[Herald Interview] ‘Education should be a balanced combination of teaching and coaching’

The education business is often equated with “teaching” -- that is, delivering facts and figures to students to advance their academic output. But according to the founder of an education-based business here, the concept should be understood in a more comprehensive way to encompass “coaching” -- addressing the detailed needs and emotions of students and trainees. “One of the key goals of my business is to convey to young people and our employees that education

IndustryApril 26, 2021

“We Can Do”: Vine Group’s corporate social responsibility programs

Since 2017, education services firm Vine Group has been running a social contribution project named “We Can Do” -- a free program designed to help teenagers with building confidence, leadership and communication skills. The company’s youth self-improvement program began in 2017, offering free learning materials to participants as part of the company’s wider corporate social responsibility efforts. The program launched an online program last year due to the COVID-19 pan

IndustryApril 26, 2021

Insurers' risk-based capital ratio falls in Q4 last year

Insurance firms in South Korea saw their risk-based capital fall in the fourth quarter of last year, data showed Monday. The risk-based capital (RBC) ratio of local insurance firms stood at 275.1 percent at end-2020, down 8.8 percentage points from three months earlier, according to the data from the Financial Supervisory Service (FSS). Their RBC ratio fell in the fourth quarter as their funds to hedge against risks increased, the FSS said. A key yardstick of financial stability, the RBC rati

EconomyApril 26, 2021

Overseas branches of Korean insurers report 34.8% drop in 2020 profit

Overseas branches of South Korean insurance firms reported a 34.8 percent drop in their combined net profit for 2020, mainly due to economic pains from the COVID-19 pandemic, data showed Monday. The overseas branches posted a combined net profit of $45.6 million last year, compared with a net profit of $69.9 million in 2019, according to the data from the Financial Supervisory Service (FSS). "COVID-19's impact on the life insurers' business and the increased losses of nonlife insurance co

EconomyApril 26, 2021

Samsung's new QLED TV sales top 10,000 units in S. Korea

Samsung Electronics Co. said Monday sales of 2021 QLED TV models have topped 10,000 units in South Korea less than two months since its release as the company expects more premium TV sales amid the pandemic-induced stay-at-home trend. The world's largest TV maker said new QLED TVs, launched on March 3 here, achieved the milestone twice as fast as its predecessors last year. The domestic sales of total QLED TVs stood at around 40,000 units between March 3 and April 23, according to the company.

TechnologyApril 26, 2021

Samsung to launch new budget smartphone in S. Korea this week

Samsung Electronics Co. said Monday its Galaxy M12 budget smartphone will be sold in South Korea this week as the tech giant eyes to expand mobile sales here by introducing more price-competitive models. The M12 will hit local shelves Wednesday through online sales channels at 198,000 won ($180), the company said. The M12 has been already released in select markets including Vietnam, India and Britain. The smartphone with a 6.5-inch screen comes with a quad-rear camera setup, featuring a 48-m

TechnologyApril 26, 2021

Imported commercial car sales rise 18% in March

Sales of imported commercial vehicles in South Korea rose 18 percent in March from a year earlier on recovering demand amid the extended coronavirus pandemic, an industry association said Monday. The number of newly registered imported commercial vehicles climbed to 413 units last month from 349 a year earlier, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. Sales of all imported commercial vehicles were up last month on increased sales of MAN, Volvo an

EconomyApril 26, 2021

Posco's Q1 net more than doubles amid pandemic

Posco, the world's fifth-largest steelmaker by output, said Monday that its first-quarter net profit soared 162 percent from a year earlier on robust demand amid the global economic recovery from the COVID-19 pandemic. Net profit for the three months that ended in March soared to 1.13 trillion won ($1.02 billion) from 434.7 billion won a year ago, the company said in a regulatory filing. Operating profit for the January-March quarter jumped to 1.55 trillion won from 705.3 billion won during th

IndustryApril 26, 2021

LG to launch new 27-inch gaming monitor in S. Korea

LG Electronics Inc. on Monday said its new 27-inch gaming monitor will be launched in South Korea next month as the company eyes to expand sales of IT products amid the pandemic-driven stay-at-home trend. LG's new 27-inch UltraGear 4K monitor, named the 27GP950, will hit the local shelves next Monday with a price tag of 1.09 million won ($980). The new monitor, which was featured in the all-digital Consumer Electronics Show (CES) 2021 in January, is already sold in select markets in North Amer

TechnologyApril 26, 2021

[Graphic News] Chicken franchise sales soar in 2020 amid pandemic

　Sales at South Korea’s major fried chicken franchises jumped in 2020 as people relied on food delivery amid the coronavirus outbreak, industry data showed. 　Kyochon, the biggest franchise, saw its top line surge 17.8 percent on-year to 447.6 billion won ($398 million) last year, and sales of No. 2 BHC shot up 25.7 percent to 400.4 billion won. 　It marks the first time that local chicken franchise sales have exceeded the 400 billion won mark. 　No. 3 player BBQ sales soared 32.1 perc

