MiCo BioMed develops kit to detect coronavirus within an hour

South Korea’s health care solutions developer MiCo BioMed claimed Wednesday it has developed a rapid molecular diagnostic system to detect the novel coronavirus with high sensitivity within an hour. The Konex-listed company founded in 2009 said the system can immediately confirm the novel coronavirus (2019-nCoV) to be used at airport and port quarantine sites beyond health care centers. The company developed 30 different kinds of high-risk pathogen diagnostic kits with the Korean Cente

TechnologyFeb. 5, 2020

[Photo News] Lotte Mart introduces flashy school safety items

Fluorescent reflective cloaks and school bag covers are showcased at Lotte Mart’s Seoul Station branch in Jung-gu, central Seoul, on Wednesday.  The number 30 signifies the 30-kilometer-per-hour maximum travel speed limit in all school zones.  The products will be available at 110 branches nationwide from Thursday.  (khnews@heraldcorp.com)

IndustryFeb. 5, 2020

Music and painting go hand in hand

Sejong Center and Seoul Arts Center, better known for their concert halls, are hosting exhibitions showcasing artists who were inspired by music and explored the connections between music and art. A multimedia exhibition featuring digital reproductions of works by Russian artist Wassily Kandinsky and the first large-scale retrospective of French painter Henri de Toulouse-Lautrec aim to show the ties between music and the artists’ paintings. Kandinsky at Sejong Center Kandinsky, a Russ

Arts & DesignFeb. 5, 2020

Yi Sang Literary Award organizer cancels this year’s awards, modifies contract terms in response to protests

Munhaksasang, the publishing company that confers South Korea’s prestigious Yi Sang Literary Award, apologized Tuesday for the controversy that emerged when three of this year’s runners-up refused to accept their awards to protest contract terms they deemed unfair. “We apologize to everyone who was hurt and disappointed by this issue,” Munhaksasang CEO Lim Ji-hyun said in a statement. “We now realized that the biggest problem was our lack of awareness of copyright

PeopleFeb. 5, 2020

Samsung No. 2 tablet vendor in 2019: data

Samsung Electronics Co. ranked behind Apple Inc. in the global tablet market last year in terms of shipments, industry data showed Wednesday, as the South Korean tech giant faces tough challenges from its US and Chinese rivals. Samsung had a 13.6-percent share of the global tablet market last year, with shipments of 21.8 million tablets worldwide, according to data from market researcher Strategy Analytics. US tech titan Apple Inc. ranked first by shipping 44.3 million tablets for a 27.7-per

IndustryFeb. 5, 2020

Imported car sales fall 3.1% in January as Japanese brands struggle

Sales of imported cars in South Korea fell 3.1 percent in January from a year earlier due to lower demand for Japanese brands amid trade tensions between Seoul and Tokyo, an industry association said Wednesday. The number of newly registered foreign vehicles fell to 17,640 units last month from 18,198 in January 2019, according to the Korea Automobile Importers & Distributors Association. "Local consumer sentiment against Japanese products continued to affect overall imported vehicle

MobilityFeb. 5, 2020

S. Korea’s forex reserves hit record high in Jan.

South Korea’s foreign exchange reserves surged to a record high of $409.6 billion in January, surpassing its previous record from December, the nation’s central bank data showed Wednesday. The increase in reserves came despite a strong US dollar trend, which weakened the dollar value of other foreign currencies held by Korea, the Bank of Korea said. But a rise in profits and investment returns of other foreign assets under the country’s management contributed to the la

EconomyFeb. 5, 2020

Net assets of Mirae Asset’s ETF surpass W100b

Seoul-based asset management giant Mirae Asset Global Investments said Wednesday that the net asset value of its exchange-traded fund invested in the US-based Nasdaq has surpassed 100 billion won. Mirae’s Tiger Nasdaq 100 ETF tracks 100 companies listed on America’s tech-heavy stock market Nasdaq including Microsoft, Apple and Amazon. Having gained total returns of 391.03 percent since October 2010, the net worth of the company’s fund has doubled from 56.5 billion won in 201

MarketFeb. 5, 2020

Kia to launch entry SUV 'Sonet' in India in H2

Kia Motors Corp., South Korea's second-largest carmaker by sales, said Wednesday it will launch its entry-level sport utility vehicle Sonet in India later this year. Kia unveiled the Sonet concept at the New Delhi Auto Expo, which runs Feb. 5-12. On Wednesday, it launched the localized Carnival multipurpose vehicle in the Indian market, the company said in a statement. The maker of the K5 sedan and the Sorento SUV aims to sell 300,000 vehicles in India in 2022. This year, it has a target of

MobilityFeb. 5, 2020

[News Focus] Why automakers are affected most from cascade of factory closures in China

The prolonged outbreak of novel coronavirus has taken a toll on South Korean companies, especially automakers, due to their high dependence on various types of irreplaceable auto parts manufactured in China, according to industry insiders Wednesday. Four of the country’s five major carmakers -- Hyundai Motor, Kia Motors, SsangYong Motor and Renault Samsung Motors -- have decided to temporarily suspend operations at their plants here due to the shortage of a crucial auto part called wirin

