Coupang to set up large-scale logistics base in Gwangju

Coupang began procedures for the construction of a large-scale high-tech logistics base in Gwangju in partnership with the regional government, the firm said Friday. Gwangju Mayor Lee Yong-seop and Coupang’s new business division head Park Dae-joon met Friday and signed a business agreement. Under the deal, the firm and Gwangju agreed to establish a mega-sized high-tech logistics center in the region and cooperate to boost the local economy and create jobs. The nation’s leading

IndustrySept. 4, 2020

S. Korea to provide selective cash relief to small biz to cushion COVID-19 impact

South Korea on Friday said it will implement a second round of state emergency relief funds targeted at small business operators and beleaguered families most affected by an explosive surge in COVID-19 cases. “Discussions are underway to identify the most damaged small business sectors. (The government) plans to announce a comprehensive plan for the second round of emergency relief grants as early as next week,” Vice Finance Minister Kim Yong-beom said Friday in an interview with

EconomySept. 4, 2020

Naver to recruit over 200 developers this year

Naver announced that it would start recruiting new platform developers and engineers starting on Friday. The IT firm said it would hire more than 200 developers this year. The business units that Naver are recruiting for include IT infrastructure unit Naver Business Platform, workplace collaboration tool developer Works Mobile, Snapchat-like camera app developer Snow, online cartoon platform operator Naver Webtoon and online financial platform operator Naver Financial. Those eligible to apply

TechnologySept. 4, 2020

Mercedes-Benz Korea appoints Thomas Klein as new president and CEO

Mercedes-Benz Korea said Friday it appointed Thomas Klein, the current president and CEO of Mercedes-Benz Middle East, as the new president and CEO of Mercedes-Benz Korea, effective Jan. 1, 2021. Klein began his career with Daimler AG at the University of Cooperative Education program of the Mercedes-Benz plant in Germany in 1999. In 2014, Klein was appointed managing director of Mercedes-Benz passenger cars in South Africa, before he assumed responsibility for sales at Daimler AG in Germany

MobilitySept. 4, 2020

Hyundai Motor joins IFA 2020 to unveil eco-friendly vehicle technology

Hyundai Motor participated in the IFA 2020 exhibition in Berlin, Germany, for the first time, demonstrating its brand vision based on eco-friendly vehicle technology, the firm said Friday. The automaker, which is pushing to shift from a traditional car manufacturer to a smart mobility company, aims to strengthen its leadership in eco-friendly mobility technology in the European market. In Europe, demand for eco-friendly cars such as hydrogen and electric vehicles is rapidly increasing due to s

MobilitySept. 4, 2020

[Monitor] Kakao Games’ subscription deposit hits record high in Korea

Kakao Games set new records this week in South Korea’s initial public offering market, with the highest competition rate and the largest subscription deposits. The competition rate for Kakao Games’ IPO subscription surpassed 1,500:1, hitting record highs in Korea’s IPO market. The estimated subscription deposits were 58.5 trillion won ($49.3 billion) as of Wednesday, surpassing the record of 30.8 trillion won recently set by SK Biopharm in June. By Shin Ji-hye (shinjh@her

IndustrySept. 4, 2020

[Graphic News] About two-thirds of SMEs suffer sales setbacks on virus: poll

　More than two-thirds of South Korean small and medium-sized enterprises have suffered setbacks in their sales following the coronavirus outbreak in February, a poll showed. 　According to a nationwide survey of 1,000 SMEs with sales of 100 million won ($84,300) or more, 77 percent of respondents said their sales had dipped since the COVID-19 outbreak, compared to a year earlier. 　Those companies reported an average decrease of 39.2 percent in sales over the cited period. 　Of the companies

BusinessSept. 4, 2020

Seoul stocks open sharply lower on Wall Street plunge

South Korean shares opened sharply lower Friday, taking a cue from an overnight plunge on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) fell 39.52 points, or 1.65 percent, to 2,356.38 in the first 15 minutes of trading. On Thursday (New York time), Wall Street was roiled by panic selling as investors dumped tech stocks. The tech-laden Nasdaq 500 plummeted 598.34 points, or 4.96 percent, to 11,458.1, marking the steepest fall since June. The Dow Jones Industrial Ave

MarketSept. 4, 2020

HMM signs deal to set up JV with Singapore port operator

HMM Co., South Korea's biggest shipping company by sales, said Thursday that it has signed a deal with Singapore port operator PSA International to set up a joint venture. HMM said it will have a 42 percent stake in the HMM-PSA Singapore Terminal while the rest will be held by PSA International. The deal will pave the way for HMM to secure its terminal in Singapore, the world's busiest container transshipment hub. Currently, HMM has seven terminals -- one in South Korea and two each in the U

IndustrySept. 3, 2020

Rice cooker that cuts glucose level by 51% released

WiniaDimchae on Thursday launched a new electronic rice cooker called DimchaeCook White Rice Sugar Reduction 50 Retro that can cut down the glucose level in white rice by 51 percent. The percentage is based on plain white rice, but whatever grain that goes in to this rice cooker comes out in a form that all weight-watchers will love, according to WiniaDimchae. WiniaDimchae launched a similar cooker called DimchaeCook White Rice Sugar Reduction 30 in November 2019, that could reduce the glucose

