Korean banks flock to Myanmar for ‘next big market’

Major South Korean lenders are gearing to start business in Myanmar, hoping to sustain their momentum in the Southeast Asian region. Korea Development Bank, Industrial Bank of Korea and KB Kookmin Bank obtained preliminary approval from the central bank in Myanmar earlier in the week, industry sources said Friday. KDB was granted preliminary approval from the Central Bank of Myanmar a day prior to open a new branch in Yangon, the country’s largest city. It marks the first time in 22 yea

MarketApril 10, 2020

ULikeKorea’s tech catches early-stage bovine coronavirus

ULikeKorea, a livestock health care company, said Friday it has successfully detected early-stage bovine coronavirus in South Korea and Japan. Coronavirus is prevalent in animals, and few are lethal to humans and cause respiratory infections like the COVID-19, Middle East respiratory syndrome and severe acute respiratory syndrome. Coronaviruses are ribonucleic acid virus that are prone to mutation, and have the possibility of animal-to-human and human-to-animal infections, uLikeKorea CEO Kim

IndustryApril 10, 2020

US flies surveillance plane over Korean Peninsula

A US spy aircraft has flown over South Korea, an aviation tracker said Friday, on an apparent mission to monitor North Korea. The US Air Force's RC-135W Rivet Joint was spotted in skies above South Korea, Aircraft Spots tweeted, without giving details on the time of its operation. The aviation tracker also said Saturday and Tuesday the same type of the aircraft was detected over the Korean Peninsula. The operation came as the North was to hold a key meeting of the country's rubber-stamp par

North KoreaApril 10, 2020

Samsung Biologics to manufacture Vir’s COVID-19 treatment starting 2021

Samsung Biologics on Friday signed a binding letter of intent worth 440 billion won ($363 million) to manufacture US-based Vir’s COVID-19 treatment, starting 2021. It is the biggest single deal Samsung Biologics has taken since its 2016 initial public offering. Vir’s SARS-CoV-2 monoclonal antibody (mAb) candidates VIR-7831 and VIR-7832 have demonstrated high potency in neutralizing the SARS-CoV-2 in live-virus cellular assays. The molecules were approved for fast-track developme

IndustryApril 10, 2020

Seoul stocks up for 2nd day on US stimulus measure

South Korean shares ended higher for the second straight session Friday on improved investor sentiment over the United States' latest stimulus effort meant to minimize the economic fallout from the new coronavirus. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.46 points, or 1.33 percent, to 1,860.67. Huh Jae-hwan, a strategist at Eugene Investment Co., said the US Federal Reserve's provision of liquidity programs that also i

MarketApril 10, 2020

Duty free giants withdraw from Incheon airport first time

Duty-free operators, including local No. 1 Lotte Duty Free and runner-up Shilla Duty Free, have given up their preferred bidder positions for operation licenses at Incheon Airport, amid the ongoing tug-of-war between the companies and airport over rental fees. It is the first time for the conglomerates to withdraw from signing operation contracts due to rental prices, according to industry sources Friday. Incheon International Airport Corp. announced the preferred bidders to operate eight ai

ConsumerApril 10, 2020

Army chiefs of S. Korea, US discuss countering COVID-19

The army chiefs of South Korea and the US held a telephone conversation Friday to discuss countering the coronavirus and the readiness of their combined forces. The call between Suh Wook, South Korea’s Army chief of staff, and James C. McConville, his US counterpart, was held at the request of the US. In the call, Gen. Suh highlighted strong measures to track down potential patients and test them while following anti-virus precautions as key to curb the spread of COVID-19. South Korea&r

DefenseApril 10, 2020

[Photo News] Early voting despite virus fears

Voters were advised to wear face masks and disposable gloves while casting their ballots for the April 15 general elections, on the first day of the two-day early voting Friday. Strict quarantine guidelines were presented to prevent virus spread, as public safety is a top priority in this year’s elections. (Photos: Yonhap) By Kim Tae-eun (kimt17@heraldcorp.com)

PoliticsApril 10, 2020

[Newsmaker] Football legend's son given suspended sentence for drunk driving

South Korean football legend Cha Bum-kun's second son Cha Se-jji, indicted for causing a traffic accident while drunk driving last December, was given a suspended sentence Friday. The Seoul Central District Court sentenced the junior Cha to 1 1/2 years in prison with a stay of execution for three years after finding him guilty of dangerous driving. The 34-year-old was also given two years of probation and ordered to attend a 40-hour compliance driving lecture. Cha was accused of ramming into

Social AffairsApril 10, 2020

Moon, Gates agree on coronavirus vaccines, treatment in phone talks

President Moon Jae-in and Microsoft co-founder Bill Gates agreed Friday to expand cooperation in efforts to develop vaccines and treatments against the new coronavirus during their phone talks, Cheong Wa Dae said. In their 25-minute conversation, made at Gates' request, they focused on ways to tackle COVID-19 sweeping through the world. Leading the Bill and Melinda Gates Foundation for philanthropic campaigns, Gates has been striving to help the international community overcome the virus cris

