Daewoo Shipbuilding & Marine Engineering, the nation’s second-largest shipbuilder, is emerging as a dark horse in the industry, beating its global rival Hyundai Heavy Industries in business performance for the second consecutive year in 2014.“Behind the success is better performance in high value-added energy and eco-friendly ship construction than our rivals,” DSME CEO Ko Jae-ho said in his New Year’s address in Seoul on Monday. Despite the prolonged recession in the shipbuilding industry, the

Korea’s credit card spending is expected to post a record high of 700 trillion won ($632 billion) this year, data showed Sunday.Despite the expected spending increase, card issuers are likely to eke out a meager profit due to a sharp decline in the number of individual card holders, according to data released by KB Financial Group. Credit card spending in South Korea has continued to rise since it topped the 600 trillion won mark in 2011, when the government encouraged credit card use to reduce

The coming year is shaping up to be a challenging one for South Korean financial institutions, which face a series of penalties for loan and accounting fraud, as well as pressure to find new business models in the financial technology sector.Local banks, for instance, are expected to begin the year with hundreds of administrators and employees receiving sanctions for their irregularities. The Financial Supervisory Service is poised to take disciplinary action in the next two months against offic

The Financial Services Commission on Wednesday approved KB Financial Group’s acquisition of LIG Insurance, six months after the group embarked on plans to beef up its nonbanking business segments. By taking over the insurer, KB is expected to regain its status as the country’s leading financial group with assets worth 423 trillion won ($383 billion). Currently, it has some 399.3 trillion won. Shinhan Financial Group will be pushed down to second place with 401 trillion won. The regulator, howeve

Industrial Bank of Korea CEO Kwon Seon-joo on Tuesday said the bank would provide increased support for local fintech startups and upgrade its mobile banking applications to offer total solution financing next year.IBK will select financial technology companies through meticulous screening to offer them wider support, starting with the initial research phase, Kwon said during a news conference celebrating the first anniversary of her inauguration. “The banking industry has faced many hurdles, in

NongHyup Financial Group, the nation’s fourth-largest financial holding company by assets, has vowed to focus on asset management as its new growth engine. As part of these efforts, the group’s chairman Yim Jong-yong said it would promote NongHyup CA Asset Management as a core unit, which could also merge with other entities to gain a sharper edge in the industry. Yim also said the group would strategically place more people in the asset management arm, particularly in sectors such as research a

KB Financial Group chairman and Kookmin Bank CEO Yoon Jong-gyoo is expected to carry out a major reshuffle prior to the financial regulator’s approval of the group’s LIG acquisition, industry sources saidThe upcoming shake-up is mainly focused on executives involved in an internal power struggle that took place earlier this month. Several KB officials were penalized by the financial watchdog for a dispute over changing the computing system of the group’s flagship unit, Kookmin Bank.Industry watc

More water leaks were found at Lotte World Mall on Thursday, further raising safety concerns about the new mega shopping complex in Jamsil, Seoul.Local reports said water was leaking from the ceiling of the basement floor in the evening, about 150 meters away from the leaking aquarium under inspection by the Seoul City. The latest water leak was fixed in two hours, a Lotte spokesman said. “There seemed to have been a problem with plumbing on the ceiling. We’re looking into the cause of the probl

The Korea Forest Service on Wednesday signed a memorandum of understanding with Cambodia to prevent deforestation and degradation in the Southeast Asian country, government officials said Thursday. Under the MOU, the two countries will cooperate on United Nations-led REDD+ programs ― standing for Reducing Emissions from Deforestation and Forest Degradation ― that aim to cut greenhouse gas emissions by preventing forest degradation and deforestation in developing countries. “Cambodia has a big pr

Talent Cosmetics became the first Korean cosmetics brand to receive the Malaysian government’s halal certification, company officials said on Wednesday.The certification ― issued by the Department of Islamic Development Malaysia ― recognizes products that have been processed in ways approved by the Islamic Law. Out of its total of 550 cosmetics products, 147 have received the certification, according to the firm.  “The latest authorization from Malaysia has established the bridgehead for us to f

