S. Korea to control abuse of chemicals in meat, fishery products

South Korea said Wednesday it plans to adopt the positive list system (PLS) to regulate the maximum residue limit of chemicals in meat and fish products in 2024. Under the measure, South Korea will set the ceiling of 0.01 milligrams per kilogram concerning the use of any types of drugs other than those from the positive list, according to the Ministry of Agriculture, Food and Rural Affairs. "The new rule is designed to prevent the misuse or abuse of unauthorized animal drugs and to enhanc

EconomyDec. 23, 2020

Hyundai Motor takes over GM plant in Russia

Hyundai Motor Co. said Wednesday it has acquired General Motors Co.'s auto plant in Russia to step up its vehicle production in the nation. The South Korean automaker finalized the deal in early November to buy the American carmaker's assembly line in Saint Petersburg, a company spokesperson said, without elaborating on the amount and production schedule at the plant.The GM plant, which has an annual production capacity of around 100,000 vehicles, opened in 2008 but suspended operations in 2015

IndustryDec. 23, 2020

Samsung to remain top global TV seller for 15th year: report

Samsung Electronics Co. is expected to remain the world's leading TV vendor for the 15th straight year in 2020 on brisk demand caused by the coronavirus pandemic, a report said Wednesday. The South Korean tech behemoth is forecast to sell 49.02 million TVs this year after shipping 33.92 million units in the first three quarters of the year, according to the report from market researcher Omdia. The estimate is up 11.2 percent from the previous year and marks the largest annual sales number sinc

IndustryDec. 23, 2020

Dongbu-led consortium picked as preferred bidder for Hanjin Heavy

A consortium led by construction company Dongbu Corp. was picked Tuesday as the preferred bidder for the controlling stake of Hanjin Heavy Industries & Construction Co., the troubled shipbuilder said. A group of Hanjin's creditors, led by the Korea Development Bank, reached the decision during a meeting earlier in the day, Hanjin said in a regulatory filing. The Dongbu consortium beat two competitors, including a group led by SM Line Corp, to acquire a 83.45 percent stake in Hanjin Heavy

IndustryDec. 22, 2020

Bibigo frozen dumplings log W1tr sales in 2020

Sales of Bibigo frozen dumplings have exceeded 1 trillion won this year, the company behind the brand said Tuesday. Bibigo owner CJ CheilJedang said sales of Bibigo dumplings stood at 1.03 trillion won ($930 million) in 2020, with 65 percent of the revenue coming from overseas. Bibigo’s sales of dumplings have shown steady growth in Korea and in other countries, and this year’s sales were double from that of 2017, when the combined sales in domestic and overseas markets was 506 b

ConsumerDec. 22, 2020

Samsung scions to be liable for record-high inheritance tax

Samsung shares came under the market spotlight as the amount of inheritance tax was set at a record 11.03 trillion won ($9.96 billion) based on closing prices of the stocks on Tuesday. Among shares held by late Samsung chairman Lee Kun-hee are those of tech giant Samsung Electronics, IT solutions developer Samsung SDS, construction firm Samsung C&T, and insurer Samsung Life Insurance. According to the nation’s sole securities exchange operator Korea Exchange, the value of Lee&rsquo

MarketDec. 22, 2020

G+FLAS Life Sciences selected as a preliminary unicorn company

Biotech company G+FLAS Life Sciences, Inc. has been selected as a preliminary unicorn company eligible for special guarantee support by the Ministry of SMEs and Startups. The special guarantee for preliminary unicorns can be applied for by companies with proven innovation, growth potential, and market evaluation, or companies with a corporate value of 100 billion won or more and with high grades in technology evaluation. G+FLAS was one of the 15 finalists selected through a national recommenda

TechnologyDec. 22, 2020

Daesung chief wins top honor in yearly energy award

Kim Young-hoon, chairman of South Korean energy conglomerate Daesung Group, has received top-grade recognition for his contribution to the country’s energy efficiency, the company said Tuesday in a release. The businessman was awarded the Distinguished Silver Tower Order of Industrial Service at the 2020 Korea Energy Awards, held at the Grand InterContinental Seoul Parnas Hotel. The newly added Silver Tower is the highest acclaim for the Korean energy sector, outrunning the Bronze Tower,

IndustryDec. 22, 2020

Business groups protest against industrial accident bill

South Korea’s business circles protested Tuesday against the ongoing legislative move to enhance their safety management responsibilities and to hand down sanctions, including the possible imprisonment of a top official. “We fully agree to the legislative intent to better protect workers’ safety and to prevent industrial accidents,” said the country’s key business groups in a joint rally held at the Korea Federation of SMEs headquarters in Yeouido, western Seoul.

IndustryDec. 22, 2020

Government to supply 460,000 housing units in 2021

Finance Minister Hong Nam-ki said Tuesday that the government will provide 460,000 housing units next year, while strengthening monitoring on manipulation attempts in the real estate market. “If the plan is implemented without any hitches, we expect it will help stabilize the market as (we are set to) supply more new homes than the average amount,” Hong said during a meeting on the real estate market with the chiefs of related ministries at the Seoul Government Complex. Over

EconomyDec. 22, 2020

Will COVID-19 treatment be Celltrion founder’s retirement legacy?

