Insurers' lending grows 8% in Q2

Loans extended by insurance companies in South Korea rose 8 percent on-year in the second quarter, led by gains in home-backed lending and corporate loans, the financial watchdog said Tuesday. Insurers' outstanding loans totaled 260.3 trillion won ($225 billion) as of end-June, compared with 240.9 trillion won the previous year, according to the Financial Supervisory Service (FSS). Their loans to households rose 6.5 trillion won on-year to 126.6 trillion won as of end-June as the extension of

Sept. 7, 2021

Malaysia’s largest Halal show to kick off on Sept. 9

Malaysia will present halal products to the global audience at the upcoming Malaysia International Halal Showcase, or MIHAS, set to kick off Thursday. “We truly believe that small and medium sized Malaysian brands have the potential to become Halal champions. Through MIHAS we hope to facilitate the sourcing and selling of quality halal consumables, products and services globally,” said Dr. Halim Mohammad, the chairman of Malaysia External Trade Development Corp. during an online me

Sept. 6, 2021

Both sides claim victory as Kyobo Life-shareholder arbitration ends

Kyobo Life Insurance and its minority shareholders both argued Monday that they had won an arbitration at the International Chamber of Commerce over a drawn out dispute surrounding shares Kyobo Life Chairman Shin Chang-jae has to buy back from investors. The binding resolution indicated that the strike price for the put option -- forcing Shin to buy back the minority shareholders’ combined 24 percent stake in Kyobo Life at 409,000 won ($353.4) apiece -- is invalid, but the contract still

Sept. 6, 2021

[News Focus] What’s stopping Hyundai, Kia from selling used cars?

BMW sells used BMW cars. Tesla is set to offer secondhand Tesla cars directly to local consumers soon. But Hyundai and Kia, the two local brands that together carry out nearly 80 percent of new car sales here, aren’t in the used car industry yet. Legally, nothing stops them from selling used cars. In 2019 the country lifted a 2013 ban intended to protect microenterprises. But due to the continued protests of small used car players, the discussion has not made any progress. Late la

Sept. 6, 2021

Questions raised over duopoly of Naver and Kakao in platform industry

Last week, South Korea passed a bill aimed at preventing Google and Apple from abusing their app market duopoly, a move that garnered the media spotlight around the world. The so-called “anti-Google bill” revises the Telecommunications Business Act to stop the US-based Google from forcing local app developers to use its own payment system for in-app purchases. Industry watchers said Korean tech heavyweights in dominant market positions are also likely to face similar regulatory

Sept. 6, 2021

Hyundai Capital chief to resign from CEO post after 18 years

Hyundai Capital Services Vice Chairman Chung Tae-young is poised to offer his resignation from the company’s top post later this month, the company said Monday. Chung will step down as chief executive officer and executive board member of the auto financing firm on Aug. 30, 18 years after he was promoted to the position in 2003. The brother-in-law of Hyundai Motor Group Chairman Chung Euisun was set to serve a three-year term as Hyundai Capital chief ending in 2024. Vice Chairman Chun

Sept. 6, 2021

Hyundai Heavy’s IPO price set at top end

Major South Korean shipbuilder Hyundai Heavy Industries shares were priced at 60,000 won ($51.90) apiece, the top of its indicative range for its initial public offering amid strong demand, the firm said in a regulatory filing Monday. The shipbuilder wrapped up its two-day book building Friday. While institutional investors placed bids to obtain the firm’s new shares from its initial public offering, a total of 1,633 domestic and foreign institutions participated. The competition marked

Sept. 6, 2021

Budget for COVID-19 research cut by 32 percent next year: lawmaker

The South Korean government is looking for a significant budget cut for COVID-19 vaccine and treatment development programs next year, a lawmaker said Monday. According to the budget proposal that main opposition People Power Party Rep. Jeon Bong-min acquired from the Ministry of Health and Welfare, the government plans to spend 89.3 billion won ($76 million) on support of COVID-19 vaccine and treatment development in 2022, down 32 percent compared to this year. Rep. Jeon said the support to c

Sept. 6, 2021

JW Pharmaceutical obtains patent for homegrown gout treatment in Europe

South Korean drug company JW Pharmaceutical said Monday that a patent regarding its gout treatment URC102 has been granted by the European Patent Office.　 URC102 is a potential inhibitor of human uric acid transporter 1, which JW Pharmaceutical is developing as a potential treatment for patients with gout. It completed the phase 2b clinical trial in March, which involved 171 patients with gout here. According to the firm, the patent includes manufacturing measures for URC102 and a key intermed

Sept. 6, 2021

Samsung still mulling over foundry plant in US

After months of contemplation over the location for a new foundry plant in the United States, Samsung Electronics appears to have one or two final candidates in mind, raising expectations about an imminent decision. According to news reports and industry sources on Monday, Samsung will soon make its decision on the location of a $17 billion chip plant in the US. Along with Austin, the state capital of Texas, Taylor in Williamson County, Texas, has recently risen as a possible candidate accor

