KakaoBank to launch AI mortgage service

Korea’s largest internet-only lender KakaoBank will launch a mobile mortgage loan service powered by an artificial intelligence-based chatbot this month, allowing for a user-friendly and convenient loan application process, the firm said Tuesday. “Most of the mobile mortgage loans in the country require customers to swipe left and right on a phone screen to go through a complicated process of loan application. But KakaoBank’s mortgage loan service provides much more seamless

MarketFeb. 15, 2022

Sales of luxury goods surge 23% during pandemic: Lotte Members

Lotte Members, the membership service for Lotte Group companies, said Tuesday it has seen a 23 percent surge in transactions for luxury goods since the onset of the coronavirus pandemic. According to a study based on transaction data of its L.Pay mobile payment system and L.Point membership points, sales of luxury goods in 2020 and 2021 increased 23 percent compared to the same figures from 2018 ad 2019. Among age groups, consumers in their 20s showed the highest 70.1 percent increase in lux

IndustryFeb. 15, 2022

No breakthrough in talks to turn post offices into banking branches

South Korea’s financial regulator’s plan to allow nationwide post offices to work as brick-and-mortar branches for commercial banks here continues to face major hurdles as the plan has been stalled for nearly two years. On Monday, the Financial Services Commission mentioned its plans to review post offices and other similar institutions that could partner up with lenders in offering offline banking services, in its 2022 annual plan. The plan is part of its efforts to narrow the gap

MarketFeb. 15, 2022

Hanwha Systems partners with Israel Aerospace for naval platform marketing

Hanwha Systems, a global defense electronics and smart ICT solutions provider, said Tuesday it has joined hands with Israel Aerospace Industries to globally promote combat solutions and technology for naval platforms.  Under an agreement for mutual marketing, the two firms will collaborate on expanding their presence in Asia where Hanwha Systems has built its sales network for years. IAI, with more than 50 years of experience cooperating with the world’s navies, is a customer-tailo

IndustryFeb. 15, 2022

LG's AI fashion designer Tilda debuts in New York

LG Group’s virtual fashion designer powered by the hyperscale artificial intelligence has debuted at New York Fashion Week, bringing the engine’s text-to-image generation capability to new heights, its holding company LG Corp. said Tuesday.  The virtual fashion designer, named Tilda, has collaborated with Park Youn-hee, a South Korea-born fashion designer behind the Greedilous brand. The collection was unveiled during a Fall 2022 runway show Monday held at Spring Studios, a po

TechnologyFeb. 15, 2022

Volvo launches all-electric C40 Recharge SUV in S. Korea

Volvo Car Korea Co. on Tuesday launched the Volvo brand's first pure electric model, the C40 Recharge SUV, as part of the Swedish carmaker's electrification push. The C40 Recharge is one of seven all-electric models to be released by Volvo Cars by 2030. The Swedish carmaker aims to become fully electric by 2030. The coupe-styled electric SUV is equipped with a 78kWh battery and a front and rear dual-motor system, which allows it to go from zero to 100 kilometers in 4.9 seconds. It can travel u

IndustryFeb. 15, 2022

Number of unicorns hits new high of 18 in 2021

The number of unicorns in South Korea reached an all-time high in 2021 amid state support for promising startups, data showed Tuesday. Asia's fourth-largest economy had 18 unicorns as of end-December last year, up from 13 a year earlier, according to the data from the Ministry of SMEs and Startups. It was also sharply up from three in 2017. A unicorn is an unlisted startup with a valuation of $1 billion or more. The number of unicorns serves as a yardstick of a country's ecosystem for startups

EconomyFeb. 15, 2022

Auto exports down 6.4% in January amid lack of automotive chips

South Korea's automobile exports fell more than 6 percent in January from a year earlier due to a global shortage of automotive chips and a high base effect, data showed Tuesday. Outbound shipments of automobiles came to 179,709 units last month, down 6.4 percent from the previous year, according to the data from the Ministry of Trade, Industry and Energy. In terms of value, however, exports rose 2.3 percent to $4.09 billion last month. "A high base effect, the temporary shutdown of some pr

EconomyFeb. 15, 2022

Seoul stocks open nearly flat amid Ukraine risk

South Korean stocks opened nearly flat Tuesday, as investors took to the sidelines amid heightening US-Russia tensions over Moscow's potential invasion of Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) edged up 0.79 point, or 0.03 percent, to 2,705.27 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite closed unchanged and the Dow Jones Industrial Average lost 0.49 percent. In Seoul, market bellwether Samsung Electronics added 0.27 percent,

MarketFeb. 15, 2022

Major listed firms' dividends drop 14.4% in 2021

Dividend payouts by South Korea's major listed firms fell more than 14 percent in 2021, but seven paid out more than 1 trillion won ($835 million), a corporate tracker said Tuesday. The combined amount of dividends by 53 companies, including top-cap Samsung Electronics Co., stood at 28.55 trillion won for fiscal 2021, down 14.4 percent from a year earlier, according to Leaders Index. The firms cover those that have announced dividends as of Friday out of the country's top 100 listed corporatio

