Net profit of overseas FI branches jumps 37%

The overseas branches of South Korean financial institutions reported a 37 percent growth in their combined net profit on-year to nearly $1.3 billion last year, data from the Financial Supervisory Service showed Thursday.Overall, 79.1 percent of the combined net profit came from branches in Asia. China contributed the most with $252 million, with Hong Kong and Vietnam each tailing behind at $235 million and $157 million, respectively.  The number of overseas branches operated by the firms i

MarketMay 23, 2019

Hyundai Motor heir stresses customer-first value, partnerships with mobility firms

Hyundai Motor Group Executive Vice Chairman Chung Eui-sun has vowed to bring the focus back to customers and stressed that the group’s future success lies on building firm partnerships with global mobility companies. The remarks came during an event by Carlye Group as part of its annual conference, which invites the world’s political and business leaders to share insights. Chung had been invited to share his thoughts and priorities for the world’s fifth-largest automaker.&

MobilityMay 23, 2019

Moon lauds Bush’s visit as strong Korea-US alliance

South Korean President Moon Jae-in on Thursday said former US President George W. Bush’s attendance at a memorial service to commemorate the late South Korean President Roh Moo-hyun reflects strong alliance between the two countries.“Thank you for attending the official ceremony to mark the 10th anniversary of former President Roh. I believe (former) President Bush’s attendance to commemorate Roh, who was a partner in the Korea-US alliance, is symbolic of the strong alliance,&r

PoliticsMay 23, 2019

Hyundai Heavy Industries wins two LNG vessel deals worth $390m

The world’s largest shipbuilder Hyundai Heavy Industries said Thursday it has obtained two additional orders to build liquefied natural gas carriers, bringing its total number of orders to five so far this year. HHI revealed that a deal had been made with an unnamed European shipping company for two LNG vessels valued at $390 million in total. The vessels will have 180,000 cubic meters in capacity and will be delivered by HHI’s Ulsan headquarters in 2022.The vessels will be equipped

IndustryMay 23, 2019

Vice transport minister opposes market entry of Uber

LEIPZIG, Germany -- Citing the role of taxis in Korea as a form of quasi-public transport, South Korea’s vice transport minister said Wednesday that he “disagrees” with the idea of global ride-hailing services like Uber and Lyft entering the local market.In an interview with Korean reporters covering the International Transport Forum in German city of Leipzig, Kim Jeong-ryeol, the second vice minister of transport, land and infrastructure, said that the Korean government was wo

MobilityMay 23, 2019

Koreans’ overseas card spending down in Q1

Overseas card spending by South Koreans fell in the first quarter, despite the rising number of outbound tourists, as a weaker Korean won discouraged them from swiping cards overseas, central bank data showed on May 23.　In the January-March period, Koreans spent $4.68 billion using cards abroad, down 3.3 percent from three months earlier, according to the data by the Bank of Korea.　Quarterly card spending peaked at a record $5.07 billion in the first three months of 2018. But it declined for two

EconomyMay 23, 2019

Seoul to remove right of parents to administer punishment of kids

South Korea said Thursday that it will remove the right of parents to administer corporal punishment on their children as part of efforts to enhance the rights of minors.The move is part of the Moon Jae-in administration's youth policy that aims to create an environment where children can be happy and enjoy themselves, with the government taking on more responsibility to ensure young people live safe, healthy, protected and fulfilling lives.Under the plan, revision of the country's civil law wil

Social AffairsMay 23, 2019

[Newsmaker] Diplomat accused of leaking phone conversation between Moon, Trump

South Korea's presidential office Cheong Wa Dae has found the diplomat suspected of leaking the phone talks between President Moon Jae-in and U.S. President Donald Trump to a lawmaker earlier this month, an official said Wednesday. Earlier this month, Rep. Khang Hyo-shang of the main opposition Liberty Korea Party said Moon asked Trump during the phone conversation to visit South Korea immediately after his May 25-28 trip to Japan, citing an unnamed diplomatic source in the US."We have conf

Foreign AffairsMay 23, 2019

Six former aides to Park Geun-hye may face indictment for political intervention

Six former presidential secretaries to President Park Geun-hye were found to have illegally intervened in local elections and politics during the previous administration, police said Thursday.A special investigation team of the Korean National Police Agency ( said it has referred the six, including former presidential Chief of Staff Lee Byung-ki and two former senior presidential secretaries for political affairs, Hyun Ki-hwan and Cho Yoon-sun, to the prosecution for indictment on charges of abu

PoliticsMay 23, 2019

S. Korean Olympic chief nominated for IOC membership

The head of South Korea's Olympic body has been nominated for membership of the International Olympic Committee, a major boost for Seoul's efforts to increase its influence in global sports.Korean Sport & Olympic Committee President Lee Kee-heung was one of 10 candidates proposed for the election by the IOC's Executive Board on Wednesday (local time) in Lausanne, Switzerland.The list was submitted to the IOC Session that will meet in June, also in Lausanne. The vote, usually a formality, is