Sept. 6, 2021

Hanwha General Chemicals renamed Hanwha Impact

Hanwha General Chemicals, the chemical affiliate of Hanwha Group, announced a new company name, “Hanwha Impact,” as it seeks to shift its identity to focus on future-oriented, green business fields. The new name reflects its new vision to “create a positive impact on humanity and the earth through technological innovations,” explained the company. To execute the vision, Hanwha Impact will increase what it called “impact investing,” investing in companies

Sept. 6, 2021

[NK DEFECTOR'S EYE] South Korea’s financial market, crypto assets and metaverse through the eyes of NK defectors

This is the first installment in a series of articles on North Korean defectors in transition, and the challenges and opportunities they encounter in the face of South Korea’s financial market and its rapid digitalization. -- Ed.  Kim Ui-jin, a North Korean defector, had never been to a bank or engaged in any kind of financial investment before he crossed the border in 2006. In the totalitarian socialist country, where personal possession of private assets is forbidden, ownership

Sept. 6, 2021

Seoul stocks inch up after weak US jobs data

South Korean stocks edged up after choppy trading Monday as investors seek to digest weaker-than-expected August jobs data in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.27 points, or 0.07 percent, to close at 3,203.33 points. Trading volume was moderate at about 716 million shares worth some 12.1 trillion won ($10.5 billion), with gainers outnumbering losers 427 to 412. Foreigners bought a net 64 billion won,

Sept. 6, 2021

Korean Air teams up with SK Energy for ‘carbon-neutral’ flight

Korean Air said Monday that it had joined hands with petroleum and refinery company SK Energy to launch carbon-neutral jet fuel in an effort to tackle climate change. Under the partnership, the airline will purchase a month’s worth of carbon-neutral jet fuel for domestic flights departing from Jeju and Cheongju. Carbon-neutral jet fuel can be achieved when enough carbon credits are purchased to offset the total carbon footprint produced through fuel production, transport and consumption

Sept. 6, 2021

Toss Bank to expand loan service to thin filers amid delayed kick off

Toss Bank will expand its loan services to thin filers with little credit history or borrowers with low credits through its advanced credit assessment system while delaying its official launch to next month, officials said Monday. The internet-only lender was expected to start business late this month after receiving the green light from the country’s financial regulator. But due to the bank’s last-minute schedule rearrangements, it will begin its operation starting the first week

Sept. 6, 2021

KakaoBank shares decline for 3 days amid downward pressure

KakaoBank, the country’s mobile-only bank that went public a month ago, saw its shares fall for three consecutive days on Monday due to an expiring lock-in period for millions of its shares. Shares in the banking arm of mobile giant Kakao declined more than 5 percent to 77,300 won ($66.76) in morning trade, while the benchmark Kospi inched up 0.04 percent. Some 3.14 million shares or 8.72 percent of the total shares subscribed by institutional investors became available for trading as

Sept. 6, 2021

Samsung Asset launches dollar-denominated stock index fund

Samsung Asset Management said Monday it has launched a dollar-denominated equity index fund that tracks the United States‘ broad-based S&P 500 constituents. This marked the first dollar-denominated stock index fund in Korea’s asset management industry, which allows dollar holders in South Korea to indirectly invest in popular foreign stocks in the US, the company said. The S&P 500 comprises of 505 constituents as of July, including technology stocks Apple, Microsoft, Amazo

Sept. 6, 2021

Samsung Heavy demonstrates ship collision avoidance system

Samsung Heavy Industries Co. said Monday it has succeeded in demonstrating a ship collision avoidance system. The shipbuilder's remote autonomous navigation system, known as Samsung Autonomous Ship (SAS), helped two autonomous ships travelling their trajectories avoid by detecting each other in seas off the southwestern island of Gageo, Samsung Heavy said. Samsung Heavy said the demonstration on the sea is the first of its kind in the world. A 9,200-ton ship of Mokpo National Maritime Univers

Sept. 6, 2021

S. Korea seeks to launch FTA talks with Egypt

South Korea's trade ministry said Monday it seeks to launch negotiations for a free trade agreement (FTA) with Egypt, which would mark the first of its kind with an African nation. Trade Minister Yeo Han-koo plans to meet his Egyptian counterpart Nevin Gamea virtually later in the day to discuss ways to bolster bilateral economic ties, according to the Ministry of Trade, Industry and Energy. "The potential FTA will help South Korean firms penetrate deeper into the Egyptian market, further

Sept. 6, 2021

S. Korea eyes resumption of new FTA with group of Arab nations

South Korea's trade ministry said Monday it aims to resume talks for a new free trade agreement with the Gulf Cooperation Council (GCC) to forge deeper economic ties with the Middle East after a hiatus of more than 10 years. Trade Minister Yeo Han-koo plans to meet his UAE counterpart Thani Al Zeyoudi virtually later in the day and propose resuming talks for the South Korea-GCC FTA, according to the Ministry of Trade, Industry and Energy. Asia's No. 4 economy and the GCC agreed to launch negot

Sept. 6, 2021