EconomyFeb. 15, 2022

Import prices grow in January on higher crude oil costs

South Korea's import prices rose for the first time in three months in January as the costs of bringing in crude and other raw materials became more expensive, central bank data showed Tuesday. The import price index gained 4.1 percent in January from a month earlier, according to the preliminary data from the Bank of Korea. The rise followed 1 percent and 2 percent on-month declines in November and December, respectively. The January uptick came mostly from increased crude oil and raw materia

EconomyFeb. 15, 2022

Possibility of strike looms at Samsung as gov't wage arbitration fails

The state labor relations commission decided Monday to stop mediating wage negotiations between management and unionists at Samsung Electronics Co., raising the possibility of a walkout for the first time at the nation's largest conglomerate. The National Labor Relations Commission failed to successfully bring the two parties to an agreement following two arbitration efforts in less than a week. With the decision, the unions can go ahead with a walkout if their members vote for it. If that h

IndustryFeb. 14, 2022

Goldman Sachs expects market index upgrade for S. Korea in 2024

Morgan Stanley Capital International, the world’s largest index provider, could reclassify South Korea as a developed market from the current emerging market status as early as 2024, if Seoul works to internationalize currency markets, Goldman Sachs said Monday in a report. “If Korea addresses MSCI market accessibility concerns, it could be placed on the annual review watchlist this June,” the report said, referring to a necessary step before Korea can be officially included i

MarketFeb. 14, 2022

January ICT exports hit record high

SEJONG -- The nation’s exports of information and communication technology products enjoyed their best January on record last month, state data showed Monday. 　 The record was driven by growths in exports to five major destinations for ICT products -- China, Vietnam, the US, EU, and Japan. According to the Ministry of Science and ICT, Korea’s outbound shipments of ICT products recorded $19.6 billion last month, up 20.7 percent from $16.2 billion in January 2021 amid robust export p

EconomyFeb. 14, 2022

[Herald Interview] Volvo out to attract women to logistics while leading switch to electric trucks

Volvo Truck Korea is looking beyond numbers as it plans to deliver Korea’s first large-size electric truck.  Park Gang-serk, Managing Director of the Swedish commercial vehicle brand's Korean office, said the company wants to add diversity to the commercial vehicle industry by having more women drivers and mechanics. “The existing cargo, logistics industry has been considered the world of men. Volvo Truck Korea will change such perceptions and invite more women professio

MobilityFeb. 14, 2022

Seoul stocks down for 2nd day on US-Russia tensions

South Korean stocks closed sharply lower Monday, tracking a plunge on Wall Street last week amid heightening US-Russia tensions over Moscow's potential invasion of Ukraine. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 43.23 points, or 1.57 percent, to close at 2,704.48 points. Trading volume was moderate at about 606 million shares worth some 11.3 trillion won ($9.4 billion), with losers outnumbering gainers 787 to 117. Reta

MarketFeb. 14, 2022

Chemical firms on high alert for toughened safety law

South Korean petrochemical firms are bolstering safety measures to avoid violating a new workplace disaster law, which sends CEOs to prison in case of fatal accidents. According to industry sources Monday, petrochemical firms are on edge after an explosion killed four workers and injured four others at Yeochun NCC’s factory in Yeosu, South Jeolla Province on Friday. Due to the accident, Yeochun NCC is likely to become the first petrochemical firm to be punished by the controversial w

IndustryFeb. 14, 2022

Financial watchdog to step up crackdown on Big Tech

South Korea’s financial watchdog pledged Monday to announce its own monitoring measures for Big Tech firms’ financial services. As part of its annual plan for this year, the Financial Supervisory Service said it would prepare “Korean-type Big Tech monitoring measures to stimulate competition and innovation from Big Tech’s foray into the finance sector and to achieve financial stability and customer protection.” The purpose of the measures is to establish systemat

MarketFeb. 14, 2022

Korean Air to fly first 737 Max aircraft in March

Korean Air said Monday that it will start operating its first Boeing 737 Max aircraft from March following the plane’s arrival in Seoul Sunday. The upcoming launch comes as airlines around the world are bringing the Boeing jet back into service almost two years after a system failure led to two fatal crashes. Boeing has said it has drastically improved the plane’s flight stabilizing program while enhancing pilot training. With its enhanced safety features, airlines resumed flying

MobilityFeb. 14, 2022

Samsung, LG among top 5 international patent filers

South Korea’s tech giants Samsung Electronics and LG Electronics were among the five largest patent cooperation treaty (PCT) filers worldwide, the Korean Intellectual Property Office said Monday. A PCT is a global filing service that protects inventions, allowing applicants to seek international protection for an intellectual property simultaneously in over 150 countries with a single filing. Under the mechanism devised by World Intellectual Property Organization, a United Nations agency

TechnologyFeb. 14, 2022