Local PEF chosen as preferred bidder to buy SKC Kolon PI

A local private equity fund was selected the preferred bidder on Thursday to acquire a controlling stake in SKC Kolon PI Inc., a joint venture between South Korea's SKC Co. and Kolon Industries Inc. that makes polyimide (PI) film. SKC and Kolon Industries said they've selected Glenwood PE as the preferred bidder to acquire their 54.06 percent stake in SKC Kolon PI. SKC and Kolon Industries each hold a 27.03 percent stake in the PI maker. Industry insiders speculate that the deal is worth ar

IndustryNov. 21, 2019

[Graphic News] S. Korea ranks among top OECD member countries in treatment of cancer: data

　South Korea ranks as one of the leading members among the Organization for Economic Cooperation and Development in the treatment of cancer, medical data showed.　The 2019 Health at a Glance report released by the Paris-based organization said Asia’s fourth-largest economy had the highest five-year survival rate for colorectal, rectal and stomach cancers among the 32 member states checked, the Ministry of Health and Welfare, which examined the data, said.　The cancer survival rate, which is

TechnologyNov. 21, 2019

[Around the Hotels] Promotions and Packages

Year-end afternoon tea at Park Hyatt Seoul Park Hyatt Seoul’s The Lounge is offering the “Festive Afternoon Tea” to celebrate the Christmas and year-end season. The afternoon tea set includes honey cheese panini, bulgogi sandwich and mushroom cream soup. Desserts that resemble winter-related icons such as present boxes and mini trees will also be included. The food items will be served on traditional Korean pottery plates. 　The promotion is available from 2 p.m. to 5:30 p.m. an

FoodNov. 21, 2019

Esper: Unaware of any plans to withdraw troops from S. Korea

US Secretary of Defense Mark Esper said Thursday he has not heard of any plans to withdraw some American troops from South Korea unless Seoul sharply raises its share of the cost of US troop presence, according to Reuters.Esper made the remarks during a trip to Vietnam when asked about reports by a South Korean daily, Chosun Ilbo, that the US is considering bringing a brigade home from the South should Seoul refuse to accept a fivefold increase, or around US$5 billion per year, in the upkeep of

DefenseNov. 21, 2019

Hyundai Capital expands presence in Brazil

Hyundai Capital, the financing arm of South Korea’s Hyundai Motor Group, is expanding its presence in Brazil with new retail financial products, officials said Thursday.The financial firm’s joint venture with Santander Brasil -- Banco Hyundai Capital Brasil -- which was launched in April this year, is set to unveil a new retail product that guarantees the residual value of a car, called “personal contract purchase.” It computes the expected price of used cars in the futur

MarketNov. 21, 2019

KB Kookmin Card acquires 80% stake in Indonesian credit finance firm

KB Kookmin Card, the credit card operator of KB Financial Group, will take over a major credit finance company in Indonesia, in a move to expand its presence in Southeast Asia. The company’s board has signed off a deal to purchase an 80 percent stake in Indonesia’s PT. Finansia Multi Finance for 94.9 billion won ($80.6 million), aiming to close the transaction by the first quarter of 2020, officials said Thursday.“The prime reason of the investment is to expand (the group&

MarketNov. 21, 2019

Biegun downplays N. Korea’s deadline for nuke talks

US Special Representative for North Korea Stephen Biegun said Wednesday that the US will continue its efforts to hold denuclearization talks with the North until the matter is resolved, dismissing the year-end deadline set by the regime. “We do not have a year-end deadline. ... That’s an artificial deadline set by the North Koreans, and unfortunately it’s a deadline that they’ve set upon themselves,” Biegun said before the US Senate Foreign Relations Committee durin

North KoreaNov. 21, 2019

S. Korea ready to support Asia's second-largest theme park: minister

South Korea's finance minister said Thursday that the government will spare no effort for the completion of a multi-billion-dollar project to build Asia's second-largest theme park in the country.South Korean retail giant Shinsegae is set to break ground for the 4.57 trillion-won ($3.8 billion) project to build a theme park in Hwaseong, about 40 kilometers southwest of Seoul, in 2021, with an initial opening in 2026 and the full opening in 2031.The project on a 4.2-square-kilometer plot of land

IndustryNov. 21, 2019

Kakao becomes largest shareholder of internet-only bank

Kakao is set to become the largest shareholder of its internet-only bank on Friday, marking it as the first nonfinancial services firm to have majority stake in a South Korean lender. The Financial Services Commission on Wednesday approved Korea Investment Holdings’ request to transfer 15 percent and 29 percent of its current 50 percent stake in Kakao Bank to Kakao and Korea Investment Value Asset Management, respectively. Korea Investment Value Asset Management is a second-tier subsidiary

