Hyundai Motor fails to reach compromise with three credit card firms

About 117,000 people applied for a debt write-off program over the past year, the financial regulator said Monday, as part of the government's efforts to promote inclusive financing. The scheme was launched in November 2017 to help borrowers who have failed to repay debts of less than 10 million won ($8,803) for over 10 years. Applications for the scheme had been extended to the end of last month.Including the 117,000 people, the government has written off or will write off the debts of 627,000

The Korea Herald publishes a series of articles to review South Korea’s position in the intellectual property sector per industry, in the light of mounting challenges. This is the first installment. -- Ed.South Korea’s initiative in computer and mobile game contents has long been cited as a major growth engine backing the country’s advanced position in the global intellectual property sector.After decades of neglecting the value of IP rights, however, Asia’s fourth-larges

The cash dividends of South Korea’s four major financial groups topped 2.5 trillion won ($2.23 billion) in 2018, according to reports Sunday.According to the groups -- KB Financial, Shinhan Financial, Woori Financial and Hana Financial -- they handed out a combined 2.52 trillion won to shareholders in dividends last year. The amount was up 8.8 percent from the previous year, when they paid a record 2.3 trillion won. It was also 157.3 percent higher than 979.9 billion won in 2011 when

South Korea's trade surplus with the United States fell sharply to below the $20 billion mark last year for the first time in six years, U.S. data showed Saturday.The world's largest economy posted a deficit of $17.9 billion in trade with South Korea in 2018, down from a deficit of $23.1 billion a year earlier, according to the data released by the U.S. Census Bureau. It is the first time that the numbers have fallen this low since 2012, when the U.S. reported a $16.6 billion trade deficit with

Samsung Electronics Vice Chairman Lee Jae-yong on Friday departed for Mumbai, India, to attend the wedding ceremony of the son of the owner of an Indian telecom giant, confirmed The Korea Herald.Samsung heir Lee has been invited to the wedding of Akash Ambani, the son of Reliance Industries Chairman and Managing Director Mukesh Ambani, to be held at the Jio World Center in Mumbai on Saturday. Reliance Jio, the No. 1 telecom group in India with over 200 million subscribers, is the largest cu

South Korea's main bourse closed lower Thursday as investor sentiment was dampened by concerns over the global economic slowdown and uncertainties over trade frictions between the United States and China, analysts said. The local currency weakened against the greenback.The benchmark Korea Composite Stock Price Index shed 9.81 points, or 0.45 percent, to finish at 2,165.79. Trading volume was slim at 278.9 million shares worth 4.6 trillion won ($4.22 billion), with losers outnumbering gainers 623

Upon entering the 30th floor of the 123-story Lotte Tower, the tallest building in Korea, visitors encounter a spacious and sleek office with people working on laptops on sofas, at desks or in glass-walled private rooms.Boasting a stunning panoramic view of Seoul, the venue has an atmosphere that is both relaxing and business-like -- unlike traditional offices. It is called Workflex, a premium coworking space launched in February by construction firm Lotte E&C with the aim of providing a snu

The Organization for Economic Cooperation and Development on Wednesday inched down its forecast for the global economy, as well as for the South Korean economy, citing slowing trades, weakened growth and other downside risks.In its half-year interim outlook report, the OECD lowered the global economic growth forecast for 2019 to 3.3 percent from the 3.5 percent previously suggested in the November report, the Ministry of Economy and Finance said. The outlook for 2020 was also reduced to 3.4 perc

Despite Seoul City’s aggressive backing, the state-sponsored Zero Pay mobile payment system has handled less than 200 million won ($177,000) a month, signaling poor performance so far, data from the Financial Supervisory Service showed Wednesday.In January, Zero Pay facilitated 8,633 transactions totaling 199 million won, according to Zero Pay tracking data provided by the FSS to Rep. Kim Jong-seok of the main opposition Liberty Korea Party.This accounts for 0.0006 percent of the 1.56 bill

Taking a leaf from YouTube trends, such as eating shows, major South Korean brokerage firms are using the video sharing platform to increase online interaction with investors and inject creativity into market reports. Kiwoom Securities, an online brokerage services provider, has been a front-runner in the trend for years, with 22,193 subscribers to its YouTube channel as of Tuesday. The channel, launched in 2013, has the most subscribers among local brokerage firms. Most of the uploaded content

South Korea's agricultural ministry on Wednesday announced a set of measures to promote the country's kimchi industry, which has been facing challenges from increasing production in China.Kimchi is a traditional Korean side dish, normally made of fermented cabbage, salt and hot peppers and eaten with almost all meals.The Ministry of Agriculture, Food and Rural Affairs said South Korea's exports of kimchi reached a record-high in January, at $9.1 million, up 30.5 percent on-year. The spike comes

South Korean securities firms are seeking to solidify their presence in both local and overseas real estate markets this year by clinching licenses as real estate trust operators while expanding territories in the overseas property market. On Sunday, the Financial Services Commission granted preliminary licenses to three securities companies.They join 11 real estate trust operators, which are all brokerage houses. The three are also the first few to obtain licenses in 10 years.The three firms ar

South Korea’s securities brokerage companies saw their net profit grow 9.6 percent on-year to 4.17 trillion won ($3.7 billion) last year, on the back of strong commission fees from facilitating trades, the Financial Supervisory Service said Tuesday.According to the FSS’ earnings review of Korea’s 56 securities companies, their combined net profit in 2018 is the highest since a combined net profit of 4.43 trillion won logged in 2007. The firms’ return on equity, a measure