KT, Shinhan ink cross-shareholding deal to forge digital alliance

South Korea’s No. 2 telecom carrier KT and the nation’s second-largest banking group Shinhan Financial Group said Monday that they have forged a new alliance to spur collaborations on futuristic technologies in a cross-shareholding deal. Under the deal worth 437.5 billion won ($367 million), KT will acquire a 2.08 percent stake in Shinhan Financial Group, while Shinhan Bank, the group’s banking unit, will in return acquire a 5.46 percent stake in KT. As the result of the tr

Jan. 17, 2022

Banks turn to richest clients for 2022

With government restrictions on loans getting tighter and financial technology firms expanding their presence, South Korean banks are turning to their wealthiest clients and their asset management as a survival tactic this year. NongHyup Bank CEO Kwon Joon-hak pledged Monday to adopt a new model that connects customers with wealth managers through its own digital channel. He said he plans to provide professional and quality services to customers using its digital wealth management channel, in

Jan. 17, 2022

Retail subscriptions open for LG Energy Solution IPO

LG Energy Solution is offering retail investors the opportunity to submit bids for its shares ahead of what could potentially be South Korea’s biggest-ever initial public offering next week, having already attracted vastly oversubscribed institutional bids to the tune of some 15,000 trillion won ($12.6 trillion). The world’s second-largest battery maker for electric vehicles is offering a little over 10 million shares -- nearly a quarter of the 42.5 million shares in total -- to ret

Jan. 17, 2022

Finance chief calls for stern actions against property-related tax evasion

Finance Minister Hong Nam-ki called Monday for stern actions against tax evasion related to real estate deals as he renewed the government's commitment to stabilizing the housing market this year. Hong made the remarks during his meeting with the chiefs of the country's four major agencies under the finance ministry -- the National Tax Service (NTS), the Korea Customs Service, the Public Procurement Service, and Statistics Korea. "As this year is an important turning point in stabilizing

Jan. 17, 2022

Korea’s kimchi exports soar to all-time high

South Korea’s exports of kimchi recorded an all-time high last year, reaching a trade surplus for the first time in 12 years, data showed Monday. Kimchi is a traditional Korean side dish made of spicy sauce and fermented cabbage. According to the Korea Customs Service, exports of kimchi surged by 10.7 percent on-year to $159.9 million last year. The figure surpassed the record-high exports of $144.5 million in 2020. More than half of last year’s exports went to Japan, followed by

Jan. 17, 2022

HDC chairman resigns over series of Gwangju accidents

Hyundai Development Company Chairman Chung Mong-gyu stepped down Monday, apologizing for two fatal accidents at the builder‘s construction sites in Gwangju.  “I apologize deeply to the family members of the victims in the accident in Gwangju and to the public,” he said during a press conference at its headquarters in Yongsan, Seoul.  “I promise to give all effort and support to amend the situation at the accident site and regain public trust.” The HDC c

Jan. 17, 2022

Louis Vuitton to shut downtown duty-free shops in Korea

French luxury brand Louis Vuitton is closing shops at all downtown duty-free stores in South Korea by March 2023. Having stopped running its store at Lotte Duty Free Jeju in December, Louis Vuitton will close three more -- at the Shilla Duty Free in Jeju, Lotte Duty Free in Busan and Lotte World Tower in Jamsil, Seoul -- in March, according to UK travel retail media outlet Moodie Davitt Report. Louis Vuitton also plans to pull out from the three remaining downtown duty-free stores -- Lotte Du

Jan. 17, 2022

Lotte Hotel to launch boutique hotel in Chicago next year

Lotte Hotel, the hotel chain owned by Korea’s retail giant Lotte Group, said Monday that it will open a new hotel in Chicago next year, the first overseas launch under its lifestyle boutique hotel brand L7. Lotte said it completed an acquisition of Kimpton Hotel Monaco Chicago for 42.8 billion won ($35.9 million) on Friday (US time) in a joint investment with the state-run Korea Overseas Infrastructure Development Corp. The 13-story hotel with 191 rooms is expected to be refurbished int

Jan. 17, 2022

TSMC prepares $44b investment to shake off Samsung in foundry race

The goal of Samsung Electronics becoming the No. 1 foundry player by 2030 is facing a major hurdle as its rival TSMC prepares a whopping $44 billion investment in 2022 to consolidate its lead, according to industry sources Monday. “Last year, Samsung Electronics spent roughly 40 trillion won ($33.5 billion) in memory, foundry and infrastructure investments. This year, TSMC plans to spend more than 50 trillion won solely for the foundry business,” said Lee Seung-woo, an analyst at

Jan. 17, 2022

LG Uplus names ex-AT&T data expert as new data chief

South Korean telecommunication company LG Uplus has named Gabe Hwang, former executive at AT&T and WarnerMedia, as its inaugural chief data officer in its push for an innovation to enhance consumer experience and boost productivity, the company said Monday. Hwang will lead data-related businesses of LG Uplus from delivering data capabilities for client to the company’s artificial intelligence integration and digital transformation. Hwang’s addition will allow LG Uplus to