The Korea Customs Service is to reinforce the monitoring of tobacco smuggling on concerns about the burgeoning trade of duty-free cigarettes in the domestic market following an announced price hike. In the run-up to a tobacco price hike on Jan. 1, the agency said it would closely monitor tourists purchasing more duty-free cigarettes than the government-imposed 10 pack limit.  An official from the Korea Customs Service crouches amid duty-free cigarettes seized from smugglers at the Seoul customs

Daewoong Pharmaceutical signed a 210 billion won ($188.3 million) worth investment deal with North Chungcheong Province to build a factory. The new facility will be designed to comply with current good manufacturing practices, better known as cGMPs, U.S. standards for design, monitoring, and control of pharmaceutical manufacturing. Under the deal, signed during the 4th Herald Creative Economy Forum on Friday in Seoul, the Korean drugmaker said the company would construct the facility by 2016 wit

KB Financial Group chairman Yoon Jong-kyoo is a man with a mission. As the chief was selected after a months-long crisis involving internal feuding, data leaks and loan fraud, Yoon has a lot on his plate, and he knows it. This is why the new chairman has made it clear that he will make winning back consumer trust and boosting employee morale his top priorities. On Nov. 21, Yoon said at his inauguration ceremony that KB would “continue to enforce stringent internal control systems and reinforce c

Woori Bank vice president Lee Kwang-goo was expected to become president of the bank following an abrupt decision by the incumbent head to step down.Lee was among the three candidates that the bank’s presidential nomination committee revealed, but industry watchers believe he has the biggest shot at the presidency, citing his connection to the government and high-ranking officials in the financial sector from his alma mater ― Sogang University. Rumors have been mushrooming that Sogang graduates

Forget city traffic and the shortage of parking spaces in shopping areas. More South Koreans are shopping on overseas e-commerce sites, with products ranging from simple fashion items to appliances.The so-called “jikgu-jok” — a tribe of shoppers buying goods directly on foreign websites — is growing rapidly here, as more people seek to dodge local retailers’ high markups on imported goods and have a wider range of choice.Jikgu-jok calls themselves “smart consumers.” They claim they pay less for

South Korean retailers are offering Black Friday bargains to lure local consumers who are buying Samsung TVs and foreign goods overseas with just the click of a mouse.Local department stores and e-commerce sites have launched sales ― with up to 60 percent off ― ahead of U.S. retail sales on Friday, challenged by the increasing popularity of direct-buying at foreign e-commerce sites. “Many retailers are afraid of losing young consumers, who go to U.S. websites to buy Samsung and LG’s electronic d

Citibank Korea’s newly named president Park Jin-hei on Friday said the bank would become more efficient and security conscious in order to achieve future growth. The 57-year-old banker stressed that the company needed to focus on its core businesses -- corporate banking for local companies in pursuit of overseas expansion, wealth management and credit card business. “I understand that ‘downsizing’ (an organization) has a negative connotation. That’s partly because Korea has long been a growth-ce

The Herald Design Market on Thursday welcomed visitors with an array of snazzy snacks, one-bite sweets and beverages that bring greater aesthetic inspiration. Peter Callahan, renowned caterer and food stylist, shared his genre of food that brought a whole miniature food boom in the U.S., during a “Food Talk” session. “We try to make every ingredient a decoration,” Callahan said. “It’s all about the details that make the difference.” Callahan, who has served food for many famous personalities suc

How can designers design products or services that not only look beautiful, but deliver added value that can change the world?British product designer Matthew Cockerill finds the answer in designing products “with the end in mind.”“Designers make a product and sell the product but it’s usually somebody else’s job to recycle that. That causes the problem,” Cockerill said on Wednesday at a Herald Design Forum session on responsible design for sustainability.Cockerill, associate design director at

The Herald Design Market will kick off its five-day run at Seoul’s Dongdaemun Design Plaza on Wednesday to promote healthier lifestyles by connecting the fields of architecture, fashion and food. Under this year’s theme of “Design Your Life NOW,” a total of 63 up-and-coming artists and food companies will showcase their works, said Herald Corp., the organizer of the event. NOW stands for Natural, Organic and Well-being ― the key ingredients for a healthy yet fun life, they said.“At a glance, foo