LG CNS spins off AI-based customs solution developer

LG CNS said Thursday that its in-house unit Hempking -- launched in 2018 -- has been spun off after the success of its customs service system that utilizes artificial intelligence and robotic process automation technologies. The newly developed solution can reduce the time required for customs clearance. Instead of the five hours it takes for a single item cargo the time can be cut down to five minutes, according to the company. The AI-based computer program uses optical character reader to r

TechnologyMarch 5, 2020

[Exclusive] Lutronic faces lawsuit in US for alleged trade secrets theft

The US subsidiary of South Korea’s Lutronic is facing a lawsuit for allegedly misappropriating trade secrets through former employees of Cutera it hired recently, according to documents reviewed by The Korea Herald. Aesthetic laser equipment maker Cutera -- listed on Nasdaq -- claimed that forensic research results showed that Lutronic Aesthetic had poached 13 employees, encouraging them to steal trade secrets and destroy evidence until February. In return, they were rewarded with stock o

MarketMarch 5, 2020

[Feature] Elderly alienated from virus info

Customers were scarce and business was slow at a grocery store in central Seoul on Wednesday, as it has been since the coronavirus outbreak. In one corner, a group appeared unfittingly enthusiastic, surrounding a clerk and bombarding the person with inquiries. 　 Among them were 80-year-old Kim Hoon (not his real name) and his wife. He said he had come to buy face masks, considered essential here as a precaution against the novel coronavirus. 　 “We waited in line for two hours,” sai

Social AffairsMarch 5, 2020

‘Health functional foods’ see boom in wake of virus outbreak

For Hwangbo Kyung-sun, a 29 year-old office worker in Seoul, it has become a routine to take omega-3 supplements or krill oil pills along with bringing a face mask and hand sanitizer to protect herself against the fast-spreading COVID-19. “It is basically the most I can do to not get infected from the coronavirus,” Hwangbo told The Korea Herald. Like Hwangbo, more people in South Korea are buying health functional foods, also known as nutraceuticals, which are not pharmaceu

IndustryMarch 5, 2020

Seoul sends team to support Koreans quarantined in Vietnam

A South Korean team on Thursday left for Vietnam to support more than 310 South Korean nationals quarantined there over fears of novel coronavirus. 　 　 “The most important thing is to help our citizens who want to return to Korea, through consultations with the Vietnamese authorities,” Kyun Jong-ho, who heads the 12-strong “rapid response” team, told reporters at Incheon International Airport before taking off in the morning. 　 Consisting of officials mostly from the F

Foreign AffairsMarch 5, 2020

[News Analysis] BOK weighed by US rate cut, raising growth pessimism

Following the United States’ abrupt rate cut action and the escalating pessimism of global investors, South Korea finds itself with little choice but to bend prudence and lower its policy rate as soon as possible, according to market observers. Concerns are mounting, however, that Asia’s fourth-largest economy may already have missed the chance to take relevant monetary moves, considering the prolonged impact of the globally spreading COVID-19. The key agenda for Korea’s

EconomyMarch 5, 2020

SK Networks shares spike on W1.3tr fuel retailer sell-off

SK Networks shares rose sharply Thursday on anticipations that its decision to divest its energy retailer unit for 1.3 trillion won ($1.1 billion) would improve the balance sheet. Its shares closed 14.5 percent higher on Kospi bourse compared to the previous session. Analysts said the price was buoyed by expectations that SK Networks would mitigate its debt burden from its acquisition of AJ Rent A Car in December 2019, carry out a 100 billion won share buyback and overhaul the trading firm&rsq

MarketMarch 5, 2020

Parliament turns down revision proposal for online-only banks

The National Assembly on Thursday rejected a proposed bill to ease regulations for online-only banks, which will deal a heavy blow to K bank, one of South Korea’s two online banks that is struggling to raise additional funds due to regulatory hurdles. The bill was unexpectedly voted down 82:75 with 27 abstaining at the plenary session, although it received the green light from the legislation and judiciary committee a day before, raising anticipation it would boost the fintech industry

MarketMarch 5, 2020

Komipharm awaits approval for clinical trial design

Market observers are skeptical of Komipharm stocks, as it is still waiting to get approval from the Ministry of Food and Drug Safety for its application to test the Panaphix drug on COVID-19 patients. On Feb. 26, Komipharm gave an official notice to its shareholders that it has applied to the ministry for a fast-track review of its proposal for clinical phase 2/3 trials of Panaphix, a cytokine storm inhibitor believed to treat pneumonia, for 100 COVID-19 patients. Its stocks hit the daily maxi

IndustryMarch 5, 2020

South Korean government takes full control of face mask supply, bans exports

The South Korean government said Thursday it will take full control of face masks distributed via public channels, and ban local companies from exporting them to cope with the severe supply shortage amid rising cases of coronavirus. “To distribute face masks swiftly and fairly to all citizens, the government has decided to fundamentally manage the entire process of production, logistics and distribution,” the Ministry of Economy and Finance and other agencies monitoring the COVID-

