The Financial Services Commission of Korea announced Thursday it would ease regulations for lenders in streamlining the debt restructuring of financially troubled firms. By revising the enforcement ordinance of the Financial Holding Companies Act, lenders will be more easily able to exclude debt-ridden firms under their receiverships from their subsidiaries in the process of converting debt into equity.Currently, a lender, upon becoming the biggest financer of a debt-ridden company subject to re

South Korean investment firm Samsung Asset Management announced Wednesday that it would build a $480 million worth private equity designed to fund infrastructure, by teaming up with the Australian investment company IFM Investors. The fund is slated to be earmarked by four Korean institutional investors, but a target for injection has yet to be chosen, according to the deal sealed in Seoul on Wednesday. The Seoul-based investment arm under the nation’s largest conglomerate will m

K bank, South Korea’s first internet-only bank and seventh commercial bank, had drawn more than 200,000 new customers and 230 billion won ($203 million) in deposits as of Tuesday morning, data from the bank showed.Nearly half of the deposits of K bank, which officially opened for business on April 3, had come from low-cost current and savings accounts, the bank said. K bank’s current and savings account ratio marked nearly 50 percent, 1.6 times higher than the average figure of 12 co

The Korea Public Procurement Expo 2017 kicks off Wednesday, seeking to reach out to a wide range of global buyers. It is held by the state-run Public Procurement Service. The number of international buyers participating in the annual event this year will reach 114 from 25 countries, a 8 percent increase from the previous year, which had 106 from 24 nations, according to PPS Administrator Chung Yang-ho, in an interview with The Korea Herald.Among the buyers this year, 75 will be from the United S

Nearly half of almost 120,000 employees at 20 major financial firms in South Korea are women, but only 21 of them were in executive positions as of 2016, according to data cited in news reports Monday.　The data also showed that among the 21, only two of them -- Jung Soo-kyung, an auditor at Woori Bank, and Park Soon-ae, a non-executive director at Kookmin Bank -- were board members. There were 845 executive workers in total for both genders. None of the 21 women were in positions of vice preside

EXTRA BASS BOOSTER -- LG Electronics displays its new wireless stereo headset, the LG Tone+ HBS-920, releasing to the Korean market Monday. The new Bluetooth headset features an extra-bass booster, which would allow users to increase the level of bass volume to 6 decibels. The metal vibrators inside the earbuds, instead of plastic ones, will deliver balanced sound, along with extra bass, the company said. LG Electronics.

The transaction volume of houses valued at 3 billion ($2.63 million) or more surged by seven times in just three years, data showed Sunday.Last year, 229 deals involving high-end real estate were posted on Onnara, a state-run web portal devoted to the real estate market, according to data compiled by the private market watcher Budongsan Info. The figure stood at 30 in 2013 and 123 in 2015. Out of the 229 deals, which all took place in Seoul, more than half of them, or 117, were in Yongsan-g

The average daily sales volume of mini gold bars, which weigh between 10 to 100 grams, skyrocketed fourfold in April, amid escalating geopolitical uncertainties that turned investors’ attention to safe haven assets.Some 400 mini bars were traded a day, 300 more than usual, data by Korea Gold Exchange showed Sunday.“Starting early last week, we have been seeing a growing demand for mini gold bars, especially among investors in their 50s and 60s.” Song Jong-gil of Korea Gold Exch

The Financial Services Commission of Korea rolled out plans Thursday to strengthen the role of private equity firms in carrying out corporate bailout measures, a move aimed to discourage the practice of credit banks being reluctant to declaring insolvencies of financially distressed firms.The projected 8 trillion won ($7.09 billion) fund, where state-owned lenders would first contribute half of the funds, to be matched by private equity firms, will be used to refinance mid-sized enterprises.This

Kookmin Bank launched a group to help the company gather feedback from its expat customers Wednesday.The group is made up of 12 expats, non-Korean online community users and bloggers. It is expected to compile feedback from the foreign customers of Kookmin Bank for a year. An event to celebrate its launch took place at the main branch of Kookmin Bank in Myeong-dong, Seoul, Wednesday.  The move comes in line with the launch of an in-house department for international customers by teaming up

