KB Card launches mobile payment solution

KB Card, a major card issuer in South Korea, rolled out a mobile payment solution Thursday as part of its efforts to transform into a digital financial platform operator. The payment solution, named KB Pay, allows users to utilize money transfer, overseas remittance and currency exchange services. KB Pay subscribers can also have credit cards and gift certificates registered on the app to use them at online stores or brick-and-mortar shops. Those who want to make purchases in other countries

MarketOct. 15, 2020

Korea Forest Service to host World Forestry Congress in 2021

The Korea Forest Service will host the 15th World Forestry Congress at Coex in Seoul for five days from May 24 to 28 next year, under the theme of “Building a green, healthy and resilient future with forests.” It is the first time in 40-some years for the congress to take place in the Asia-Pacific region. Indonesia was the last Asian country to bring the international conference to the Asian region in 1978. The WFC is the world’s largest conference on forestry, where stake

IndustryOct. 15, 2020

S. Korean economy to perform well over next 2 years, but still in deep recession: S&P

The South Korean economy is expected to fare better than other countries over the next two years, but it will be in a deep recession amid the coronavirus pandemic, an economist at ratings agency S&P Global Ratings said Thursday. Shaun Roache, chief economist on the Asia-Pacific region at S&P, said South Korea's central bank is expected to keep its policy rate low at least throughout 2023 to prop up the economic recovery. "Korea is one of the best performing economies in the world.

EconomyOct. 15, 2020

Banks' loan delinquency rate edges up in Aug.

The delinquency rate for South Korean banks' won-denominated loans inched higher in August from the prior month but remained stable, the financial watchdog said Thursday. The rate for bank loans more than 30 days overdue stood at 0.38 percent at the end of August, up 0.02 percentage point from July, according the Financial Supervisory Service (FSS). Compared with a year earlier, however, the bank loan delinquency rate was down 0.13 percentage point. "Despite a slight on-month increase, b

EconomyOct. 15, 2020

LG CNS launches web-based platform for AI services

LG CNS has rolled out an online platform that provides artificial intelligence services, through which users can select AI services and pay based on the level of use, the company said Thursday. The new platform by LG CNS includes 10 different types of AI engines that can process both verbal and visual information. The company’s computer vision service, for instance allows manufacturers to detect potential defects in their production lines. LG Chem is currently using the computer vision

TechnologyOct. 15, 2020

No. of elderly people to reach 30% of population in 2035

SEJONG -- The number of people aged 65 or older in South Korea is expected to account for 30 percent of the population in 2035, a report showed Thursday, highlighting concerns that the fast-aging demographic transition could pose a drag on the country's economy. According to the report by Statistics Korea, the number of people aged 65 or older stood at 8.03 million this year, accounting for 16.1 percent of the nation's population. The South Korean population is projected to peak in 2028 before

EconomyOct. 15, 2020

S. Korea's money supply continues to grow fast in Aug.

South Korea's money supply continued to grow at a fast clip in August as household and corporate lending grew amid a long streak of low rates and the new coronavirus pandemic, central bank data showed Thursday. The country's M2 stood at 3,101.6 trillion won ($2.71 trillion) as of end-August, up 9.5 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It decelerated from a 10 percent on-year gain in July when the money supply grew at the fastest pace in nearl

EconomyOct. 15, 2020

Foreigners extend net sale of S. Korean securities funds for 2nd month in Sept.

Foreign investors extended a net sale of South Korean securities funds for the second straight month in September, led by an expansion in net offloading of stock funds, the central bank said Thursday. Foreigners offloaded a net $2.09 billion worth of local stocks and bonds last month, larger than a net sale of $220 million in August, according to the Bank of Korea (BOK). Foreign investors sold a net $2.08 billion worth of stocks last month on a one-off factor, higher than a net sale of $890 mi

EconomyOct. 15, 2020

LG Electronics names F1 champ Lewis Hamilton as brand ambassador

LG Electronics Inc., a major home appliance maker in South Korea, on Thursday said it has named Formula One star Lewis Hamilton as a brand ambassador for its luxury line of premium products. LG said Hamilton will promote the LG Signature brand, which the company uses for its high-end products. Hamilton, a six-time Formula One world champion, is considered one of the best racing drivers in the history of the sport. The 35-year-old Brit recently drew level with Michael Schumacher's record of 9

IndustryOct. 15, 2020

LG Electronics expands hallyu content on its smart TV streaming service

LG Electronics Inc. said Thursday that more content on the Korean Wave of popular culture can be watched on its smart TVs via its streaming service as the company tries to attract more consumers in major markets amid the pandemic-driven stay-at-home trend. LG Channels will now have more content related with the Korean Wave, known as hallyu, after the South Korean tech firm signed a partnership with NEW ID, a digital content distributor under local entertainment powerhouse Next Entertainment Wo

IndustryOct. 15, 2020

LG Uplus opens 7-story product showroom targeting Gen Z

South Korean telecom giant LG Uplus Corp. said Thursday it opened a seven-story product showroom in southern Seoul by partnering with local popular establishments as part of its broader efforts to capture young customers. The seven-story building, including its underground floor, in the posh southern district of Gangnam houses a cafe, a bookstore and a photo studio popular among South Korean millenials and the younger Generation Z, or those born after the mid-90s. LG Uplus said the store allow

TechnologyOct. 15, 2020

ICT exports rise for 4th straight month on chips and displays in Sept.

