SK Planet said Monday that the number of users of its mobile payment platform has exceeded 5 million since the company launched it two years ago.Named “Smart Wallet,” the mobile platform allows consumers to use coupons, gift cards, royalty and credit cards via their smartphones without having to carry all of different plastic cards for shopping.The platform was launched in June 2010, and hit 1 million users in nine months, and 3 million November last year, the company said.SK Planet, the mobile

Lotte’s bid failure pulls down shares of Lotte Shopping, Hi-mart and EugeneMBK Partners, the largest private equity fund in Korea, was chosen over Lotte Shopping Co. as the preferred bidder for a controlling stake in Hi-mart Co., the country’s No. 1 electronics retailer.MBK Partners offered to buy the 65.25 percent stake in Hi-mart for over 1.25 trillion won ($1.07 billion), which translates into about 8,000 won per share, according to sources.The stake includes a 31.34 percent stake held by Eug

HONG KONG (Yonhap News) ― Samsung SDI Co., a South Korean manufacturer of hybrid car batteries, will likely benefit from China’s eco-friendly vehicle policy as China has grown to become the world’s largest auto market, a report by a final services firm said Monday. Shinhan Investment Corp. said in the report that Samsung SDI will gain long-term growth momentum from China’s eco-friendly vehicle promotion.“China’s promotion of the eco-friendly vehicle industry is not a choice but a must,” said Soh

South Korea is expected to face tough challenges now that its population has surpassed the 50 million mark, a senior economic policymaker said Monday.Vice Finance Minister Shin Je-yoon told an economic strategy coordination committee meeting that the population increase comes amid very low birthrates and rising concerns of reduced growth potential.“The population will grow for the time being to help create a domestic market for goods, but rapid population aging will trigger various social proble

South Korean stocks fell 1.19 percent Monday ahead of a European Union summit and amid weak U.S. and Chinese economic data, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index plunged 22.01 points to 1,825.38, marking the third straight session of decline. Trading volume was very light at 277 million shares worth 4.08 trillion won ($3.51 billion), with losers outpacing gainers 501 to 316.“There is persistent uncertainty surrounding the E

Korea’s May imports of Iranian crude oil fell 39.5 percent from a year earlier to 3.96 million barrels as it cuts shipments in line with a U.S. sanctions drive, figures showed Monday.Imports from January to May dropped 15.7 percent from the same period last year, according to the preliminary figures from the state Korea National Oil Corp.May’s imports from Iran were down 47.3 percent month-on-month. Korea has in the past imported about 10 percent of its crude needs from Iran. It is cutting purch

The default rate on loans extended by South Korean insurers inched up as of end-April from a month earlier, mainly due to a slight rise in overdue household and corporate loans, the financial regulator said Monday.The average ratio of overdue loans came to 0.80 percent of total lending by local life and non-life insurers, up 0.04 percentage points from the end of March, the Financial Supervisory Service said in a report.The April figure, however, marks a 0.29 percentage point dip from a year ear

Customs service sets up unit to block inflow of designer drugs such as synthetic marijuanaThe Korea Customs Service said Monday it launched a campaign against the trafficking of new types of narcotics, such as synthetic marijuana, a day ahead of the U.N.-designated International Day against Drug Abuse and Illicit Trafficking.Increasing volumes of the so-called “designer drugs,” including synthetic marijuana and synthetic cathinones, are being smuggled into Korea.Designer drugs are created to eva

An informal business networking session organized by the French Korean Chamber of Commerce and Industry will be held on July 12. As the latest installment in the chamber’s regular “cafe du commerce” series, next month’s session will take place at the Novotel Seoul Ambassador Gangnam in southern Seoul.Participants will also be able to enjoy a selection of French wines and dishes from a buffet that features traditional and regional cuisine from France. For more details, please email novogfbcoord@a

The Canada Chamber of Commerce in Korea will hold a Canada Day 2012 event on July 1.It will take place at the Embassy of Canada, located in Jung-gu, central Seoul.The event will be divided into two parts, and the second requires advance registration, according to a CanCham spokesperson. Those interested in attending the event should contact pr@canchamkorea.org.

The Australian Chamber of Commerce in Korea will hold a donation drive on June 30.The chamber is asking patrons to donate gently used clothing and shoes in good condition, as well as used kitchenware, linen, bedding and curtains. Other wished-for items include used toys, CDs, DVDs and books. According to AustCham Korea, the media items can be in any language. Donations can be made via several options, including drop-off points in Itaewon and Sinchon, a pick-up service, or even a “quick service”