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Articles by Seo Jeong-won
Maeil Business Newspaper Korea's No. 1 Economic Media
When hiring foreign workers, small and medium-sized businesses hire foreign workers without knowing whether they are good or not. It's similar to drawing lots left to chance." "If you apply for a foreign employment permit at a local employment and labor center, it takes four to five months to actually hire," said a representative of a sheet metal manufacturing company, which has nearly 50% of foreign workers.
Maeil Business Newspaper Korea's No. 1 Economic Media
EcoPro BM will carry out a rights offering worth Won 1.2 trillion to secure control of the BNSI smelter in Indonesia, which has an annual nickel production capacity of 90,000 tons. Through the move, the company aims to secure a nickel supply chain, a key battery material, and expand its battery supply network. On the 30th, EcoPro BM disclosed that it would raise Won 1.2 trillion through a rights offering followed by a public offering of unsubscribed shares.
Fire safety concerns drive surge in flame-retardant interiors
As concerns grow in the aftermath of some recent high-profile fires, flame-retardant interior materials are seeing a surge in demand across South Korea thanks to the rise of so-called “safeteriors” - a portmanteau of “safety” and “interior.” These fire-resistant products, once used mainly in hospitals and multi-use facilities, are now being adopted in homes.
Hanssem enters office interior, furniture market
Home interior company Hanssem Co. announced Monday that it is officially entering the office interior and furniture market, expanding its business beyond home spaces. The company is currently collaborating with specialized office design firms to supply furniture to corporate clients. It plans to launch a dedicated office product line in the second half of this year.
Smart services boost small food, retail businesses
A growing number of South Korean small businesses are upgrading their operations thanks to government-backed smart service programs that integrate technologies such as artificial intelligence and big data. Song Han-woong, CEO of The Captain Seafood platform The Captain developed its app “SonSeonJang” with support from the Ministry of SMEs and Startups’ Smart Services Support Program. By using the app’s camera function, users can identify the types of sashimi and check expiration dates.
Korea’s SMEs to boost ties with MIT, Fraunhofer
South Korea’s small and medium-sized enterprises (SMEs) will be able to partner with global research institutions such as the Massachusetts Institute of Technology (MIT) and Germany’s Fraunhofer Society to develop next-generation technologies in artificial intelligence, biotech, and semiconductors.
Asleep to launch AI sleep assistant Z-Talk in December
Asleep, a leading sleep tech company in South Korea, is set to launch Z-Talk, an artificial intelligence (AI)-powered sleep assistant, on December 12. The assistant, which integrates OpenAI’s ChatGPT, provides users with detailed sleep analysis and personalized tips for better rest, along with tailored skincare recommendations based on their sleep data. Users can receive daily updates via KakaoTalk, making it a convenient solution for improving sleep habits.
KICOX launches factory-direct deals for 2024 Korea Sale Festa
The Korea Industrial Complex Corporation (KICOX) has launched a special factory-direct shopping promotion in celebration of the 2024 Korea Sale Festa (KOSEFE), running through the end of 2024. The event features a curated selection of high-quality products from small and medium-sized enterprises (SMEs) in the “Good Store” section on Coupang. Shoppers can browse a diverse range of items, including food, cosmetics, kitchenware, and automotive supplies, produced by 15 participating companies.
Korean paper industry goes green with ambitious targets
South Korea’s paper industry is taking significant steps toward sustainability, setting ambitious greenhouse gas reduction targets and committing to producing eco-friendly papers. Moorim Group on Wednesday unveiled a 2024 Moorim Climate Change Response Report, pledging to reduce greenhouse gas emissions by 25 percent by 2030 compared to 2022 levels.
Korea to strengthen penalties against tech theft from startups
To bolster protections for innovative startups, the South Korean government is set to increase penalties for large corporations that steal technology from smaller firms. The government intends to move beyond merely issuing corrective recommendations to implementing binding corrective orders along with pursuing legal changes that would introduce criminal penalties for non-compliance.
Medical school race to intensify on quota expansion
The expansion of medical school quota in South Korea is expected to trigger more students to retake college entrance exams to get into medical schools. In April, the Ministry of Education will finalize the quota for medical schools at university for 2025 after announcing its allocation plan. Increased quotas is expected to mainly benefit small medical schools with under 50 admissions and those in non-metropolitan regions.
Koreans turn to savings banks for deposits as online lenders cut annual rates
Financial consumers in South Korea are taking out deposits from the high-interest accounts with internet-only banks as they lose competitiveness on lower interest rates. Korean app-based lender Kbank announced two interest rate cuts in June and reduced the annual rate for its Plus Box savings account to 2.45 percent from 2.6 percent. Plus Box is a type of a parking account that allows consumers to make up to 300 million won ($232,279) in deposits.
Mobile apps emerge as online banking services replacement
Internet banking, once considered groundbreaking for enabling account holders to access banking services remotely, is losing its shine as mobile banking gains in popularity. With mobile banking accounting for over 90 percent of non-face-to-face transactions, commercial banks are actively exploring options to scale down internet banking operations, which come with substantial operational costs.
Korea’s corporate debt-to-GDP ratio tops 120% in Q2
South Korea’s corporate debt as a percentage of its gross domestic product (GDP) has rapidly increased, surpassing 120 percent in the second quarter of 2023. The surge is attributed to a particularly sharp rise in loans to vulnerable small and medium-sized enterprises (SMEs).
K Bank’s customer base surpasses 9 million on growth in users in their 50s. - Pulse by Maeil Business News Korea
South Korea’s internet-only bank, K Bank, has surpassed the 9 million customer mark in its sixth year of operation thanks to an increase in customers over the age of 50. The bank aims to increase its customer base to 10 million within the year by adding new products such as car loans. On Wednesday, K Bank announced that it has surpassed 9 million customers, a new milestone which comes 10 months after reaching 8 million customers in September last year.
