Banks raise loan limits as household debt growth curbs

South Korean banks have started raising the maximum amount consumers can borrow under a loan to the level before financial regulators intervened to curb the nation’s household debt growth. The move comes as the nation’s household debt growth has recently shown signs of slowing down. As of Monday, the top four banks here – KB Kookmin, Shinhan, Hana and Woori – have either started raising the limits for its overdraft accounts or its most popular loans for customers who a

MarketMarch 28, 2022

Samsung Heavy bags W804b order for 5 container carriers in Asia

Samsung Heavy Industries Co., the world's No. 3 shipbuilder by order backlog, said Monday it has clinched a 804 billion-won ($656 million) order to build five large container ships in Asia. Samsung Heavy said it has obtained the order to build the 13,100 twenty-foot equivalent unit container carriers from an unidentified Asian shipper by 2024, the company said in a statement. The container vessels will have such top-of-the-line equipment as the selective catalytic reduction and ballast water tre

IndustryMarch 28, 2022

[Graphic News] Internet banking use jumps 18% in 2021 amid pandemic

　South Koreans’ use of internet banking services soared 18 percent on-year in 2021 as customers preferred contactless services amid the coronavirus pandemic, central bank data showed. 　The daily use of online banking services, including mobile banking, reached 17.32 million cases last year, up from 14.68 million a year earlier, according to the data from the Bank of Korea. 　Mobile banking use came to 14.36 million instances per day, up 22.9 percent from a year earlier and accounting for

BusinessMarch 28, 2022

Seoul stocks open lower amid Ukraine woes, hawkish Fed

South Korean stocks opened lower Monday, as investors remained cautious about the uncertainties related to the Russian invasion of Ukraine and the hawkish stance by the US Federal Reserve. The benchmark Korea Composite Stock Price Index retreated 16.51 points, or 0.6 percent, to trade at 2,713.47 points as of 9:15 a.m. Stocks came off to a lackluster start as the Ukraine-Russian tensions continue to stoke concerns about high commodity prices and inflation growth. Most large caps traded lower in

MarketMarch 28, 2022

Hyundai Motor Group's cumulative US sales of green cars top 500,000

Hyundai Motor Group's cumulative sales of eco-friendly vehicles in the United States surpassed the 500,000-unit mark in February, 11 years after its entry into the American market, the group said Monday. The group's two flagships -- Hyundai Motor Co. and Kia Corp. -- sold a combined 15,218 environmentally friendly vehicles in the US last month, bringing their cumulative sales to 508,599 units. Last year alone, combined sales of green vehicles by Hyundai Motor and Kia spiked 183.5 percent on-year

IndustryMarch 28, 2022

S. Korea's energy imports soar 85% this year

SEJONG -- South Korea's energy imports spiked more than 85 percent this year on soaring international prices, government data showed Monday, burdening the country's trade balance and consumer inflation. The country's imports of oil, natural gas and coal came to $38.49 billion from Jan. 1-March 20, up 85.4 percent from a year earlier, according to the data from the Korea Customs Service. Crude oil imports soared nearly 70 percent over the cited period, with those of natural gas and coal shooting

EconomyMarch 28, 2022

New Hana Financial chief vows to put firm on the map

The new chairman of Hana Financial Group on Sunday pledged to help the group become Asia’s top financial company by improving its global profile, nonbanking investment and digital finance.   “At this time when the financial industry is at an inflection point of blurring boundaries, an accelerating aging population and slowing growth, I will (help the company to) improve shareholders and corporate value and establish a transparent, fair and stable governance structure,&rdqu

BusinessMarch 27, 2022

SsangYong Motor takeover in jeopardy as buyer fails to pay

A takeover deal of debt-laden SsangYong Motor appears to have fallen into a quagmire again as its buyer, local electric bus manufacturer Edison Motors, failed to pay the bill. The consortium led by Edison Motors failed to pay the remaining payment of 274.3 billion won ($224.1 million) by Friday, local media reported Sunday, quoting industry sources. Without complete payment, the Edison Motors-led rehabilitation plan for the financially troubled SUV maker is rendered meaningless, industry watch

MobilityMarch 27, 2022

[Herald Interview] Open CEO says restaurants are Korea’s next big export item

Despite COVID-19’s lingering impact on the South Korean economy, the country saw a 4 percent growth last year, exhibiting a moderate performance on the back of strong exports and rebound of the global economy. But mom-and-pop businesses, mostly those in the food and beverage industry, have been severely hit by repeated rounds of restrictions on business hours. The pandemic has forced restaurants here to close by 9 p.m. each day under a business curfew, which was introduced to blunt a re

IndustryMarch 27, 2022

Hanwha chief, Pence discuss Korea-US ties

Hanwha Group Chairman Kim Seung-youn met former US Vice President Mike Pence in Seoul last week and discussed a wide range of issues centering on bilateral ties between South Korea and the US, and the growing geopolitical uncertainty over the Ukraine war. On the war in Ukraine, Kim pointed out that companies are going through a rough time due to the economic crisis caused by international conflicts. He also asked Pence to share his thoughts about how global leaders can solve the problems that t

