McKinsey hires former Oliver Wyman Korea head

Consulting firm McKinsey & Company on Wednesday said they have hired Park Joong-ho, former head manager of Oliver Wyman’s Korea office, as a new partner here. Park worked at Oliver Wyman, a consulting firm specialized in financial services companies, for 15 years and led the company for more than three years until December 2020.  At Oliver Wyman, he provided consulting services to financial institutions and governmental organizations in areas such as digital transformation, glo

March 4, 2021

Seoul stocks snap 2-day winning streak on increasing US Treasury yields

South Korean stocks snapped its two-day winning streak Thursday as investor sentiment weakened over concerns of increasing US Treasury yields. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 39.5 points, or 1.28 percent, to close at 3,043.49 points. Trading volume was moderate at about 1.3 billion shares worth some 16.8 trillion won ($14.9 billion), with losers outnumbering gainers 505 to 358. Foreigners sold a net 928 billion won, w

March 4, 2021

Korean Air set to sell Songhyeon-dong plot to Seoul City

Korean Air reached a tentative agreement with the city of Seoul to sell a plot of land in central Seoul, according to industry sources Thursday. The airline is expected to secure about 450 billion won to 550 billion won ($399 million to $488 million) in cash from the deal. Industry officials said Seoul and the flag carrier are close to finalizing contract terms for the property sale located in Songhyeon-dong, in the central district of Jongno, as early as next week. As part of its efforts to

March 4, 2021

Korea partners with UAE for hydrogen economy

South Korea signed an agreement with the United Arab Emirates on Thursday to cooperate on the hydrogen economy, further expanding their partnership currently focused on nuclear energy, oil and gas. During the Korea-UAE Industry and Energy Cooperation Forum held online, South Korean Minister of Trade, Industry and Energy Sung Yun-mo and UAE Minister of Industry and Advanced Technology Al Jaber inked a memorandum of understanding to share hydrogen trade regulations and policies and establish a

March 4, 2021

[Newsmaker] FSS head faces ire over staff picks

Financial Supervisory Service Gov. Yoon Suk-heun, whose three-year term ends in two months, is facing intense backlash from the related labor union, which holds him responsible for the watchdog‘s alleged failure in personnel management.　 Last month, the market watchdog reportedly promoted two officials who had received heavy sanctions due to their involvement in hiring irregularities, immediately prompting fierce criticism from union members. “The FSS’ latest decision to pr

March 4, 2021

Government tightens grip on LH land speculation scandal

A new interagency task force on Thursday launched a high-profile investigation looking into allegations that employees of the state-run Land & Housing Corp. used confidential information to make speculative land purchases in residential development zones. The Moon Jae-in administration’s stern response was seen as a move to minimize the negative impact on its real estate policies and also an attempt to dial down escalating political debates that have dragged in incumbent Land Ministe

March 4, 2021

South Korea’s per capita GNI income falls for second year

South Korea’s per capita gross national income dropped for the second consecutive year in 2020, central bank data showed Thursday, deflating anticipations of further growth after the figure surpassed the $30,000-mark for the first time in 2018. The nation’s GNI per capita as of end-December last year shed 1.1 percent on-year to $31,755, in terms of dollars, according to preliminary data from the Bank of Korea. This marked the first time the figure dropped for two years in a row sin

March 4, 2021

Digital therapeutics developer LifeSemantics eyes March IPO

South Korean digital health platform developer LifeSemantics said Thursday it is looking to raise up to 12.5 billion won ($11.11 million) worth of fresh funds by going public. The firm plans to make a market debut on the nation’s tech-heavy Kosdaq market at the end of this month. Founded in 2012, LifeSemantics has focused its business on health information and technology, and artificial intelligence-powered programs. Its main platform “LifeRecord” provides MyData, digital ther

March 4, 2021

US to review impact of LG-SK battery battle on Biden’s green policies

The US Transportation Department will brief President Joe Biden on how a recent court decision to impose a 10-year import ban on SK Innovation will impact his green transportation goals. During a hearing held Wednesday, freshman Sen. Raphael Warnock, a Democrat from Georgia, asked Polly Trottenberg, nominee for deputy secretary of the transportation department, whether she would provide the president an analysis of the ruling’s expected effect on his green transportation goals.

