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Finance

KB Kookmin Bank enables QR payments in China without local app, offers 100 percent exchange rate preference

KB Kookmin Bank has launched a service on its KB Star Banking app that lets users make QR payments at merchants in China without installing a local payment app or registering additional personal information. The bank said it introduced an overseas payment service linked to NUCC, marking the first direct connection by a South Korean financial company to China’s national payment network. It also applies a 100 percent exchange rate preference and is running a promotional event through Dec. 21.

Industry

LG Display posts Q3 operating profit of 250.6 billion won, down 42 percent on year

LG Display said on Oct. 22 it posted third-quarter consolidated revenue of 6.277 trillion won and operating profit of 250.6 billion won. Revenue rose 12 percent from the previous quarter and operating profit swung to a profit from a loss. From a year earlier, revenue fell 10 percent and operating profit declined 42 percent, which the company attributed to reduced shipments of mid-sized LCD products under a profitability-focused portfolio strategy.

Finance

Bank of Korea holds base rate at 3.00 percent, checks external uncertainty before further hikes

The Bank of Korea held its benchmark interest rate at 3.00 percent, citing increased uncertainty surrounding the Middle East situation and major countries\' monetary policies. The central bank said it will decide whether to raise rates further after reviewing the effects of two earlier hikes. All seven members of the Monetary Policy Board backed the decision. The board said tightening is still needed, but it must check spillover effects as uncertainties expand.