[Monitor] South Korea’s conglomerates continue to dominate trade

A handful of large companies in South Korea continued to dominate the country’s exports and imports, according to data released by the Korea Customs Service and Statistics Korea.As per the export data, 805 large companies -- just 0.8 percent of total exporting firms -- accounted for 66.6 percent in 2018, an on-year increase of 0.3 percentage point.The value of imports by 1,092 large businesses increased by 0.2 percentage point to reach $323 billion, having a 61 percent share of all imports

Dec. 30, 2019

Kim Jong-un stresses ‘aggressive measures’ for security

South Korean authorities are closely monitoring North Korea, following North Korean leader Kim Jong-un’s mention of “aggressive measures” to ensure sovereignty at the uncommonly long plenary meeting to the North’s ruling party. North Korean media reported Monday that Kim called for “proactive and aggressive measures to guarantee the country’s sovereignty and security befitting to the established political conditions,” on Sunday, the second day of th

North KoreaDec. 30, 2019

‘Little giant’ Park Na-rae grabs grand prize

Comedian Park Na-rae wrapped up 2019 in triumph, winning the grand prize at the MBC Entertainment Awards. Park, 34, appreciated for her achievements on TV shows “I Live Alone,” and “Where Is My Home,” was awarded the top prize at a ceremony at the broadcasting station’s headquarters in Sangam-dong, western Seoul, Sunday.  “I honestly did not think that I deserved the prize, but as a human, I really wanted to receive it,” she said in her acceptance s

TelevisionDec. 30, 2019

Netmarble chases risky smart home sector with Woongjin Coway purchase

Netmarble’s acquisition of water purifier rental firm Woongjin Coway on Monday is facing skepticism from investors who feel it should focus on its core competencies to prove further growth potential.The South Korean game company revealed its intention to branch out to a whole new business field in October, when it was named the preferred bidder for a 25.08 controlling stake in Coway. Netmarble CEO Kwon Young-sik had said in a conference call with investors that the acquisition is a part of

IndustryDec. 30, 2019

Samsung to debut artificial human Neon at CES 2020: reports

Samsung Electronics is expected to unveil another artificial intelligence platform, named “Neon,” at the Consumer Electronics Show next month, according to reports on Monday. It was developed by Samsung Technology and Advanced Research Lab, based in the United States, under the leadership of the unit’s President Pranav Mistry, the youngest executive at Samsung. Neon is likely to be introduced as a new AI platform of Samsung. A recent tweet on the unit’s official Twitter a

TechnologyDec. 30, 2019

[2019 in review] From Hanoi to ‘Christmas gift,’ Trump-Kim’s roller-coaster year

It was another whirlwind year for US President Donald Trump and North Korean leader Kim Jong-un. 　They met twice this year, grabbing global headlines with their friendly handshakes in Hanoi, Vietnam, and a dramatic turn of events, as Trump “walked way” proclaiming a collapse of their talks. This was followed months later by photo ops of the US president crossing the border at the Demilitarized Zone in Pannumjom to meet Kim. 　Despite all the drama and “Trump-Kim chemistry,&rdquo

North KoreaDec. 30, 2019

CJ ENM to compensate victims of audition show vote fixing

CJ ENM, the operator of K-pop-oriented music channel Mnet, on Monday issued an apology for the vote-fixing scandal of its high-profile idol competition show and vowed to financially compensate K-pop trainees victimized in the case."We will absolutely take responsibility to compensate trainees who sustained damage from the vote fixing of Mnet's audition shows, including the 'Produce' series," CEO Heo Min-heoi of CJ ENM said in a press conference.  "(CJ ENM) will take necessary

PerformanceDec. 30, 2019

Woori Financial chief recommended for 2nd term

Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung is likely to pursue a second term as head of the financial holdings company. On Monday, a group of outside directors responsible for selecting leadership candidates recommended Sohn as the sole candidate for the group’s next chairman position, citing the stability of its operations as a holding company. If the recommendation is approved at the shareholders meeting in March 2020, Sohn will serve another three years as the grou

MarketDec. 30, 2019

[Best Brand] Powerful-X wins marketing award for contributions in sports industry

Sports beauty company Powerful-X has been recognized for its contributions to the development of the sports industry, winning this year’s Sports Marketing Award given by the Ministry of Culture, Sports and Tourism as well as the Korean Sports and Olympic Committee. The health care cosmetics company, known for its pain relief cream, won at the fifth annual Sports Marketing Award ceremony for athletes, organizations and companies that contributes to development in the sports industry by the

ConsumerDec. 30, 2019

Keyword for shopping in 2020: ‘Hyolo’

EBay Korea, which operates South Korea’s leading online retailers Gmarket, Auction and G9, chose “Hyolo” as its keyword for shopping trends in 2020, reflecting the increasing number of shoppers living alone and their desire to live life to the fullest. Hyolo combines the Korean word “holo,” which means “alone” in English, and “YOLO,” the acronym for “You Only Live Once.” EBay Korea forecast that the major consumer segment in 2020

