Hana Financial diversifies portfolio, acquires non-life insurer

Hana Financial Group will take over The-K Non-Life Insurance, the insurer affiliated with the Korea Teachers Credit Union, in a move to expand its nonbanking business portfolio.The banking group, in a directors’ meeting held Monday, decided to acquire a 70 percent stake in the insurer for an estimated 70 billion won ($60 million), officials said Tuesday. Hana Financial was the only bidder.Considering the relatively low selling price and the lack of competitors, Hana’s takeover of the

MarketJan. 21, 2020

Foreign deposits rise on weak dollar in Dec.

Foreign currency deposits held by banks in South Korea rose sharply from a month earlier in December, central bank data showed Tuesday, apparently on the weakening of the US greenback that prompted both individuals and firms to boost their dollar holdings.The outstanding foreign currency deposits here came to $79.44 billion as of end-December, up $4.57 billion from a month before, according to the data from the Bank of Korea.The increase marks a turnaround from a $3.67 billion drop in November.F

MarketJan. 21, 2020

Banks likely to ease lending to firms, but tighten household loans: poll

Banks in South Korea will likely expand their lending to local companies, especially small and medium-sized enterprises in the first quarter but tighten their rules on loans to local households, a central bank poll showed Tuesday.In a quarterly survey conducted by the Bank of Korea, the index measuring the banks' overall attitude toward fresh loans came to 4 for the January-March period, compared with negative 5 for the previous quarter.The rise comes amid expectations for better conditions for

EconomyJan. 21, 2020

Samsung, LG to introduce new kitchen appliances at US trade show

South Korea's two tech giants -- Samsung Electronics Co. and LG Electronics Inc. -- said Tuesday they will unveil their new home appliance products at a US trade show for the kitchen and bath market, highlighting their built-in design and artificial intelligence solutions. Samsung and LG are among the 600 exhibitors at the Kitchen & Bath Industry Show 2020, set to kick off its three-day run in Las Vegas, Nevada, on Tuesday (local time). The two companies already showcased their latest home a

IndustryJan. 21, 2020

Hyundai Merchant targets 25% sales increase in 2020

Hyundai Merchant Marine Co., South Korea's biggest shipping company by sales, said Tuesday it aims for a 25 percent rise in its 2020 sales on the back of increased cargo-shipping demand.Hyundai Merchant Marine's sales came to 4.16 trillion won ($3.5) in the January-September period. Sales for the fourth quarter have yet to be released.Hyundai Merchant Marine also said it could shift to an operating profit in the third quarter this year, citing increased cargo-shipping demand and its April joinin

IndustryJan. 21, 2020

LG Electronics launches wireless earbuds in US

LG Electronics Inc., a major South Korean electronics maker, said Tuesday it has launched its premium wireless earphones in the United States to expand global sales. The LG TONE Free HBS-FL7, Bluetooth wireless earbuds, is now available in the U.S. market, according to LG. The company added it also plans to sell the product in Europe and other Asian countries this year. LG's totally wireless stereo earbuds made their debut last year in South Korea.Its wireless earphones applied tuning and digita

IndustryJan. 21, 2020

S. Korea to invest W1.2tr in R&D projects for medical instruments

South Korea said Tuesday it will invest 1.2 trillion won ($1 billion) in research and developmentn projects for medical instruments over the next six years to foster the area as one of the new growth engines for Asia's No. 4 economy.The spending will be aimed at beefing up global competitiveness of local medical instruments and provide the public with better medical services, according to the joint statement by industry, science, welfare and drug safety ministries.The country will also aim to pe

IndustryJan. 21, 2020

Mahindra says W500b required for SsangYong turnaround by 2022: sources

Indian carmaker Mahindra & Mahindra Ltd. is considering a capital injection of 500 billion won ($430 million) for its South Korean unit, SsangYong Motor Co., by 2022 to secure its turnaround, industry sources said Tuesday.In a meeting with SsangYong Motor employees on Thursday, Mahindra & Mahindra Managing Director Pawan Goenka said 500 billion won is needed to turn SsangYong Motor around in the next three years, a person familiar with the matter told Yonhap News Agency.Goenka flew into

MobilityJan. 21, 2020

Renault Samsung union back to table for wage negotiations

Renault Samsung Motors Corp.'s union on Tuesday suspended partial strikes to resume negotiations with the company over wages for the year of 2019. Renault Samsung workers have staged partial strikes at its sole plant in Busan, 453 kilometers south of Seoul, for higher wages in the past 19 days. It caused production losses of about 10,400 vehicles worth about 200 billion won ($173 million), according to the automaker. To avoid further losses resulting from walkouts, the company has partially shut

IndustryJan. 21, 2020

Samsung promotes 162 execs as follow-up to leadership reshuffle

Samsung Electronics Co. on Tuesday announced the promotion of executives in a follow-up to the recent reshuffle of its major business heads. Samsung said 162 executives earned promotions in the annual reshuffle, with 14 moving up to executive vice president positions.Twenty four executives got early promotions in the reshuffle, six more than in the 2018 reshuffle. The group usually announces personnel reshuffles in December, but the appointments were delayed as trials involving Samsung heir Lee

