Uncertain year ahead for Korean banks amid looming debt crisis, CEO term-ends

Chiefs of South Korea’s top banks are fast approaching the end of their current terms amid concerns of a looming debt crisis in the financial sector, sources said Wednesday. Starting with NH Financial Group Chairman Son Byung-hwan’s term ending next month, Shinhan Financial Group Chairman Cho Yong-byoung and Woori Financial Group Chairman Son Tae-seung are inching towards the end of their current terms in March next year. CEOs of some banking giants’ flagship commercial lende

Nov. 9, 2022

KT&G debuts all-new heated cigarettes geared with AI

South Korean tobacco company KT&G unveiled its series of new heat-not-burn tobacco devices equipped with artificial intelligence on Wednesday, with aims to maintain its leading position in the growing domestic electronic cigarette market. The new HNB cigarettes, or electronic devices which heat processed tobacco instead of combusting it to deliver aerosol with fewer toxicants, come in two models each named Lil Aible and Lil Aible Premium. Lil Aible comes in four colors 'Ultra Blue

Nov. 9, 2022

Popeyes to come back after 2-year hiatus

Popeyes, a US fried chicken fast food chain, said Wednesday it is returning to the South Korean market in the coming weeks after a nearly two-year hiatus. The chain had ceased operations here in December 2020, citing business difficulties and poor sales as key reasons. Popeyes is set to open its first new location near Gangnam Station in southern Seoul, with employee training starting on Monday. Meanwhile, South Korea's fast food market is experiencing a heated "burger race," as c

Nov. 9, 2022

Kakao Bank reaches 20m customers; Kakao Pay shares rise

KakaoBank Corp. said on Wednesday that the number of its customers has risen above 20 million in the five years since its launch in 2017, while Kakao Pay shares rose for a fourth day on news that it has partnered with China’s Alipay+. Kakao Bank, the internet-only bank under mobile platform service provider Kakao Corp., doesn’t charge any fees for wiring money or withdrawing cash via ATMs. It also waived early repayment charges for all borrowers who repaid their loans early, and help

Nov. 9, 2022

Hanwha chief, Heritage Foundation founder discuss global economy, bilateral ties

Hanwha Group Chairman Kim Seung-youn held a banquet on Tuesday with Edwin Feulner, founder of the Washington-based policy think tank Heritage Foundation, in Seoul, to discuss ongoing geopolitical issues and its effects on the global economy. The latest meeting between Kim and Feulner took place on the sidelines of the American scholar's visit to Seoul for a conference on Seoul-Washington bilateral relations and market economy. The two have maintained their friendship since the 1980s, accord

Nov. 9, 2022

Top regulator, bank chiefs vow to cooperate in stabilizing debt market amid credit crunch woes

South Korea's top financial regulator on Wednesday asked for local banks' cooperation in stabilizing the corporate bond and short-term money markets and helping money flow to businesses and small merchants in need. Kim Joo-hyeon, head of the Financial Services Commission, made the request in a meeting with chiefs of major commercial banks amid worries over a credit crunch sparked by a series of market-destabilizing events, including the Legoland-linked debt default. "Concerns over

Nov. 9, 2022

Seoul shares open tad higher ahead of US midterm election results

South Korean stocks opened slightly higher Wednesday with investors paying keen attention to the US midterm election results. The benchmark Korea Composite Stock Price Index had increased 6.52 points, or 0.27 percent, to 2,405.56 points as of 9:15 a.m. Overnight, the Dow Jones Index added 1.02 percent and the tech-heavy NASDAQ Composite advanced 0.49 percent. In Seoul, market bellwether Samsung Electronics edged up 0.16 percent, while No. 2 chipmaker SK hynix retreated 0.34 percent. Top automake

Nov. 9, 2022

S. Korea's on-year job additions slow in October amid uncertainties

South Korea added jobs for the 20th straight month in October, data showed Wednesday, but the growth continued to slow for the fifth month in a row as the country braces for a possible recession amid high inflation and slowed growth. The number of employed people stood at 28.41 million last month, up 677,000 from a year earlier, according to the data compiled by Statistics Korea. It was the largest on-year growth for any October since 1999. The October figure marked a slight drop from the on-yea

Nov. 9, 2022

KDI warns of zero growth in 2050 without structural reforms

SEJONG -- South Korea's state-run think tank warned Tuesday that the nation's economy could slow practically to a standstill in 2050 unless its falling productivity is elevated through structural reform efforts. The Korea Development Institute released a report on the long-term outlook of the Korean economy. According to the report, the nation's economic growth rate is likely to be just 1.3 percent in the 2030s and 0.7 percent in the 2040s per annum in the wake of a rapid decline in the workin

Nov. 8, 2022

Renault’s QM6 sales stay strong

Renault Korea said Tuesday it sold a total of 2,007 units of the QM6 in October, as the top-selling LPG SUV increasingly appeals to drivers with its spacious interior and comfortable driving. The sales figure accounted for nearly half of the total car sales of the French carmaker, at 4,339 last month. The car’s exports also surged 41.9 percent to 2,449 units compared to the same period last year. The carmaker picked the car’s spacious interior as the key point of attraction to local