BusinessApril 26, 2021

Posco Chemical Q1 net income up 180.6% to W39.9b

Posco Chemical Co. on Monday reported its first-quarter net profit of 39.9 billion won ($35.8 million), up 180.6 percent from a year earlier. Operating income for the January-March period was 34.3 billion won, up 114.9 percent from a year ago, the company said in a regulatory filing. Revenue rose 20.6 percent to 467.2 billion won. The operating profit was 8.2 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The

IndustryApril 26, 2021

Seoul stocks open higher on Wall Street gains

South Korean stocks opened higher Monday on gains on Wall Street, as strong US economic data fueled hopes of a quick global economic rebound from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.25 points, or 0.23 percent, to reach 3,193.35 points in the first 15 minutes of trading. The strong start followed Friday's gains on Wall Street, which got a boost from estimate-beating US new home sales data. The Dow Industrial Average gained 0.67 percent, with the tech-he

MarketApril 26, 2021

April exports estimated to jump 41%: poll

South Korea's exports are expected to jump 41 percent in April from a year earlier, on the back of a base effect, and robust shipments of chips and autos, a poll showed Monday. The country's outbound shipments are forecast to reach $51.1 billion this month, according to the poll on five local brokerage houses by Yonhap Infomax, the financial news arm of Yonhap News Agency. It would mark the sixth straight month of gains and the fastest on-year growth in more than 10 years, it showed. Imports

EconomyApril 26, 2021

Corporate direct financing gains 22.3% in March

South Korea's corporate direct financing rose 22.3 percent in March from the previous month due to a robust rise in stock sales, data showed Monday. Local companies raised a combined 24.4 trillion won ($21.8 billion) by selling stocks and bonds last month, up 4.45 trillion won from a month ago, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales soared 783.4 percent to 6.04 trillion won, with the value of initial public offerings jumping 660 percent to 5.3

EconomyApril 26, 2021

[#WeFACE] LG Innotek aims to be No. 1 ESG company in electronic components industry

The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their response to environmental, social and corporate governance, or ESG, issues, which have become central factors globally in measuring the sustainability of an investment or business decision. -- Ed.  Since even before the environmental, social and corporate governance trend caught on in corporate Korea, LG Innotek has been making quiet efforts for years for the betterm

TechnologyApril 25, 2021

Facing new law, crypto exchange start voluntary shutdown

Local cryptocurrency exchange Daybit is the latest company to voluntarily shut down its operations due to the toughened anti-money laundering law, the company said Sunday. Chain Partners, which operates Daybit, said it plans to close the service by June 1, citing rigid regulations in explaining its decision. Earlier this year CPDAX, operated by blockchain technology developer Coinplug, also decided to opt out. “The operation of Daybit will be halted in phases by June 1 as we are unab

MarketApril 25, 2021

‘BTS effect’: Why corporations want a piece of the action

BTS’ success in the music industry is fast spilling over into the advertising business as more companies seek a promotional boost from the group and their fans’ social media omnipresence. Last Monday, McDonald’s announced it would team up with South Korean pop group BTS for a new celebrity meal named The BTS Meal. A few days later, French fashion house Louis Vuitton named the pop icons as its new House Ambassadors. The two companies’ posts on Twitter were soon met with

ConsumerApril 25, 2021

[News Focus] Why are foreign financial firms pulling out of South Korea?

Citigroup’s decision to withdraw from retail banking in South Korea has sparked concerns over the possibility of other global financial companies following suit. Korea has nurtured ambitions to become Asia’s next financial hub for nearly 20 years, but in that time, the presence of foreign banks has not grown, but weakened. Citi’s choice of Korea as one of 13 markets to exit suggests that trend is continuing. According to data published April 14 by Financial Hub Korea under t

EconomyApril 25, 2021

SC Bank Korea extends promotion to help boost children’s savings

Standard Chartered Bank Korea will extend a special promotion aimed at helping young customers build better savings habits for an extra month until end-May, the lender said Sunday. The promotion, which was initially planned to run from March to April, offers 10,000 won ($9) to those aged 18 or under who open SC Bank Korea savings accounts if they meet certain conditions. The customers would need to open a Dream-Youth Deposit checking account as well as a First Household Installment Deposit s

MarketApril 25, 2021

[Newsmaker] Jailed Samsung chief’s effort to secure 20m more Pfizer vaccinations in spotlight

After South Korea closed a deal with Pfizer to obtain additional doses of its COVID-19 vaccine, Samsung Electronics’ de facto chief, Lee Jae-yong, is receiving much attention in local media for his reported role in facilitating talks between the two sides. Seoul announced Friday that it had secured enough additional vaccine for 20 million people in a deal that soothed public worries over a shortage. Adding to those worries were the reported side effects associated with the AstraZeneca

IndustryApril 25, 2021