“Disrupt or you will be disrupted.” 　The race for fintech, the convergence of technology and finance, is heating up globally, as innovative minds from outside the traditional realm of finance rush to develop new services and products that promise to change the way finance works. 　Not to be upended by disruptive newcomers, traditional financial giants are trying to embrace technology through partnerships or investments in fintech start-ups. 　For Korea, this global phenomenon presents some new bus

Dec. 31, 2015

Entering the New Year, the Korean economy finds itself besieged by a complex set of external and internal risks that threaten to continuously hamper its growth.　Government policymakers estimate the country’s gross domestic product will grow by 3.1 percent in real terms this year, marking a modest improvement from last year’s growth, which is estimated to have remained at 2.7 percent.　Announcing the 2016 economic policy directions last month, they pledged to revitalize the economy by boosting dom

Dec. 31, 2015

After a year of prolonged economic downturn and a major drop in exports in 2015, South Korea faces another grim outlook in 2016 as most of its major industries are forecast for sluggish growth.　Though Korea’s overall trade will slightly grow, its net export volume will increase by just 2.1 percent this year, according to the Korea Institute for Industrial Economics & Trade.　The state-run Korea Development Bank expects a general recession of the domestic economy to continue into the new year as t

Dec. 31, 2015

The heads of South Korea’s major business groups called upon the government and businesses to undertake bold structural reforms and continued innovation to remain globally competitive in 2016, while projecting a prolonged economic downturn in the new year.　　“The Korean economy is at a crucial crossroads. Once we fall behind in the global competition, it (would be) difficult to regain our position,” said Huh Chang-soo, chairman of the Federation of Korean Industries, Korea’s big business lobbying

Industry Dec. 31, 2015

Overseas construction orders won by South Korean builders in 2015 fell sharply from the previous year, mainly because demand from the Middle East weakened significantly on low oil prices, government data said Thursday.　　Construction firms sealed around $46.1 billion worth of overseas contracts in 2015, a 30.1 percent drop from some $66 billion clinched the year before, according to the Ministry of Land, Infrastructure and Transport.　“The country’s overseas order volume fell significantly as a dr

Industry Dec. 31, 2015

Ssangyong Motor’s management and labor union reached a landmark agreement Wednesday to incrementally rehire a group of workers dismissed in 2009 and normalize their relations.　The official settlement concludes a six-year-long dispute that began when Ssangyong Motor laid off 2,646 workers, or some 37 percent of its workforce, in April 2009, sparking mass strikes and protests from the dismissed employees.Ssangyong Motor CEO Choi Johng-sik (center), labor union leader Hong Bong-seok (right) and hea

Mobility Dec. 30, 2015

Hanwha Group said Tuesday it has produced and distributed tens of thousands of 2016 braille calendars to the blind as part of its year-end social contribution efforts.　Some 50,000 braille calendars were delivered for free to the Korea Blind Union and some 300 local organizations for the blind, as well as thousands of individuals, according to Hanwha. Hanwha’s 2016 braille calendar (Hanwha Group)　The conglomerate has been making braille calendars for 16 consecutive years since 2000, when Hanwha c

Industry Dec. 29, 2015

 E-Mart said Monday it has opened its first outlet in Vietnam, with aims to expand its presence across the Southeast Asian region in the years to come.　The discount store chain operated by Korea’s retail giant Shinsegae will be competing with Lotte Mart, which has been operating 11 stores in Vietnam since 2011.E-Mart’s new store located in the Go Vap District in Ho Chin Minh City, Vietnam. (E-Mart)　The new E-Mart store -- two stories tall and about 30,000 square meters wide -- is located in the

Industry Dec. 28, 2015

Aeroflot Russian Airlines, one of the largest and oldest airline companies in Europe, takes pride in offering customers top quality services, safety and convenience in the air.As Russia’s flagship carrier, Aeroflot currently operates one of the newest aircraft lineups in the world -- 167 Airbus, Boeing and Sukhoi airliners -- to boost aviation safety and performance punctuality.A member of the SkyTeam global airline alliance since 2006, Aeroflot and its partners serve 1,057 destinations in 179 c

Industry Dec. 28, 2015

YEAR-END CHARITY — SK Group chairman Chey Tae-won and group executives deliver meal boxes to underprivileged children in Icheon, Gyeonggi Province, Friday. (SK Group)

Industry Dec. 27, 2015

Korean refiners -- among the major beneficiaries of a prolonged drop in oil prices this year -- are facing an uncertain profit outlook as the recent price decline is expected to have driven up their inventory-based losses.　The country’s major oil refiners are forecast to see their net operating profits exceed 5 trillion won ($4.4 billion) this year, thanks to high refining margins linked to low crude import prices and heightened global demand for oil products.　At the same time, industry watchers

Industry Dec. 27, 2015

Renault Samsung Motors said it had released the 2016 QM3, facilitated with the Euro 6 engine that has dramatically reduced greenhouse gas emissions.　From its enhanced gas mileage of 17.7 kilometers per liter to advanced programs including the auto stop and start system, the best-selling compact sports utility car has some of the best features in the market.　And the price is still relatively low, starting from 22.3 million won ($19,000) by the end of the year, adjusted for the individual tax disc

Mobility Dec. 27, 2015

Lotus, the British handmade sports car brand, will step up its sales and marketing efforts with a new road car model next year to raise its presence in Korea, one of the world’s most dynamic markets for sports cars. 　“The company plans to debut the Evora 400, which offers not only supercar-level speed but also convenient options for a daily car, in January or February next year in Korea,” Lee Hyuk, president of Lotus Korea, told The Korea Herald. 　The Evora 400, the facelift version of Lotus’ fa

Mobility Dec. 27, 2015

Common Ground, a shopping complex established by South Korea’s Kolon Industries in eastern Seoul, is holding a range of year-end promotional events until Jan. 3 of next year.　　A photography exhibit dubbed “2015 Un Common Scene,” featuring special moments within daily life captured by the public, will take place on Dec. 26 at the mall.　A “time market” featuring items from the past will take place in the main courtyard of the mall while bands will offer performances on the third floor of the stree

Industry Dec. 24, 2015

Yamaha Music Korea has launched the Restio ISX-80, a home audio set compatible with Yamaha’s new MusicCast streaming service system.　The compact 30.2-centimeter square-shaped device supports wireless playback from a smartphone or tablet via Wi-Fi using through a MusicCast controller.　The Restio ISX-80 can be placed on a shelf or wall-mounted according to preference. Available in white, black and purple, the device is priced at 698,000 won ($595).　For more product information, call (02) 3467-3300

Industry Dec. 24, 2015