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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Amorepacific to sell 60% stake in packaging affiliate to France's Autajon Group

The headquarters of Amorepacific / Korea Times fileKorean cosmetics giant Amorepacific said Tuesday it has agreed to sell a 60 percent stake in its packaging making affiliate to France's Autajon Group, as part of its plan to strengthen ties with the French package maker. Amorepacific did not disclose the value of the deal and said it will keep a 40 percent stake in Pacific Package.Pacific Package, a wholly owned subsidiary of Amorepacific, makes packaging and labels for Amorepacific's cosmetic products."The deal will elevate our partnership with Autajon Group and provide new growth momentum for our affiliate, as we expect to find additional clients through our French partner," the Korean cosmetics maker said.Autajon Group supplies product packages and labels for cosmetics and perfume brands, such as Chanel, Christian Dior and Chloe.The two companies have been maintaining a strategic partnership since 2015 under a memorandum of understanding to exchange technology and expertise in the field. (Yonhap)

Sep 20, 2022
Amorepacific to sell 60% stake in packaging affiliate to France's Autajon Group

Board thwarts Woori Financial's attempt to acquire BNP Paribas Cardif Life

The headquarters of Woori Financial Group located in central Seoul / YonhapWoori board opposes Cardif Life acquisition, while prioritizing acquisition of securities firmBy Anna J. Park Woori Financial Group aims to push ahead with the expansion of its non-banking business portfolio, but the financial group's recent attempt to acquire BNP Paribas Cardif Life could not overcome the board's opposition.According to the investment banking industry, Woori Financial has been positively reviewing the option of acquiring the life insurance company in recent months. However, the financial group's board is opposed to the acquisition plan on the grounds that the timing isn't right, saying more life insurance firms are expected to be up in the M&A market with the slated adoption of new IFRS17 accounting standards from the next year.BNP Paribas Cardif has been attempting to sell its life insurance affiliate in Korea since July. BNP Paribas Cardif holds an 85-percent stake in its life insurance affiliate, whose assets total 3 trillion won ($2.15 billion). The life insurer is ranked 21st out of

Sep 20, 2022By Anna J. Park
Board thwarts Woori Financial's attempt to acquire BNP Paribas Cardif Life

Eximbank signs MOU with GS Energy on low-carbon energy business

Export-Import Bank of Korea (Eximbank) Chairman and President Yoon Hee-sung, left, poses with GS Energy CEO Huh Yong-soo after signing an MOU for the low-carbon energy business at the bank's headquarters in Seoul, Monday. Courtesy of EximbankBy Yoon Ja-youngThe Export-Import Bank of Korea (Eximbank) will be providing GS Energy with 1 trillion won ($720 billion) in financing for the implementation of carbon-neutral policies as well as for laying the groundwork for energy independence. The bank, operating under the wing of the Ministry of Economy and Finance, announced on Tuesday that it had signed an MOU with the energy solution company of GS Group, on the previous day, in which it agreed to provide financing for projects related to energy security and the transition to carbon-free energy.Through the MOU, the Eximbank and GS Energy plan to secure the foundation for the low-carbon industry and enhance the environmental, social and corporate governance (ESG) capabilities of Korean businesses. The measure comes as Korea is facing a transition in its energy paradigm, as seen in the carbon

Sep 20, 2022
Eximbank signs MOU with GS Energy on low-carbon energy business

Financial firms continue to close offline offices amid increased use of mobile services

This photo shows a few people receiving banking services in Woori Bank in Seoul. Korea Times fileThe number of offline offices run by financial firms in Korea declined more than 1,000 over the past year as the use of mobile services spiked amid their fast transition to digitalization, data showed Tuesday.Local financial companies, including banks and insurers, had run a total of 15,924 offline offices in Korea as of end-March, down 1,037 from the same month a year earlier, according to the data from the Financial Supervisory Service.Of them, the number of insurers' offline offices was down by the largest amount of 698 over the same period to 5,018, the data showed. Banks saw the number of their offline offices decline by 380.With the fall in their brick-and-mortar offices, those firms have also cut down on their workforce as well. The number of their employees stood at 378,056 at the end of March, down 8,073 from a year earlier, the data showed.The decline appears to be in line with financial firms' increased dependence on digital services available through internet-linked computers

Sep 20, 2022
Financial firms continue to close offline offices amid increased use of mobile services

Samsung SDI showcases battery products, technologies at int'l truck show

This photo shows Samsung SDI's booth at the IAA Transportation Hannover 2022 taking place in Germany this week, Sept. 20. Courtesy of Samsung SDISamsung SDI presented its latest battery technologies and products for commercial vehicles at an international exhibition taking place in Germany this week, the Korean battery maker said Tuesday. The exhibits at the IAA Transportation Hannover 2022 include the high-nickel prismatic battery cells made with its proprietary silicon carbon nanocomposite technology that is designed to improve energy intensity, charging speed and durability, the company said in a release. The booth was only open to businesses. Its scalable module and pack technologies, designed to offer customizing service for individual commercial vehicle models, drew attention from the participants, it said. Samsung SDI demonstrated the road map to future prismatic and cylindrical batteries, including the cobalt-free and solid state batteries. The commercial vehicle industry is regarded as a highly prospective market by battery producers. Electric trucks usually need about 8-13

Sep 20, 2022
Samsung SDI showcases battery products, technologies at int'l truck show

