The Korea Herald

Kim Yon-se

안녕하세요 Kim Yon-se 기자입니다.

Articles by Kim Yon-se

Ex-BMW official to head design for Hyundai cars

TransportDec 23, 2011

Hyundai Motor tops German quality report for second consecutive yearHyundai Motor said Friday that former BMW designer Christopher Chapman will lead the carmaker’s global design initiative as chief designer at the Hyundai America Technical Center Inc. in the U.S.Chapman takes over from Philip Zak, who joined Hyundai Motor from General Motors in 2009 and recently returned to GM.The company expects that Chapman will strengthen Hyundai’s new automobile design and support the ongoing regeneration o
IBK Securities likely to acquire Kumho Industrial

Dec 23, 2011

A private equity fund of IBK Securities is expected to take over a large portion of Kumho Industrial worth 1 trillion won ($877 million), according to creditors of the Kumho Asiana Group’s unit.On Friday, creditor banks selected IBK Securities, a brokerage unit of the state-run Industrial Bank of Korea, as the preferred bidder for a package of Kumho Asiana’s transportation units.The M&A targets included Kumho Industrial’s 100 percent stake in Kumho Buslines, 38.74 percent in Seoul Express Bus Te
Hyundai’s Chung No. 2 in world auto power list

TransportDec 22, 2011

Hyundai Motor Group chairman Chung Mong-koo was selected as the second-most influential figure in the world’s automotive industry by U.S.-based publication Motor Trend.Last year, Chung ranked fifth on the “power list” named by the auto magazine.Over the past few years, Hyundai Motor and its affiliate Kia Motors have achieved all of the goals Chung set, the magazine said. It also said competitors, including Toyota Motor, Volkswagen, Ford Motor and General Motors, are paying keen attention not to
Hana Financial to take over two savings banks

Dec 22, 2011

Hana Financial Group is expected to take over Jeil 2 Savings Bank and Ace Mutual Savings Bank, beating another bidder Kiwoom Securities, according to government officials.An official of the Korea Deposit Insurance Corp. said Thursday that the state-run agency will unveil the preferred bidder as early as Friday. He added that “there is a high possibility that Hana Financial will be picked.”Jeil 2 Savings Bank, which is headquartered in Seoul, has assets of 503.7 billion won ($441.8 million). Ace
Woori Financial sale likely to resume soon

Dec 22, 2011

Plan to privatize group may not be hampered by political considerationsWoori Financial Group chairman Lee Pal-seung said that the financial company will resume the stalled plan to sell state-owned shares in the first half of 2012.Lee told reporters Thursday that “policymakers are actively preparing for the resumption. The method will be welcomed among market participants.”He also stressed that the sale project should be a financial issue, not be handled by political powers. Parliamentary electio
Eximbank to expand spending for underprivileged

Dec 21, 2011

Export-Import Bank of Korea has been expanding its social activities such as employment of the needy and supporting low-income households.For the project, the state-run bank said Wednesday that its budget for social activities sector will increase by about 50 percent to 3 billion won ($2.63 million) in 2012 from 2 billion won in 2011.“Some part of our interest income from extending loans to conglomerates will be allocated for contributing the underprivileged,” an Eximbank spokesman said.In its r
KEB, Lone Star lose lawsuit to former shareholder

Dec 21, 2011

Korea Exchange Bank and its biggest shareholder Lone Star Funds lost an international suit filed by Olympus Capital, the formerly second-largest shareholder of KEB’s credit card affiliate. 　The International Court of Arbitration of Singapore, in its recent verdict, ordered KEB, Lone Star and three other parties to pay Olympus Capital $37.3 million (43 billion won) with arrear of interest of 5 percent per annum.　The equity fund Olympus Capital had argued that KEB breached its contract with the th
Top two private lenders face suspension