Lotte Chemical Corp., a petrochemical unit under South Korea’s fifth-largest conglomerate, may report record-high profit in the first quarter, driven by the anticipated listing of Lotte Chemical Titan Holding in Kuala Lumpur, Malaysia, and the price hike of chemical products, an analyst said Tuesday.The Seoul-traded firm is projected to record 853.7 billion won ($746.34 million) in operating profit, the highest quarterly figure recorded for Lotte Chemical, according to a report by Lee Eung-joo,

UberEats, a food delivery service by US-based ride-hailing company Uber, is reportedly planning to debut in South Korea within this year.The on-demand delivery app will be available here by no later than the end of this year, according to Yonhap News Agency on Monday, citing sources familiar with the matter. This came about a week after Priscilla Baek, public policy lead for Asia at Uber, told The Investor on Wednesday that it was “reviewing whether UberEats will be introduced in Korea” and has

Incheon International Airport Corp. agreed to partner with New Delhi-based global leisure travel company TUI India to draw more travelers from India, the state-run operator said Monday.On Saturday, IIAC signed a memorandum of understanding with TUI India in a bid to seek partnership to discover demands for layovers.IIAC and TUI India pledged to develop and promote new tourism packages that include layover at the Korea’s largest international airport. Participants, including Incheon International

A landmark acquisition of a local chipmaker by SK Group five years ago has accelerated the growth of the group’s information and communications technology businesses, pushing their outbound shipments to surge 127-fold, the group said Sunday. “The ICT affiliates’ boost in sales has played a critical role in turning the group into an export machine,” SK Group wrote in a statement Sunday. “Adding to the conventional powerhouses devoted to energy and chemical products, the ICT firms under the group

South Koreans drink an average 500 cups of coffee a year each, a local report suggested Sunday, quoting industry sources. Industry officials estimated that Koreans consumed about 25 billion cups of coffee last year, up 25 percent from a decade earlier. When divided among the Korean population of about 50 million, the amount of coffee consumed comes to about 500 cups per person, Yonhap News Agency reported. (Yonhap)The size of the coffee market, including both instant and brewed coffee, also grew

Foreign investment banks have raised their outlook on South Korea's economic growth for this year, citing a sound recovery in exports, a report showed Sunday. The average growth estimate by 10 IBs including Barclays, Morgan Stanley and Nomura stood at an annual 2.5 percent at the end of March, up from 2.4 percent tallied the previous month, according to a report by the Korea Center for International Finance.(Yonhap)Asia's fourth-largest economy posted 2.7-percent growth in 2016. Barclays raised

South Korean players rejoiced over their women's hockey world championship on Saturday, but they didn't lose sight of a bigger goal amid the celebration.South Korea shut out the Netherlands 2-0 to capture the International Ice Hockey Federation Women's World Championship Division II Group A at Kwandong Hockey Centre in Gangneung, Gangwon Province. With five consecutive wins, South Korea, world No. 23, will be promoted to the next tier of the IIHF championships, Division I Group B, for the first

South Korean national women's hockey coach Sarah Murray said Saturday her players' improved mental maturity was key to the team's world title won on home ice.South Korea blanked the Netherlands 2-0 to claim the International Ice Hockey Federation Women's World Championship Division II Group A at Kwandong Hockey Centre in Gangneung, Gangwon Province. Forward Han Soo-jin scored both goals as South Korea capped off the six-nation tournament with its fifth straight win.South Korea has earned a promo

South Korea captured a world title in women's hockey on home ice on Saturday.South Korea defeated the Netherlands 2-0 in an intense battle to win the International Ice Hockey Federation Women's World Championship Division II Group A at Kwandong Hockey Centre in Gangneung, Gangwon Province. Forward Han Soo-jin scored both goals, as the host had a perfect record with five consecutive victories.South Korean players celebrate winning the title at the International Ice Hockey Federation Women's World

Amid its overseas expansion as a duty-free shop operator, there are expectations for Hotel Shilla to end its downward spiral that has lasted for almost two years sparked by a series of external risks. Local analysts Thursday pinned hopes on Samsung Group’s affiliate devoted to duty-free shops and accommodations, as it won a license for a duty-free shop selling perfumes, cosmetics, fashion items and accessories at Hong Kong Chek Kap Kok International Airport the previous day. (Herald DB)Yang Il-w