LIG Nex1, Good Will Store share hope through COVID-19

LIG Nex1, an aerospace and defense company, donated some 1,000 everyday essential items to a Good Will Store in Daejeon, in hopes of softening the blow of the COVID-19 pandemic for disabled people. Full proceeds from the sales of these donated goods will be used to bolster the employment security of the disabled workers at Good Will Stores. LIG Nex1 said that this campaign attempts to foster responsible corporate culture based on voluntary participation from its employees. In other forms o

IndustrySept. 13, 2020

[Herald Interview] ‘Masks can become new type of wearable device’

In the future, people could be shopping for masks at electronics retailers instead of at pharmacies. Those masks would be capable of monitoring wearers’ breathing patterns, captured particles and gas, and be able to connect with other devices like smartphones. This is not just a dream for Beelee Chua, a professor at the electric engineering school of Korea University. In 2018, professor Chua’s research team, in collaboration with Ewha Womans University, developed a micro ionizer

TechnologySept. 13, 2020

[Behind the Wheel] Porsche's first EV Taycan brings best of all worlds

YONGIN, Gyeonggi Province -- At this year’s Porsche World Roadshow, the automaker presented Taycan, the very first all-electric Porsche sports car, to South Korea for the first time. It was one of 26 vehicle models delivered from the German head office for the PWRS, which was held from Aug. 31 to Sept. 10. Of the four sessions planned for PWRS, the automaker organized a session dedicated to the Taycan, to introduce the Taycan Turbo and Turbo S models. “Taycan is 100 percent el

MobilitySept. 13, 2020

Hyundai heir marks 2nd year leadership, speeds up future mobility

It has been two years since Hyundai Motor Group Executive Vice Chairman Chung Euisun became the de-facto head of the group. Under his leadership, the automaker has bet big on future mobility centering on smart cars and eco-friendly vehicles. To envision future mobility, Hyundai showcased three solutions for the future -- urban air mobility, purpose built vehicle, and hub, a place for mobility transfer and community activities -- at CES 2020 in Las Vegas early this year. Based on these mobil

MobilitySept. 13, 2020

Restructuring, affiliate sales expected after Asiana deal collapse

After a planned sale of debt-ridden Asiana Airlines to HDC Hyundai Development collapsed, the carrier is expected to undergo organizational restructuring, including sales of some of its subsidiaries. Also due to the sales failure, Asiana’s largest shareholder Kumho Industrial and HDC Hyundai Development are both expected to file lawsuits, as they blame each other for the deal’s collapse. Creditors, including Korea Development Bank, are considering selling subsidiaries such as Air

MobilitySept. 13, 2020

Analysts cast doubt on Shinhan‘s motive behind PE-backed capital increase

Shinhan Financial Group’s plan to increase capital, list new common shares and invite foreign private equity firms as new shareholders in October has left local market watchers with doubts about the motivation behind the move. Last week, the nation‘s No. 1 banking group by total assets said the fundraising is aimed at a securing long-term capital buffer amid COVID-19 uncertainties and a new growth driver in its global business. Questions still linger, according to analysts here, a

MarketSept. 13, 2020

PEI to hold PERE Seoul event virtually

Financial intelligence firm PEI said Sunday it plans to host its PERE Investor Forum: Seoul Virtual Experience 2020 on Tuesday. The virtual event is designed to connect South Korean investors with global fund managers and investment advisers to get a glimpse of the future capital flows in the real estate investment scene in and out of Korea through virtual sessions. Sharing the persepctives of Korean institutional investors will be representatives of the Public Officials Benefit Association,

MarketSept. 13, 2020

S. Korea ranks 9th in investment attractiveness

South Korea made a top 10 list of attractive investment destinations around the world, but remained at the bottom among comparable Asian nations, according to a report Sunday. The report recently published by European think tank The European House Ambrosetti showed Korea scored 80.06 in the global attractiveness index, ninth highest among 144 nations. The GAI is decided by gauging a nation’s capability to attract foreign investment and its investment environment. In 2016, when such

MarketSept. 13, 2020

Cushman & Wakefield wins real estate adviser award

Global real estate services firm Cushman & Wakefield won the top commercial real estate adviser and consultant spot by Euromoney’s 2020 Real Estate Survey for the third consecutive year, the company said Sunday. Euromoney Real Estate Survey’s country result also showed that Cushman & Wakefield’s Korean unit won the award here, along with other 15 countries including the United States, Japan and China. “The success of winning the Euromoney Real Estate Awards in

MarketSept. 13, 2020

Authorities to rein in surging credit loans

Responding to an explosive surge in Korean lenders’ credit loans extended to borrowers, financial authorities have embarked on working-level talks with banking circles to implement selective loan regulations, officials said Sunday.  The move came as outstanding unsecured loans extended to individuals by the nation’s five major banks -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- surged to 124.3 trillion won ($105 billion) as of end-August, up 4.1 trillion won from Jul

MarketSept. 13, 2020

[News Focus] Brokerage credits for stock buying up 120 percent since April

SEJONG -- The balance for credit-based stock purchases has shot up about 120 percent in South Korean capital market over the past five months to reach an all-time high. According to the Korea Financial Investment Association, the outstanding credit for stock buying offered by brokerages came to 17.21 trillion won ($14.49 billion) as of Sept. 10. By market, investors, including individual investors, owe brokerages for stocks worth 8.61 trillion on the first-tier Kospi and worth 8.51 trillion w

MarketSept. 13, 2020

[Decoding Shareholders] Is Shinhan breaking ties with Korean-Japanese shareholders?