Dec 20, 2011

The nation’s two largest private lenders face suspension for allegedly charging some borrowers illegal interest rates, officials said on Tuesday.Gangnam Ward Office of Seoul, which has investigated these practices in coordination with the Financial Supervisory Service, said Tuesday that it would halt the operations of Rush N Cash and Sanwa Money soon.The private loan industry’s No. 1 player Rush N Cash and No. 2 player Sanwa Money have been suspected of violating the upper ceiling of 39 percent
Hyundai Motor chief puts priority on quality of high-speed train

TransportDec 19, 2011

Hyundai Motor Group promoted six top management personnel at major units on Monday as part of chairman Chung Mong-koo’s business policy to secure internal strength.Jung Soo-hyun, who worked as a CEO of Hyundai E&C, was promoted to president and CEO of Hyundai Group’s construction unit, taking the No. 1 position in the company.Hyundai Mobis CEO Jun Ho-suck will lead the auto parts producer as the president and CEO, taking over the role of the outgoing vice chairman.Previously, the two companies w
Rating agencies see little impact

Dec 19, 2011

Global rating firms predicted Monday that the death of North Korean leader Kim Jong-il would not lead to a downgrade of South Korea’s credit rating.Moody’s Investors Service said that the economic fundamentals of Seoul would not change with Kim’s death.“We will continue to rate South Korea on the basis of its economic, institutional and government financial fundamentals,” a senior vice president at Moody’s in Singapore was quoted by a Chinese news provider as saying.He said these would not chang
Korean hedge funds to debut this week

Dec 18, 2011

The list of the nation’s first homegrown hedge funds will be unveiled this week.More than 10 “Korean-style” hedge funds are expected to make their historic debut on Dec. 23, according to the Financial Services Commission and the Korea Financial Investment Association.Over the past few weeks, the FSC has looked into the eligibility of 13 asset management companies, which applied for the homegrown hedge fund business.Most of them are set to introduce one hedge fund product late this month or early
Non-life insurance firms suffer slump in overseas markets

Dec 18, 2011

Korea’s six non-life insurance companies saw their earnings in overseas markets drop by 52.2 percent on a year-on-year basis, due mainly to natural disasters and lax risk management.Overseas operations of three companies have led the fall in net profit. They were Samsung Fire & Marine, Korea Re and LIG Insurance, according to the Financial Supervisory Service.Samsung Fire & Marine’s overseas unit reported a net profit of $5.43 million during the April and September period, a drop of $3.91 millio
Lone Star papers out after 8 years

Dec 15, 2011

FSC follows court’s ruling to publicize U.S. fund’s eligibilityThe Financial Services Commission has made public its records on Lone Star Funds from the eight years since the regulator approved the fund’s takeover of Korea Exchange Bank in 2003.On Thursday, the FSC sent related documents on Lone Star to the civic group Solidarity for Economic Reform.The documents involve the regulator’s ruling as to whether the U.S.-based fund was eligible to own KEB between September 2003 and June 2006.After a
KDB targets world’s top 20 by 2020

Dec 15, 2011

State-run financial group completes acquisition of RBS Uz under global expansion strategyKorea Development Bank has set the goal of becoming one of the top 20 banks in Asia by 2015 and entering the top 20 in the world by 2020, executives said Thursday.The bank’s parent KDB Financial Group completed its takeover of the Royal Bank of Scotland Uzbekistan, or RBS Uz, in November after signing a contract in December 2010.KDB Financial Group chairman Kang Man-soo, who participated in an event to celeb
Lone Star documents disclosed in 8 years

Dec 15, 2011

FSC follows court’s ruling to publicize U.S. fund’s eligibilityThe Financial Services Commission has made public its records on Lone Star Funds in the eight years since the regulator approved the fund’s takeover of Korea Exchange Bank in 2003.On Thursday, the FSC sent related documents on Lone Star to the civic group Solidarity for Economic Reform.The documents involve the regulator’s ruling as to whether the U.S.-based fund was eligible to own KEB between September 2003 and June 2006.After a fo