The Korea Herald

Imperial named No. 1 in customer satisfaction

Pernod Ricard Korea, the local branch of the world’s second-largest distiller, said that its flagship Korean brand Imperial Whiskey had won the top prize in a leading customer satisfaction index here.The premium Scotch whisky was named No. 1. in the 2015 Korea Customer Surprise Brand Index, administered by the Trade Ministry-affiliated Korea Brand Management Association, officials said Thursday.The K-CSBI aims at assessing the level of customer satisfaction for individual brands by converting cu

April 30, 2015

Imperial named No. 1 in customer satisfaction

[Herald Interview] Finance clearing institute seeks to reform corporate payment system

In such a conglomerate-dominated Korean economy, small and medium-sized subcontractors and ventures cannot thrive without a healthy business-to-business payment system. Without one, the Asian financial crisis and the global financial crisis doomed countless SMEs to bankruptcy.“Most unfair practices in business come from inappropriate payment systems,” said Rha Moon-soo, president and chief executive of the Korea Electronic Finance Clearing Institute, in an interview with The Korea Herald last we

April 30, 2015

[Herald Interview] Finance clearing institute seeks to reform corporate payment system

[Newsmaker] New NH chief takes office amid doubts

NH Financial Group welcomed Kim Yong-hwan as the new chairman on Wednesday, but it appeared to have done so with a rather heavy heart.The new chief not only has to prove himself a capable successor to Yim Jong-yong ― who became chairman of the Financial Services Commission ― but is also facing allegations that he had illicit ties with the disputed Keangnam Enterprises.Hit by the sudden exit of its much-reputed leader, NH Financial initially welcomed the nomination of Kim, who had served in key f

April 29, 2015

[Newsmaker] New NH chief takes office amid doubts

KB Kookmin Card rolls out Ollim series

KB Kookmin Card’s most recent Ollim card series is attracting customers with its abundant services and benefits.The KB Kookmin Good Day Ollim Card provides discounts on everyday items such as gas, telecommunications and public transport. It also provides a discount on major supermarkets as well as foreign card affiliates. The card increases in benefits when the amount of usage in the past month increases.The KB Kookmin Wise Ollim Card provides more point accumulation benefits than its predecesso

April 29, 2015

KOTRA to open food expo next month

Korea will kick off Seoul Food 2015, Asia’s third-largest food industry exhibition, next month at KINTEX, in Ilsan, northwest of Seoul, trade promotion officials said Wednesday. The Korea Trade-Investment Promotion Agency said the four-day convention, themed “Wave on the Table,” aims at sharing the latest innovations to the healthy, modern diet.“The exhibition itself is like a huge table, featuring the latest wave of changing consumer trends,” said an official at KOTRA, the event organizer.The e

April 29, 2015

S. Korean banks to test bio authentication in second half

South Korean lenders plan to test bio authentication technology for banking services as early as the second half of this year, a central bank official said Wednesday, reflecting a growing demand for tougher security measures following a series of data leaks and phishing cases in the local financial sector. "Some of the country's 17 banks are expected to take part in a pilot run for bio authentication technology in the second half. If successful, consumers may be able to use such services as ear

April 29, 2015

Malaysia to expand palm oil exports to Korea

A top Malaysian official expressed hope that South Korea would import more palm oil products from the Southeast Asian country.“Korea is a very strategic trade partner and an important market for Malaysian palm oil,” said Dato’ Ar. Wan Khair-il Anuar, Malaysian Palm Oil Board chairman in an interview with The Korea Herald in Seoul on Monday. Dato’ Ar. Wan Khair-il Anuar, chairman of Malaysian (Palm Oil Board)The high-level official, who is also a member of parliament representing Kuala Kangsar,

April 28, 2015

Malaysia to expand palm oil exports to Korea

Won hits 7-year high against yen

The South Korean won touched a new seven-year high against the Japanese yen Tuesday, prompting local currency authorities to vow to take appropriate measures if needed.The won-yen arbitrated exchange rate stood at 898.52 per 100 yen as of 3:02 p.m., the highest since Feb. 28, 2008, when the comparable figure was 889.23. The local currency closed at 1,070.00 per dollar, up 3 won from the previous session’s close, hitting a six-month high.“We are closely watching the currency market,” said an offi

April 28, 2015

KB Financial‘s net rises by 68.4% in Q1

KB Financial Group, the nation’s second-largest banking group in terms of assets, said its first quarter net profit increased 68.4 percent on-year, reflecting improved commissions. KB Financial chairman Yoon Jong-kyooThe net earnings amounted to 605 billion won ($565 million) in January-March this year, up from 359 billion won in the same period last year, the group said in its performance announcement on Tuesday.The uptrend was largely attributable to the commission fees that rose to 382.1 bill

April 28, 2015

Shinhan's creative financial plaza

Shinhan's creative financial plaza Han Dong-woo (fourth from left), chairman of Shinhan Financial Group, cuts the tape at the opening ceremony of Shinhan Creative Finance Plaza on Tuesday. The nation’s largest banking group opened a corporate investment banking center at Pangyo Techno Valley, Gyeonggi Province, to help small and medium-sized firms find an optimized financial solution.Photo credit: Shinhan Financial

