Korean banks boost cybersecurity to back digitalization

South Korean banks are adopting unprecedented measures to boost cybersecurity in a bid to better compete with local fintech firms. Woori Bank said Monday it became the first lender here to adopt the security orchestration, automation and response technology, or SOAR. SOAR is an advanced set of technologies that enables organizations to automatically collect and file security data. The latest technology would help upgrade its cybersecurity platform from the previous monitoring-focused system

July 5, 2021

Shinhan Card to launch ‘BTS card’

Shinhan Card said Monday it plans to launch private label credit card featuring South Korean boyband BTS and other celebrities later this year, exclusively for K-pop fans. In partnership with Weverse Company, a fan community platform created by Hybe, the entertainment agency behind BTS, Shinhan will launch PLCCs that offer benefits and rewards to cardholders who buy albums or concert goods via Weverse Shop. A PLCC is a credit card branded jointly by two business entities that are intended to

July 5, 2021

[Newsmaker] Cyworld comes alive again

Cyworld, the dominant social networking site here before the era of Facebook throughout the 2000s, was set to reopen Monday evening, with many in their 30s and 40s ripe with anticipation to revisit their past. Cyworld Z, the company that bought Cyworld in January this year, said it has recovered some 17 billion photos and over 100 million videos stored in the old servers. With nearly 32 million members at one point, Cyworld was the uncontested champion of social media here, as the country&rsqu

July 5, 2021

Hyundai to sell Staria minivan in Thailand this week

Hyundai Motor Co. said Monday it will begin the sale of the Staria minivan in Thailand this week as it strives to increase its presence in Southeast Asian markets. Hyundai also plans to begin introducing the Staria minivan in Vietnam, Malaysia and Indonesia in the third quarter, a company spokesman said. Last year, Hyundai sold about 4,000 vehicles in Thailand and most of the vehicles were the Starex minivan. The Starex minivan is no longer in production. The maker of the Sonata sedan and t

July 5, 2021

S. Korea to bolster safety of workers at seaports

South Korea's oceans ministry said Monday it will revamp safety measures at local seaports in line with efforts to improve the working environment and prevent accidents. The move came as the number of accidents at local ports has been rising recently in sync with economic growth and rising trade volumes, according to the Ministry of Oceans and Fisheries. Over the past decade, around 2,800 workers were involved in accidents at local seaports, with the number of fatalities reaching 53 over the p

July 5, 2021

Samsung Heavy wins W654.5b order for 3 LNG carriers

Samsung Heavy Industries Co. said Monday it has signed a 654.5 billion-won ($579 million) deal to build three LNG carriers. Under the deal with an unnamed Oceanian company, the 180,000-cubic meter LNG carriers will be delivered by February 2024, Samsung Heavy Industries said. With the latest order, Samsung Heavy Industries has bagged orders for a total of 51 ships valued at $6.5 billion so far this year, achieving 71 percent of its annual order target of $9.1 billion, the company said. The

July 5, 2021

Kia likely to log better-than-expected Q2 earnings: brokerages

Kia Corp. is expected to post better-than-expected earnings for the second quarter on brisk sales at home and abroad, local brokerages said Monday. Kiwoom Securities Co. forecast the operating income of South Korea's No. 2 automaker to stand at 1.58 trillion won ($1.4 billion) for the April-June period, upgrading the carmaker's target stock price to 140,000 won from 120,000 won. "Kia is likely to register marked growth in sales in the domestic and North American markets, where its average

July 5, 2021

Auto parts maker Mando gets 'A' ESG rating from MSCI

South Korean auto parts maker Mando Corp. said Monday it has received an "A" environmental, social and governance (ESG) rating form global index provider Morgan Stanley Capital International (MSCI) for its environmentally friendly growth value. Mando said the company is the first among South Korean auto and auto parts manufacturers to have been awarded such an ESG rating by MSCI. MSCI grants an A ESG rating to companies with a mixed or unexceptional track record of managing the most

July 5, 2021

Imported auto sales fall 4.2% in June amid pandemic

Sales of imported vehicles in South Korea fell 4.2 percent in June from a year earlier amid the extended COVID-19 pandemic, an industry association said Monday. The number of newly registered foreign vehicles fell to 26,191 units last month from 27,350 a year ago as the prolonged pandemic weighs on consumer demand, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were Volkswagen's T-Roc 2.0 TDI SUV, Mercedes-Benz

July 5, 2021

S. Korea set to unveil support plan for battery sector this week

South Korea's industry ministry said Monday it plans to soon unveil a detailed blueprint to nurture the rechargeable battery sector, with the goal of the country taking the lead in the segment. "We plan to spare no efforts to develop technologies for rechargeable batteries and foster businesses in the field of materials, parts and equipment," Industry Minister Moon Sung-wook said during his visit to a production line of Samsung SDI Co. in the southeastern city of Ulsan. Over the firs