Delinquency rate among Koreans in their 20s hits record high in June
South Korean financial consumers in their 20s are struggling to pay back debt, with the delinquency rate of housing mortgage loans among those under 30 reaching an all-time high in June.
Kakao Group stocks gain on foreign, institutional net buying - Pulse by Maeil Business News Korea
A buying trend has been evident for South Korea’s platform giant Kakao Corp. on the back of the latest record highs of the country’s benchmark Kospi. According to the Korea Exchange on Tuesday, shares of Kakao rose by 7.02 percent from the previous session. The trading volume for the platform stock soared by 218 percent. On the same day, shares of Kakao’s major units also gained, such as Kakao Bank (14.04 percent) and Kakao Pay at (7.97 percent).
North Jeolla has highest household loan delinquency rate at 1.3%
The delinquency rate of household loans extended by South Korean banks was the highest in North Jeolla Province, exceeding 1 percent for the second straight month in May and standing three times higher than the national average. According to data from the Bank of Korea (BOK) on Tuesday, the delinquency rate of household loans at depository banks in North Jeolla Province stood at 1.3 percent in May.
New NH chief emphasizes innovation, digitalization, global reach - Pulse by Maeil Business News Korea
NH Nonghyup Financial Holdings Chairman Lee Suk-joon, who has been in office for six months, emphasized the importance of voluntary innovation within the organization and the expansion of global ventures and new businesses in an interview with Maeil Business Newspaper on June 30.
Korean won rallies against U.S. dollar on chip industry rebound expectations - Pulse by Maeil Business News Korea
The Korean won, which had shown a severe decline earlier this year, has been rising on expectations for a rebound in the semiconductor industry based on a boom in the artificial intelligence (AI) and the influx of foreign buyers, prompting foreign exchange experts to raise their forecasts for the currency’s value in the second half of this year.
Korea’s Cofix down for a 3rd month in Feb. amid low bond yields - Pulse by Maeil Business News Korea
Cofix, the benchmark for short-term financing cost, has declined for the third month in February amid low bond yields after the collapse of Silicon Valley Bank (SVB) in the U.S. The fixed annual mortgage rate at Hana Bank stood at 4.149~4.749 percent on Wednesday, down 0.47 percentage point from March 2.
Korean market rates rise despite BOK’s rate freeze on higher bank bond yields - Pulse by Maeil Business News Korea
The Bank of Korea (BOK) on Thursday kept its benchmark rate unchanged at 3.50 percent but market rates for credit and mortgage-backed loans are projected to rise gradually on higher bank bond yields. The annual interest rate for credit loans at the country’s four major banks KB Kookmin, Shinhan, Hana, and Woori rose slightly to 5.357~6.59 percent on Thursday from 5.140~6.49 percent on Feb. 6. The rise comes on higher bank bond yield that is a reference for credit loan interest rates.
Kakao Bank sparks race to lower mortgage rates in Korea - Pulse by Maeil Business News Korea
Kakao Bank has declared an interest rate war against traditional brick and mortar banks in Korea, announcing that it will cut up to 0.6 percentage points off the interest rate for customers who want to refinance mortgage loans they received from other banks. The internet bank’s minimum interest rate for variable mortgage loans will be lowered to 3 percent per annum, further widening the gap with commercial lenders that are offering around 5 percent.
S. Korean lenders cut deposit rates despite higher base rate - Pulse by Maeil Business News Korea
Commercial lenders in South Korea are lowering deposit interest rates to below 4 percent despite higher base rate amid a decline in bank bond yield. According to multiple sources from the bank industry on Tuesday, the interest rate for deposit accounts with a maturity period of one year at five major lenders in Korea has declined to the upper 3 percent range.
Mortgage loan rates may approach its peak as benchmark rate falls - Pulse by Maeil Business News Korea
Interest rate of mortgage loans may be approaching its peak as the Cost of Funds Index, or COFIX, a benchmark lending rate for mortgage loans in Korea, dropped for the first time in 11 months. According to the Korea Federation of Banks (KFB) on Monday, COFIX for new loans at the end of December was 4.29 percent per year, down 0.05 percentage point from the previous month. It has been 11 months since the benchmark for new loans fell after a 0.05 percentage point decrease in January last year.
Korea’s mortgage loan rates poised to top 8%, delinquency rate up - Pulse by Maeil Business News Korea
Borrowing costs in South Korea are zooming up, with the country’s mortgage loan rates poised to top 8 percent in line with a surge in deposit rates, and the delinquency rate on bank loans is also on an upward trend.
Koreans flock to banks in fastest pace amid unprecedentedly strong tightening cycle
South Korean investors are decisively withdrawing from the securities and property market to park their money in safer time deposits and installment savings as rates jump to 4 to 5 percent level versus sub-1 percent a year ago. According to data released by the Bank of Korea on Thursday, the outstanding balance in bank accounts reached 2,245.4 trillion won ($1.57 trillion) as of the end of September, surging 36.4 trillion won from a month ago.
Korea ups R&D budget by 16% in biotech, backs genome data initiative next year - Pulse by Maeil Business News Korea
Korea ups R&D budget by 16% in biotech, backs genome data initiative next year Receiver Sender title message The South Korean government proposed to up budgeting for government subsidy in biotech sector by 16 percent next year and finance a project to secure the genome data of 1 million people. To further back commercialization of new drugs, it will designate five data-driven hospitals to enable clinical practice data for their R&D programs.
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