Korea's 2nd Internet-only bank to begin operations Thursday

South Korea's second Internet-only bank, Kakao Bank, is set to begin operations Thursday, in the latest move by the government to reinvigorate the nation's banking sector suffering from weaker growth. The planned launch of Kakao B...

SK Innovation to pay out 1st interim dividends

SK Innovation Co., South Korea's top oil refiner, said Wednesday that it has decided to pay out its first-ever interim dividends worth 149 billion won ($133 million) to boost shareholder value.In a regulatory filing, SK Innovation...

SK hynix to invest W9.6tr on DRAM, NAND facilities

SK hyinx Inc. said Wednesday it plans to allocate some 9.6 trillion won ($8.5 billion) this year to expand its production facilities for dynamic random-access memory and NAND chips.Through a regulatory filing, the South Korean chi...

Samsung, LG battery arms on alert on cobalt shortage

In response to a supply shortage of cobalt, a key ingredient used in lithium-ion batteries, South Korean battery makers Samsung SDI and LG Chem are stepping up development of new batteries and diversifying their material suppliers...

New ministry dedicated to SMEs sets sail

The new ministry in charge of small and medium-sized businesses officially started work Wednesday amid expectations it will support smaller companies and create new jobs.Earlier this month, the parliament passed a bill to elevate ...

Creditors of Kumho Tire to tentatively accept Kumho Asiana‘s proposals in brand dispute

Creditors of Kumho Tire Co. have tentatively agreed to accept original proposals by the tiremaker's parent group in a brand dispute with the Chinese buyer, the main creditor said Wednesday.The tentative agreement, which came after...

Hyundai Motor‘s Q2 earnings drop, sluggish sales continue

(Yonhap)Hyundai Motor, South Korea‘s largest automotive company by sales, showed a decline in earnings in the second quarter of this year due to weakened profitability, the company said Wednesday.The company’s profits totaled 24...

GS Engineering Q2 net jumps 48% on new orders

GS Engineering & Construction Co. said Wednesday its second-quarter net profit jumped 48 percent from a year earlier helped by increased orders in housing and plant projects. Net profit for the April-June quarter rose to 11.46 bil...

New QM3 highlights French chic, fuel efficiency

Jumping into the market for B-segment crossovers in South Korea, Renault Samsung, the local unit of the French automaker, unveiled a revamped QM3 on Wednesday, highlighting the design heritage of the European country.Known as the ...

AmorePacific's Q2 net drops sharply amid THAAD row

AmorePacific Corp., the country's top cosmetics maker, said Wednesday its second-quarter net profit plunged 59.8 percent from a year earlier, due largely to a protracted slump in the domestic market amid a sharp decline in Chinese...

Moon will hold talks with all economic players, including labor: official

President Moon Jae-in plans to hold talks with all major economic players here, including laborers and small or medium-sized firms, an official from the presidential office Cheong Wa Dae said Wednesday.The president is set to meet...

[Monitor] Vehicle recalls to hit record-high in Korea

The Ministry of Land, Infrastructure and Transport has ordered local and multinational automakers to recall a combined 1.3 million vehicles so far this year. The number is expected to hit record high by the year’s end. The past r...

[Advertorial] Citibank streamlines online loan serviceability assessments

Citibank Korea’s quest for online penetration is not limited to online banking but also extends to the loan serviceability assessment of customers, the firm said Wednesday. A model poses while holding a sign promoting Citibank Ko...

Banks’ turn to household loans hurts economy: FSC Chairman

Financial Services Commission Chairman Choi Jong-ku on Wednesday highlighted local banks’ overdependence on gains from household loans as a hurdle to wage-led growth and said he would lower the maximum interest rate to 24 percent...

Prospect of higher electricity rates to turn away foreign firms

Concerns are rising that the new government’s policy to phase out nuclear power generation will result in rising electricity prices in the long run, posing an impediment to foreign investment in the country.Low electricity costs ...