South Korea's outbound shipments of information and communication technology (ICT) products rose 11.9 percent on-year in September, data showed Thursday, as global demand for semiconductors picked up amid the pandemic. Exports of ICT products stood at $17.63 billion last month, according to data compiled by the Ministry of Science and ICT, marking an on-year rise in exports for the fourth consecutive month. Meanwhile, imports of ICT products reached $9.56 billion in September, up 9 percent ove

EconomyOct. 15, 2020

[Monitor] Volume of smuggled goods to South Korea surge

The volume of smuggled goods to South Korea increased when compared to last year, according to a report from South Korean lawmaker Hong Ik-pyo based on the data from Korea Customs Service. According to the report, the volume of illegal trade between January and August this year has reached 239.9 billion won ($209.6 million), surpassing last year’s total of 209.4 billion won. The report added that illicit trade of cigarettes soared in particular. The volume of smuggled cigarettes as of

IndustryOct. 15, 2020

Hanwha Techwin enters clerkless store tech biz with auto checkout machine

Hanwha Techwin Co., a major surveillance tech firm in South Korea, said Thursday it will start into the clerkless store solution business with its auto checkout (ACO) machine as the company expands its business portfolio amid the pandemic-induced non-contact trend. Hanwha Techwin said it decided to enter the unmanned store solutions market as many retailers opt to open cashier-free shops for 24-hour operation while there is a need to improve consumer convenience in the checkout process at stor

IndustryOct. 15, 2020

S. Korea says G-20 debt relief to help poor nations achieve economic recovery

SEJONG -- An extension of debt relief programs by the Group of 20 major economies will help low-income nations achieve their economic recovery from the coronavirus pandemic, South Korea's finance minister has said. Finance Minister Hong Nam-ki and his counterparts of G-20 finance ministers agreed to extend the debt relief programs by another six months during their virtual meeting Wednesday. Under the Debt Service Suspension Initiative (DSSI), the G-20 gave debt relief to poor nations in Apri

EconomyOct. 15, 2020

Virus-hit S. Korean exporters pining hopes on ASEAN, China: poll

Nearly half of South Korean exporting companies expect Southeast Asian and Chinese markets to spearhead a recovery in their exports down the road, a poll showed Thursday. According to the survey of 1,051 local exporters, 25.2 percent of the respondents said trade conditions in the Association of Southeast Asian Nations (ASEAN) will improve the most among overseas markets in the fourth quarter of the year and thereafter. ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the

EconomyOct. 15, 2020

Samsung remains atop smartphone memory chip market in H1: report

Samsung Electronics Co. dominated the global market for smartphone memory chips in the first half of the year, a report showed Thursday. In terms of revenue, Samsung maintained its top position in the smartphone memory market with a 49 percent share in the first six months of the year, according to a report from industry tracker Strategy Analytics. Samsung was followed by its smaller South Korean rival SK hynix Inc. and US chipmaker Micron Technology Inc. By sector, Samsung had a revenue sha

IndustryOct. 15, 2020

Seoul shares open lower, tracking falls on Wall Street

South Korean stocks opened lower Thursday, taking a cue from overnight losses in US markets over doubts about a fiscal stimulus plan. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.24 points, or 0.18 percent, to 2,376.24 in the first 15 minutes of trading. Seoul shares closed down nearly 1 percent Wednesday on renewed concerns that a resurgence in new coronavirus cases dimmed hopes for economic recovery. Wall Street ended lower Wednesday as investor sentiment was chilled by ex

MarketOct. 15, 2020

Air Busan resumes flights to China's Qingdao

Air Busan Co., the budget carrier unit of Asiana Airlines Inc., on Thursday resumed flights to the Chinese city of Qingdao to meet travel demand from businessmen. Air Busan will offer one flight a week on the Busan-Qingdao route from Thursday after suspending the route for more than seven months due to the coronavirus impact on the airline industry, the company said in a statement. In July, the carrier resumed the Incheon-Shenzhen route, but other Chinese routes to Ningbo, Chengdu, Qingdao, Ya

MobilityOct. 15, 2020

Hearings on LG Chem's battery patent suit against SK Innovation to open online in Dec.

Hearings on LG Chem Ltd.'s electric vehicle (EV) battery patent infringement lawsuit against SK Innovation Co. with the US International Trade Commission (ITC) will open online in December, industry insiders said Thursday. Evidentiary hearings for LG Chem's case will take place virtually on Dec. 10 and 11, according to the sources. In September 2019, LG Chem filed the suit with the ITC, claiming that SK Innovation and SK Battery America infringed its EV battery patents. The ITC usually holds

IndustryOct. 15, 2020