HDC-Asiana deal headed for collapse

Despite months of back-and-forth and attempts at breakthroughs, the acquisition talks between HDC Hyundai Development Company and Asiana Airline are likely to fall apart, according to reports Thursday. In an email Wednesday, the building company once again told Korea Development Bank, the airline’s creditor, to undertake a fresh round of due diligence for 12 weeks, local reports revealed. KDB and the airline’s owner Kumho Industrial have been adamant against another round of due dil

MobilitySept. 3, 2020

Easy recovery of Korea’s manufacturing unlikely: BOK

It might take longer than expected for South Korea’s manufacturing productivity to rebound to pre-pandemic levels, even if exports recover, the central bank said Thursday. “It has been found that a slowdown in manufacturing productivity is tied to a drop in exports, but we were unable to find a relationship between growth in exports and short-term improvement in manufacturing,” the Bank of Korea said in its regular economic report. “Even if the global economy recovers,

EconomySept. 3, 2020

COVID-19 to boost warehouse investment in Korea: CBRE

The novel coronavirus has accelerated demand for investment in South Korea’s grade-A logistics assets, beyond demand for prime offices and other safe assets, top officials from CBRE Korea said Thursday. Logistics centers, including fulfillment centers and cold storage warehouses, have been more resilient in Korea than any other commercial real estate in the wake of the COVID-19 pandemic in the first half of 2020, Claire Choi, head of research at CBRE Korea, said in a teleconference with

MarketSept. 3, 2020

KITA-Asiana Airlines to operate chartered flights to China

Asiana Airlines will operate chartered flights to Chongqing, China, starting Friday in cooperation with the Korea International Trade Association to support small and medium-sized enterprises’ export activities, KITA said Thursday. KITA and Asiana Airlines signed an agreement on the day to operate chartered flights once a week through October. The plane will head to Chongqing, a megacity in southwest China. The first charter flight will depart for Chongqing on Friday with 120 Korean bus

IndustrySept. 3, 2020

Syntekabio says it found repurposable COVID-19 drug candidates stronger than remdesivir

Syntekabio said Thursday that its COVID-19 combination treatment candidates have displayed therapeutic effects twice as strong as remdesivir in animal tests. These drug candidates have been on the market for over 20 years for other indications. If further clinical tests confirm their therapeutic effects for COVID-19, it would be a matter of time to reposition them, the South Korean bio firm said. Syntekabio said it had selected two drug materials as viable COVID-19 treatment candidates throug

IndustrySept. 3, 2020

Olive Young to go public in 2022

Health and beauty store Olive Young said Thursday it was preparing to apply for an initial public offering in 2022. CEO Koo Chang-gun announced the decision on the company’s in-house communication app “Olive Lounge” on Wednesday where he said work to file for an IPO in 2022 would start next year, with plans to attract pre-IPO investment. “It is to secure assets to support the company’s future growth. But there won’t be any change to majority shareholder CJ

ConsumerSept. 3, 2020

Hyundai Glovis partners with Norwegian firm for eco-friendly shipping business

Hyundai Glovis said Thursday it has partnered with Norwegian-based shipping group Wilh. Wilhelmsen Holding ASA to proactively respond to changes in the future shipping industry. The two firms signed a memorandum of understanding on coping with changes in gas carriers and the shipping environment. The Korean logistics firm said synergy is expected in future shipping businesses, such as entering the gas marine transportation industry and operating hydrogen ships. Under the agreement, the two

MobilitySept. 3, 2020

Citibank Korea serves local community to counter the COVID-19 outbreak

Citibank Korea said Thursday it has conducted diverse social contribution programs to help the community cushion the impact of the prolonged coronavirus outbreak. The bank held a series of job mentoring sessions dubbed “Over the Lan Job Talk” last month, whereby its employees gave lectures on job positions at the company as well as required skills through a video conferencing platform. The programs are designed to encourage young job seekers hit hard by sluggish job market, the ba

MarketSept. 3, 2020

S. Korea's exports of agricultural goods up 5% through Aug.

South Korea's outbound shipments of agricultural products rose nearly 5 percent on-year in the first eight months of 2020, data showed Thursday, helped by the rising demand for instant products amid the new coronavirus pandemic. Exports of agricultural goods, which include processed foodstuffs, reached $4.8 billion in the January-August period, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Shipments of processed foodstuffs increased 6.2 percent over t

EconomySept. 3, 2020

[Monitor] Gap in preference between large and small firms remains large

The general perception of small and mid-sized businesses remained negative compared to that of large conglomerates, according to a survey conducted by the Korea Federation of Small and Medium Business. Out of a total 100 points, a preference for SMEs came in at 52.6 points, compared to 75.5 points for conglomerates. By category, the lowest points were given to working conditions of SMEs. But 52.6 percent of the respondents also said their perception towards the smaller businesses have improv

