Local banks are considering a financial support program worth 2 trillion won ($1.52 billion) for owners of small businesses by giving back a part of their loan payments, amid prolonged inflation and high interest rates. The measure was discussed Thursday during a task force meeting of local financial institutions and regulatory bodies aimed at finding means to support the public livelihood, industry sources said Sunday. The first of the collective efforts is set to be a cash-back rewards scheme

Economy Dec. 10, 2023

It was a rough year for K-pop, with big firms' shares taking a roller-coaster ride despite outstanding performances, hitting an annual peak in the summer and plummeting in recent months. But the bumpy ride is set to settle down for the most part, with major risk factors being resolved and individual firms pushing through with their global business ventures for long-term qualitative growth, industry watchers say. YG Entertainment finally came out of the shadows on Wednesday, when it anno

Industry Dec. 7, 2023

South Korea's finance minister nominee on Tuesday said strengthening economic stabilization efforts for citizens' livelihoods while continuing the government's drive for reform would be the key priorities under his leadership. Choi Sang-mok, the nominee for the country’s top economic policymaker, made the remark during his first gathering with the local press Tuesday, following his nomination by the presidential office Monday. The former senior presidential secretary for eco

Economy Dec. 5, 2023

Choi Sang-mok, the former senior presidential secretary for economic affairs, has been nominated as the new finance minister who doubles as the deputy prime minister, according to the presidential office on Monday. Born in 1963 in Seoul, Choi studied law at Seoul National University and earned a doctorate in economics at Cornell University. He passed the civil service examination in 1985. He is known as an "orthodox economic bureaucrat" who has a strong understanding of economic poli

Economy Dec. 4, 2023

South Korea's recent temporary ban on stock short selling is aimed at reinforcing the Korean market's fairness and the advancement of the market system, a top financial regulator said Friday. Financial Services Commission Vice Chairman Kim So-young made the remark as he addressed foreign correspondents in Seoul, acknowledging the rising fear among global investors following the country's comprehensive ban of all short selling trades. According to Kim, financial regulators disc

Economy Dec. 1, 2023

Toss Bank, a Korean internet-only bank, saw its first quarterly profit in the third quarter. The company on Thursday announced it logged a net profit of 8.6 billion won ($6.65 million) in the third quarter, shifting from a net loss of 10.5 billion won the previous term. This marked the first time the company posted a quarterly profit since its launch in October 2021. The company attributed the growth to increased interest revenue during the pandemic when mobile banking services saw an influx of

Industry Nov. 30, 2023

Shinhan Financial Group's efforts to make a sustainable financial ecosystem have gained global momentum this year under the leadership of Chairman Jin Ok-dong, who took the top post in March. On his first overseas business trip in April, Jin headed to Japan, his country of expertise with almost 20 years of work experience there. During his stay, he met with business and government leaders there to seek digital and ESG (environment, social and governance) cooperation and other possibilities

Companies Nov. 30, 2023

Yuhan-Kimberly, the country’s leading hygiene product manufacturer, earned the first Good Manufacturing Practice recognition for a sanitary pad manufacturing facility. The firm on Wednesday said its factory in Chungju, North Chungcheong Province, acquired the Ministry of Food and Drug Safety’s GMP accreditation, awarded to manufacturers that meet the authority’s production and quality control standards. The Chungju plant is Yuhan-Kimberly’s manufacturing base for its fema

Industry Nov. 29, 2023

Korea Water Resources Corp., or K-water, announced Monday it has signed an agreement with Ukraine's war-torn suburb of Bucha to support its recovery and the construction of an industrial complex there. The state-run public water management company on Friday signed a memorandum of understanding with Bucha to cooperate on the area's recovery and the refurbishment of a water facility system. The deal was inked at the agency's Hangang River Basin Management Division in Gwacheon, Gyeon

Industry Nov. 27, 2023

KB Financial Group Chairman Yang Jong-hee on Friday stressed his will to nurture young tech talent in the field of artificial intelligence, calling digital finance not an option but a must for the financial giant’s sustainable growth. "IT and digital are no longer means to support the bank, but a core sector that will lead the businesses at the forefront," the chairman said at the group’s AI forum held in Seoul on Friday. "We must shift our perspectives from in-perso

Industry Nov. 27, 2023

YG Entertainment's new girl group Babymonster takes to the plate on Nov. 27 with its debut song "Batter Up." The music video teaser was unveiled on Friday, giving the first sneak peek into what sounds like a powerful hip-hop anthem. "Attention!" bellowed out the six girls at the start of the half-minute clip. Lights flash above the members' faces in turn, as siren sounds rang in the backdrop over minimal repetitive beats. The video closes with the group singing, &qu

K-pop Nov. 26, 2023

Fifty Fifty made it onto Billboard's year-end list of most popular songs as the first K-pop girl group in history. The US music publication recently unveiled its 2023 year-end charts, which showed Fifty Fifty's "Cupid" at No. 44 on the annual Hot 100 songs chart. This marked the first time that any K-pop girl group's song has made it onto Billboard's year-end main singles chart. The year-end Hot 100 chart is a rundown of the year's biggest hits in the US compil

K-pop Nov. 24, 2023

Aespa is spreading the Christmas cheer early with its new song "Jingle Bell Rock." The band's agency, SM Entertainment, on Friday announced that the quartet will drop its reinterpretation of the popular Christmas carol at 2 p.m. later that day. Aespa's version of "Jingle Bell Rock" will offer new delights, the agency said, with the four members' voices interlaced over the minimal track peppered with powerful 808 bass and catchy instrumental sounds, The new song

K-pop Nov. 24, 2023

It was in 2019 that LA-based tech firm AmazeVR, a comprehensive virtual reality entertainment startup, pivoted its main business to virtual concerts. In just three years, it became the frontrunner in the field and officially launched its service in South Korea this year. Last month, AmazeVR released its first virtual concert here, featuring K-pop girl group aespa. Produced jointly with the quartet's label, SM Entertainment, the show was available offline at the Megabox Coex cinema in southe

K-pop Nov. 24, 2023

Downsized from a four-piece, Fifty Fifty's last remaining member Keena celebrated the group's first anniversary with an apology. Keena penned a hand-written letter to fans Saturday, a year on from the group's debut. "I'm cautious as to how to start this since I'm addressing my fans, Hunnies, for the first time in a while, but I'm plucking up my courage to speak on my honest thoughts," Keena began her letter. "First of all, I'm sorry to Hunnies wh

K-pop Nov. 19, 2023