KRX launches platform for cross-border M&A deals

The nation’s sole stock bourse operator said Thursday that is has launched an online platform to support merger and acquisition deals of South Korean firms overseas. According to the Korea Exchange, the platform aims to connect local firms with materials and parts firms in ASEAN and other economies. The new system will provide smoother transactions in the M&A deal-making process. It will provide a list of overseas candidates reviewed by global M&A advisors, including New York-based

MarketOct. 24, 2019

KB Kookmin CEO likely to serve second term

KB Financial Group said Thursday that the current CEO of its commercial banking unit, Hur Yin, has been tapped as a contender for the lender’s chief executive position for a second term, strongly hinting that the incumbent chief will remain in his role. Hur’s current and first term is set to expire later this year. But he is widely expected to remain KB Kookmin Bank CEO for another year, having drawn praise for his leadership after the financial group separated the roles of group cha

MarketOct. 24, 2019

Posco’s Q3 profit down 32 percent

Korean steel giant Posco saw its operating profit drop 32 percent in the third quarter from a year prior over rising raw material costs, the company said Thursday.Its operating profit marked 1.04 trillion won ($887 million), with sales falling 2.6 percent to 15.9 trillion won, it said. Its net profit halved to 496.8 billion won in the July-September period, from a net profit of 1.05 trillion won a year earlier. The earnings reflected rising material costs, dragging operating profit down 8.5 perc

IndustryOct. 24, 2019

NCSoft looks forward to rosy Q4 with Lineage2M

South Korean video game developer NCSoft expects rosy fourth-quarter earnings following the launch of its new high-end mobile game Lineage2M. Lineage2M’s advance sign-ups have surpassed 5 million in 32 days, setting a record as the fastest rate among every other games in the domestic market. The previous title was held by Lineage M, at 53 days. Lineage M, also by NCSoft, had recorded 5.5 million early sign-ups, the biggest volume on record.  NCSoft predicts Lineage2M will renew this r

IndustryOct. 24, 2019

Seoul becomes dog slaughter-free

Seoul is to become completely free from dog slaughter this month after all dog-butchering businesses in the city agreed to stop the practice, the city government said Thursday. A total of eight remaining dog slaughter facilities at Gyeongdong Market and Jungang Market halted their dog slaughter operations and three more agreed to stop it within the month, according to the Seoul Metropolitan Government.  Their promises, however, are not legally binding, as there are no laws to ban dog meat o

Social AffairsOct. 24, 2019

[팟캐스트] (323) 문재인 대통령 국회 시정연설, 정부 3년내 수소충전소 310곳 구축

진행자: 김다솔, Paul Kerry1. Moon urges parliament to pass budget bill기사요약: 문재인 대통령은 513조 5천억 원 규모의 내년도 예산안의 편성 방향과 집행정책 기조를 설명하기 위해 국회 시정연설을 했다.아이튠즈(아이폰): https://itunes.apple.com/kr/podcast/koliaheleoldeu-paskaeseuteu/id686406253?mt=2팟빵 (안드로이드): http://www.podbbang.com/ch/6638[1] President Moon Jae-in on Tuesday called for the National Assembly’s cooperation on next year’s budget, stressing the need to inject funds to promote innovation and peace, and to create a fairer society. In his p

PodcastOct. 24, 2019

LG Household & Health Care shines in Q3 despite market saturation

LG Household & Health Care has reported a record-high third quarter performance on Thursday, which the firm attributed to the continued trend of premium beauty products. LG H&H posted an operating profit of 311.8 billion won ($266 million) in Q3, up by 12.4 percent on-year. Its sales came at 1.96 trillion won, increased 13.1 percent from last year.  The company said despite deepening concerns in the overall Asian economy, the consumer demand for luxury cosmetics has continued,

IndustryOct. 24, 2019

George Mason University launches peace studies center in Incheon

George Mason University Korea launched the Peace and Conflict Studies Center Asia and hosted an annual symposium on peace on the Korean Peninsula at its Incheon Global Campus, the university said Thursday.Sponsored by the UniKorea Foundation, the Incheon Free Economic Zone and the Korea Association of Military Studies, the annual international symposium brought together some 200 scholars, experts and government officials.Titled “The Korean Peninsula and the Vision of Peace: From Division t

Social AffairsOct. 24, 2019

Sephora debuts in Korea, plans to run seven stores by 2020

Beauty and fashion powerhouse LVMH’s cosmetics retailer Sephora opened its first store in Korea in the capital’s posh Gangnam on Thursday. The brick-and-mortar Sephora store is located inside Parnas Mall in Samseong-dong, showcasing some 100 different cosmetics and perfume brands including its own Sephora collection. “Korean market has the most vibrant, dynamic and trend-savvy customers who have high understanding of beauty products,” said Benjamin Vuchot, president

IndustryOct. 24, 2019

Hyundai Motor’s Q3 profit dented by large warranty costs

Hyundai Motor Group said Thursday its operating profit in the third quarter fell 69.4 percent on-quarter, after having injected some 600 billion won ($511 million) to settle US lawsuits regarding faulty engines.According to Hyundai, its third-quarter operating profit is estimated at 378.5 billion won, while sales came in at 26.9 trillion won. Earlier this month, Hyundai announced a lifetime warranty for its 4.69 million faulty Theta 2 GDi engines in its vehicles, following massive recalls a

