Future K2 tanks could run on homegrown transmission

The next batch of South Korea’s K2 Black Panther main battle tanks are expected to run on an locally-made transmission system instead of a German one, sources said Monday. “We have solved technical issues of our transmission system and it will go inside the fourth batch of K2 tanks,” a high-ranking official at SNT Dynamics told The Korea Herald. “A government quality test is scheduled in the first half of next year” Inside K2 tanks, there is a key component ca

IndustryDec. 6, 2021

Mirae Asset names first non-family chairman

Mirae Asset Securities said Monday that executive vice chairman Choi Hyun-man will take over the brokerage firm as chairman in what will be the company’s first move to tap a non-family member chief since it became the largest South Korean brokerage in 2016 when it merged with Daewoo Securities. Choi, a founding member of Mirae Asset Securities when it was set up in 1999, has been CEO at a number of key affiliates of Mirae Asset Financial Group, which along with brokerage provides comprehe

MarketDec. 6, 2021

Samsung's Lee Jae-yong leaves for Middle East

Samsung’s de facto leader Lee Jae-yong left for the United Arab Emirates on Monday at around 10 p.m. ahead of scheduled meetings in the Middle East region. Lee told reporters he would be returning to South Korea on Thursday, and did not elaborate on details about the trip. Lee’s visit to the Middle East comes more than two years after the vice chairman of Samsung Electronics’ February 2019 meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. A few months

TechnologyDec. 6, 2021

'Metaverse is about seeing things in more integrated way'

Metaverse, a shared virtual world where people can interact with others through avatars, has been the talk of the town in the second half of this year. While some doubt metaverse will be able to take off or see it as just another marketing strategy, others seem to believe it is the next giant leap in information technology. Regardless of the perceptual divide, Kim Beom-joo, head of evangelism at graphics developer Unity Korea, says the coming of the virtual platform was inevitable and its ar

TechnologyDec. 6, 2021

S. Korea, ASEAN to ease customs checks amid pandemic

South Korea and the Association of Southeast Asian Nations have agreed to cut red tape in customs checks to boost trade, until they see the coronavirus pandemic subside, Korea’s Finance Ministry said Monday. Copies of a product’s certificate of origin will now be accepted for tariff cuts guaranteed under their free trade agreement that took effect in June 2007. The original certificates had been shipped late because of the pandemic. “Nearly 40,000 Korean firms exporting to AS

EconomyDec. 6, 2021

[GLOBAL FINANCE AWARDS] Citibank Korea seeks real change with contributions beyond charity

Citibank Korea runs a number of programs that contribute to Korean society based on three principles -- employee participation, long-term commitment and leading activity. The bank does not simply deliver donations but also makes contributions to drive real change by partnering with nonprofit organizations to plan programs and giving them long-term support. It also encourages employees to voluntarily participate in these programs. On of the programs is “Citi Global Community Day” wh

MarketDec. 6, 2021

[GLOBAL FINANCE AWARDS] Kyobo Life Insurance accelerates digital transformation drive

Kyobo Life Insurance, one of Korea’s biggest life insurers, has picked up speed in its digital transformation efforts this year by innovating its traditional businesses and securing future growth engines. According to Kyobo Life Insurance, the company reorganized its structure with a digital transformation, opening departments on digital strategy, digital new businesses and IT support. The life insurer also implemented Amazon’s Public Cloud services in order to cope with the para

MarketDec. 6, 2021

[Global Finance Awards] Shinhan Financial Group leads ESG investment trend

Shinhan Financial Group, South Korea’s second-largest financial company by market capitalization, is the first financial services firm in East Asia to have openly committed to carbon neutrality by 2050 -- a bold step in the global race to expand environmental, social and governance investment. “ESG investment poses an opportunity, not a risk, which means we should be able to take advantage of it,” Shinhan Chairman Cho Yong-byoung said, describing ESG investment as a vaccine th

EconomyDec. 6, 2021

[GLOBAL FINANCE AWARDS] Woori Bank's green finance generous to COVID victims, but strict to polluters

When banks gave out loans, the only question they asked was, “Can you pay it back?” This was before the pandemic. But now, people hit hard by the COVID-19 are flocking to banks, desperate to get their hands on cash. Suddenly, lending money has become an emotional task. Banks have also come under increased scrutiny against the backdrop of a stronger push for environmental, social and governance values. If loans are used for controversial purposes, such as building coal power plant

MarketDec. 6, 2021

[GLOBAL FINANCE AWARDS] Global X ETFs expands Europe foray with themed funds

Global X ETFs, an exchange-traded fund provider fully owned by South Korea-based asset manager Mirae Asset Global Investments, is making inroads into European stock markets by adding new products to its lineup. As of Monday, Global X was trading 12 ETFs in European stock markets. Among them, seven new themed ETFs started trading on the London Stock Exchange earlier in November. The seven new products allow ETF buyers to get exposure to a wider range of sectors, targeting robotics, cybersecuri

