[Global Finance Awards] KB Insurance launches time unit insurance for delivery service

GENERAL INSURANCEKB INSURANCEKB Insurance has launched an on-demand insurance product that offers a time unit insurance coverage for those working in delivery services, the first such product to be introduced in South Korea, according to the company.The subsidiary of KB Financial Group signed a memorandum of understanding with two firms -- Woowa Brothers, operator of the country’s largest mobile food ordering and delivery service app, and Smallticket, a community-based insurance marketing

MarketNov. 28, 2019

NSC discusses strategy on defense cost talks with US

South Korea's National Security Council on Thursday discussed how to cope with pressure from the United States to sharply raise Seoul's financial burden for the presence of American troops here.In the weekly session of the NSC's standing committee, its members also reviewed the situation following South Korea's decision to suspend the efficacy of its Aug. 22 decision to terminate a pact with Japan on sharing military intelligence.They then "discussed ways to resolve pending issues between S

Foreign AffairsNov. 28, 2019

S. Korea seeks to create momentum for economic rebound: minister

South Korea will create momentum for an economic rebound next year, the country's chief economic policymaker said Thursday.  Asia's fourth-largest economy suffered a setback as exports slowed amid a global economic slowdown and the trade dispute between the United States and China.  About 40 percent of South Korean exports go to the US and China -- South Korea's top two trading partners and the world's two largest economies.   The International Monetary Fund has recently lowe

EconomyNov. 28, 2019

[Global Finance Award] NH Capital leads NongHyup’s foray into global markets

FINANCIER OF THE YEAR/ NH CAPITAL　Under the leadership of CEO Lee Koo-chan, NH Capital, a subsidiary of South Korea’s leading banking group NH NongHyup Financial Group, is making a foray into the fast-growing financing markets in Asia, as part of its efforts to diversify its business portfolio and raise its profile as a global financial firm. With the corporate vision of becoming a global credit-specialized financial company, NH Capital plans to sign partnership agreements with agricultura

MarketNov. 28, 2019

[Global Finance Awards] KEB Hana acquires major stake in Vietnam’s BIDV for W1.15tr

INVESTMENT BANKING/ BANKKEB HANA BANKSouth Korea’s KEB Hana Bank said Thursday it is aggressively pursuing foreign strategic investments for expansion and has become the second-largest shareholder of Bank for Investment and Development of Vietnam. The nation’s third-largest commercial bank has agreed to buy 15 percent stake, or 603,302,706 new shares, of BIDV from the State Bank of Vietnam. The deal marks the biggest acquisition in a foreign bank by a Korean lender, according to offi

MarketNov. 28, 2019

Hyundai Glovis enters used car, shipping markets in China

Hyundai Glovis said Thursday it has launched two joint ventures in China to make a foray into the local used car and shipping markets.The subsidiary of Hyundai Motor Group and Beijing Changjiu Logistics have set up two separate JVs -- Beijing Changjiu Glovis Automobile Service and Shanghai Changjiu Glovis Shipping. The two JVs will be launched early next year, the company said without disclosing the size of investments.The first JV seeks to target China’s growing secondhand car market, whi

MobilityNov. 28, 2019

N. Korea fires 2 unidentified projectiles into East Sea: JCS

North Korea fired two unidentified projectiles into the East Sea on Thursday, South Korea's Joint Chiefs of Staff said, in the latest in a series of military moves amid stalled denuclearization talks with the United States. The projectiles were fired from areas of Yeonpo in the country's eastern South Hamgyong Proince into the waters off the east coast at around 4:59 p.m., the JCS said in a release. No other details were immediately available, including the projectiles' type and flight range.&qu

North KoreaNov. 28, 2019

[Newsmaker] College admissions reforms coming amid controversy

Seoul-based universities will select more freshmen through a state-administered college entrance exam to be held once a year starting in 2023 as part of college admissions reform measures unveiled by the Education Ministry on Thursday. Under the measures, at least 40 percent of applicants at 16 major universities in Seoul – including Seoul National University, Korea University and Yonsei University – will be selected through the College Scholastic Ability Test, or Suneung.The me

Social AffairsNov. 28, 2019

Hyundai Department Store picked as new operator for duty-free shop

South Korea's customs office said Thursday that one of the country's leading department store chains, Hyundai Department Store, has won the license to operate a duty-free shop in downtown Seoul.Hyundai Department Store, the sole candidate, was picked to operate the duty-free outlet at Dongdaemun, northeastern Seoul, according to the Korea Customs Service. The site was previously operated by conglomerate Doosan Group,Hyundai Department Store has operated a duty-free shop at its Trade Center branc

