No. of South Korean rich surges twofold in decade

The number of rich people in South Korea has more than doubled in the past 10 years, a report showed Wednesday. According to the Korea Wealth Report 2020 released by KB Financial Group Research Institute, the number of people with financial assets worth more than 1 billion won ($884,000) reached 350,000 last year, up 9.6 percent on-year. The report defines a rich as a person holding financial assets worth more than 1 billion won. The number of Korean rich has been growing for nine years, wit

Oct. 28, 2020

New Citibank Korea CEO stresses risk management

Yoo Myung-soon, the new CEO of Citibank Korea -- the local branch of New York-based Citigroup -- urged the bank’s leaders as well as employees to ramp up efforts to counter potential managing risks for consumer protection in her inaugural speech Wednesday, officials said.  “New risk factors evolve as our operating environment changes. Risk management and internal controls are a key responsibility for all of us,” Yoo said.  Also, she vowed to enhance the lender&rsq

Oct. 28, 2020

Local fintech startup unveils Korea’s first commercial system to rule out naked short selling

A local startup on Wednesday unveiled the nation‘s first commercial securities lending system targeting institutional investors at home and abroad to help them prevent errors that can lead to naked short selling activities against the law, often unintended. TruWeb, new securities lending platform developed by financial technology startup Tru Technologies, allows an institutional investor -- investment banks or brokerage firms -- to take advantage of automated process when making arrangeme

Oct. 28, 2020

Funeral held for Samsung Chairman Lee

A send-off ceremony for the late Samsung Group Chairman Lee Kun-hee was held Wednesday, attended by bereaved family, friends and some Korean business tycoons as they bid a final farewell to the chairman who turned Samsung into Korea’s first world-class business empire. Lee died Sunday at age 78, more than six years after being hospitalized for a heart attack. The ceremony for Lee was held privately at a funeral hall at Samsung Medical Center in southern Seoul around 7:30 a.m. for about

Oct. 28, 2020

Posco chief proposes joint response to changes in post-COVID-19 era

Posco CEO Choi Jeong-woo has suggested the global steel industry jointly respond to structural changes accelerated by coronavirus and find sustainable growth measures at a recent steel conference, the firm said Wednesday. On Tuesday, Choi gave a keynote speech on the theme of Post-COVID-19 megatrends at the Steel Success Strategies conference hosted online by World Steel Dynamics. WSD is a US-based steel research firm that conducts and announces competitiveness evaluations for major global s

Oct. 28, 2020

Consumer sentiment sees highest rise in some 12 years in October

South Korea’s consumer sentiment improved significantly in October driven by rising optimism over the economic outlook and relaxed social distancing rules, central bank data showed Wednesday. The composite consumer sentiment index gained 12.2 points to 91.6 on-month, marking the greatest single month increase the gauge has seen in some 12 years, the Bank of Korea said. The index gained 20.2 points on-month to 93 in April 2009, when the country was reeling from the 2008 financial crisis.

Oct. 28, 2020

Hyundai Electric to tap deeper into renewable energy market

Hyundai Electric & Energy Systems Co. said Wednesday it will make inroads into the renewable energy market in cooperation with Pacifico Energy Korea, a South Korean unit of US Pacifico Energy. Under the preliminary deal with renewable energy developer Pacifico Energy Korea, Hyundai Electric, a unit of global giant shipbuilding group Hyundai Heavy Industries Group, will design and build an industrial energy storage system (ESS) and large-scale renewable power plants, the company said in an

Oct. 28, 2020

Audi-VW Korea chief named head of foreign carmaker association

Audi Volkswagen Korea Group Managing Director Rene Koneberg has been named the head of South Korea's imported vehicle association, the association said Wednesday. Koneberg has been serving as vice chairman of the Korea Automobile Importers and Distributors Association (KAIDA) since 2018. His appointment comes months after KAIDA suspended Fiat Chrysler Automobiles NV (FCA) Korea President Pablo Rosso from his KAIDA chairman position over alleged sexual misconduct in July. Koneberg began his

Oct. 28, 2020

Hyundai, Kia likely to deliver robust Q4 profit on new models, improved product mix

Hyundai Motor Co. and its affiliate Kia Motors Corp. are expected to report a combined operating profit of about 3 trillion won ($2.7 billion) in the fourth quarter on new models and improved product mix, after delivering poor business results in the past quarter, analysts said Wednesday. Hyundai and Kia look set to post more than 1.8 trillion won and over 1 trillion won, respectively, in operating profit for the October-December period after hefty provisions for the recall of a faulty engine a

Oct. 28, 2020

S. Korea's daily FX turnover falls in Q3 amid won's gain

The daily foreign exchange (FX) trading by banks in South Korea declined 4.7 percent in the third quarter from three months earlier amid the local currency's gain against the US dollar, central bank data showed Wednesday. The daily FX turnover came to an average $49.56 billion in the July-September period, down $2.46 billion from the second quarter, according to the data by the Bank of Korea (BOK). The drop came as an inflow of foreign investors' stock funds slowed amid the won's gain and FX d

Oct. 28, 2020

Childbirths in S. Korea slip 7.8% in August

SEJONG -- The number of babies born in South Korea slipped 7.8 percent in August from a year earlier, data showed Wednesday, in the latest sign underscoring the low birthrate that has plagued the nation for more than a decade. The data compiled by Statistics Korea showed that 22,472 babies were born in August, compared with 24,371 tallied in the same month of 2019. It marks the lowest number of newborns for any July since the statistics agency started compiling monthly data on newborns in 1981.