IndustryJan. 21, 2020

Korea's exports down 0.2% in first 20 days of January

South Korea's exports fell 0.2 percent in the first 20 days of January, marking the lowest rate of decline in a year, as outbound shipments of semiconductors rebounded, data showed Tuesday.The country's exports stood at $25.7 billion in the January 1-20 period, down $40 million from the same period last year, according to the Korea Customs Service.The rate of decline was also much less than the 2 percent fall in the December 1-20 period last year, the data showed.By product, exports of semicondu

EconomyJan. 21, 2020

[Graphic News] Samsung ranks No. 3 in global wireless headset shipments in 2019

　Samsung Electronics ranked third in global wireless headset shipments last year, industry data showed, though it trailed far behind its rival Apple. 　Samsung shipped 7.4 million totally wireless headsets for a 6.9 percent market share in 2019, according to data from market tracker Strategy Analytics. 　Apple was the dominant force in the TWS market with a 54.4 percent market share after shipping 58.7 million AirPods, its signature TWS headset product, in 2019. (Yonhap)

TechnologyJan. 20, 2020

KT develops 5G-powered medical service

KT Corp., South Korea's major telecommunications firm, said Monday it has developed a 5G-powered medical service with a Seoul hospital to provide better patient care. KT said it built a 5G network at the Samsung Medical Center and successfully applied its 5G technology to medical practices last week.KT and the SMC have been working together since September 2019 after signing a partnership to develop 5G-powered medical services. Through its 5G network, KT said medical staff at the SMC can now hav

IndustryJan. 20, 2020

KCC conditionally approves SK Broadband, T-broad merger

The Korea Communications Commission on Monday conditionally approved a merger between SK Telecom’s pay TV unit, SK Broadband, and T-broad, the country’s No. 2 cable TV operator. After its meeting on Monday, the KCC announced that it had approved the merger under 14 conditions and three suggestions, which will require the company to protect users’ rights and serve the public interest. The KCC will deliver the results of its review to the ICT Ministry, which is expected to issue

IndustryJan. 20, 2020

CheongKwanJang collaborates with Spain’s Vicens

Red ginseng health supplement brand CheongKwanJang of Korea Ginseng Corp. said Monday it has collaborated with Spain’s renowned chocolate and nougat brand Vicens.The products, released last month, are the result of a partnership between the 120-year-old South Korean firm and Vicens -- with 250 years of tradition -- to introduce six different chocolate types featuring red ginseng. Vicens has been making chocolates and turrons (nougats) since its establishment in 1775. The latest collaborati

IndustryJan. 20, 2020

[Monitor] Chip exports down, car exports up

Semiconductors, usually South Korea’s main export item, accounted for less than 20 percent of all exports in 2019, data compiled by the Korea International Trade Association, the Trade Ministry and the Korea Customs Service showed.On the other hand, automobiles, on the back of buoyed sales of sport utility vehicles and eco-friendly cars, were the country’s No. 2 export item. While the actual number of cars delivered overseas dropped by 1.9 percent from 2018, their export value increa

IndustryJan. 20, 2020

Number of stock-trading accounts nears 30m

The number of active security accounts in South Korea is nearing 30 million amid growing stock trading activities focused on overseas markets, according to data from the Korea Financial Investment Association on Monday.As of Thursday, the number of active equity accounts was around 29.4 million. It is expected to soon reach 30 million, considering its fast growth, the self-regulatory financial organization said.Active security accounts are those with depository assets of 100,000 won ($86.4) and

MarketJan. 20, 2020

Hanwha Techwin unveils AI video security solutions for Middle East

Hanwha Techwin, a security solution subsidiary of Hanwha Aerospace, said Monday the company unveiled a new artificial intelligence-based security solution package at a tradeshow in Dubai with the goal of further expanding into the Middle East. The Hanwha unit took part in Intersec 2020, the largest security-related technology expo in Middle East, to introduce its Wisenet AI solution package consisting of AI-equipped closed circuit TV camera and network video recorder, which enables detections of

TechnologyJan. 20, 2020

Free ‘dark nudge’ gimmicks spook online subscribers

Online “dark nudge” services -- free trial subscriptions -- are rattling South Koreans who end up paying fees they do not anticipate, according to the consumer agency Monday.A number of online services, such as music and media streaming sites lure consumers by offering trial subscription and automatically charge the users for the service after the period is over. This small “nudge” of free trial periods are used by businesses targeting consumers who are not very careful a

IndustryJan. 20, 2020

Business, political leaders mourn Lotte founder

South Korea’s business figures and political leaders joined relatives on Monday to mourn the death of Lotte Group founder and Honorary Chairman Shin Kyuk-ho, a first-generation founder of one of the country’s biggest conglomerates.Shin passed away at around 4:20 p.m. on Sunday, at the age of 97.At the funeral altar at Asan Medical Center in Seoul, influential figures from various circles came to pay their respects. On Monday, Shin’s second son, Shin Dong-bin, the chairman of Lo

IndustryJan. 20, 2020