March 4, 2021

Korea Shipbuilding to work on safety design regulation for hydrogen-fueled ships

The Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has inked a deal with the Korean Register of Shipping (KR), a South Korean ship quality assurance and risk management company, to jointly come up with safety design regulation for hydrogen-fueled ships. The safety design regulation to be created for the first time in the world will be submitted to the International Maritime Organization (IMO) by 2022, Korea Shipbuilding said. Ships are usually required to be built

March 4, 2021

Kyobo Life Insurance 2020 net dips 30% on higher costs

Kyobo Life Insurance, one of South Korea's leading life insurers, said Thursday its earnings plunged nearly 30 percent in 2020 due to increased costs. Net profit came to 382.9 billion won ($340 million) last year, down 29.9 percent from a year earlier, Kyobo Life Insurance said in a filing to the Korea Life Insurance Association. Kyobo Life Insurance said its net income fell due to a temporary rise in costs to prevent insurance planners from leaving the company amid the coronavirus impact and

March 4, 2021

Imported car sales jump 33% in Feb. despite pandemic

Sales of imported vehicles in South Korea jumped 33 percent in February from a year earlier on robust sales of German cars, an industry association said Thursday. The number of newly registered foreign vehicles climbed to 22,290 units last month from 16,725 a year ago despite the COVID-19 pandemic, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were the Mercedes-Benz E 250 sedan, Volkswagen Jetta 1.4 TSI sedan,

March 4, 2021

Korea requires green energy imports to decarbonize: AIGCC

South Korea has less potential to decarbonize autonomously than its Asian peers due to the insufficiency of its solar resources and seasonal variations in electricity demand, showed an analysis by Asia Investor Group on Climate Change on Thursday. Korea appears to require green energy imports to meet its decarbonization target to generate over 25 percent of new and renewable energy-powered electricity by 2034, from the current 7.4 percent, and to increase its new and renewable energy power gen

March 4, 2021

No. of franchise brands up 12% last year

The number of franchise brands in South Korea rose 11.7 percent on-year last year as efforts to open new businesses remained solid despite the pandemic, data showed Thursday. The number of franchise brands reached 7,094 as of end-December, compared with 6,353 the previous year, according to the data compiled by the Korea Fair Trade Commission (KTFC). Dining-out brands accounted for the biggest portion of 76.2 percent of all franchise brands last year, the data showed. The number of franchise

March 4, 2021

S. Korea to invest W300B to speed up growth of online retail

South Korea announced Thursday it plans to invest 300 billion won ($267 million) over the next three years to speed up the growth of the digital retail segment, which has recently enjoyed an unprecedented boom amid the COVID-19 pandemic. Under the plan, the country will not only pave the way for online retailers to tap deeper into the overseas markets but help them adopt state-of-the-art technologies, including drones, according to the Ministry of Trade, Industry and Energy. Around 4,000 logis

March 4, 2021

Imprisoned Samsung heir focuses on next legal battle; private visits yet to be made: sources

Lee Jae-yong, the imprisoned de facto leader of Samsung Group, is focusing on preparing for his next legal battle related to his succession, industry insiders said Thursday, accepting only visits from his legal advisers so far. Lee, the heir of South Korea's top conglomerate, was sentenced to 2 1/2 years in prison by the Seoul High Court on Jan. 18 in a retrial of a bribery case involving former President Park Geun-hye and was put behind bars again. Separate from the bribery case, Lee is deali

March 4, 2021

S. Korea's share of global car market unchanged at 7.5% in 2020

South Korea's share of the global car market remained unchanged in 2020 from a year earlier due mainly to sluggish performance in China, industry data showed Thursday. Sales by South Korean automakers accounted for 7.5 percent of the total in the United States, China, Europe and four other major overseas markets, the same as the previous year, according to the data from the Korea Automobile Manufacturers Association (KAMA). The unchanged portion came due to a drop of more than 30 percent in sa

March 4, 2021

Samsung partners with Kakao Enterprise on smart home biz

Samsung Electronics Co. on Thursday announced it has signed a partnership with local artificial intelligence (AI) solutions provider Kakao Enterprise Corp. to boost its smart home business. Under the deal, Samsung's smart devices and home appliances will be compatible with the Kakao i AI platform from Kakao Enterprise, an affiliate of Kakao Corp. that runs South Korea's most-used mobile messenger, Kakao Talk. Consumers can now operate Samsung's products connected to its Internet of Things (IoT

March 4, 2021

S. Korea launches advisory body on promoting nuclear exports

South Korea on Thursday launched a new advisory body to promote its exports of nuclear power plants, which were boosted by its successful penetration into the Middle East market. The advisory body, composed of professors and industrial experts, will help South Korea set strategies in fostering nuclear energy as a new export engine, according to the Ministry of Trade, Industry and Energy. The country also launched a new website (www.k-next.kr), in which overseas partners can access information

March 4, 2021

Samsung remains top smartphone vendor in Europe, Middle East and Africa in 2020: report

Samsung Electronics Co. was the top vendor in the Europe, Middle East and Africa (EMEA) smartphone market last year, a report showed Thursday, despite its market share declining. Samsung shipped 99.7 million smartphones in the EMEA market in 2020 for a 28.9 percent market share, according to industry researcher International Data Corp. (IDC). The figures were down from 2019 when the company shipped 118.5 million smartphones for a 32.9 percent market share. However, the South Korean tech giant

March 4, 2021