ConsumerDec. 30, 2019

Amorepacific to debut at CES with 3D printing mask pack

Amorepacific said Monday it will participate for the first time in the Consumer Electronics Show, the world’s largest electronics exhibition, next month.The South Korean cosmetics giant will present the 3D Printing Mask Pack, which won the CES Innovation Award in the 3D printing category, and an LED beauty device, which will be released by its brand Makeon next year.  The 3D Printing Mask Pack is a hydrogel mask pack manufactured using 3D-printing technology to fit the user’s fa

IndustryDec. 30, 2019

W4.1tr Korean hedge fund Lime Asset faces fraud accusations

The Financial Supervisory Service, South Korea’s financial watchdog, intends to take legal action against Lime Asset Management, a Korean hedge fund that manages 4.1 trillion won ($3.5 billion) worth of assets, on allegations that it concealed losses from its investors.The news comes as its 600 billion won fund dedicated to trade finance was found to have been associated with a debacle involving New York-based investment adviser International Investment Group, which was accused of running

MarketDec. 30, 2019

FSS fines KEB Hana W3b for misselling ETNs

South Korea’s financial watchdog on Monday fined KEB Hana Bank, one of four major commercial banks here, nearly 3.2 billion won ($2.7 million) for selling exchange-traded notes without providing sufficient information to customers. According to the Financial Supervisory Service, KEB Hana violated the Financial Investment Services and Capital Markets Act by allowing its 140 local branches to recommend and sell high-risk exchange-traded notes through bank trusts to its clients who were unawa

MarketDec. 30, 2019

Fiscal chief expresses optimism on economic rebound in 2020

The government on Monday expressed confidence that the South Korean economy will rebound in 2020, dispelling market concerns on the various growth forecasts.It also assessed that the latest mortgage loan restrictions have already been effective in reining in the overheated housing market. “I am confident that our economy may rebound next year and I am not just saying this out of personal sentiments or wishful thinking,” said Deputy Prime Minister and Finance Minister Hong Nam-ki, in

EconomyDec. 30, 2019

[Best Brand] Mirae Asset Daewoo banks on diversified global investment

Mirae Asset Daewoo / Securities firmSouth Korean brokerage Mirae Asset Daewoo said Monday it had expanded its presence by creating synergy with multiple businesses -- such as investment banking and trading in Korea and abroad -- and diversifying its investment portfolio. Mirae’s capital surpassed 9 trillion won ($7.76 billion) at the end of the third quarter this year. Its net profit came to 123.9 billion won in the same period, making it the country’s first securities firm to mark a

MarketDec. 30, 2019

[Photo News] Small businesses oppose sell-off of Baemin

Jeon Soon-ok (center), chairperson of the ruling Democratic Party’s special committee on small businesses, and representatives of microbusinesses hold a press conference at the National Assembly on Monday opposing the sell-off of South Korea’s top food delivery application. Debate ensued after an announcement earlier this month that Germany-based online delivery service provider Delivery Hero would acquire an 87 percent stake in Woowa Brothers, the operator of delivery app Baeda

IndustryDec. 30, 2019

Hanjin family apologizes for family quarrel

Hanjin Group Chairman Cho Won-tae and his mother Lee Myung-hee have publicly apologized for a family quarrel that broke out last week. “We sincerely apologize for causing trouble at Lee’s house last Christmas,” they said in the written statement released Monday. The public apology comes after Cho visited Lee’s home on Christmas day and had a quarrel with her. The photo revealed by Lee on the day showed pieces of shattered glass scattered on the floor and a wound on h

IndustryDec. 30, 2019

Food business head tapped to lead CJ Cheiljedang

South Korea’s food and entertainment conglomerate CJ Group has promoted or appointed 58 executives, including a new chief to lead major affiliate CJ Cheiljedang, the group said Monday. Vice President Kang Shin-ho, 58, was appointed as the new leader of the group’s food unit CJ Cheiljedang. Kang was credited with accelerating the spread of the company’s Korean cuisine brand Bibigo in the global market since 2018, the group said. Vice President Cha In-hyok, 53, was tapped to

IndustryDec. 30, 2019

[Best Brand] Lemonex acknowledged for innovative drug delivery method

Biotechnology / LemonexLemonex, a global biotherapeutics and bioengineering firm, is garnering attention with its innovative next-generation drug delivery and biosensor technology on the basis of which it is developing immuno-oncology drugs, antibody and gene therapeutics. The company has won the 2019 11th Innobiz Company Award sponsored by the Ministry of SMEs and Startups and hosted by The Korea Herald and the Herald Business and supervised by PowerKorea. Lemonex’s core technologies are

IndustryDec. 30, 2019