PoliticsApril 10, 2020

Sencoretech’s listing plan is litmus test for Korean IPO market

Attention is centered on what is poised to become the only initial public offering deal in April, as investors are hinging on a change in market tides. Starting Monday, Sencoretech -- a Seoul-based engineering firm dedicated to manufacturing steel structure -- will go on a two-day institutional investor tranche to confirm the IPO price, estimated to be at least 27.16 billion won ($22.35 million). Samsung Securities is a lead underwriter for the IPO on the development bourse Kosdaq. This comes

MarketApril 10, 2020

VIG Partners to acquire funeral service firm

South Korea’s midcap buyout fund VIG Partners said Friday it plans to acquire the nation’s leading funeral service firm Preedlife. While neither the acquisition price nor the amount of stake were disclosed, the transaction is expected to close in the third quarter of 2020. This comes amid the private equity firm’s move to carry out a bolt-on strategy, under which its existing portfolio firms Jounlife and Preedlife will be combined to become the biggest funeral goods and servi

MarketApril 10, 2020

Teen to face police probe after allegedly evading airport virus checks

A South Korean teenage student who allegedly evaded coronavirus checks at an airport after taking fever reducers will face a police probe, a senior health official said Friday. South Korea has toughened entry rules for people coming from overseas. They are required to be tested for COVID-19 at airports if they show symptoms, and to undergo 14 days of self-quarantine at home, regardless of symptoms. The 18-year-old student studying in the United States had allegedly taken fever reducers for

Social AffairsApril 10, 2020

[Serendipity] Too close for comfort?

“It was the best of times, it was the worst of times.” So it feels today, the 10th day of voluntary self-isolation at home. Much to my relief, my younger child and husband returned home from the UK safe and in good health at the end of March, their plans disrupted by the COVID-19 pandemic. The two are following the government’s orders for returnees to immediately go into self-isolation at home for 14 days and to be tested for the new coronavirus. Out of an abundance of caut

ViewpointsApril 10, 2020

Early voter turnout hits record high as of Friday noon amid health concerns

South Korea’s early voter turnout for the parliamentary elections flagged a record high as of Friday at noon on the back of voters seeking to avoid large crowds on April 15 amid the COVID-19 pandemic. Out of 43.9 million eligible voters, 2.5 million, or 4.9 percent, had voted, according to the National Election Committee. By comparison, this is two times the turnout by the same time during the 2016 parliamentary elections and the highest ever since early voting for national elections w

PoliticsApril 10, 2020

Actor Lee Tae-ri makes Hollywood debut with film ‘Anastasia’

South Korean actor Lee Tae-ri’s Hollywood debut film “Anastasia: Once Upon a Time” was released in the US on Tuesday, his agency said Friday. According to Starhaus Entertainment, the film was released through major cable networks and video streaming platforms, such as Amazon, iTunes and Google Play Movie, in the US. The Korean release date has not yet been confirmed yet. In the film adaptation of the classic 1997 animation film of the same title, the 27-year-old actor takes

FilmApril 10, 2020

Seoul stocks down late Friday morning

South Korean shares traded lower late Friday morning as investors attempted to cash in recent gains amid a lack of upside momentum. The benchmark Korea Composite Stock Price Index shed 9.52 points, or 0.52 percent, to 1,826.69 as of 11:15 a.m. The main index opened higher, tracking overnight gains on Wall Street on the back of the United States' latest stimulus effort meant to minimize the economic fallout from the new coronavirus. US stocks rose after the US Federal Reserve unveiled program

MarketApril 10, 2020

SK Innovation exec highlights safety as top corporate priority

Companies that fail to shift their paradigms in terms of safety will fall behind others in the long run, said an executive at SK Innovation, a leading oil refinery and battery maker in South Korea on Friday. Yoo Jae-young, head of safety, health and environment division at the company, said in an internal interview that SK Innovation has turned the latest coronavirus outbreak into an opportunity that has enhanced its workplace environment monitoring system. “The company has stepped up

TechnologyApril 10, 2020

Parcel services help curb panic buying in S. Korea: data

Hoarding of daily necessities in South Korea briefly occurred in late February as the country braced for a sharp rise in the outbreak of the new coronavirus, but the country saw little panic buying of such goods induced by the novel coronavirus in part on the back of a well-built parcel delivery system, industry data showed Friday. Delivery of basic essentials, such as canned goods and instant noodles, nearly tripled during the fourth week of February compared with a week earlier, according to

Social AffairsApril 10, 2020

[Video] How social distancing works in Seoul

Early mornings in Seoul are equivalent to avoiding a gridlock. Subways and bus rides during rush hours are “hell on wheels.” Yet, stations are now almost left empty after the coronavirus outbreak. The roads and narrow lanes no longer suffer traffic jams as well. During crammed rides to work, faces partially covered by KF94 masks greet each other. This is now the new normal as “masking” has become the rising trend among Koreans these days. If someone coughs, especially

Social AffairsApril 10, 2020