Olympic GamesMay 23, 2019

Top diplomats of S. Korea, Japan to hold talks in Paris amid tensions over forced labor

The top diplomats of South Korea and Japan were set to hold bilateral talks on the sidelines of an international meeting in Paris on Thursday amid rising tensions over Tokyo's wartime forced labor, Seoul's foreign ministry said.Foreign Minister Kang Kyung-wha will meet her Japanese counterpart, Taro Kono, on the margins of the Ministerial Council Meeting of the Organization for Economic Cooperation and Development in the French capital. Bilateral ties have chilled in recent months as Japan has c

Foreign AffairsMay 23, 2019

Gender pay gap widens at large firms in Q1

The wage gap between male and female workers at large firms here widened in the first quarter from a year earlier, data showed Thursday.Women working for 202 major listed companies were paid an average 15.37 million won ($12,910) in the January-March period, or 63.5 percent of the median pay of 24.2 million won for male employees, according to the data by Yonhap Infomax, the financial news and information arm of Yonhap News Agency.It was slightly lower than the 64.6 percent ratio recorded during

EconomyMay 23, 2019

Director Bong Joon-ho: stairs are a key metaphor in ‘Parasite’

CANNES, France -- South Korean auteur Bong Joon-ho said Wednesday that stairs serve as a key metaphor for hierarchical social status and materialism in his Cannes-nominated black comedy “Parasite.” “Nearly 90 percent of the story takes place in a big house, the home of the rich family. It has a vertical structure -- second floor, first floor and basement,” the director said at an official press conference for the 72nd Cannes Film Festival in Cannes, southern France. &ldqu

FilmMay 22, 2019

Ministry, municipalities in talks to attract foreign investors for projects worth $1.8 billion

South Korea is negotiating with foreign investors over new investment projects valued at $1.8 billion, according to the government. On Wednesday, the Ministry of Trade, Industry and Energy held a foreign investment policy meeting with 17 regional governments and seven free economic zones. Such meetings are held every quarter to monitor foreign investment and address challenges. The ministry said regional governments and free economic zones are in talks with foreign investors for 29 new inve

IndustryMay 22, 2019

Kogas strives to improve workplace safety

Korea Gas Corp. said Wednesday it is carrying out activities to improve workplace safety and prevent industrial accidents, along with regional communities and partner companies. The state-run natural gas company designates the fourth day of every month as the “day of safety inspections.” On the day, it holds campaigns to improve safety awareness among its employees and the public, in collaboration with regional governments and public organizations. It has also formed a team of 1

IndustryMay 22, 2019

Prosecutors seek arrest warrant for Samsung BioLogics CEO in accounting scandal

Prosecutors on Wednesday sought an arrest warrant for Samsung BioLogics CEO Kim Tae-han as part of their probe into allegations of accounting fraud at the company. Kim is suspected of ordering its employees to destroy evidence related to alleged fraudulent accounting, the Seoul Central District Prosecutors’ Office said. They also sought warrants to arrest two Samsung Electronics Co. vice presidents on similar allegations. Prosecutors have been looking into allegations that Samsung Bio

IndustryMay 22, 2019

Samsung heir meets former US President George W. Bush

Samsung Electronics heir apparent and Vice Chairman Lee Jae-yong met former US President George W. Bush, in Seoul on Wednesday. They met at a hotel in central Seoul on the first day of the former American president’s visit to Seoul. Lee reportedly asked for advice given the changing global economic environment and shared his vision for Samsung’s growth with Bush during a 30-minute closed-door meeting.  Bush arrived in Seoul at around 3 p.m. Samsung and the Bush family built clos

IndustryMay 22, 2019

Samsung to gain in short term from Trump-Huawei standoff: analysts

With the Trump administration banning Huawei from selling technology to the US market, and its suppliers cutting ties with the Chinese firm, South Korean companies are scrambling to figure out how the confrontation will impact their business outlook. Following an executive order that allows the US government to block purchases of what it deems to be security-threatening technology, Google has pulled Huawei’s license to access the Android operation system. The Department of Commerce so

TechnologyMay 22, 2019

[News Focus] What does Allergan gain from suit against Daewoong?

Botox-maker Allergan has teamed up with South Korea’s Medytox in suing Daewoong Pharmaceutical and its US partner Evolus, challenging the latter’s legitimacy in sourcing botulinum toxin. Allergan accuses Daewoong of misappropriating trade secrets through a former Medytox researcher who allegedly stole BTX samples and transferred them to Daewoong.This brawl that has been building up since 2016 reached its climax this month, when the United States International Trade Commission ordered

IndustryMay 22, 2019

[Graphic News] Incidence of early puberty up 42.3% in 5 years

　The incidence of premature puberty has increased in the past five years in South Korea, according to the National Health Insurance Corp.　The number of children who reached puberty too early stood at 95,401 in 2017, up 42.3 percent from 2013. 　Symptoms of precocious puberty include rapid growth, changes in body shape and size, and the development of ability to reproduce before the age of 8 in girls and 9 in boys. 

Social AffairsMay 22, 2019