Hyundai Card on Monday released a new brand portfolio of credit cards that are designed to provide customers with maximized simplicity and practical benefits.“We hereby conclude our successful decade of our Hyundai Card M, and begin the innovative Hyundai Card Chapter Two strategy,” Hyundai Card chief executive Ted Chung told a news conference at the financial firm’s headquarters in Seoul. Dubbed the nation’s best-selling credit card brand, the old M series has amassed about 8 million holders si

June 24, 2013

The rise of time-rich and cash-poor travelers has opened a golden business opportunity for Asia’s budget carriers. Scoot has seized it by focusing on leisure-oriented and medium-distance flights. “There has been a really fast, large growth in the number of people who are now used to comfortable, low-cost travel,” Scoot Airlines chief executive Campbell Wilson told The Korea Herald during his recent 24-hour visit to Seoul. Scoot Airlines, a wholly owned subsidiary of Singapore Airlines Group, lau

Industry June 23, 2013

Daniel Fertig, 35, has been named a partner at Samil PricewaterhouseCoopers, the largest accounting service firm in Korea and part of the PwC global network. His work as partner begins on July 1.The British chartered accountant is the first foreigner to be admitted as partner of any of the big four accounting firms in Korea, the company said. Fertig transferred to Korea from PwC’s London office in 2006.His main role involves working with large Korean companies seeking to start or expand global o

June 23, 2013

“Reshaping the insurance industry” was the main topic for this year’s International Insurance Society seminar held last week. The sector is trying desperately to steer clear from the three major deadlocks it’s facing: a sagging global economy, an aging society and natural disasters. “We did our best to pin down globally shared and applicable issues,” Moon Jae-woo, the co-head of organizing committee of the five-day international forum, told The Korea Herald. The reward for such efforts came in p

June 21, 2013

Egypt seeks Korean aid in the form of loans to help fund infrastructure projects, a senior Egyptian government official said. “Financing (the Egyptian) government’s economic development projects calls for many concessional loans,” Mona Sayed Ahmed Ibrahim, the undersecretary of state for East Asian countries of the Egyptian International Cooperation Ministry, told The Korea Herald during an economic development workshop in Seoul. A total of 17 high-profile government officials from 15 emerging c

June 20, 2013

Following is the first in a series of articles on visits to promising foreign-invested companies in Korea, arranged by state-run foreign investment promotion agency Invest KOREA and participated by IK Supporters, an IK-sponsored team of international students who are interested in Korea’s foreign trade with multinational companies. – Ed. Korean consumers know well the names of local tire makers ― Hankook, Kumho and Nexen. But few know they cannot make tires without the help of Rhodia, the world

Business June 17, 2013

For years, companies have turned to celebrities to brighten up their brands. Now, banks are stepping up the trend, choosing their stars as wise investments.Banks are seeking out the sports and TV celebrities with particularly inspiring personal histories, such as figure skater Kim Yu-na, rhythmic gymnast Son Yeon-jae and presenter Song Hae. “Trust and stability are the two things that a financial company wants to show, but rushing contracts with fancy stars without future potential can be a risk

June 12, 2013

KT&G has launched the world’s first ultra-slim, capsule-type cigarette, the country’s largest tobacco maker said Monday. Dubbed “Esse Change,” the product is the follow-up to the company’s best-selling ultra-slim cigarette “Esse,” which has been popular among young smokers in particular, KT&G said. One Esse Change comes with two different flavors, the company said. Its initial mild taste turns apple mint-fresh as the smoker pops the “capsule” inserted within the cigarette. “Esse Change is distin

Industry June 10, 2013

Nonghyup Financial Group said Thursday that the group has named former senior government official Lim Jong-ryong as its chairman.Lim’s chairmanship will go through final verification the following day at the board of directors’ meeting, the group said. Lim, 54, served as the vice minister of the Ministry of Strategy and Finance in April 2010, before leading the Prime Minister’s Office from September 2011. Despite concerns about the group’s general exclusiveness for outsiders, NongHyup Financial

June 6, 2013