Nexon offers therapy to help employees overcome coronavirus blues

Nexon said Thursday that it is offering a therapy program to care for the mental health of employees who are experiencing emotional swings as the pandemic drags on. According to the South Korean game company, its psychotherapy program, “Reading My Mind,” which has been running since 2017, provides employees with therapy sessions where they can talk about stress they are experiencing around work, personal relationships and family. “Since March, Nexon expanded its therapy p

IndustryOct. 29, 2020

Naver posts record revenue in Q3

Naver posted all-time high quarterly sales in the third quarter this year, the company announced Thursday in its regulatory filing. The sales of Naver in the third quarter reached 1.36 trillion won ($1.2 billion), up by 24.2 percent on-year. Naver’s operating profit during the July-September period also increased by 1.8 percent on-year to reach at 291 billion won. The net profit of Naver also marked 235.3 billion won in the third quarter, surging by 176 percent on-year. The record-hi

TechnologyOct. 29, 2020

Seoul stocks fall on global virus surge

South Korean stocks closed lower Thursday on foreign and institutional selling as new coronavirus outbreaks in major global economies continued to surge at an alarming rate. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.59 points, or 0.79 percent, to close at 2,326.67. Trading volume was moderate at about 488 million shares worth some 10.1 trillion won ($8.9 billion), with losers outnumbering gainers 641 to 221. The KOSPI started ou

MarketOct. 29, 2020

Samsung Biologics’ San Francisco lab first step to wider overseas expansion

Samsung Biologics announced the opening of its first overseas contract development operation site in the San Francisco Bay Area, Thursday. “We plan to continue our expansion into Boston, Europe and China. In 2020 and beyond, our next decade will be marked by global expansion. We want to be your next-door CDMO partner wherever you are located for faster and better development support,” said Kim Tae-han, CEO of Samsung Biologics, at the online press event designed to introduce the new

IndustryOct. 29, 2020

Daelim Industrial's Q3 net up 28.5% on one-off gains

Daelim Industrial Co., a major South Korean builder, said Thursday its net profit rose 28.5 percent in the third quarter from a year earlier due to one-off gains. Net profit for the July-September period came to 229.1 billion won ($202.4 million), compared with 178.3 billion won a year earlier, the company said in a regulatory filing. Daelim Industrial said the reversal of the allowance for bad debts boosted its bottom line. Daelim Industrial said sales rose 2.7 percent on-year to 2.22 trilli

IndustryOct. 29, 2020

Samsung's Galaxy S20 Plus best-selling 5G smartphone in H1: report

Samsung Electronics Co.'s Galaxy S20 Plus was the world's best-selling 5G smartphone model by revenue in the first half of the year, a report showed Thursday, although its dominance is likely to end in the second half with the release of Apple Inc.'s iPhone 12. The Galaxy S20 Plus, which was launched in February, took a revenue share of 9 percent in the global 5G smartphone market in the first half of the year, according to market researcher Strategy Analytics. The revenue of the global 5G s

IndustryOct. 29, 2020

Nexon Foundation donates W10b to establish palliative care center for children

Nexon said Thursday its foundation will donate 10 billion won ($8.8 million) to Seoul National University Hospital to build an independent palliative care center dedicated to children. The South Korean game company will raise the funds together with its holding company NXC and its subsidiary Neople, and use the money for buying land, construction and operation of the hospice. Set for completion in 2022, the care center will be located in Jongro-gu, Seoul and provide palliative care service

IndustryOct. 29, 2020

SPC Group opens hanok-inspired Baskin Robbins store in Seoul

SPC Group said Thursday it has opened a new Baskin Robbins outlet, designed in the traditional Korean style Hanok building. Located in Jongno, central Seoul, the Baskin Robbins Samcheong Madang is Baskin Robins’ 10th concept store, inspired by the idea of harmonizing the traditional and the modern, the group explained. The ice cream parlor has been constructed using traditional tiles, wooden pillars and with a surrounding fence to give it the look of a traditional hanok building, the

ConsumerOct. 29, 2020

Volkswagen Korea aims to ‘democratize’ imported car market

Volkswagen Korea aims to “democratize” the imported vehicle market here with a robust lineup of eight models, the company said Thursday. Reiterating the goal the company announced in 2018, the automaker said it aimed to expand its vehicle portfolio in South Korea and offer them at reasonable prices to compete with Korean brand automobiles. With its popular sports utility vehicle Tiguan in lead, the automaker said its sales tripled in the first three quarters this year, compared

MobilityOct. 29, 2020

Major Korean banking groups post stronger-than-expected Q3 earnings

Four major South Korean banking groups posted better-than-expected third quarter net profit, bolstered by nonbanking businesses amid coronavirus woes, data provided by the firms as of Thursday showed. In terms of quarterly net profit, KB Financial Group maintained the top spot for two consecutive quarters, having gained 24.1 percent on-year to 1.16 trillion won ($1 billion). Shinhan Financial Group, which relinquished the crown to KB last quarter, still posted an impressive net profit of 1.1