Nov. 8, 2022

Seoul shares up over 1% on hopes of eased tightening, Samsung gains

South Korean stocks closed up over 1 percent Tuesday as Samsung Electronics and tech blue chips rose amid hopes for eased monetary tightening in the United States, analysts said. The local currency jumped against the US dollar. The benchmark Korea Composite Stock Price Index advanced 27.25 points, or 1.15 percent, to 2,399.04. It marked the third straight session of a rise. Trading volume was moderate at 492.8 million shares worth 8.5 trillion won ($6.13 billion) with gainers outstripping declin

Nov. 8, 2022

G-Star 2022 expected to draw over 250,000 visitors

South Korea’s largest gaming convention G-Star is coming back at full strength for the first time in three years as the country’s major game developers are gearing up to showcase their new titles at the event next week. Taking place at the Busan Exhibition and Convention Center, commonly known as BEXCO, from Nov. 17 to 20, this year’s event is expected to draw over 250,000 game-lovers -- the largest attendance in the 17-year history of the gaming convention -- to the southern p

Nov. 8, 2022

Jeju holds first-ever expo on future farming machinery

SEOGWIPO, Jeju -- South Korea’s first-ever expo on automotive and self-operating agriculture machinery kicked off Tuesday on Jeju Island, addressing commitment for sustainable agriculture powered by innovative technology. “The country’s agriculture industry is facing great challenges, including climate change and a shrinking agricultural population along with aging farmers. These have become struggles for the agriculture industry here,” said the expo’s committ

Nov. 8, 2022

Is Hyundai Motor bolstering its China strategy?

Hyundai Motor is once again betting big on the Chinese market, this time on commercial vehicles through a deal with a state-run international investment bank on Tuesday. The deal is part of a new strategy for the Korean carmaker, which is targeting the world’s largest market where foreign carmakers are struggling to expand the pie. According to Hyundai Motor, Hyundai Motor Group China signed a memorandum of understanding with the capital management department of state-owned China Internati

Nov. 8, 2022

Itaewon businesses survey disaster's aftermath

Having lived in South Korea since 2005, Chris Truter set up a restaurant dedicated to celebrating the cuisine of his native country South Africa in central Seoul's Itaewon neighborhood soon after marrying his Korean wife and deciding to permanently settle in the country. His restaurant, Braai Republic, opened in hopes of offering home-style meals to the few, often marginalized South African immigrants living in South Korea, but it quickly gained popularity as it began to attract adventurous

Nov. 8, 2022

Hanwha Life Insurance unveils ‘virtual human’ in digital push

Hanwha Life Insurance said Tuesday that Hannah -- the insurer’s latest ‘virtual human’ that will engage customers from now on -- will be the face of the company’s digital efforts to make the metaverse a reality. The latest 3D graphics technology and artificial intelligence played a crucial role behind the debut of the character, the company said, describing it as a virtual financial planner that will help out not only customers seeking a more tailored service but workers

Nov. 8, 2022

Korean state pension fund’s growth hindered by gov’t intervention, insider says

South Korea’s state pension fund, the country’s main retirement plan, is in need of a major reform centered on cutting off excessive government intervention, an insider said Monday. Jeong Woo-yong, a member of the National Pension Service’s Fiduciary Liability Committee, pointed out that the fund’s key decision-making bodies consist of “too many” government officials and lack economic experts. This hinders the fund’s growth, as it increases the fund&rsq

Nov. 8, 2022

Korean lunar orbiter Danuri plays BTS' 'Dynamite' from space

The Ministry of Science and ICT said Monday that South Korea's uncrewed space vehicle Danuri transmitted BTS’ "Dynamite" music video to Earth, successfully relaying data from space to Earth. According to the Ministry of Science, Danuri, also known as the Korea Pathfinder Lunar Orbiter, underwent disruption tolerant network tests on Aug. 25 and Oct. 28. DTN tests are designed to test if data is transmitted wholly under extreme conditions and over very large distances. During

Nov. 8, 2022

Twitter Korea sacks 25% of staff, with layoffs expected at Meta

Tech sector employment took a hit this week, with Twitter firing roughly half of its employees last week and Meta Platforms, operator of Facebook and Instagram, reportedly planning widespread layoffs. About a quarter of the 30 employees at the Twitter Korea have received notifications that they will be laid off, Donga Ilbo and others reported, while Facebook Korea said they not been alerted of any related measures as of Wednesday. The Wall Street Journal on Sunday reported that the parent compan

Nov. 8, 2022

LG Display develops world’s first stretchable high-resolution display

LG Display said Tuesday that it has developed the world’s first high-resolution stretchable display that can be elongated by 20 percent, a technological breakthrough with numerous potential industrial uses. According to the company, the full-color 12-inch display can be extended to a size of 14 inches. Despite the heightened flexibility, the display supports 100 pixels per inch, a similar resolution to other monitors on the market. Stretchable displays are also called “free-form disp

Nov. 8, 2022