This is a part of a series exploring the governance structure of financial giants in South Korea and examining diversity and transparency in boardrooms. -- Ed. Shinhan Financial Group has, for many years, been distinguished from its industry peers by its biggest group of shareholders -- Korean Japanese individuals believed to hold some 15 percent stake in the firm combined. This is due to its unique beginnings, born as Shinhan Bank -- now the holding group’s flagship unit -- from an inv

MarketSept. 13, 2020

Watchdog mulls tightening unsecured loans amid sharp demand for property-related funds

South Korea's financial watchdog is considering tightening rules on unsecured loans as more people took out such lending excessively to buy homes or invest in stocks, financial sources said Sunday. The financial regulator has stiffened rules on mortgage lending in a bid to curb rising housing prices, but people rushed to take out credit loans to buy houses amid cheap borrowing costs. A rally in the stock market also prompted people to borrow unsecured loans for stock investments, including pub

EconomySept. 13, 2020

South Korean shares log 2nd highest gains among G-20 peers

South Korea's key stock index has posted the second-highest profit rate among its Group of 20 peers since this year's bottom, helped by robust buying by individuals, the bourse operator said Sunday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,396.69 points Friday, soaring 64.42 percent from 1,439.43 on March 19. All G-20 countries saw their main stock indices plunge to the year's lowest in mid-March, when investors' fear peaked over the new coronavirus pandemic. The

EconomySept. 13, 2020

LG forms consortium studying materials using AI tech

LG Group, South Korea's fourth-largest conglomerate, said Sunday it has formed a research consortium with global partners to discover high-performance materials with artificial intelligence (AI) and robot technologies. LG Science Park, the research and development (R&D) hub of LG Group in Seoul, joined hands with French energy firm Total S.A., Canada's McMaster University and the University of Toronto, and the National Research Council of Canada to launch the Alliance for AI-Accelerated Ma

TechnologySept. 13, 2020

[Weekender] No more high-status vs. low-status jobs?

Jin, a 41-year-old mother of two kindergartners, has always questioned whether she wanted to put her children through cram schools. As a well-paid salary worker who followed the conventional path of education, Jin believes she was part of a “luckier” generation. She worries constantly about what new competition and challenges her children will face when it’s their turn. “While I still unconsciously think that becoming a doctor would be splendid and honorable, if my chil

IndustrySept. 12, 2020

Seoul shares to encounter volatility in coming week

South Korean shares are likely to trade in a tight range in the coming week on valuation concerns, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 2,396.69 points on Friday, up 1.2 percent from 2,368.25 a week ago. The index wavered the entire week, roiled by more investors questioning whether stock prices had risen too far beyond their proper values. Such hesitation was a factor in the last session, which finished nearly flat, up 0.01 percent. Local analyst

MarketSept. 12, 2020

Asiana, Eastar fall prey to pandemic amid growing industry overhaul fears

The prolonged impact of the new coronavirus on the airline industry has derailed two major deals in the aviation sector here, triggering concerns of massive layoffs and the overhaul of the country's airline industry amid worsening business conditions. On Friday, Kumho Industrial Co., which owns Asiana Airlines Inc. notified HDC Hyundai Development Co. of the termination of the deal to sell the carrier to the local property developer, due to differences over acquisition terms. The deal's ruptur

MobilitySept. 11, 2020

Asiana takeover deal falls through, creditors to inject more funds for stabilization

Creditors of Asiana Airlines announced Friday that they would pull the plug on a stalled deal to sell the cash-strapped airline to property developer HDC Hyundai Development Co. after 10 months of negotiations. They also decided to inject an additional 2.4 trillion won ($2.02 billion) in industrial stabilization funds to normalize operations at the air carrier for another disposal attempt. “Today, Kumho Industrial Co. has notified HDC Hyundai Development Co. that the merger and acquisiti

MarketSept. 11, 2020

S. Korea to focus on digital infrastructure investment, ‘Data Dam’ project: minister

South Korea will focus on investing in digital infrastructure, including its Data Dam project, to combat future risks stemming from the coronavirus pandemic, the nation’s finance minister said Friday. “Due to the novel coronavirus, our economy and society has been seeing an acceleration of digitalization,” Deputy Prime Minister and Finance Minister Hong Nam-ki said, in an opening speech delivered at the Digital Economy Forum hosted by the Ministry of Economy and Finance. &l

EconomySept. 11, 2020