South Korea's central bank chief on Thursday called on financial leaders to toughen risk management this year in the face of a global slowdown."There are concerns over a clearer slowdown in the global economy," Bank of Korea Gov. Lee Ju-yeol said in a meeting with leaders from the financial industry. "We have to put more emphasis on risk management." Bank of Korea Gov. Lee Ju-yeol (Yonhap)He noted that the ongoing trade dispute between Washington and Beijing, U.S. monetary normalization and fina

South Korea's 10 largest business groups have stressed such buzzwords as "customer, growth and global" in their New Year's speeches, a corporate tracker said Thursday.The most frequently used word in their New Year's speeches was customer (58 times), followed by growth (41 times) and global (35 times), according to CEO Score. (Yonhap)Other top 10 keywords include value (30 times), market (29 times), competition (28 times), novelty (27 times) and innovation (25 times).The three most often used ke

After commanding significant attention last year, green cars are set to expand their presence in the auto industry even further this year thanks to higher government subsidies and the plans of import carmakers to release new eco-friendly models.Green cars, often considered to offer good value for money while minimizing harm to the environment, are looking even more promising both in terms of stronger performance and sleeker designs. Kia Motors` Soul EV (Kia Motors)The number of eco-friendly cars

New leaders of leading groups seek meaningful changes

South Korean auto giant Hyundai Motor will start pilot operation of robo cabs here in 2021, part of a drive to become a smart mobility service provider, its chief said Wednesday.In a noticeable change for the 51-year-old car manufacturer, the conglomerate’s Executive Vice Chairman Chung Eui-sun said he would seek partnership with global leading companies to develop eco-friendly robo taxis that were both “safe and innovative.” Hyundai Motor Group Executive Vice Chairman Chung Eui-sun addresses th

　The number of people who switched their mobile carriers plunged to a 13-year low last year after a series of government measures designed to prevent subscribers from receiving hefty subsidies for changing their telephone numbers. 　According to statistics released by the Korea Telecommunications Operations Association on Wednesday, the number of people who changed their mobile providers stood at 5,660,601 in 2018, 19.3 percent lower than the year before. This translates to a monthly average of 4

The state-run Korea Trade-Investment Promotion Agency (Kotra) predicted the nation’s export growth would slow down in the first quarter of this year due to the possibility of prolonged trade conflicts between the US and China and growing uncertainties in Europe in the wake of Brexit. Kotra said Wednesday the nation’s export leading indicator dropped 5.5 points to 52.1 points in the first quarter of this year from the previous quarter, based on a survey done on around 2,200 foreign buyers and exp

The total value of online shopping in South Korea reached a record high in November, government data showed Wednesday, in the latest sign that a growing number of South Koreans are using computers or mobile devices to buy things ranging from clothes to electronic goods.Total online transactions reached 10.62 trillion won ($9.5 billion) in November, up 22.1 percent from a year earlier, according to the data compiled by Statistics Korea. (Yonhap)The reading marked the highest amount since January

Shilla Duty Free, operated by Hotel Shilla, will open its store at Gimpo Airport on Jan. 9, expanding its presence to all three major airports in Korea, including Incheon and Jeju.  (Shilla Duty Free)Shilla announced Wednesday that the new 730-square-meter duty-free store at Gimpo Airport will have a selection of some 100 brands of liquor and tobacco and some 30 brands of fashion and cosmetics, targeting business travelers.Those who fly through Gimpo are mostly traveling for business, according

Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Wednesday it has received a 150.8 billion-won ($135 million) order to build subway cars for Egypt. This virtual image provided by Hyundai Rotem shows the subway cars that the company will build for Egypt`s National Authority for Tunnels by 2021. (Yonhap)In the deal signed with Egypt's National Authority for Tunnels, Hyundai Rotem will deliver 48 subway cars by 2021 and provide maintenance and repair services for the

Hyundai Motor Group, South Korea's biggest carmaker by sales, said Wednesday it is aiming to sell 7.6 million vehicles this year by focusing on major markets, such as the United States and China.In 2019, Hyundai Motor Co. and its affiliate Kia Motors Corp.will strive to sell 4.68 million vehicles and 2.92 million units, respectively, in global markets, the companies said in separate regulatory filings. Hyundai Motor Co. and Kia Motors Corp. headquarters in southern Seoul (Yonhap)In the January-N

The nation’s energy-to-petrochemical giant SK Innovation will introduce flexible film developed for foldable devices at the Consumer Electronics Show, which kicks off next week in Las Vegas, the company said Tuesday.The transparent film, called Flexible Cover Window, was designed to protect displays and is considered a core component of foldable smartphones for its flexibility as well as its durability. Market interest in the plastic film has been growing alongside plans for the commercializatio

South Korea’s Samsung Electronics ranks second in terms of the number of patent applications filed worldwide, a recent report by the World Intellectual Property Organization showed.　According to the World Intellectual Property Indicators 2018, Japan’s Canon created 24,006 patent families between 2013 and 2015, followed by Samsung Electronics (21,836) and the State Grid Corporation of China. For Samsung, the largest share of its patent families -- patents taken out in multiple countries to protec

South Korea’s exports set a new high of $600 billion in 2018 mainly driven by a strong performance in chips, petrochemicals and machinery, according to the government on Tuesday. The Ministry of Trade, Industry and Energy said the nation’s trade volume hit a record high of $1.1 trillion, having a trade surplus of $70 billion. Exports stood at $605 billion, up 5.5 percent from 2017, and imports recorded $534 billion, an 11 percent rise during the same period. Chip exports played a key role in exp

Telcos to seek marriage with media industry to provide high-quality 5G content