A higher proportion of South Koreans used mobile banking services in 2018 compared to the previous year, according to a central bank poll. 　The survey of 2,597 adults conducted by the Bank of Korea last year showed that 57.9 percent of respondents had used such services in 2018, up 11.9 percentage points from 2017.  　Meanwhile, the proportion of those in their 50s who used such services rose from 33.5 percent in 2017 to 51.8 percent last year. 

Ericsson-LG, a telecommunications network equipment provider, on Monday named Hakan Cervell as CEO of its operations in South Korea. Cervell, who joined Ericsson in 1990, has held various key posts at the Swedish company, including as board director of its global northeast operations. Until recently, he headed the company’s operations in Taiwan. He will be leading both Korea and Taiwan businesses until a new head for Taiwan is nominated, according to the company. “Strongly supporting Ericsson’s

The Samsung Galaxy S10 5G that is slated to open the 5G era when it hits the market Friday will feature a larger screen and batter to let users make the most of the world’s first commercial fifth-generation mobile networks, the company said Monday. While releasing a second announcement that the Galaxy S10 5G edition will be available for purchase in Korea this week, Samsung once again highlighted the massive specs of the world’s first 5G-enabled device, and how closely the company and network op

Park Hyeon-joo, founder and currently global investment strategy officer of Mirae Asset Financial Group, will be donating his last year’s dividends, marking nine consecutive years of the practice of social responsibility, officials said Monday.The donation amounts to 1.6 billion won ($1.41 million) that Park received Friday in dividends at the shareholders meeting of Mirae Asset Global Investments, the asset manager arm of the group.The entire amount will be delivered to a group-affiliated welfa

KLS claims safety and efficacy of Invossa still valid, expects overseas export deals to pan out as planned

Every spring, investors flock to annual shareholders meetings eager to gain a better insight into their companies and their plans for the year. 　But many South Korean firms have been receiving flak for the opaque nature of such meetings. Critics say the absent CEOs, run-of-the-mill presentations and even snubbing of shareholders at many meetings shows a lack of willingness to communicate. 　On March 20, over 1,000 investors rushed to attend Samsung Electronics’ 50th shareholders meeting at its he

WoodMac advises allowing private companies to invigorate investment and competition in renewable energy market

BMW Group Korea, the local unit of the German luxury carmaker, has appointed President Han Sang-yun as the new CEO, the company said Monday.Current CEO and Chairman Kim Hyo-joon will continue to maintain his chairman status. He has led the company for the past 19 years as CEO.  BMW Group Korea CEO Han Sang-yun (BMW Korea)Han is an automobile veteran with 25 years of sales and marketing experience. He headed BMW Malaysia in 2016 and has served president since last year. “Based on Chairman Kim’s e

Despite the voluntary departure of the Kumho Asiana chairman last week, the main creditors of the conglomerate, which owns South Korea’s second-largest air carrier Asiana Airlines, have demanded that it sell off its high-value assets and draw up a solid loan repayment plan to improve liquidity.　The demands were pushed by Asiana Airlines’ main creditors, including the state-run Korea Development Bank, as a condition for their continued support in normalizing the airline’s financ

The Korea Herald is publishing a series of articles and videos about some of the most expensive and fascinating landmark office buildings in Seoul. -- Ed. Operating premium high-rise office buildings in a dense financial district can either be highly profitable or vulnerable to cutthroat competition. Such is the challenge faced by International Finance Center Seoul, or Yeouido IFC, a gleaming landmark at the center of Seoul’s financial hub Yeouido. Completed in 2012 by US constructor Ar

Samsung Electronics has scouted globally renowned technology experts in an effort to strengthen its new future businesses, including artificial intelligence, big data and robotics, the company announced Sunday. The South Korean tech titan has lately been hunting for top talent in the three fields. Last year, it hired AI scholars Sebastian Seung and Daniel Lee, jumping into the race for AI technologies. To enhance current research and development capabilities in AI, Samsung recruited Wei Gu-yeon,

A continued oversupply of global steel products and growing protectionism around the world are weighing on South Korean steelmakers already struggling to find fresh growth engines for the future. Global steel production capacity last year stood at around 2.23 billion tons, down 0.3 percent from the previous year, said the OECD Steel Committee at a regular meeting in Paris last week. Though the figure was nearly unchanged, it far exceeded demand -- by 576 million tons, which was almost 19 times t

Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.Chaebol — which means “money clan” — are called that for a reason: The businesses are inseparable from the families that founded them. It is not unusual for dozens of the companies within a chaebol group to be run by the children, grandchildren and in-laws of the chaebol founder. But while this arrangement

Samsung Electronics and LG Electronics are going head to head in the fight for 5G smartphone market dominance in South Korea. Not long after Samsung revealed plans to begin sales of the world’s first 5G-compatible Galaxy S10 as of April 5, LG Electronics said Sunday that it would begin sales of its first 5G smartphone, the LG V50 ThinQ, at a competitive price of 1.2 million won ($1,050) starting April 19. The LG V50 ThinQ costs 200,000 won less than the Samsung Galaxy S10 5G. (LG Electronics)Mar

Overseas sales of Choco pie, Bibigo Mandu and Shin Ramen all exceeded 300 billion won ($263.8 million) last year, a milestone for South Korean food producers that have strived to expand into new markets amid tanking demand at home, industry data showed Sunday.The three products, often referred to as the K-Food troika, have been making steady headway in foreign markets over the years thanks to their high quality, taste and uniqueness, market watchers said. A Korean food exhibition, hosted by the