The average daily sales volume of mini gold bars, which weigh between 10 to 100 grams, skyrocketed fourfold in April, amid escalating geopolitical uncertainties that turned investors’ attention to safe haven assets.Some 400 mini bars were traded a day, 300 more than usual, data by Korea Gold Exchange showed Sunday.“Starting early last week, we have been seeing a growing demand for mini gold bars, especially among investors in their 50s and 60s.” Song Jong-gil of Korea Gold Exch

The Financial Services Commission of Korea rolled out plans Thursday to strengthen the role of private equity firms in carrying out corporate bailout measures, a move aimed to discourage the practice of credit banks being reluctant to declaring insolvencies of financially distressed firms.The projected 8 trillion won ($7.09 billion) fund, where state-owned lenders would first contribute half of the funds, to be matched by private equity firms, will be used to refinance mid-sized enterprises.This

Kookmin Bank launched a group to help the company gather feedback from its expat customers Wednesday.The group is made up of 12 expats, non-Korean online community users and bloggers. It is expected to compile feedback from the foreign customers of Kookmin Bank for a year. An event to celebrate its launch took place at the main branch of Kookmin Bank in Myeong-dong, Seoul, Wednesday.  The move comes in line with the launch of an in-house department for international customers by teaming up

Lotte Chemical Corp., a petrochemical unit under South Korea’s fifth-largest conglomerate, may report record-high profit in the first quarter, driven by the anticipated listing of Lotte Chemical Titan Holding in Kuala Lumpur, Malaysia, and the price hike of chemical products, an analyst said Tuesday.The Seoul-traded firm is projected to record 853.7 billion won ($746.34 million) in operating profit, the highest quarterly figure recorded for Lotte Chemical, according to a report by Lee Eung-joo,

UberEats, a food delivery service by US-based ride-hailing company Uber, is reportedly planning to debut in South Korea within this year.The on-demand delivery app will be available here by no later than the end of this year, according to Yonhap News Agency on Monday, citing sources familiar with the matter. This came about a week after Priscilla Baek, public policy lead for Asia at Uber, told The Investor on Wednesday that it was “reviewing whether UberEats will be introduced in Korea” and has

Incheon International Airport Corp. agreed to partner with New Delhi-based global leisure travel company TUI India to draw more travelers from India, the state-run operator said Monday.On Saturday, IIAC signed a memorandum of understanding with TUI India in a bid to seek partnership to discover demands for layovers.IIAC and TUI India pledged to develop and promote new tourism packages that include layover at the Korea’s largest international airport. Participants, including Incheon International

A landmark acquisition of a local chipmaker by SK Group five years ago has accelerated the growth of the group’s information and communications technology businesses, pushing their outbound shipments to surge 127-fold, the group said Sunday. “The ICT affiliates’ boost in sales has played a critical role in turning the group into an export machine,” SK Group wrote in a statement Sunday. “Adding to the conventional powerhouses devoted to energy and chemical products, the ICT firms under the group

South Koreans drink an average 500 cups of coffee a year each, a local report suggested Sunday, quoting industry sources. Industry officials estimated that Koreans consumed about 25 billion cups of coffee last year, up 25 percent from a decade earlier. When divided among the Korean population of about 50 million, the amount of coffee consumed comes to about 500 cups per person, Yonhap News Agency reported. (Yonhap)The size of the coffee market, including both instant and brewed coffee, also grew

Foreign investment banks have raised their outlook on South Korea's economic growth for this year, citing a sound recovery in exports, a report showed Sunday. The average growth estimate by 10 IBs including Barclays, Morgan Stanley and Nomura stood at an annual 2.5 percent at the end of March, up from 2.4 percent tallied the previous month, according to a report by the Korea Center for International Finance.(Yonhap)Asia's fourth-largest economy posted 2.7-percent growth in 2016. Barclays raised

South Korean players rejoiced over their women's hockey world championship on Saturday, but they didn't lose sight of a bigger goal amid the celebration.South Korea shut out the Netherlands 2-0 to capture the International Ice Hockey Federation Women's World Championship Division II Group A at Kwandong Hockey Centre in Gangneung, Gangwon Province. With five consecutive wins, South Korea, world No. 23, will be promoted to the next tier of the IIHF championships, Division I Group B, for the first

South Korean national women's hockey coach Sarah Murray said Saturday her players' improved mental maturity was key to the team's world title won on home ice.South Korea blanked the Netherlands 2-0 to claim the International Ice Hockey Federation Women's World Championship Division II Group A at Kwandong Hockey Centre in Gangneung, Gangwon Province. Forward Han Soo-jin scored both goals as South Korea capped off the six-nation tournament with its fifth straight win.South Korea has earned a promo

South Korea captured a world title in women's hockey on home ice on Saturday.South Korea defeated the Netherlands 2-0 in an intense battle to win the International Ice Hockey Federation Women's World Championship Division II Group A at Kwandong Hockey Centre in Gangneung, Gangwon Province. Forward Han Soo-jin scored both goals, as the host had a perfect record with five consecutive victories.South Korean players celebrate winning the title at the International Ice Hockey Federation Women's World

Amid its overseas expansion as a duty-free shop operator, there are expectations for Hotel Shilla to end its downward spiral that has lasted for almost two years sparked by a series of external risks. Local analysts Thursday pinned hopes on Samsung Group’s affiliate devoted to duty-free shops and accommodations, as it won a license for a duty-free shop selling perfumes, cosmetics, fashion items and accessories at Hong Kong Chek Kap Kok International Airport the previous day. (Herald DB)Yang Il-w

The National Pension Service of Korea is expected to seek redress from the losses it suffered by investing in corporate bonds of debt-saddled shipbuilder Daewoo Shipbuilding & Marine Engineering, regardless of its decision on the shipbuilder’s rescue plan.“We are likely to file a damage suit against DSME to get compensation for losses from buying its corporate bonds,” a source from NPS was quoted as saying by Yonhap News Agency on Wednesday. (Yonhap)According to the source, NPS has yet to decide

South Korea’s first online-only bank provided over 60,000 accounts to new subscribers as of Tuesday, since its opening Sunday. As of 3 p.m. Tuesday, the bank issued a total of 61,501 bank accounts and 53,960 debit cards. It also accepted 4,123 loan applications. The figures showed the internet-only bank is off to a smooth start, as the numbers drastically contrasted with the some 12,000 bank accounts created per month through 16 commercial banks’ online services in Korea for a year from December