Jan. 17, 2022

Mask fraud alert: Dating apps crack down on heavily masked profiles amid complaints

Wearing a mask has become commonplace during this pandemic. Though the act is often encouraged to stop the spread of COVID-19, there is one place where it is definitely frowned upon – dating apps. Users say profiles with only masked up photos can be misleading. Amid growing complaints, some dating app operators are cracking down on those considered a “magikkun” -- a portmanteau from the English word “mask” and the Korean word “sagikkun” which means a fr

Jan. 17, 2022

3 firms fined W233m for price fixing over steel plate transportation

South Korea's antitrust regulator said Monday it has decided to impose a combined 233 million won ($195,800) in fines on three companies for colluding to fix bidding prices over the transport of steel plates. Dongbang and two other firms colluded to fix their quotations between 2016 and 2018 for bids on thick plates by the country's largest steelmaker POSCO, according to the Fair Trade Commission (FTC). Prior to the bidding, the companies colluded to divide the sections over which they will tr

Jan. 17, 2022

Banks expected to pause in toughening household loan controls in Q1: survey

Banks in South Korea are expected to take a wait-and-see attitude in their lending policy during the first quarter after significantly toughening loan controls for months in line with the government's push to rein in household debt. According to the poll of 17 banks and other financial institutions by the Bank of Korea, the index measuring the banks' attitude toward home-backed and unsecured loans came to zero and minus six, respectively, for the January-March period. The figures were higher t

Jan. 17, 2022

Seoul stocks open lower on auto, financial losses

South Korean stocks opened lower Monday, weighed by losses of auto and financial heavyweights. The benchmark Korea Composite Stock Price Index (KOSPI) declined 13.39 points, or 0.46 percent, to 2,908.53 points in the first 15 minutes of trading. The key stock index got off to a weak start, following a two-day losing streak amid concerns about the rising inflationary pressure at home and in the United States. In Seoul, leading carmaker Hyundai Motor lost 1.67 percent, with its smaller affili

Jan. 17, 2022

[Market Eye] Korean tech giants fall prey to patent trolling

Though the pandemic has driven record-breaking profits for tech firms as demand for at-home leisure and communication hardware rises, it has also stoked a growing threat coming from patent trolls. Companies specializing in exploiting patent rights have been buying up intellectual property from firms struggling amid the pandemic and using it as ammunition against Korean firms. The approach is often seen as a “file-and-settle” strategy, as their targets would often prefer to avoid f

Jan. 16, 2022

LG's large-capacity washers beat Whirlpool's in Consumer Reports ratings

LG Electronics’ large capacity washing machines topped in a rating by Consumer Reports released a week prior, beating US rival Whirlpool‘s products in performance of washing more clothes at once, according to the industry Sunday. LG’s front-load washer WM9000HWA, one of the models under its LG Tromm brand, was ranked the highest in Consumer Reports‘ best large-capacity front-loaders rating for 2022. The model features a 147.2-liter capacity and LG’s own TurboWash

Jan. 16, 2022

[Newsmaker] HDC chief likely to make public address over Gwangju accident

Amid pressure building over a series of safety accidents at Hyundai Development Co.’s large-scale construction sites in Gwangju, the builder’s chief is likely to make a public address this week, according to insiders Sunday. A week has passed since an accident at HDC’s 39-story apartment building site in Hwajung-dong in Gwangju, with five people still missing. But HDC Chairman Chung Mong-gyu has remained silent.  The Gwangju accident is the second case involving HDC. In

Jan. 16, 2022

LG Energy Solution IPO may be behind stock market retreat

The benchmark Kospi and junior Kosdaq have retreated for the past month as investors offloaded a combined 9.4 trillion won ($7.8 billion) in shares in what many see as stepping up preparations for a battery maker listing, which is expected to set a record later this month. LG Energy Solution, the world’s second-largest battery maker after China’s CATL, is expected to raise 12.7 trillion won in its initial public offering set for Jan. 27, with shares priced 300,000 won each, at the t

Jan. 16, 2022

Government to deploy 10,000 couriers amid CJ strike

Amid the prolonged strike of unionized delivery workers of CJ Logistics, the logistics unit of Korea’s conglomerate CJ Group, government is planning to deploy additional workers to prepare for a delivery surge in the upcoming New Year’s holiday. According to the Ministry of Land, Infrastructure and Transport, starting Monday, it will deploy around 10,000 delivery workers to the field from Jan. 17 to Feb. 12. Following the scheme, the ministry aims to offset the delivery shortage sp

Jan. 16, 2022

[Test Drive] Genesis G90, how different from S-Class

When it comes to luxury sedans, Mercedes Benz’s S-Class easily comes to mind. It’s obviously difficult to go beyond the German carmaker's brand reputation and technology built over decades, but the 6-year-old Korean luxury car brand Genesis is seeking to lure customers in the high-end luxury segment with its flagship full-size sedan G90 that offers a brand new experience different from S-Class.  Rather than presenting state-of-the-art auto technology to easily edge out its Germ

Jan. 16, 2022