Hyosung Heavy acquires Mitsubishi plant in US for $46m

In a major push to target the world’s largest power market, Hyosung Heavy Industries said Monday it has acquired Mitsubishi’s American electric power product plant in Tennessee for $46 million. The Japanese company’s Tennessee plant produces core-type ultrahigh voltage transformers used for the power generation industry. The transformers account for 95 percent of the total demand in the global transformer market, including North America, according to the company. Hyosung Heavy

IndustryDec. 16, 2019

Instant porridge market gains steam in 3 years

With home meal replacement products gaining popularity in South Korea, the instant porridge market has also grown immensely -- twofold growth since 2015, and is estimated at over 88.5 billion won ($75.5 million) last year, according to data from Korea Agro-Fisheries & Food Trade Corp. Monday. The market for instant porridge has gradually expanded from 2015, when it was valued at 41 billion won, and grew to over 70.7 billion won in 2017, the data showed. Officials said that it will grow

IndustryDec. 16, 2019

Celltrion secures rights for 11 generics in US

Celltrion, South Korea’s leading biosimilar manufacturer, announced Monday that it has acquired rights to a total of 11 generic chemical drugs in the US, the world’s biggest pharmaceutical market.The company has since early 2019 been pushing to expand its business portfolio to cover not only copies of patent-expired biologics drugs, but also generic copies of chemical drugs. Its subsidiary, Celltrion USA, has bought the rights for nine other generic copy drugs, other than the existin

IndustryDec. 16, 2019

Samil PwC publishes sustainability report

Samil PricewaterhouseCoopers, the local unit of the world’s largest accounting firm, said Monday that it has published a report on its sustainable business operations and accomplishments in 2019. While reinforcing the External Audit of Stock Companies Act and the stewardship code adopted by the National Pension Service, the firm said it would implement a business model that fulfills accounting transparency and raises environmental, social and governance levels. The report covers four

MarketDec. 16, 2019

S. Korea, UAE agree to boost cooperation for regional peace

The defense ministers of South Korea and the United Arab Emirates agreed Monday to strengthen cooperation for peace on the Korean Peninsula and in the Middle East, the defense ministry here said.South Korean Defense Minister Jeong Kyeong-doo and his UAE counterpart, Mohammad Ahmed Al Bowardi, made the pledge during their meeting in Seoul earlier in the day. "Minister Jeong explained the government's efforts for the denuclearization of the Korean Peninsula and the establishment of a peace re

Foreign AffairsDec. 16, 2019

Seoul city to run additional night buses for year-end season

The Seoul metropolitan government on Monday announced plans to run additional night buses to meet demand for the year-end season when getting taxis becomes more difficult.The city government said it plans to operate additional night buses running on nine routes -- N13, N15, N16, N26, N30, N37, N61, N62 and N65 -- starting Tuesday night. The temporary schedule will run five days a week from Tuesday to Saturday until Jan. 11.The additional buses will mostly operate between 1 and 2 am when demand f

Social AffairsDec. 16, 2019

Moon names new anti-corruption secretary amid political scandals involving Cheong Wa Dae

President Moon Jae-in appointed a prosecutor-turned-lawyer as his new secretary for anti-corruption Monday, as state prosecutors are looking into allegations that Cheong Wa Dae is involved in influence-peddling scandals.The pick of Lee Myung-shin working at the Kim & Chang law firm based in Seoul followed the resignation of Park Hyoung-chul from the post. Park quit his Cheong Wa Dae job recently, facing state prosecutors' probe into the alleged cover-up of a 2017 internal inspection into Yoo

PoliticsDec. 16, 2019

N. Korea's crop harvest up 2% on improved weather conditions

North Korea's crop production for this year is estimated to have slightly increased from a year earlier on the back of relatively improved weather conditions, data showed Monday.The combined crop output of the communist nation is estimated to reach 4.64 million tons this year, compared to 4.55 million tons a year earlier, according to the Rural Development Administration. The production of rice, a key staple food for Koreans, is estimated to have risen 1.8 percent over the period to reach 2.24 m

North KoreaDec. 16, 2019

JB Financial acquires brokerage in Vietnam, expands in ASEAN region

JB Financial Group has acquired a Vietnam-based brokerage owned by Morgan Stanley, in line with its recent moves to expand business in the Southeast Asian region, officials said Monday.The holding group of North Jeolla Province-based JB Jeonbuk Bank thereby became the first provincial banking group here to own a comprehensive overseas financial network comprising banking, capital and securities.A public announcement was made Monday that JB Financial had recently signed a sales and purchase agree

MarketDec. 16, 2019

Biegun proposes meeting with North Korean counterparts

US Special Representative for North Korea Stephen Biegun on Monday proposed a meeting with North Korean officials during his visit to Seoul, saying Washington is willing to discuss all issues of interest to Pyongyang if they resume denuclearization talks. He said it was “not too late” for North Korea to choose a “better way,” following the regime’s second “crucial” test at its long-range rocket launch site Friday. The test may have been an attempt to adv