MarketNov. 21, 2019

National Security Council convened as GSOMIA nears end

Top South Korean officials on Thursday continued reviewing Korea-Japan issues, with the looming expiration of the military intelligence sharing agreement with Japan. On Thursday, the National Security Council was convened, raising speculations that Seoul’s decision on the General Security of Military Information Agreement with Japan was likely to have topped the agenda.  GSOMIA is set to expire at midnight Friday following Seoul’s decision to forego the annual renewal in respons

Foreign AffairsNov. 21, 2019

[Anders Fogh Rasmussen] Building Euro-Japanese alliance of hope for world

Geography aside, Japan and the European Union have never been so close. With Europe’s long-standing transatlantic ties under strain, and China presenting a challenge as well as an opportunity, the EU has sought like-minded allies in the Pacific. And there is none better than Japan.The EU-Japan bond transcends mere interests: It is a relationship based on shared values of freedom, democracy and open markets. Today, these values are under threat. The United States has decided to transact wit

ViewpointsNov. 21, 2019

[Daniel Moss] Malaysia’s disappearing opportunity

When a nonagenarian political veteran runs a campaign promising change, it’s only a matter of time before that message comes full circle. For Malaysia’s Prime Minister Mahathir Mohamad, that means succession planning can’t be delayed any longer.In May 2018, Mahathir pulled off a stunning election victory to lead Malaysia for a second time. In defeating Najib Razak, who denies allegations of siphoning off hundreds of millions of dollars from a state investment fund, the new prim

ViewpointsNov. 21, 2019

[Herald Interview] Aionco Korea aims to become Korea’s Amazon for K-beauty

Aionco Korea, a South Korean business-to-business platform of K-beauty products for global e-commerce, was established in 2015. Within four years, the Korean platform that connects local cosmetics suppliers with foreign buyers all over the world has garnered over 500 vendors representing markets in 54 countries. Some of them include China’s Alibaba and individual sellers on marketplaces such as Lazada and Q10. “Our company allows retail buyers abroad to have an easy access to a

IndustryNov. 21, 2019

CJ Healthcare’s K-CAB Tab makes inroads into Thailand

CJ Healthcare said Thursday it will export its original gastroesophageal reflux disease drug to Thailand’s Pond’s Chemical. K-CAB Tab (tegoprazan) is listed as the 30th new drug developed by a Korean company. It acquired commercial approval from South Korea’s Ministry of Food and Drug Safety in 2018 and was launched here in March 2019. Since then, the drug has raked in 18.7 billion won ($15.8 million) in sales. K-CAB Tab is already being exported to 17 countries including China

IndustryNov. 21, 2019

19 fast-food outlets fail health inspections in two-week crackdown

Several fast-food outlets were found to have violated the health code in recent inspections by the Food and Drug Safety Ministry.According to the ministry, 19 of 147 burger restaurants across the country failed health inspections during a two-week crackdown from Nov. 1-15.  The inspections were carried out at three global fast-food chains -- McDonald’s, Burger King, KFC -- as well as two local ones, Lotteria and Mom’s Touch. Seven McDonald’s joints, six Mom’s Touch,

Social AffairsNov. 21, 2019

LG and Kakao join hands to promote blockchain

LG’s IT solutions affiliate LG CNS and Kakao’s blockchain subsidiary Ground X joined hands with a view to expanding the use of blockchain and applying it to diverse business areas, the firms said Thursday.The two companies agreed to a strategic partnership to build mutually compatible infrastructure. Ha Tae-Seok, the leader of LG CNS’ future strategic business division, and Kakao Ground X CEO Han Jae-seon attended a signing ceremony at the LG CNS headquarters within LG Science

IndustryNov. 21, 2019

[Newsmaker] Going back and forth, opposition party leader seen as indecisive

“Pray for me,” Liberty Korea Party Chairman Hwang Kyo-ahn said softly, barely audible to people near him. He was addressing a line of supporters one by one -- who appeared to be in their 50s and beyond -- at the site of his hunger strike in front of Cheong Wa Dae on Thursday. Hwang continued his hunger strike for a second day near the presidential office to protest President Moon Jae-in’s foreign and domestic policies. He demands that Moon extend the military intel-s

PoliticsNov. 21, 2019

Kia unveils all-new K5 with interactive tech, bold design

Kia unveiled the third generation of its bestselling sedan K5 on Thursday and commenced preorders, highlighting its futuristic design and interactive voice control technology.Through the use of “active” interaction technology, passengers can control the air conditioner, air filtering, windows, electronic heat systems for the seats and rear window via voice commands, according to the company. In addition, a car-to-home system allows passengers to keep a tab on internet of things devic

MobilityNov. 21, 2019