IndustryNov. 28, 2019

LG Electronics chief to step down as group seeks change

Jo Seong-jin, vice chairman and CEO of LG Electronics, is expected to step down from the top position of one of South Korea’s main tech firms as LG Group intends to choose change over stability in the upcoming organizational reshuffling, according to industry sources Thursday. According to local news reports, the 63-year-old vice chairman has tendered his resignation as he requested LG Group Chairman Koo Kwang-mo, 41, to pass the leadership baton onto the next generation and seek a major c

TechnologyNov. 28, 2019

[Global Finance Awards] Mirae Asset continues seeking overseas growth

ASSET MANAGEMENT MIRAE ASSET Mirae Asset Global Investments is continuing to make efforts to expand its presence in the global financial market by introducing innovation investment solutions to global investors, according to the company. It has been 15 years since the biggest Korean asset management firm started establishing its global network by launching overseas offices in many parts of the world. Still, the financier is seeking to grow further in the global market by launching various f

MarketNov. 28, 2019

KT enters global OTT competition with AI-equipped Seezn

KT, South Korea’s second-largest mobile carrier, announced Thursday the launch of artificial intelligence-equipped 4K over-the-top media service, declaring its intention to enter global markets. Dubbed as Seezn -- a new combination of words see and citizen -- the KT OTT service uses a AI-based content recommendation feature that recognizes facial expressions of users and analyses the movements to suggest customized content in line with their mood. Users can also personalize the service by

TechnologyNov. 28, 2019

[Global Finance Awards] KB Kookmin Bank runs mentoring school for SMEs

MUTUAL GROWTH/ BANKKB KOOKMIN BANKSouth Korea’s leading lender KB Kookmin Bank has been supporting early-stage entrepreneurs by conducting a mentoring and consulting program called KB Soho Mentoring School.The bank on Nov. 1 held a graduation ceremony for participants to the second round of the program dedicated to those starting a social enterprise.  Some 40 early-stage entrepreneurs have participated in the seven-week-long program to obtain professional skills as a small business ow

IndustryNov. 28, 2019

[Global Finance Awards] JB Financial Group grows with communication-centered management

Provincial bank-led financial institution JB Financial said Thursday that its latest robust performance was driven by efforts to center its management style and work culture on communication. The new management style was adopted by the group’s Chairman Kim Ki-hong, who was appointed earlier this year. According to his philosophy of transparent management, the company must be able to communicate well internally in order to communicate smoothly with its clients. Kim’s efforts bega

MarketNov. 28, 2019

[Global Finance Awards] Woori Bank prioritizes user convenience, profits

CONSUMER FINANCE / BANKWOORI BANKFor Woori Bank, one of the top business goals this year was to reinforce trust in the market by protecting consumers’ rights and improving user convenience.The bank’s latest move was to revise its employee evaluation scheme to prioritize sustainable customer profit over short-term performance.Earlier this month Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung announced a business innovation road map for next year, which includes a plan

MarketNov. 28, 2019

[Global Finance Awards] Financial ecosystem should move in line with global trend

Under the belief that the competitiveness of the financial sector lays the foundation of the nation’s economic growth and development, The Korea Herald is holding the Global Finance Awards, marking its third year in action.The award seeks to recognize individuals and companies that have blazed new trails in the global market by providing innovative, user-friendly financial services in spite of tight regulations and other challenging conditions. These successful business models and achievem

MarketNov. 28, 2019

[Global Finance Awards] Kyobo Life stands tall among rivals with strong credit ratings, earnings

Despite an overall sluggish insurance industry, Kyobo Life Insurance is making headway against industry rivals with strong credit ratings, solid earnings reports and its long-standing support for education. South Korea’s third-largest life insurer earlier this month received the best ratings of any local insurance company from global rating agencies, earning an A+ from Fitch and an A1 from Moody’s.Kyobo first acquired the A1 rating from Moody’s in 2015, becoming the first local

MarketNov. 28, 2019

Seoul, Tokyo, Beijing near air traffic deal

South Korea, China and Japan are in final talks to accept a United Nations aviation agency's proposal for an agreement critical for the safety of flights near Korea's southern resort island of Jeju, the transport ministry said Thursday.South Korean and Japanese air traffic controllers have been directing north-south flights and east-west flights, respectively, in the "Akara corridor," which is part of South Korean airspace. Japan has shepherded flights between Shanghai and Japan on beh

EconomyNov. 28, 2019

TWICE tops Japan's Oricon weekly chart for 5th time

A new Japanese album by South Korean girl group TWICE has risen to the top of Japan's leading music chart soon after its release, its management agency said Thursday.According to JYP Entertainment, "&TWICE," the second full Japanese album by TWICE, topped the Oricon weekly albums chart for the third week of this month.With the feat, TWICE has climbed to the top of the Oricon weekly chart for the fifth time. Earlier, the girl group's first Japanese album "BDZ," sixth Korea

PerformanceNov. 28, 2019