PyeongChang offers forum for peace once again

During the 2018 PyeongChang Olympics, South and North Korean athletes entered the opening ceremony together and formed a joint women’s hockey team, creating momentum that led to bilateral talks between the South and North. Maintaining that legacy and peace building, the PyeongChang Peace Forum 2020 “Peace! Here and Now” takes place through Tuesday at Pyeongchang Alencia in Gangwon Province with 1000 participants from 25 countries. The three-day conference is being attended

Social AffairsFeb. 9, 2020

[Newsmaker] Jongno race bellwether for presidential election

Home to the presidential office and Seoul Government Complex comprising key government offices, the Jongno District in central Seoul has been a symbolic seat in the political landscape. The election results there have proven to be a yardstick on where rival parties stand for the next president. In the upcoming parliamentary elections in April, the district will once again serve as a key battlefield for liberals and conservatives, as Lee Nak-yon of the ruling Democratic Party of Korea and Chairm

PoliticsFeb. 9, 2020

[News Focus] How Samsung is sandwiched between Apple and Huawei in smartphone market

Who was the true winner in the global smartphone market last year? The answer is Apple in terms of profit share, and Huawei Technologies in terms of growth. South Korea’s Samsung Electronics, on the other hand, seems to be sandwiched between its American and Chinese rivals as it could neither reap a larger profit than Apple nor grow more than Huawei. Data released by market researchers Strategy Analytics, Canalys and Counterpoint support the conclusion, showing Apple and Huawei perform

TechnologyFeb. 9, 2020

Korean tech firms to resume production in China

South Korean tech firms plan to resume operations at their facilities in China on Monday -- after an extended 17-day holiday for Lunar New Year -- despite the ceaseless spread of the novel coronavirus across the world.  However, it is expected to take quite some time for them to fully recover their operation rates due to possible workforce shortages stemming from the rising number of virus infections in China, with fewer number of returning workers from the holiday in healthy conditions.

IndustryFeb. 9, 2020

[Trudy Rubin] Coronavirus death of Chinese whistleblower doctor should sober Beijing -- and us

The death of a young Chinese doctor who was silenced by authorities when he tried to warn about the outbreak of the coronavirus has lit up the country’s social media with outrage. By Friday, references to the death of whistleblower Li Wenliang from the virus had been viewed 270 million times on Weibo, one of the biggest social media platforms in China. The public is so angry that Chinese censors haven’t yet shut the topic down. This 34-year-old ophthalmologist from Wuhan, who left

ViewpointsFeb. 9, 2020

[Contribution] Will strong capital market performance continue?

The Korea Herald is publishing a regular contribution series written by senior investment strategists at Standard Chartered Group Wealth Management. -- Ed. After a stellar 2019, investors are naturally asking themselves whether the strong performance can continue in 2020. Trying to answer this is difficult as different perspectives provide different answers. Our approach to this challenge is to start with a historical, quantitative lens before trying to figure out why the current situation mi

MarketFeb. 9, 2020

Korea’s growth outlook hit hard as coronavirus outbreak prolongs

The new coronavirus outbreak that originated in China is affecting South Korea as global investment banks and research institutes are drastically lowering their economic growth outlook for this year. While the government still maintains its forecast of 2.4 percent growth, some skeptical research institutes have slashed the figure -- with the lowest estimate at 1.5 percent. According to the latest survey conducted by Bloomberg on key investment banks and institutes, respondents predicted that

EconomyFeb. 9, 2020

Art galleries’ worries mount as Art Basel Hong Kong fair canceled

Some art galleries here are changing their exhibition plans, as this year’s Art Basel Hong Kong, the biggest international art fair in Asia, has been canceled due to the outbreak of the novel coronavirus. “Following the severe outbreak of the novel coronavirus, which has recently been declared a global health emergency by the World Health Organization, Art Basel has no option but to cancel the upcoming edition of Art Basel Hong Kong,” Art Basel announced Thursday in a press

Arts & DesignFeb. 9, 2020

KRX unveils detailed disclosure guidelines for biopharma firms

South Korea’s financial authorities on Sunday unveiled a new set of guidelines on public disclosure of information for listed biopharma firms, in a move to ward off market uncertainty. Clinical trial-stage pharmaceutical companies listed on the tech-heavy Kosdaq are required to disclose any significant progress in their business -- including each stage of clinical trials, from success to suspension or termination, approval or cancellation for drug production, distribution and sales, techn

MarketFeb. 9, 2020

[Herald Interview] As market dynamics evolve, so does Korea’s private equity scene

The fast-emerging silver economy and changes in consumer behavior have given birth to theme-driven investment strategies. And South Korea is not an exception. Those aged 65 or older take up nearly 15 percent in the country, while technologies in one of the most penetrated countries in the world are reshaping the way consumers purchase goods, order food or make payments. This potentially puts Korean assets on the radar of Adams Street Partners, an international investment house with over $40 bil