ConsumerSept. 3, 2020

How to become a shareholder in BTS label Big Hit

The recent news that the music label behind K-pop sensation BTS was going public thrilled not only market watchers and investors but also the boy band’s fans around the globe, collectively known as “Army.” While Big Hit Entertainment is anticipated to be listed on South Korea’s main bourse, Kospi, in October, there are two ways that potential retail investors can acquire the entertainment management agency’s stocks -- putting in preorder deposits for a public subs

MarketSept. 3, 2020

Porsche Korea unveils first EV sports car Taycan

Porsche Korea unveiled the brand’s first electronic sports car in the country, the Taycan, at the 2020 Porsche World Roadshow on Wednesday, where it also presented all of its other models, including ones that have not yet hit the Korean market. For this year’s Porsche World Roadshow, hosted by Porsche’s German head office, the automaker brought in all of its 26 vehicle models, including the Taycan, 911, 718 Boxster and Cayman, for participants to test-drive and fully experien

MobilitySept. 3, 2020

[Herald Interview] QuantaMatrix seeks October IPO for overseas entry

Amid growing investor interest in the bio and health care industries, a local microbial diagnostic test developer is planning an initial public offering next month. QuantaMatrix, a spin-off of Seoul National University’s biophotonics and nanoengineering lab, is anticipated to list on the nation’s tech-heavy Kosdaq market. Its market debut is meant to take the lead in global clinical microbiology diagnostics, said Kwon Sung-hoon, chief executive officer of QuantaMatrix, in an interv

MarketSept. 3, 2020

All-New Jeep Gladiator sells out in preorders

Joining in on the boom for pickup truck models in Korea, Fiat Chrysler Automobiles has seen preorders for the latest All-New Jeep Gladiator sell out within two weeks, the automaker said Thursday. FCA Korea launched the All-New Jeep Gladiator, a versatile midsized pickup truck, on Aug. 17 in Korea with 300 units available to be preordered and delivered within this year. “The All-New Jeep Gladiator has proven its unrivaled presence winning many awards, and was chosen as the 2020 North Am

MobilitySept. 3, 2020

Japanese car sales increase for first time since boycott began

Sales of Japanese cars in South Korea increased for the first time since a nationwide boycott of Japanese products began here last year, data showed Thursday. According to the Korea Automobile Importers and Distributors Association, the number of Japanese automobiles newly registered in August was 1,413, up 1.1 percent from the same time last year, when it stood at 1,398. The increase comes 13 months after a trade conflict broke out between the two countries in July 2019 and triggered the b

MobilitySept. 3, 2020

Smilegate, UNESCO to support children’s education campaign in South Asia

Smilegate said Thursday that it has teamed up with UNESCO to support an education campaign for children in less-developed countries in South Asia. According to the South Korean game company, the Smilegate Foundation’s Hope Studio signed a memorandum of understanding with the Korean National Commission for UNESCO to jointly develop education programs and to support and raise funds to help South Asian countries develop more independent education systems. Hope Studio will first support &

IndustrySept. 3, 2020

Market share of local app store increases

The market share of South Korean app store One Store has reached a record high of 18.4 percent in August with 68.9 billion won, according to a local market research agency here Thursday. One Store is the largest local app store platform developed by the nation’s three mobile carriers -- KT, SK Telecom and LG U+ -- and Naver in 2016. The market shares of Google Play and Apple Store in August were 71 percent and 10.6 percent, respectively, the market research report added. The report sa

TechnologySept. 3, 2020

BTS impact spills over into Korean stock market

With Big Hit Entertainment, the label behind K-pop sensation BTS, pursuing an initial public offering next month, investors appear to be increasingly drawn to South Korea’s entertainment stocks. Some market analysts also painted a rosy picture of the scheduled IPO, forecasting that Big Hit will continue the momentum created in the market thanks to offerings of pharmaceutical firm SK Biopharmaceuticals and game publisher Kakao Games. The news of Big Hit filing an application for its mar

MarketSept. 3, 2020

Kyobo chief to chair 2024 Youth Olympic committee

Shin Chang-jae, chairman of Kyobo Life Insurance, has been named the organizing chief for the Youth Olympic Games, a quadrennial global sports event that is to be held here in 2024, the company said Thursday in a release. In a joint inaugural meeting held at the Seoul Press Center, the Ministry of Culture, Sports and Tourism and Gangwon Province agreed to appoint Shin as president of the organizing committee for the 2024 Gangwon Winter Youth Olympic Games. “Based on the Olympic spiri

MarketSept. 3, 2020

Seoul stocks extend winning streak to 3rd day on chip rally, vaccine hopes

South Korean shares extended gains to a third session Thursday, as major chipmakers rallied amid hopes for a recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.53 points, or 1.33 percent, to close at 2,395.9. Trading volume was high at about 966 million shares worth some 17.2 trillion won ($14.5 billion), with gainers outnumbering losers 456 to 367. Foreigners bought a net 194 billion won, ending a five-day selling streak. Reta

MarketSept. 3, 2020