EconomyMarch 5, 2020

Foreign firms in Korea support Korea's fight over coronavirus

American and European companies with a presence in South Korea expressed concerns Thursday about the prolonged coronavirus outbreak affecting their businesses, but also expressed full support in the country‘s fight against the epidemic. The American Chamber of Commerce in Korea said approximately 70 percent of its member companies had reported disruption of travel and a decline in revenue as COVID-19 infections have continued to surge. About 40 percent of the companies reported a disr

IndustryMarch 5, 2020

[From the Scene] Shincheonji victims ask Moon to investigate religious group

National Solidarity for Shincheonji Victims on Thursday asked President Moon Jae-in to order an investigation into the religious group Shincheonji. “We are filing charges against Shincheonji and also urging the president to have a meeting with us,” the group’s head Shin Kang-shik said at a press briefing held in front of Cheong Wa Dae in Seoul. Shin explained that he was holding the briefing in front of the presidential office because the organization had already filed char

CultureMarch 5, 2020

Korean Air to check all passengers’ temperatures before boarding

Korean Air said Thursday that it had begun checks on all passengers’ temperatures on international routes to check for the COVID-19, as part of the company’s preventive measures. The air carrier said it had secured eight thermal imaging cameras and handheld, non-contact infrared thermometers to check if a passenger’s temperature was below 37.5 Celsius degrees.  Passengers with body temperatures above 37.5 Celsius degrees will be refused boarding, Korean Air said. 

MobilityMarch 5, 2020

Shincheonji donates 12 billion won for COVID-19

The Shincheonji Church of Jesus on Thursday donated 12 billion won ($10.1 million) to the efforts for battling the COVID-19 outbreak. The funds were donated to the Community Chest of Korea, with Sihncheonji’s Daegu branch raising 10 billion won, and the group’s central body raising 2 billion won. Shincheonji is a Christianity-based cult that has been at the center of the rapid spread of the virus in Korea, with about half of Korea’s 5,766 confirmed cases, as of Thursday af

Social AffairsMarch 5, 2020

Stock-related funds lure investors despite virus spread

Despite the ongoing coronavirus outbreak, the amount of funds floating around South Korea’s stock market hit an all-time high, market data showed Thursday. The amount of capital available for stock-related funds marked nearly 124.91 trillion won ($105.3 billion) as of end-February, up 8.77 trillion won from a month earlier, according to latest market data. The funds refer to equities looking for investment opportunities such as investor deposits at brokerage firms, repurchase agreement

MarketMarch 5, 2020

[Newsmaker] Former Big Bang member Seungri to start military service March 9

Seungri, formerly of boy band Big Bang, will begin his mandatory military service on Monday. According to reports, Seungri will go through a five-week training program at the 6th Infantry Division in Cheorwon, Gangwon Province. This is the same training facility bandmate Taeyang began his enlistment at in March 2018. Due to the novel coronavirus outbreak, enlistment ceremonies have been suspended until further notice. Some of Seungri’s close associates posted pictures of what seemed to

PerformanceMarch 5, 2020

Minor clusters of infections continue to emerge

Thirty-four people at a nursing home were confirmed to have the new coronavirus on Wednesday, fanning fears of further mass transmission incidents. On Thursday, the government’s COVID-19 response team revealed that 34 people at a nursing home in Bonghwa, North Gyeongsang Province had been diagnosed with the illness, pushing up the total for the facility to 36. So far, nearly two-thirds of COVID-19 cases in South Korea have resulted from mass transmission incidents, with hospitals and

Social AffairsMarch 5, 2020

Leaf through MMCA’s collection from home

Many art galleries and museums here have shut down or postponed exhibitions due to the COVID-19 outbreak, and more people are in self-imposed isolation as part of social distancing to prevent the spread of the respiratory illness. But, there is still a chance to alleviate negative emotions that result from the prolonged crisis and refresh your mind: browsing works of art from the collection of the National Museum of Modern and Contemporary Art, Korea from the comfort of your home. Established

Arts & DesignMarch 5, 2020

Starbucks’ remote ordering services surge amid coronavirus outbreak

Starbucks Korea’s remote services have spiked as customers try to minimize direct contact and staying time inside its cafes. The company said Thursday its on-the-go ordering service Siren Order, available on its app, surpassed 8 million orders in the January-February period, a 25 percent increase on year. Meanwhile, the coffee chain saw a 32 percent jump in drive thru users in the same period, 40 percent of them using My DT Pass service on the app. The automatic charging service allow

IndustryMarch 5, 2020

S. Korea reports 438 more cases, total at 5,766

South Korea reported 438 new cases of the coronavirus and 3 more deaths on Thursday, bringing the nation’s total infections to 5,766 and death toll to 35, according to health authorities. Of the new cases, 320 cases (73 percent) were confirmed in the southeastern city of Daegu at the heart of the country’s virus outbreak, and 87 cases (19 percent) in North Gyeongsang Province. Nine new cases were reported in Gyeonggi Province and South Gyeongsang Province, respectively, four each

Social AffairsMarch 5, 2020