IndustryOct. 24, 2019

Korean businesses eyeing Turkmenistan market

The Korea International Trade Association held the first Korea-Turkmenistan business council with the Turkmenistan Chamber of Commerce on Thursday in Seoul as a follow-up to the summit between the two nations held in April. The council was held to discuss how Korean companies can enter into promising fields in Turkmenistan such as energy, transportation, water environment and industries, including textiles, information and communications technology and shipbuilding, KITA said. The plenary s

IndustryOct. 24, 2019

N. Korea yet to offer talks on removal of S. Korean assets at Mt. Kumgang: official

North Korea has not made an official offer yet to South Korea for talks on its decision to remove South Korea-built facilities at the country's Mount Kumgang resort, a unification ministry official said Thursday.On Wednesday, state media reported that leader Kim Jong-un ordered the removal of all the "unpleasant-looking" buildings through an "agreement with the relevant unit of the south side," stressing the North should not rely on the South for a now-suspended joint tour pr

North KoreaOct. 24, 2019

‘Kim Jong-un was told by father to never give up nukes’

North Korean leader Kim Jong-un was told by his father to never give up nuclear weapons, US President Donald Trump’s son-in-law and senior adviser Jared Kushner reportedly told a Trump biographer.According to Doug Wead’s book “Inside Trump’s White House,” Kushner discussed with Wead the letters that Kim and Trump wrote to each other, the Washington Times reported Tuesday.“You can see from these letters that Kim wants to be friends with Trump, but his father to

North KoreaOct. 24, 2019

eBay Korea differentiates sales strategy with Smile service

E-commerce retailer eBay Korea, which operates Gmarket, Auction and G9, shared Thursday that the key reason for its dominance in the industry is its Smile service that creates a convenient online experience.Its online payment system SmilePay, at the forefront of the Smile service, was introduced in 2014. The system allows users to store credit card information online, drastically reducing purchasing time. According to the company, the system accounted for more than 53 percent of all payments mad

IndustryOct. 24, 2019

Hyundai unveils teaser images for face-lifted New Grandeur

Hyundai Motor Group has unveiled the new design and specifications of its premium flagship sedan Grandeur’s sixth-generation model.The drastic design changes of the New Grandeur model were highly anticipated as Hyundai recently adopted the concept of “sensuous sportiness,” focusing on making the car body longer and sleeker, aiming for futuristic automotive designs.  For the first time, Hyundai has applied an integrated-type front grill and head lamp design, decorating the

MobilityOct. 24, 2019

S. Korea to hold nationwide shopping festival in Nov.

South Korea will launch a nationwide shopping festival next month in conjunction with major shopping malls and retailers to attract overseas tourists and boost domestic consumption, the event's organizers said Thursday. The annual Korea Sale FESTA will kick off for a 22-day run on Nov. 1, according to the Ministry of Trade, Industry and Energy. As of Thursday, around 600 companies have expressed an intention to participate in the event, up 150 from a year earlier.South Korea will promote closer

IndustryOct. 24, 2019

S. Korea, Japan agree to address soured bilateral ties

In their rare prime ministerial talks Thursday, South Korea and Japan agreed to commence diplomatic efforts in earnest for an early resolution to their frayed ties highlighted by a monthslong trade spat.Prime Minister Lee Nak-yon also handed over President Moon Jae-in's personal letter to Japan's leader, Shinzo Abe, in which he expressed hope to address pending issues with no further delay."The two prime ministers shared the view that South Korea and Japan, as important neighboring countrie

Foreign AffairsOct. 24, 2019

Trump lifts Turkey sanctions, quits 'blood-stained' Syria

WASHINGTON (AFP) -- President Donald Trump ended sanctions against Turkey on Wednesday, drawing a line under American involvement in "blood-stained" Syria, as Turkish and Russian troops seized territory previously held by US troops and their beleaguered Kurdish allies."Let someone else fight over this long blood-stained sand," Trump said in a White House speech that formalized the ceding of power in northern Syria to Ankara and increasingly influential Moscow.Trump said he wa

World NewsOct. 24, 2019

S. Korea confirms 14th outbreak of ASF from wild boars near border with N. Korea

South Korea's quarantine authorities on Thursday confirmed two more outbreaks of African swine fever from wild boars near the border with North Korea, increasing the total number of cases to 14.The latest confirmed cases were reported within a civilian control line near the border, according to the Ministry of Environment.  In contrast, no additional ASF infections from local pig farms have been reported since the 14th case was confirmed on Oct. 9. So far, all confirmed cases from wild and

Social AffairsOct. 24, 2019

‘Baby Shark’ song used to soothe toddler becomes rallying cry in Lebanon

A popular children’s song became a rallying cry in Lebanon after protesters in Beirut spontaneously sang the hit to calm a toddler caught in the midst of a noisy demonstration. When driver Eliane Jabbour was surrounded by a rally in the capital last weekend, she asked protesters if they could stop shouting as her young son, Robin, was asleep in the front passenger seat. On the spot, Eliane relates, the crowd spontaneously broke out into a rendition of the song “Baby Shark,” com

World NewsOct. 24, 2019