North KoreaDec. 16, 2019

Single-member households to become most common type in 2047

One-person families will likely become the most common household type in all South Korean cities and provinces in the next 30 years amid the country's low birthrate and rapidly aging population, data showed Monday. Households consisting of a single member are forecast to account for 37.3 percent of all family units in 2047, far outnumbering families of married couples with children, according to the data by Statistics Korea.The percentage of those living alone stood at 27.2 percent in 2015 and r

EconomyDec. 16, 2019

S. Korea is world's 4th-largest customer of US arms: data

South Korea is the fourth-largest buyer of US weapons over the past 10 years, government data showed Monday.According to the global defense market yearbook published by South Korea's Defense Agency for Technology and Quality, the United States exported weapons worth $93.1 billion between 2009 and 2018 to the outside world. Of the total, South Korea bought $6.28 billion, standing at the fourth spot in the world.  Saudi Arabia was the No. 1 customer by purchasing US arms worth $13.47 billion,

DefenseDec. 16, 2019

[News Focus] Self-employed in S. Korea face strong headwinds

SEJONG -- The sluggish domestic economy and a spike in statutory minimum wage in South Korea in recent years have dealt a severe blow to the self-employed. Most have been forced to close shop or have been saddled with huge debts amid cutthroat competition, but they are getting back on their feet by starting new microbusinesses, although not very successfully.This reflects the tough job market here, as self-employment is still considered the most viable option for many people to make a living.Acc

EconomyDec. 16, 2019

N. Korean newspaper touts late leader on eve of 8th anniversary of his death

North Korea's main newspaper on Monday published a series of articles lauding late leader Kim Jong-il on the eve of the eighth anniversary of his death.Kim died on Dec. 17, 2011, after ruling the communist nation for 17 years after the death of his father and national founder, Kim Il-sung, in 1994. Current leader Kim Jong-un, the third son of the late leader, took over the North in another hereditary succession of power.In a front-page editorial, the Rodong Sinmun said the late leader achieved u

North KoreaDec. 16, 2019

S. Korea sets aside more budget funds to fight animal diseases

South Korea set aside more state budget funds for next year to fight animal diseases, the agricultural ministry said Monday, after the deadly African swine fever hit local pig farms in northern areas this year.The National Assembly approved the budget proposal of 371.4 billion won ($315 million) for efforts to tackle a variety of animal diseases, which marks a 20 percent rise from 308 billion won allocated for this year, according to the Ministry of Agriculture, Food and Rural Affairs.The increa

EconomyDec. 16, 2019

Listed firms' share buybacks top W19tr in 3-year period

South Korean listed companies bought back their own shares worth almost 20 trillion won ($17 billion) in total in the past three years, with Samsung Electronics buying back the most, data showed Monday. A stock buyback occurs when a company seeks to increase its stock price and consolidate ownership, which benefits the shareholders with larger dividends.From January 2017 through August 2019, a total of 676 listed firms here bought back 19.6 trillion won worth of their own shares, according to th

MarketDec. 16, 2019

S. Korea, Japan begin high-level talks over trade war

South Korea and Japan started high-level talks in Tokyo on Monday as the first step to seek a breakthrough in settling their monthslong trade row that undermines bilateral economic ties and potentially disturbs international supply chains.The meeting marks the first of its kind since June 2016 and is crucial for dealing with their trade conflict. It is also the first official gathering of trade officials between the two Asian neighbors after Seoul conditionally suspended the termination of the G

IndustryDec. 16, 2019

'Parasite' wins four awards from Chicago Film Critics Association

South Korea's black comedy film "Parasite" bagged four trophies, including best picture from the Chicago Film Critics Association, continuing its award-winning rally in the United States in the runup to the Oscar ceremony early next year.According to the announcement by the CFCA released Saturday (US time), "Parasite," directed by Bong Joon-ho, won best picture, best foreign language film, best director and best original screenplay."Little Women" by Greta Gerwig als

FilmDec. 16, 2019

Korean panel makers tipped to log improved earnings next year

South Korea's display panel makers are expected to see improved earnings next year, with liquid crystal display panel prices likely to rebound and the companies' organic light-emitting diode display production capacity set to expand, analysts here said Monday. South Korea's two major display makers -- LG Display Co. and Samsung Display Co. -- have been struggling to make a profit this year due to falling LCD panel prices stemming from sluggish demand and a supply glut.LG Display posted an operat

IndustryDec. 16, 2019

Finance ministry sets up task force on digital tax

South Korea's finance ministry said Monday it established a task force to consider a digital tax on advertising by global internet giants like Google and Facebook.The task force is manned by officials from the ministry as well as experts on the international tax system, according to the Ministry of Economy and Finance. The task force will join international discussions on the digital tax and map out South Korea's measures to levy the tax, according to the statement. South Korea has taken st

IndustryDec. 16, 2019