Consultation with foreign regulators emerges as key task for successKorean banks have been in competition to win eased regulations from overseas financial regulators as they tap emerging markets.Their main targets include East, Southeast and South Asian countries.“We are developing financial products which will come under deregulation from regulatory authorities in China, Vietnam and Brazil,” a senior executive at Korea Exchange Bank said.He said KEB is mapping out strategies to regain competiti

March 19, 2012

Mitsubishi Motors Corp. resumed its vehicle sales in Korea by unveiling two models.The Japanese carmaker reentered the local market on Friday after a hiatus of about a year by signing an exclusive dealership contract with CXC Motors.CXC Motors was established by Hanjin Group founder’s grandson Henry Cho in 2011.Mitsubishi and CXC unveiled compact crossover RVR and pick-up truck L200 during the unveiling event at the KINTEX in Ilsan, Gyeonggi Province.CXC Motors is poised to open large showrooms

Mobility March 16, 2012

Hyundai Motor saw its U.S. sales of Veloster, a three-door sports car, jump last month on the back of the company’s Super Bowl advertisement.The company’s sales of the Veloster came to 3,240 units in the United States in February, up 91.4 percent from a year earlier.The Hyundai vehicle is vying for the top place in the sport compact segment with BMW’s Mini Cooper and the Fiat 500, which posted sales of 3,686 units and 3,227 units, respectively.The Veloster made a sensation in October last year,

Mobility March 13, 2012

Kookmin Bank has introduced a direct payment service with only smartphone numbers for the first time in the local banking industry.Customers of the commercial bank are allowed to pay for goods with their smartphones immediately through the app “UbPay.”By registering their bank accounts on the UbPay app, customers can enjoy the direct payment service ― not a monthly-based payment ― only with their phone numbers.Over the past few years, Kookmin Bank has led in comprehensive personal banking servic

March 13, 2012

Woori Financial Group seems to be in a dilemma over whether to introduce the “matrix” system, which connects units such as banks and brokerages.The nation’s largest financial group, which launched a study on the fresh business concept in the second half of 2011, has already completed working-level reviews.But the group has not fixed the details or timing due to strong opposition from its flagship unit Woori Bank.“There is stern criticism from the union of the bank unit toward the introduction of

March 12, 2012

Samsung targets Asian markets; KB seeks growth at homeSamsung Life and KB Financial Group may seek to form a strategic alliance if ING Group’s Asia-Pacific unit goes up for sale, market observers said.Analysts have said the two financial companies are not competitors as Samsung and KB target different units ― overseas and local, respectively.ING Group’s project to sell its Asia-Pacific operations coincides with Samsung Life Insurance’s strategies for global expansion.Under the reported instructi

March 11, 2012

The small cars premiering at the Geneva Motor Show last week were not the boxy fuel-savers of yesteryear.European automakers have downsized SUVs and put all the luxury they can into premium subcompacts as they seek to dazzle consumers back into confidence after years of crisis.European manufacturers are facing one of their toughest seasons yet. Unemployment and austerity measures have made consumers in Europe skittish, factories are idle, and yet there is little automakers can do to close plants

Mobility March 11, 2012

Mercedes-Benz unveiled a radical redesign of its A-Class vehicles on Tuesday, the first in a series of facelifts for the German luxury automaker’s fleet. The sleek, sporty look of the new A-Class contrasts sharply with its dowdy predecessor, favored by the over-50s since it was launched more than a decade ago. “We’re looking for younger and more female customers,” said Dr Dieter Zetsche, the chief executive officer of Mercedes’ parent company Daimler. The customer reaction so far had been positi

Mobility March 11, 2012