Oct. 28, 2020

Banks' lending rates rebound in 4 months in Sept.

South Korean banks' lending rates rebounded for the first time in four months in September amid rising market rates, central bank data showed Wednesday. The average interest rate charged on new bank loans came to 2.66 percent in September, up from 2.63 percent the previous month, according to preliminary data from the Bank of Korea (BOK). The tally marked the first rebound after banks' lending rates declined for the third straight month since June due to the impact of the central bank's policy

Oct. 28, 2020

GS E&C’s apartment brand Xi soars to top in popularity

Major South Korean builder GS Engineering & Construction’s Xi has become the most preferred apartment brand among potential homebuyers prioritized by the government’s housing scheme this year, as of late September. GS E&C, which analyzed data from the Korea Appraisal Board, said Xi was the choice for over 350,000 out of 2.9 million “first-served” potential homebuyers who hold a housing subscription savings account and meet the requirements for a priority treatmen

Oct. 28, 2020

Synergy Hill+Knowlton Strategies Korea bags multiple PR awards

Synergy Hill+Knowlton Strategies Korea has bagged three awards this year: the SABRE Awards, PR Awards Asia and the Asia Pacific Stevie Awards. Delivered by the Holmes Report, which publishes an annual international public relations report, the SABRE Awards are among the largest such awards programs. The firm won for North Asia PR Consultancies of the Year, both this year and last year. At PR Awards Asia, Synergy Hill+Knowlton Strategies Korea was named the Japan/Korea PR Consultancy of the yea

Oct. 28, 2020

FTA partners help S. Korea continue trade surplus amid virus

South Korea's free trade agreement (FTA) partners have played a key role in helping the country maintain its trade surplus and volume this year amid the coronavirus pandemic, government data showed Wednesday. Asia's fourth-largest economy registered a trade surplus of $40.4 billion with its FTA partners in the January-September period, according to the data from the Korea Customs Service. In contrast, South Korea posted a $12.8 billion trade deficit with non-FTA partners, resulting in an overa

Oct. 28, 2020

Exports of cleaning appliances soar amid virus outbreak

South Korea's exports of air purifiers and other home cleaning appliances spiked in the first nine months of the year amid the coronavirus pandemic, data showed Wednesday. Outbound shipments of air purifiers shot up nearly 60 percent on-year to $157 million in the January-September period, according to the data from the Korea Customs Service. Exports of dishwashers surged 22.5 percent to $169 million over the cited period, and those of clothes dryers rocketed 72 percent to $556 million. Export

Oct. 28, 2020

S. Korea, Russia to build stronger ties in hydrogen sector

South Korea and Russia vowed Wednesday to bolster their ties in the hydrogen industry as both countries seek to utilize more environment-friendly resources and break away from traditional fossil fuels. The consensus was reached in a videoconference between Deputy South Korean Trade Minister Park Ki-young and his Russian counterpart, Aleksandr Morozov, according to the Ministry of Trade, Industry and Energy. "There is great potential for cooperation between South Korea and Russia, which ca

Oct. 28, 2020

S-Oil Q3 net down 41.3% on decreased cracking margins

S-Oil Corp., a major oil refiner in South Korea, said Wednesday its third-quarter net profit plunged 41.3 percent from a year earlier due to decreased cracking margins. S-Oil posted a net profit of 30.2 billion won ($26.7 million) in the July-September period, compared with a net profit of 51.5 billion won a year earlier, the company said in a regulatory filing. The company said decreased cracking margins caused by weak demand amid the coronavirus pandemic are to blame for the sharp decline i

Oct. 28, 2020

Kia workers to vote on potential strike for higher wages

Kia Motors Corp.'s union said Wednesday its unionized workers plan to vote on a potential strike next week to demand higher wages and performance-based bonuses. Kia Motors and its union have held nine rounds of meetings in this year's wage talks but haven't narrowed the gap running deep between them over wages and bonuses. The carmaker's 30,000-strong union will have the right to go on strike if more than 50 percent of the union members support a walkout in the vote due Nov. 3. The union dem

Oct. 28, 2020

S. Korea aims to double number of research spin-off firms to 2,000 by 2025

South Korea said Wednesday it targets doubling the country's current number of companies to be spun off from research institutes to 2,000 by 2025 and creating over 6,000 new positions as part of its efforts to create more jobs. Under the new plan, South Korea seeks to foster the sector in line with its New Deal program designed to create 1.9 million jobs by spending 160 trillion won ($141.6 billion) by 2025. In 2005, South Korea introduced a policy to create such firms with an equity investme

Oct. 28, 2020