MarketOct. 29, 2020

Samsung Electronics to hold low-key founding anniversary after chief's death

Samsung Electronics Co., the world's largest memory chip and smartphone maker, is expected to celebrate the 51st anniversary of its foundation in a low-key manner following the death of its longtime chief Lee Kun-hee, industry insiders said Thursday. Lee, one of the most influential businessmen in the country's post-war era, died Sunday at age 78, more than six years after being hospitalized for a heart attack. The South Korean tech giant has been celebrating its foundation on Nov. 1, but wit

IndustryOct. 29, 2020

Hyundai Mobis Q3 net dips 33% on virus impact

Hyundai Mobis Co., South Korea's biggest auto parts maker, said Thursday its third-quarter net profit fell 33 percent from a year earlier as the COVID-19 pandemic affected vehicle sales.   Net profit for the three months that ended in September fell to 391.3 billion won ($346 million) from 581.9 billion won in the same period of last year, the company said in a statement.   "The coronavirus outbreak continued to weigh on consumer sentiment and vehicle sales in the thir

IndustryOct. 29, 2020

Smaller firms' business confidence gains for Nov.: poll

South Korean smaller firms' business outlook rose for the second consecutive month for November on loosened coronavirus curbs and a recovery in exports, a poll showed Thursday. The survey of 3,150 small and medium enterprises (SMEs) showed that the small business health index (SBHI) stood at 74 for the coming month, up 2.8 points from October. It marked the second consecutive month of increase. The index gained to 71.2 for October from 67.9 in September. Yet the November tally was still below

EconomyOct. 29, 2020

Debt of self-employed rises 4.7% in 2018

SEJONG -- Debt held by the self-employed grew 4.7 percent in 2018, as their income fell amid the economic slowdown, raising concerns about their capacity to service debt, data showed Thursday. Average bank loans extended to a self-employed person amounted to 164 million won ($144,000) as of end-2018, compared with 156 million won a year ago, according to the data released by Statistics Korea. Banks have increased loans to the self-employed as the financial regulator is seeking to curb the gr

EconomyOct. 29, 2020

[Monitor] Business sentiment improves on eased restrictions

Businesses in South Korea gave a slightly more optimistic outlook for November amid the COVID-19 pandemic as local consumption appeared to increase on eased social distancing measures, the Korea Economic Research Institute said. The business survey index came to 99.5 for next month, up from 84.6 for October. Figures below 100 mean pessimists outnumber optimists. The think tank said, however, that this doesn’t mean the economy is showing signs of recovering. Uncertainties remain ahead of

IndustryOct. 29, 2020

BOK again extends special lending program amid pandemic

The Bank of Korea (BOK) said Thursday it will again extend a special loan scheme for financial institutions by three months to help them stem a possible funding squeeze amid the coronavirus pandemic. The central bank said its decision-making monetary policy board decided to extend the special loan facility, originally set to expire on Nov. 3, until Feb. 3. It marks the second extension since the program's inception in May. In August, the BOK extended the special loan program by three months.

EconomyOct. 29, 2020

Samsung's research group signs partnership with local IT service firm on AI tech

Samsung Electronics Co. said Thursday its experimental research group has signed a partnership with a local IT service firm on artificial intelligence (AI) technologies as the South Korean tech giant tries to expand its presence in human-like algorithm solutions.  Samsung Technology and Advanced Research Labs, better known as STAR Labs, inked a deal with CJ OliveNetworks Co., to develop services using their AI technologies. For their first project, the two sides will create an "inf

IndustryOct. 29, 2020

Daewoo E&C Q3 net up 17.9% on decreased costs

Daewoo Engineering & Construction Co., a major South Korean construction company, said Thursday its third-quarter net profit rose 17.9 percent from a year earlier due to decreased costs. In the three months ending Sept. 30, Daewoo E&C posted a net profit of 56 billion won ($49 million), compared with a profit of 47.5 billion won a year earlier, the company said in a regulatory filing. The company said selling, general and administrative costs fell in the third quarter from a year earli

IndustryOct. 29, 2020

Hyundai unveils design of Genesis GV70 SUV

Hyundai Motor Co. on Thursday unveiled the design of the GV70 SUV under its independent Genesis brand as it strives to gain a share in the high-end vehicle market. The midsized GV70 is the second SUV model with the Genesis badge following the launch of the GV80 SUV in January. Hyundai applied its "athletic elegance" design language to the GV70 following the similar aesthetic of the GV80 SUV and G80 sedan. The GV70 comes with Signature Genesis design elements that include a deep cr

MobilityOct. 29, 2020

Seoul stocks open sharply lower on Wall Street plunge

South Korean shares opened sharply lower Thursday on an overnight Wall Street plunge, as the new coronavirus outbreaks in the major global economies continued to surge at an alarming rate. The benchmark Korea Composite Stock Price Index (KOSPI) fell 25.96 points, or 1.11 percent, to 2,319.3 in the first 15 minutes of trading. Investor sentiment grew risk-averse, as a resurgence in virus cases in the United States and Europe raised concerns that the worsening pandemic may deliver heavy damage

MarketOct. 29, 2020