MarketDec. 6, 2021

[GLOBAL FINANCE AWARDS] Mirae Asset Securities sets new records this year

BROKERAGE OF THE YEAR / MIRAE ASSET SECURITIES Mirae Asset Securities, a South Korean brokerage firm, has set new records this year. Mirae’s overseas stock and retirement pension assets each reached a record high of 20 trillion won ($16.8 billion), the brokerage firm said. The company’s overseas stock trading volume has surged 20 times more than it was in 2017. Compared to 2020, it increased by 4.3 trillion won this year. Investors who purchased and sold overseas stocks through t

MarketDec. 6, 2021

[GLOBAL FINANCE AWARDS] Financial ecosystems needed to buttress virtuous cycle of capital flows

By Yoo Chang-jo / Professor of marketing at Dongguk University The Korea Herald initiated the Global Finance Awards with a belief that the nation needs to improve the competitiveness of the local financial sector and create financial ecosystems that are recognized worldwide to promote its growth momentum in the “fourth industrial revolution.” The awards, in their fifth year, aim to reward financiers and financial institutions that have not only expanded access to financial services

EconomyDec. 6, 2021

[GLOBAL FINANCE AWARDS] KakaoBank CEO embraces digital wave, innovates financial services

Yun Ho-young, CEO of South Korea’s largest digital-only bank, KakaoBank, has brought changes in one of the country’s most conservative industries with innovative noncontact services. Playing a key role in leading the company’s digital banking drive, Yun has put KakaoBank in a position to receive the highest market valuation among local financial companies. Investors are keeping an eye on the CEO’s next steps toward innovation. “From the start, KakaoBank was differ

MarketDec. 6, 2021

[GLOBAL FINANCE AWARDS] KB chairman joins ranks of global ESG leaders

FINANCIER OF THE YEAR / KB FINANCIAL GROUP CHAIRMAN YOON JONG-KYOO Despite the problems of the pandemic, 2021 was a landmark year for KB Financial Group as it celebrated its 20th anniversary. Under the leadership of its Chairman Yoon Jong-kyoo, the firm not only clinched the title of the nation’s No.1 banking group by total asset, but made unprecedented progress in adoption of environmental, social and governance values, including an endorsement by one of the most important global ESG o

MarketDec. 6, 2021

[Subway Stories] Subway made you late to work? Get proof from Seoul Metro

Seoul Subway Stories bring you interesting and informative stories about the subway in and around Seoul -- Ed. Carrying millions of commuters every day between Seoul and its sprawling suburbs, Seoul’s subway is known for its reliability. But if your train was delayed, making you late for work this morning, you can request an excuse letter from Seoul Metro. Records of train delays on Line 1 to Line 9 over the last 30 days are kept on the official Seoul Metro website. Only delays longer

MobilityDec. 6, 2021

Seoul stocks gain for 4th session on easing virus woes

South Korean stocks advanced for the fourth straight session Monday on easing woes over the impact of the omicron variant of the coronavirus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 4.92 points, or 0.17 percent, to close at 2,973.25 points. Trading volume was moderate at about 468 million shares worth some 9.1 trillion won ($7.7 billion), with gainers outnumbering losers 543 to 319. Foreigners bought a net 97 billion won and ins

MarketDec. 6, 2021

Auto journalists pick Genesis’ GV 60 as car of month

The Korea Automobile Journalists Association said Monday that it has chosen Hyundai Motor’s luxury brand Genesis’ GV 60, its first electric car based on its exclusive EV-dedicated modular platform, as its car of the month. Every month, the association selects its best model among new vehicles and updated versions that were launched within the past month, based on five criteria including exterior and interior design, powertrain performance, safety and comfort features, energy efficie

MobilityDec. 6, 2021

Will eased rule on capital gains tax effective?

SEJONG -- Homeowners will enjoy an increased capital gains exemption when they sell their homes after a law was passed. The National Assembly has passed the bill on raising the upper level for the tax exemption from the current 900 million won to 1.2 billion won. The revised law -- which is not applicable to multiple homeowners but to those owning only one home -- will take effect in the coming weeks. Under the current 900 million-won standard, a homeowner who purchased a property at 700 mill

MarketDec. 6, 2021

1 in 2 corporate executives in Korea under age 51: data

Almost one in two corporate executives of South Korea’s top conglomerates and listed companies were under 51, either Generation X or Millennials, industry data showed Monday. Of 7,438 executives in South Korea’s top 30 conglomerates and 197 listed companies, 46.8 percent, or 3,484 of them, were Gen Xers -- those born between 1969 the early 1980s -- or Millennials also referred as Generation Y -- those born after 1981, as of the third quarter of this year, according to corporat

IndustryDec. 6, 2021

Got oat milk? New dairy alternative takes hold in Korea

Coffee chains, food companies and the milk industry are seeing oat milk as a new alternative to dairy, as the industry tries to appeal to a growing number of health-conscious consumers and the budding vegan trend in South Korea. While oat milk is considered a common alternative to typical dairy milk in countries like the United States and Europe, the drink is relatively new here in Korea.  Leading the local oat milk trend here is, ironically, the milk industry.  In a country where

ConsumerDec. 6, 2021