July 5, 2021

Seoul stocks open higher on tech, bio gains

South Korean stocks opened higher Monday, led by gains in tech and bio shares. The benchmark Korea Composite Stock Price Index (KOSPI) added 10.16 points, or 0.31 percent, to trade at 3,291.94 in the first 15 minutes of trading. Stocks got off to a solid start on speculations of improved corporate earnings. Tech large caps Samsung Electronics and LG Electronics are scheduled to report their quarterly earnings guidance this week. Concerns about the recent spread of the new coronavirus and its

July 5, 2021

Samsung, Hanwha Q Cells join hands for home energy solutions

Samsung Electronics Co. said Monday it has signed a partnership with Hanwha Q Cells Co., a local solar power cells and modules producer, to develop home energy solutions. The two sides agreed to work together in establishing "zero energy homes," referring to homes that produce their own power with renewable energy sources to reduce carbon emissions. Their collaboration will be first available in the United States and Europe, where there is high demand for green energy, according to

July 5, 2021

Support measures eyed for $30b overseas construction order target

South Korea said Monday it will provide financial and policy support to local construction firms to help them achieve the $30 billion target of overseas orders this year. The government unveiled a set of comprehensive measures to support local builders as the overseas construction market is expected to rebound this year following slumps caused by the COVID-19 pandemic, according to the finance and land ministries. The global construction market is estimated at $12.4 trillion this year, up 12.2

July 5, 2021

[Best Brand] The enduring power of brand

The COVID-19 pandemic has had great significance for marketers around the world. In the face of the new coronavirus, consumer behavior changed drastically. The non-face-to-face trend shifted market dynamics in a way no one could have foreseen.  Yet in this time of uncertainty, some brands managed to stay strong. This is proof of the sticking power of a brand built on good products and years of honest customer relationships.  Consumer trust and loyalty are hard to come by, but once e

July 5, 2021

S. Korea's FX reserves fall in June as US dollar remains strong

South Korea's foreign reserves declined in June as the US dollar's strength reduced the value of non-dollar assets, central bank data showed Monday. The nation's foreign reserves came to $454.1 billion as of end-June, down $2.35 billion from the previous month, according to the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion. The FX reserves decli

July 5, 2021

How do Korean asset owners brace for inflation?

As global central banks talk of tapering the huge liquidity provisions they made to cope with the fallout from the COVID-19 pandemic, South Korean asset owners are rethinking their current asset allocation strategies. The 14th Institutional Investor Week Korea, a virtual conference hosted by Hong Kong-based publication AsianInvestor from June 21-25, invited discussions of how Korean institutional investors were preparing for the possibility of increased inflation and interest rate hikes. Histo

July 4, 2021

Kakao Pay sets IPO schedule

Kakao Pay set the date for its initial public offering for the first week of August, immediately trailing the much anticipated listings of Krafton and KakaoBank. On Friday, Kakao Pay said it had submitted its IPO application to the country’s stock operator, Korea Exchange. The financial technology arm of mobile giant Kakao said it seeks to raise up to 1.6 trillion won ($1.4 billion) when it goes public Aug. 4-5. Kakao Pay’s listing will immediately follow the mega IPO of game m

July 4, 2021

Volvo Concept Recharge reveals what carmaker is going for with EVs

Volvo recently unveiled a concept car that shows where the automaker is going in its electrification drive. The Volvo Concept Recharge, which the firms described as “a manifesto for the next generation of all-electric Volvos,” introduces a host of improvements in car design, functionality and safety features. They include a much roomier interior made possible by the removal of the internal combustion engine and the adoption of the flat floor. By replacing a battery pack under the

July 4, 2021

Biomedicines, batteries and OLEDs key export drivers

Biomedicines, batteries and OLED panels are rising as key drivers of exports in South Korea, which Seoul officials see as a hopeful sign of the economy becoming more resilient and future-oriented. According to the Ministry of Trade, Infrastructure and Energy on Sunday, the first half of 2021 reinforced a continuing trend of seven product categories, identified by the government as new growth items, making bigger contributions to the country’s total exports. The seven are bio and health

July 4, 2021

Visang Tax, Pharos Consulting to help taxpayers get back overpaid taxes

Visang Tax and Pharos Consulting signed a memorandum of understanding to work together to help taxpayers protect their rights by checking whether they have overpaid taxes, at a ceremony held in Seoul on Thursday. The agreement involves a measure called “claim for reassessment” and the two firms plan to run a one-stop service in which clients from conglomerates, small and medium-sized enterprises and small businesses reassess their tax payment to check whether there are any errors i

July 4, 2021