April 28, 2015

S. Korean won hits 7-year high vs. yen

The South Korean won touched a new seven-year high against the Japanese yen Tuesday, prompting local currency authorities to vow to take appropriate measures if needed. The won-yen arbitrated exchange rate stood at 898.52 per 100 yen as of 3:02 p.m., the highest since Feb. 28, 2008, when the comparable figure was 889.23. The local currency closed at 1,070.00 per dollar, up 3 won from the previous session's close, hitting a six-month high. "We are closely watching the currency market," said an

April 28, 2015

Analysts warn of KOSDAQ bubble

Korea’s secondary stock market, the technology-laden KOSDAQ, has recently been on a volatile ride of record highs and sharp falls.Though some investors maintained hope for another bullish rally, market observers warned late movers against taking rash actions, as bubbles may burst in the market.Backed by the influx of liquidity and the government’s support for biotechnology and information technology sectors, the KOSDAQ had recently been on a bullish run, surpassing 700 points for the first time

April 27, 2015

Dollar-won hits 6-month low

The Korean currency has continued to gain against the dollar as more traders bet on the U.S. Federal Open Market Committee delaying the timing of interest rate increases.About a month after the possibility emerged, the dollar slid 6.4 won, or 0.57 percent, on Monday from the previous trading session to close at 1,073.0 won. It is the lowest won-dollar exchange rate so far this year.The greenback, which traded between 1,120 won and 1,130 won in March, fell to its lowest level in nearly six months

April 27, 2015

Finance minister stresses steps to bolster economic recovery

The government should take active measures to prop up the recovery of the economy that has been slow to gain momentum amid slumping exports and still weak domestic demand, the top economic policymaker said Monday. Speaking to a meeting of senior ministry officials, Finance Minister Choi Kyung-hwan said in light of a recovery in the property market and improved economic indicators, the economy continues to be picking up, though its pace is not so strong. "The most important policy task is to kee

April 27, 2015

Microloans to be issued for students, young debtors

A credit recovery organization will operate a special loan program to alleviate the high interest rate burden for young people in their 20s and to support their living expenses through low interest loans.Financial authorities will also reinforce their administrative guidance, warning young loan borrowers against excessive loans and notifying them of the loan transfer system.The Credit Counseling and Recovery Service will launch the Sunshine Loan program for college students and young people unde

April 26, 2015

Kia Motors' net climbs 3.1 pct in Q1

Kia Motors Corp., South Korea's second-largest automaker, said Friday its first-quarter net profit rose slightly thanks to earnings from equity investment and other extra profit. Net income came to 903.2 billion won ($835.9 million) during the January-March period, up 3.1 percent from the 876.3 billion won reported a year earlier, the company said in a regulatory filing.Operating profit, however, plunged 30.5 percent on-year to 511.6 billion won and sales also shrank 6.3 percent to 11.18 trillio

April 24, 2015

Ssangyong shares plunge on denial of stake hike

Shares of Ssangyong Motor Co. nosedived nearly 10 percent Friday after the company denied a media report that its parent firm Mahindra & Mahindra of India is planning to jack up its stake in the carmaker. Earlier this week, an Indian news outlet reported that Mahindra would be increasing its stake in Ssangyong from the current 72.85 percent to 85 percent, with plans to expand it to nearly 100 percent by the end of the year."We've checked with the Mahindra headquarters in India, and it's been con

April 24, 2015

Kia Motors' net climbs 3.1 pct in Q1

Kia Motors Corp., South Korea's second-largest automaker, said Friday its frist-quarter net profit rose slightly thanks to earnings from equity investment and other extra profit. Net income came to 903.2 billion won ($835.9 million) during the January-March period, up 3.1 percent from the 876.3 billion won reported a year earlier, the company said in a regulatory filing.Operating profit, however, plunged 30.5 percent on-year to 511.6 billion won and sales also shrank 6.3 percent to 11.18 trillio

April 24, 2015

Quarterly growth remains below 1%

South Korea’s economic growth continued to stagnate in January to March, drawing concern as private consumption and slowing exports pulled growth below 1 percent for the fourth consecutive quarter.The Bank of Korea said Thursday that the economy expanded 0.8 percent in the first quarter, compared to October-December 2014. On-year growth reached 2.4 percent.Quarter-on-quarter growth remained below 1 percent last year, sliding from 1.1 percent in the first three months to 0.5 percent, 0.8 and 0.3

April 23, 2015

SC Bank caters to busy customers

Like many Korean nine-to-fivers, Kim, an official at a big name conglomerate, had trouble sparing time in his day to visit banks for a loan. He was afraid to give the wrong impression to his boss by leaving his desk unattended, but taking a whole day off for a banking service did not make sense either. After days of delay, Kim signed up for the “business consultant service” on Standard Chartered Bank Korea’s website to have the bank visit him instead. The next day, Kim and SC Bank consultants, e

April 23, 2015