IndustrySept. 3, 2020

Samsung tops global TV and video streaming device market in Q1: report

Samsung Electronics Co. became the top player in the global TV and video streaming device market in the first quarter of the year, a report showed Thursday, as more people use internet video streaming services at home amid the pandemic. Samsung accounted for 14 percent of devices in use for TV streaming in the January-March period, according to market researcher Strategy Analytics, which tracked quarterly deployment of such streaming devices across 27 major countries. Samsung, the world's l

TechnologySept. 3, 2020

Seoul stocks open higher on US rally, vaccine hopes

South Korean shares opened sharply higher Thursday, on the back of tech gains spurred by an overnight Wall Street rally. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.1 points, or 0.93 percent, to 2,386.47 in the first 15 minutes of trading. The strong start has the KOSPI poised to extend its winning streak for a third session. Investor sentiment was boosted by advances of tech and health care heavyweights in the US stock markets. The Dow Jones Industrial Average jumped

MarketSept. 3, 2020

S. Korea's dependence on China for exports, investment increases amid coronavirus

South Korea's dependence on China for exports and foreign investments has increased since the outbreak of the novel coronavirus, a report showed Thursday. China accounted for 24.3 percent of South Korea's exports in the first seven months of this year, up 1.5 percentage points from a year earlier, according to the report from the top business lobby, the Federation of Korean Industries (FKI). The hike came despite a 10.6 percent plunge in South Korea's overall overseas shipments in the wake of

EconomySept. 3, 2020

Posco discusses survival strategies after COVID-19

Korea’s largest steelmaker Posco on Wednesday opened its two-day 2020 Posco Forum to diagnose the fast-changing business environment and assess the group’s future business strategies. According to the company, the livestreamed forum was organized with a limited number of in-person participants, including the presidents of Posco and affiliate companies in the Greater Seoul region alongside experts, following the strengthened social distancing measures amid the COVID-19 pandemic. &

IndustrySept. 2, 2020

Asian shares mixed after US rally, positive data

TOKYO (AP) -- Asian shares were mixed Wednesday after another US rally spurred by positive economic data, even while the coronavirus pandemic has regions around the world battling recessions. Japan's benchmark Nikkei 225 edged up 0.5 percent to finish at 23,247.15. Australia's S&P/ASX 200 rose 1.8 percent to 6,063.20, although the nation reported its worst drop in GDP ever, with a 7 percent contraction in the April-June quarter. South Korea's Kospi rose 0.5 percent to

MarketSept. 2, 2020

[News Focus] SK Group marches toward ‘deep change’

South Korea’s No.2 conglomerate SK Group had 125 companies as of May, more than any other conglomerate in the country. But under Chairman Chey Tae-won’s command, the group appears to have finally decided which branches to trim, and which seeds to sow, so that the whole field can flourish. Through Chey’s “deep change” initiative, SK Group plans to liquidate its gas and lubricants businesses -- which guarantee stable profits but with little growth potential -- an

IndustrySept. 2, 2020

Samsung introduces Europe-focused home appliances at IFA

Samsung Electronics on Wednesday introduced an array of home appliances targeting the European market, through a virtual press conference held to kick off IFA 2020 this week. Entitled “Life Unstoppable,” the online press conference amid the protracted COVID-19 pandemic showcased the consumer electronics that Samsung expects to boost sales in Europe. “Samsung will continue providing products that offer European consumers a motivation to make a life that is unstoppable throu

TechnologySept. 2, 2020

Kumho Petrochemical puts environment, safety as top priorities for 2020

Kumho Petrochemical said Wednesday the company and its affiliates are putting more emphasis on business management based on environment and safety in response to stricter environmental regulations. According to the world’s No.1 NB latex manufacturer, it has pursued a rigorous campaign to respond to environmental regulations and will take further measures such as upgrading air pollutants reduction facilities and curbing greenhouse gas emissions. As for safety, Kumho Petrochemical&rsqu

IndustrySept. 2, 2020

BTS label Big Hit applies for IPO

Big Hit Entertainment, the company behind K-pop sensation BTS, on Wednesday filed an application for initial public offering, according to its regulatory filing. The company said in the filing that it would offer 7.13 million shares at a price between 105,000 won ($88.50) and 135,000 won. It will carry out the book building procedure to gauge demand on Sept. 14-25 for global investors and Sept. 24-25 for the domestic market. NH Investment & Securities, Korea Investment & Securities,

MarketSept. 2, 2020

KB Kookmin launches mobile app for tithing

South Korean commercial bank KB Kookmin Bank said Wednesday that it has launched a mobile app to help churchgoers manage the donations they give to their local churches. Amid the emergence of a new strain of the novel coronavirus, the service has been launched to help Protestants donate without physically visiting a church. The digital offering envelope resembles actual envelopes used at local churches. Christians can also send prayers with their donations. Starting with an app for Protes

MarketSept. 2, 2020