SEOUL, Feb. 10 (Korea Bizwire) — South Korea’s major banks are rapidly closing physical branches, citing the rise of digital banking and cost-cutting measures, even as they continue to report record-high interest income. The trend, however, is sparking concerns over reduced financial accessibility for elderly customers and those unfamiliar with mobile banking. KB Kookmin Bank [...]
SEOUL, Sept. 20 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Friday it will enact a set of cost-cutting measures to cope with mounting losses. In the “preemptive self-help” measures, the company will reduce benefits, such as education expenses for children and medical coverage for [...]
SEOUL, Sept. 17 (Korea Bizwire) — LG Display Co. said Tuesday it will begin a voluntary retirement program as part of cost-cutting efforts amid mounting losses from its liquid crystal display (LCD) business. The display making unit of LG Electronics Inc. said it will accept early retirement from manufacturing employees who have worked over five [...]
SEOUL, Aug. 27 (Korea Bizwire) — South Korean shipyards, led by Hyundai Heavy Industries Co., are still struggling to cut costs through unpaid leave for their workers and shutting down dry docks idled amid a lack of orders, industry sources said Sunday. For decades, the shipbuilding sector has been one of the key growth drivers [...]