South Korean financial firms have increased the number of foreign branches over the past five years, but such operations suffer from low profitability, the financial regulator said Tuesday. The number of overseas branches by local banks, credit card and other financial firms rose to 410 in 45 countries at the end of March this year, up 11 percent from the end of 2012, the Financial Supervisory Service said in a statement.  Asia accounted for 67.8 percent of all overseas branches. North and

Economy July 4, 2017

New foreign direct investment pledged to come into South Korea fell 9.1 percent in the first six months of the year, amid rising uncertainties at home and abroad, the government said Tuesday.Fresh FDI commitments made in the January-June period came to $9.6 billion, down from $10.56 billion a year earlier, according to the Ministry of Trade, Industry and Energy. The amount of new FDI actually entering the country also retreated 4.4 percent on-year to $4.96 billion over the cited period, the mini

Market July 4, 2017

Samsung Electronics said Tuesday it has started full-fledged chip production at its Pyeongtaek plant and announced it will continue making more investments to expand its output capacity.The announcement came two years after the South Korean tech giant started the construction project in May 2015. The new Pyeongtaek facility, 70 kilometers south of Seoul, is the biggest of its kind in the country, Samsung added.  bird's-eye view of Samsung Electronics Co.'s new chip production line located in Pye

Industry July 4, 2017

South Korea's new government will unveil a comprehensive macroeconomic road map, including plans on taxation and public finances, later this month, the country's top economic policymaker said Tuesday."Some day in mid-July, the president and other officials will hold a meeting to discuss the government's fiscal policies and strategies for the next five years," Finance Minister Kim Dong-yeon said at a policy meeting with ministers in Seoul. He said after such gatherings, the finance mini

Economy July 4, 2017

Jin Air said Tuesday it will increase its fleet to 24 airplanes this month to meet growing travel demand during the summer peak season.  The budget carrier unit of Korean Air Lines has added a 189-seat B737-800 jet, its 23rd plane, to the Gimpo-Jeju Island route Tuesday, the company said in a statement. (Yonhap)It also plans to introduce its 24th plane later this month to meet higher demand on international routes to Southeast Asia and Japan, the statement said. Jin Air currently operates three

Industry July 4, 2017

The chief of South Korea's central bank vowed Tuesday to take "appropriate" steps amid signs that major economies could change their monetary policies going forward.Last month, the U.S. Federal Reserve raised key interest rates by 0.25 percentage point, marking up the target range for the federal funds rate to 1-1.25 percent. The move marked the second time the Fed raised rates this year after the first hike in March. The Fed also said it plans to reduce its securities holdings, a move

Economy July 4, 2017

South Korea's two leading battery manufacturers are racing to develop a new type of smartphone power source that can significantly improve safety, industry sources said Tuesday. According to industry watchers, Samsung SDI Co. and LG Chem Ltd. are currently seeking to commercialize solid-state batteries, which use solid-type electrolytes. The move came as the existing lithium-ion batteries utilizing liquid-type electrolytes may catch fire and even explode if they are subject to strong shock.  (Yo

Industry July 4, 2017

Some foreign investment banks have raised their growth forecasts for South Korea's economy this year, thanks to better-than-expected exports and facility investment, a financial research institute said Tuesday.The Bank of Korea has upgraded its growth forecast for the country to 2.6 percent from 2.5 percent, citing improving exports, the Korea Center for International Finance said.  The British bank Barclays also recently raised its outlook for South Korea's gross domestic product this year

Economy July 4, 2017

Global sales of image sensors are expected to rise through 2021 in line with the development of virtual reality and wearable devices, industry data showed Tuesday.According to the data compiled by IC Insights, the global market for CMOS image sensors is expected to reach $11.5 billion this year, up 9 percent from $10.5 billion posted a year earlier. Image sensors refer to system chips that detect images and converts them into electronic signals. They are installed in digital cameras and smartpho

Economy July 4, 2017

A slew of controversies surrounding the English translation of Han Kang’s award-winning "The Vegetarian" have started numerous conversations about accuracy and readability. Even if there were some mistranslations, they should not offend the masses, a literary critic said."The Vegetarian," winner of the 2016 Man Booker International Prize with translation by British translator Deborah Smith."The Vegetarian" tells the story of a woman who decides to become a vegetarian after waking up from a blood

Books July 3, 2017

Lotteria, the operating unit o the fast-food chain, said Monday it has changed the official company name to Lotte GRS to reflect its vision to expand its presence in the global market.During its shareholders meeting Friday, the new name, which stands for Global Restaurant Service, was approved, the company said. (Yonhap)Founded in 1979, the food affiliate of South Korea's retail giant Lotte has some 2,500 stores under seven brands nationwide, including the hamburger chain Lotteria and the cafe A

Industry July 3, 2017