IndustryMarch 27, 2022

LS C&S expands solar cable business

LS Cable & System, LS Group’s cable manufacturing unit, has been solidifying its leadership in the floating solar farm market by developing custom cables and landing large-scale supply contracts, according to the company on Sunday. Earlier this month, the cable maker inked an agreement to supply power cables to Goheung Bay floating solar power plant in South Jeolla Province. The deal covers the full package of cables needed to build a photovoltaic power farm and connect the plant to s

IndustryMarch 27, 2022

Posco’s sustainability recognized by World Steel Association

South Korean steelmaker Posco has been recognized for its sustainability efforts by the World Steel Association, the company said Sunday. The World Steel Association, also known as worldsteel, has picked as Posco as one of the 39 sustainability charter members which proactively embraces the sustainability principles of the steel industry, according to the South Korean steel giant. A total of 142 companies and associations across the world are members of worldsteel. The recognition of the sus

IndustryMarch 27, 2022

KT shares hit 1-year high

The share price of South Korean telecommunications firm KT hit the highest level in a year on Friday, as its shareholder meeting and a carve-out of its key business is drawing to a close next week. A KT common share, which trades on the Korea Exchange, hit the 52-week high at 35,300 won ($28.84) during the intraday trade Friday. The closing price came to 35,000 won apiece, up 1.2 percent from Thursday. KT’s market cap on Thursday exceeded 9 trillion won for the first time in seven months

TechnologyMarch 27, 2022

Korean conglomerates delve into digital asset market

South Korean business giants are venturing into the fledgling digital asset market and blockchain-related operations as they seek new business opportunities. On Friday, Ryu Young-sang, chief executive of SK Telecom, said in a shareholders meeting that the company plans to “adopt an economic system” to its own metaverse platform called ifland, a sign that digital currency tradable in the virtual world ecosystem could play a role. The news is in line with an announcement earlier th

MarketMarch 27, 2022

Yoon warns against tough rules on owners of multiple homes

President-elect Yoon Suk-yeol said Friday that the government should think carefully before enacting tougher rules than needed on those who own multiple homes, a group that has seen a dramatic hike in their taxes imposed by the Moon Jae-in government. Moon focused on heavier taxes and tighter mortgage curbs. “Some say we should carry on with crackdown on owners of multiple homes while others call for a return to market dynamics and let it run its course so those seeking homes find on

EconomyMarch 25, 2022

Union-backed outside director fails again to enter KB boardroom

Efforts by KB Financial Group union members to get an outside director recommended by them fell through for the fifth time on Friday, with the majority of the banking group’s shareholders voting against the plan. The proposal by the union members and KB’s group of employee shareholders – which owns a combined 1.73 percent stake in the firm – to push former Export-Import Bank of Korea Vice President Kim Young-su to become one of the group’s outside directors failed

MarketMarch 25, 2022

With sales ban looming, Korean shampoo maker mulls relocating to US

South Korean hair care brand Moda Moda said Friday it is considering relocating its core business to the US in the face of a sales ban of its popular hair coloring shampoo by the nation’s drug agency. “If the Ministry of Food and Drug Safety sticks to sales ban on our coloring shampoos, we have no choice but to moving our business to the US,” a Moda Moda official said. The official added the company’s US headquarters is currently located in New York but there are pla

IndustryMarch 25, 2022

Travel ban lifted for GM Korea CEO

The South Korean government on Friday lifted an overseas travel ban on GM Korea CEO Kaher Kazem, almost 16 months after the Australian GM executive was barred from leaving the country on charges of illegally outsourcing labor. Kazen is currently standing trial for violating labor laws after the carmaker was found to have hired some 1,719 workers from 24 subcontractors to work at its local plants between September 2017 and December 2020. The Seoul headquarters is suspected to have directly inst

MobilityMarch 25, 2022

Seoul stocks nearly flat despite Pyongyang's ICBM launch, Ukraine uncertainties

South Korean stocks closed almost flat Friday despite North Korea's intercontinental ballistic missile (ICBM) launch and the Ukraine-Russia war. The Korean won closed unchanged against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index advanced 0.32 point, or 0.01 percent, to close at 2,729.98 points. Trading volume was moderate at about 590 million shares worth some 10.7 trillion won ($8.8 billion), with losers outnumbering gainers 503 to 343. Institutions sold

MarketMarch 25, 2022

Ham Young-joo named new chairman of Hana Financial Group

Shareholders of Hana Financial Group have officially elected Vice Chairman and sole chairman-nominee Ham Young-joo to lead the company for the next three years, the firm said Friday. Ham’s nomination was supported by the majority of the shareholders at Hana including its largest shareholder the National Pension Service, which owns 9.19 percent in the banking group. Foreign stakeholders, owning a combined 67.53 percent, also voted for Ham, according to Hana. The NPS is Korea’s large

MarketMarch 25, 2022