MobilityFeb. 5, 2020

LG Electronics not joining MWC 2020 over coronavirus fears

LG Electronics said Wednesday that the company was canceling its exhibition at Mobile World Congress 2020 in Barcelona, Spain, amid growing concerns over the new coronavirus that recently emerged in Wuhan, China. The company said it had decided to withdraw from MWC 2020 out of concern for the safety of its employees and the public. This is the first time LG Electronics will not have a presence at the mobile trade show, which takes place every February in Barcelona. LG is the first South Kore

IndustryFeb. 5, 2020

Hahn & Co. to buy SK Chemicals’ biofuel operation for W382.5b

Seoul-based private equity house Hahn & Co. agreed to buy SK Chemicals’ biofuel operation for 382.5 billion won ($322.2 million) in cash on Wednesday. The proposed acquisition of South Korea’s No. 1 biodiesel producer marks the first deal to be announced since Hahn & Co. closed a new Korea-focused fund worth $3.2 billion in October last year, a Hahn & Co. official said. As of end-2018, SK Chemicals took up one-third of market share here by biodiesel production. This c

MarketFeb. 5, 2020

K-Growth to earmark W5.4tr risk capital for 2020

South Korea’s state-led fund of funds manager Korea Growth Investment (K-Growth) said Wednesday it plans to earmark a combined 5.4 trillion won ($4.5 billion) risk capital to spur venture investments across the nation in 2020. The company said it aims to raise at least 1 trillion won for its portfolio, adding to the 1.6 trillion won from its flagship fund of funds. The majority of the funds worth 3.3 trillion won will be used to nurture startups for later-stage funding rounds, K-Growth

MarketFeb. 5, 2020

16th coronavirus patient not flagged for 10 days despite symptoms

Concerns about the new coronavirus are growing as news emerged that the 42-year-old South Korean woman at the center of Korea’s 16th confirmed case was not flagged as a possible carrier for a full 10 days, despite having symptoms after a trip to Thailand. The woman was not placed under observation for signs of the new respiratory disease because she had no record of visiting China. Medical institutions are currently providing treatment for those who show symptoms such as cough or fever

Social AffairsFeb. 5, 2020

FTC fines Shinsegae for ‘nonrefundable stickers’ terming it unfair

South Korea’s antitrust watchdog on Wednesday fined retailers Shinsegae and Woori Home Shopping 2.5 million won ($2,100) each for violating e-commerce laws. The Fair Trade Commission said the two firms were fined for their “nonrefundable stickers” that restricted the right of consumers to return a purchase and get a full refund if they open the package. The agency noted that Shinsegae posted a sticker on products -- sold on online shopping platform 11th Avenue from April

IndustryFeb. 5, 2020

S. Korea set to release 1st coronavirus patient from hospital

South Korea is set to discharge a coronavirus-infected patient for the first time from a hospital Wednesday as he has made a full recovery and is showing no symptoms of the illness, a state-run medical center said. The 55-year-old South Korean, who had been to the Chinese city of Wuhan, the epicenter of the novel coronavirus outbreak, returned home on Jan. 22 and tested positive for the illness two days later. The patient was the country's second case after the first incident was reported on

Social AffairsFeb. 5, 2020

Trump skips N. Korea in State of the Union speech

WASHINGTON -- US President Donald Trump made no mention of North Korea in his third State of the Union address Tuesday, amid the stalled denuclearization talks with the communist nation. It was the first time Trump ignored North Korea in his annual speech. That suggests a realignment of priorities amid an ongoing impeachment trial and reelection campaign. In his first State of the Union address in 2018, the president talked about the threat of North Korea's nuclear weapons and vowed to break

North KoreaFeb. 5, 2020

Call me ‘Bae Ha-jun’: OB CEO from Belgium gets Korean name

Ben Verhaert, CEO of the South Korea-based Oriental Brewery, has chosen a new Korean name to foster friendly communication with his Korean employees and customers, the company said Wednesday. The Belgian national now goes by Bae Ha-jun. The CEO took up his current post in November last year. Belgian brewing giant Anheuser-Busch InBev acquired OB in 2014. The name Ha-jun consists of the Chinese characters “ha,” referring to water, and “jun,” meaning height, the company

ConsumerFeb. 5, 2020

Samsung Electronics still No. 1 in US home appliances market

Samsung Electronics set a record in 2019 by commanding 20.5 percent of the home appliances market in the United States, whose $25.8 billion electronics market is the world’s biggest, according to data from Reed Electronics. The Korean tech giant has maintained the top spot for four consecutive years, said US market researcher TraQline. Next on the list were Whirlpool and LG Electronics. Samsung recorded its highest quarterly market share figure ever, 21.6 percent, in the fourth quarter

IndustryFeb. 5, 2020

NPS exercises shareholder rights more often since adopting stewardship code

The National Pension Service has exercised its shareholder rights more actively since it adopted the stewardship code in 2018, said a local corporate tracker. On Wednesday, CEO Score released the results of a survey of 577 companies in which the NPS held shares and exercised its voting rights at shareholders meetings last year. It found that the NPS voted against initiatives proposed by companies 16.48 percent of the time, up from 11.85 percent a year earlier. The rate at which it approved

IndustryFeb. 5, 2020