MarketFeb. 9, 2020

[News Focus] Korea’s economy underperforms among emerging nations

SEJONG -- South Korea’s economy advanced only 2 percent in 2019, despite the government’s pump-priming measures coupled with the central bank’s monetary easing policies. The figure stayed below the economic growth rates, posted by two of the world’s largest. The US and China marked 2.3 percent and 6.1 percent economic growth, respectively, last year. Korea also lagged behind major emerging countries in Europe in GDP growth -- Poland (4 percent), Lithuania (3.9 percent)

EconomyFeb. 9, 2020

Unification minister reaffirms need to push for inter-Korean exchanges

Unification Minister Kim Yeon-chul on Sunday reaffirmed the need to push for inter-Korean cooperation in railways, roads and tourism, as South Korea seeks to expand cross-border exchanges as part of efforts to continue its engagement with North Korea. "We will continue to seek ways to expand cross-border relations in the fields of tourism, which North Korea has been focusing on, and railways and roads that connect land and sea, as well as the two Koreas, in the Demilitarized Zone and bor

Foreign AffairsFeb. 9, 2020

NPS hikes stake in local firms upon eased rules

South Korea’s state-run pension operator has sharply increased its stakes in major listed firms after investment rules were eased at the beginning of this month, a financial market tracker said Sunday. As of end-January, the number of listed companies in which the National Pension Service held 5 percent or more stake came to 313, up 7.2 percent from the end of 2018, according to data compiled by FN Guide. The NPS held 10 percent or more stake in 96 companies -- up 20 percent on-year. T

MarketFeb. 9, 2020

Moon says S. Korea can ride out viral outbreak, asks for no excessive fear

President Moon Jae-in said Sunday that South Korea is "certainly" capable of bringing the ongoing novel coronavirus outbreak under control and advised people not to have excessive fear. He voiced confidence in the government's fight against the two-month-long pandemic, which originated in China, while meeting with residents in Jincheon, North Chungcheong Province and Asan, South Chungcheong Province. The Moon administration chartered flights to bring a total of 701 South Koreans hom

PoliticsFeb. 9, 2020

Hyundai Motor heir meets US governors, discusses future of hydrogen, mobility

Hyundai Motor Group said Sunday its Executive Vice Chairman Chung Euisun met with state governors in the US during a summit where he exchanged his thoughts on the future of hydrogen economy and mobility innovation.  The National Governors Association Winter Summit is held twice a year, inviting governors of 50 states and five self-governing dominions, where major business and political leaders gather to exchange issues and policies.  Chung offered a toast during the reception for th

MobilityFeb. 9, 2020

Hyundai Glovis’ second-hand vehicle auction service gains popularity

Autobell, a second-hand vehicle retail selling service operated by Hyundai Glovis, has seen growing popularity among users amid the expanding used car market. As of last year, government data showed that a total of 3.69 million second-hand vehicles have been registered, about double that of newly registered cars at 1.8 million units.  Hyundai Glovis, which runs three auction houses across the country – Sihwa, Bundang and Yangsan -- launched its vehicle auction service in 2001. 

IndustryFeb. 9, 2020

Ex-BP lawmaker seeks merger with LKP ahead of elections

A conservative lawmaker who recently broke away from a minor opposition party announced Sunday that he is seeking to merge his newly created party with the main opposition Liberty Korea Party in a bid to form a united right-wing front ahead of the April general elections. Rep. Yoo Seong-min made the announcement at the National Assembly, saying he will not run in the upcoming elections to focus all his efforts on uniting the conservative bloc. "I will follow the people's order to bring

PoliticsFeb. 9, 2020

Coronavirus casts shadow on pharma approvals for China market

As Chinese authorities’ priorities shift to containing the novel coronavirus, concerns are rising that launch dates for drugs pending approval for the Chinese market may be postponed, according to industry sources on Sunday. No official announcement has been made by the Chinese drug authority National Medical Products Administration, but Korean pharma insiders widely believe all drug approvals may be pushed back. GC Pharma, Hanmi Pharmaceutical and Il Yang Pharmaceutical all have pendi

IndustryFeb. 9, 2020

FTC slaps W9.3b antitrust fine on Daebo E&C

South Korea’s antitrust watchdog said Sunday it has slapped local construction firm Daebo Engineering & Construction with a 9.3 billion won ($7.84 million) fine for violating subcontracting laws. The Fair Trade Commission said the firm did not pay 247 million won to 196 subcontractors between 2016 and 2018. It was also found to have paid subcontractors promissory notes even though it received the payment in cash from its clients. The FTC said the payments were processed during the

IndustryFeb. 9, 2020