Foreign tech companies log some $2.9 bil. in Korean sales in 2021

People are lined up to enter Apple Myeongdong, the third Apple store in Korea, when it began operations in Myeongdong, central Seoul, April 9. NewsisSales of Google, Apple and other foreign tech giants in Korea rose more than six times in 2021 from five years earlier to flirt with 4 trillion won ($2.9 billion), data showed Tuesday.The combined taxable income of foreign tech companies amounted to 3.98 trillion won last year, or 6.5 times the 612.1 billion won in 2016, according to the data from the National Tax Service (NTS).A total of 209 foreign "electronic service" companies filed corporate tax returns with Korea tax authorities in 2021, up from 66 five years earlier.But Google, Apple and other tech titans were estimated to take up the bulk of those foreign firms' sales here.Indeed, the top 10 foreign tech companies reported taxable income totaled roughly 3.71 trillion won last year, or 93.1 percent of the aggregate.Those foreign electronic service corporations pay only 10 percent value-added tax in Korea since they have no "fixed places of business" here.There have been calls here

Sep 20, 2022
Foreign tech companies log some $2.9 bil. in Korean sales in 2021

Unionists seek to bring suit against Samsung Electronics over 'peak wage' policy

Samsung Electronics holds a signing ceremony for an annual pay deal at the company's Giheung Campus, about 40 kilometers south of Seoul, Aug. 10. YonhapLabor unionists of Samsung Electronics are seeking to file a suit against the tech giant over its "peak wage" policy, sources said Monday.Samsung's biggest labor union has been seeking participants in the legal action on its website since last Thursday. The union has around 6,000 members, some five percent of Samsung's domestic employees. The tech giant, in 2014, introduced a peak wage policy, which gradually reduces salaries for senior workers several years before retirement. At that time, it raised the retirement age to 60 years old from the previous 55 years old. The move came after the Supreme Court ruled against the system in May, saying the peak wage system is illegal discrimination against workers on the basis of age.The highest court noted the system violates a clause of the Act on Prohibition of Age Discrimination in Employment and Aged Employment Promotion, which stipulates that workers and persons wanting to become workers

Sep 19, 2022
Unionists seek to bring suit against Samsung Electronics over 'peak wage' policy

Seoul targets half of new vehicles as autonomous ones in 2035

Hyundai Mobis' concept car, M.Vision X / Courtesy of Hyundai MobisKorea is targeting to commercialize a Level 4 autonomous vehicle in 2027 to release half of newly launched vehicles as Level 4 models in 2035, the transport ministry said Monday. This year, Korea aims to become the world's third country to commercialize a Level 3 autonomous vehicle after the United States and Japan, the Ministry of Land, Infrastructure and Transport said in a statement. "To achieve the aim, the government will overhaul the existing transportation systems, and set up safety standards and insurance programs for autonomous cars to provide Level 4 autonomous bus services as well (by 2027)," the statement said. Hyundai Mobis, a major affiliate of Hyundai Motor Group, introduced Level 4 self-driving automation technology in its concept M.VISION at the Consumer Electronics Show (CES) in January 2020.At Level 4, a vehicle can drive itself under limited conditions and will not operate if all required conditions are not satisfied. At Level 5, a vehicle's automated driving features can drive under any conditions.

Sep 19, 2022
Seoul targets half of new vehicles as autonomous ones in 2035

Savings banks see H1 net shrink 15.1% on increased loss reserves

This photo shows a row of ATM machines lined up in Seoul / YonhapSavings banks in Korea saw their combined net profit decline 15.1 percent on-year in the first half despite increased interest income as they set aside more loan loss reserves amid heightened economic uncertainty, data showed Monday.The combined net income of 79 savings banks stood at 899.1 billion won ($649.2 million) in the January-June period, down from a net profit of 1.06 trillion won the previous year, according to the preliminary data from the Financial Supervisory Service (FSS).The decline came as they set aside loan loss reserves more than they earned from customers' interest payment, which has been on the rise in line with the central bank's rate hikes to tame inflation.Their loan loss reserves expanded 491 billion won on-year in the first half, while their interest income grew 481 billion won over the same period, the data showed.During the first half of this year, their total lending stood at 114.5 trillion won, up 13.9 percent from six months earlier. Loans to households and businesses expanded 4.7 percent

Sep 19, 2022
Savings banks see H1 net shrink 15.1% on increased loss reserves

Samsung widens gap between Intel as world's largest chipmaker by revenue in Q2

????????/This photo shows workers at a Samsung Electronics semiconductor manufacturing plant. Courtesy of Samsung ElectronicsSamsung Electronics expanded its market share of the global semiconductor industry in the second quarter, maintaining its top spot, a research showed Monday.Samsung's chip revenue for the April-June period came in at a record quarterly high of $20.3 billion on the back of solid server demand, taking up 12.8 percent of the global total of $158.1 billion, according to research firm Omdia.Samsung's Q2 share was slightly up from the 12.5 percent it logged the previous quarter.In the second quarter, Intel's market share decreased to 9.4 percent from 11.1 percent the previous quarter. The U.S. chipmaker reported $14.8 billion in revenue, down 16.6 percent on-quarter. Samsung and Intel have been locked in a fierce rivalry for many years. In 2017, Samsung surpassed Intel as the world's biggest chipmaker by revenue for the first time, and it maintained the spot for two years in a row.Intel overtook Samsung in 2019 and remained at the top until 2020, before it was beaten

Sep 19, 2022
Samsung widens gap between Intel as world's largest chipmaker by revenue in Q2
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