Late on the front of coronavirus vaccine development and procurement, South Korea is pinning hopes on one particular company to provide the much-needed relief in this dark, pandemic winter -- Celltrion. The company is expected to announce in coming days results of its global clinical phase 2 trial of an anti-COVID-19 monoclonal antibody treatment candidate, CT-P59. Celltrion’s media-friendly founder and chairman Seo Jung-jin has said plenty of times that its drug, if approved, would &l

IndustryDec. 22, 2020

SK Materials invests $17m in US startup for battery-enhancing tech

SK Materials said Tuesday it has invested $17 million in a US-based startup developing advanced materials that can enhance the energy density of lithium-ion batteries by 50 percent. According to the South Korean manufacturer of special gases and IT materials, the investments, which were made together with US-based venture capital firm OVP Venture Partners, will allow Group14 Technologies to ramp up its pilot production facility and help with the startup’s groundbreaking of a large-scale

IndustryDec. 22, 2020

Samsung, SKT and Kakao join hands for pandemic-forecasting AI

Samsung Electronics will join forces with South Korea‘s largest mobile carrier SK Telecom and the country’s top mobile messenger operator Kakao to develop an artificial intelligence platform that alerts users of coronavirus risks in advance. According to the companies Tuesday, a joint research and development group has been formed with an aim to introduce the platform by early next year. The current emergency text alert system, run by the government, offers information of confirm

IndustryDec. 22, 2020

Hyundai to halt local plant for 2 weeks for inventory adjustment

Hyundai Motor Co., South Korea's biggest carmaker, said Tuesday it will suspend one of its domestic plants for two weeks to control inventories amid the COVID-19 pandemic. Hyundai Motor plans to suspend the Asan plant, which produces the Sonata and Grandeur sedans, from Wednesday through Jan. 6 due mainly to weak sales of the Sonata model, a company spokesman said. The sale of the Sonata sedan plunged 31 percent to 63,078 units from January to November compared with the same period of last yea

IndustryDec. 22, 2020

Seoul stocks dip over 1.5% on virus concerns

South Korean stocks dipped more than 1.5 percent Tuesday after the benchmark index closed at an all-time high in the previous session, largely on concerns of the spreading COVID-19 cases at home and abroad. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 44.97 points, or 1.62 percent, to close at 2,733.68. Trading volume was high at about 1.2 billion shares worth some 19.6 trillion won ($17.7 billion), with losers outnumbering gainers 783

MarketDec. 22, 2020

Thom Browne to launch perfume line in Korea

US fashion brand Thom Browne said on Tuesday it will launch its perfume line in Korea. A total of six perfumes will be released, including “09.27.65 Eau de Parfum,” also known as Vetyver Absolute, and “09.27.65.01 Eau de Parfum,” which is also called the Vetyver and Cucumber. The fragrances contain a high concentration of Haitian Vetyver oil and its vetyver blend serves as the base signature of the products. The names reference designer Thom Browne’s birthday of

ConsumerDec. 22, 2020

KB Kookmin limits personal loan amount to W20m

KB Kookmin Bank, one of five major commercial banks here, has decided to cap the size of personal loans per household to 20 million won ($18,000), sources said Tuesday, marking a drastic move as local lenders have been tightening their grip on lending rules. KB Kookmin plans to maintain the new limit at least until the end of the year, industry sources said. The rule applies to any household that would apply for a new personal loan or seek to increase their loan balance from Tuesday to Dec. 31

MarketDec. 22, 2020

Retailers cash in on Christmas shopping amid pandemic

Retailers are in a final push for last-minute Christmas shopping in a year marred by the coronavirus pandemic. As the country grapples with a third wave of virus outbreaks, gatherings of five or more people are banned until early January in Seoul and surrounding areas. Despite the dampened mood, retail companies are trying to make the most of the situation, encouraging gift-giving as a way to celebrate the season safe from the virus. Shinsegae Department Store said Tuesday it would offer free

ConsumerDec. 22, 2020

[News Analysis] SsangYong Motor halts trading as bankruptcy court grants breather

Stocks of SsangYong Motor halted trading starting Tuesday as the cash-strapped automaker is now under bankruptcy court supervision and has effectively been given a three-month grace period before it enters court receivership. Eyes are on whether SsangYong Motor to avoid the court-led rehabilitation proceedings by soliciting a new investor in that time. On Monday, SsangYong Motor said it had applied for an autonomous restructuring support program, when filing for bankruptcy to Seoul Bankruptcy

MarketDec. 22, 2020

NH Financial nominates banking unit CEO as new chairman

NongHyup Financial Group has nominated Son Byung-hwan, CEO of its banking unit as the sole candidate for group chairman, officials said Tuesday. If the nomination is approved at a shareholders’ meeting slated for the end of month, Son is set to take the top post, which has been left vacant since late last month. Former Chairman Kim Kwang-soo resigned to serve as the new chief of the Korea Federation of Banks. Son was nominated for his expertise in digital finance as well as his leadershi

MarketDec. 22, 2020