foremost task lying ahead of us,” Kim told the press at Caffe Bene’s new roasting plant in Yangju, Gyeonggi Province.Kim also said Caffe Bene signed a contract with a U.S. production firm three months ago for its U.S. outlet
Industry July 17, 2014
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Naver’s Line files for Tokyo IPO
Line Corp., the Japan-based affiliate of South Korea’s Naver Corp. was seen to be preparing for a debut in the U.S. and Japanese stock markets, according to a regulatory filing by Naver on Wednesday. “We have submitted the related documents to the Tokyo Stock Exchange for a flotation,” Naver said in a regulatory filing. It also said it may pursue an initial public offering on the New York Stock Exchange or NASDAQ, echoing comments from its chief financial officer Hwang In-joon last year. Yoon Wo
July 16, 2014
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GS Homeshopping likely to submit bid for KT Rental
GS Homeshopping, the country’s leading home shopping company, is preparing to make an offer to acquire a majority stake in the car rental firm KT Rental, a local daily said on Tuesday.Reports of GS’ intentions came about a month after KT Corp. publicly announced the sales of two nonmajor affiliates ― KT Rental and KT Capital ― as part of its efforts to regain financial soundness and focus on the ICT business. GS Homeshopping CEO Huh Tae-soo has reportedly been in talks with global investment ban
July 15, 2014
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KDB faces multiple sanctions for STX, Dongbu Group crises
The country’s financial regulators are set to punish the state-run Korea Development Bank by holding it responsible for poor loan management as the main creditor of STX Group and Dongbu Group, according to local reports.The Financial Supervisory Service and Financial Services Commission have recently launched a special audit into the KDB on allegations that the bank fabricated STX Offshore & Shipbuilding’s credit rating and raised the shipbuilder’s credit limit by 300 billion won ($294.6 million
July 14, 2014
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‘KEB, Hana merger is a bonanza’
Hana Financial Group chairman Kim Jung-tae has reiterated his support for speeding up the merger between Hana and Korea Exchange Bank, stressing that the synergy from the integration would be worth up to 1 trillion won ($980 million).“The KEB, Hana merger is a bonanza,” Kim said during an executive workshop over the weekend. “The early merger will serve as a critical opportunity to make a breakthrough in the internal and external crises and prepare for future growth.” Hana Financial Group chair
July 13, 2014
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Diageo Korea muscles into Japanese beverage market
TOKYO ― Diageo Korea, the Korean branch of the world’s largest distiller, is poised to enter the neighboring Japanese ready-to-drink market, leveraging its production line in Icheon, Gyeonggi Province.“Riding on the fast-growing demand for bottled alcoholic beverages in Japan, we debuted Smirnoff Ice Green Apple, produced on the Icheon production line, in Japan last week,” Diageo Korea CEO Cho Kil-soo said in a press meeting held in Tokyo on Thursday.“We expect to rake in about $15 million in sa
Industry July 6, 2014
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[Weekender] Distinctive culture adds color to Seoul’s nightlife
In the latest music video by K-pop sensation Psy, the rapper and his right-hand man Snoop Dogg drink round-the-clock at different venues, imitating the nightlife in South Korea. They down soju, beer and whatever comes their way.But drinking a copious amount of booze is not what all night activities are about here.From a pub equipped with a digital dating system to chimaek fiesta, new forms of night culture have become fresh recreation for Koreans and once-in-a-lifetime experiences for foreign vi
Culture July 4, 2014
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Average card transaction value drops to lowest level
The average amount of credit card spending per purchase plunged to the lowest level in history last month, indicating a change in patterns of credit card usage among South Korean consumers.South Koreans spent an average of 45,319 won ($44.80) per purchase last month, down 9.5 percent on-year, the Credit Finance Association of Korea said on Tuesday.The decreased credit card spending was driven by a change in the way consumers use their cards ― spending less per transaction with debit cards, the C
July 1, 2014
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