[Monitor] Companies invest more despite falling profits

South Korea’s conglomerates increased their investment in the first half of this year despite a drop in operating profit due to the pandemic, data showed Wednesday. Local corporate tracker CEOScore analyzed 374 companies within 64 large business groups in the first half of this year. The result showed that the firms’ operating profit dropped 25 percent on average year-on-year in the wake of the pandemic. Still, their investments increased 15.8 percent to reach 43.2 trillion won

IndustryAug. 20, 2020

[Graphic News] Korea’s exports of virus test kits on decline since April

　South Korea’s exports of coronavirus test kits have declined since their peak in April, leading to a plunge in stock prices of test kit makers, data showed. 　With the coronavirus pandemic raging across the globe, many countries had scrambled to import Korean COVID-19 test kits, in a boon to local manufacturers. 　According to data from the Korea Customs Service, the value of test kit exports came to $214 million in April, a more than eightfold jump from $24 million in March. 　Howe

BusinessAug. 20, 2020

Seoul stocks open lower on Wall Street losses

South Korean stocks opened lower Thursday, taking a cue from overnight losses on Wall Street over the new coronavirus uncertainties. The benchmark Korea Composite Stock Price Index fell 13.26 points, or 0.56 percent, to 2,347.28 in the first 15 minutes of trading. Key US stock indices closed lower Wednesday (New York time), after the US Federal Reserve said the COVID-19 crisis would "weigh heavily" on the world's largest economy. The Dow Jones Industrial Average retreated 0.31 pe

MarketAug. 20, 2020

POBA to select 2 global partners for $350m overseas debt portfolios

The Public Officials Benefit Association said Wednesday it plans to select two global asset management houses as external partners to manage its overseas fixed income portfolios. Under the plan, the state-run institutional investor, which manages funds to support public officials’ welfare, will commit a total of $350 million to the appointed two investment houses. To qualify for consideration, POBA said each prospective manager must oversee over $5 billion worth of debt instruments

MarketAug. 19, 2020

FSC pushes banks to sustain financial support for virus-hit market

South Korean authorities Wednesday urged banking circles to sustain their financial situation amid the prolonged epidemic crisis. “We should learn from the 2008 global financial crisis that individual actions by financial companies may affect the entire economic system,” Sohn Byung-doo, vice chairman of the regulator Financial Services Commission, said in a financial risk management meeting held at the Korea Federation of Banks in central Seoul. During an economic downturn, the

EconomyAug. 19, 2020

McDonald’s Korea to hire more people with severe disabilities

McDonald’s Korea said Wednesday that it will hire more staff with severe disabilities during the third quarter of this year. A total of 15 new staff members with disabilities have been hired since the third quarter began, and the company plans to hire an additional 15 by September. The fast food chain also said it would continue to provide stability and a positive corporate culture for staff with disabilities. “My colleagues are very considerate when I fall ill despite my will, wh

ConsumerAug. 19, 2020

[67th Anniversary Special] KRX launches SRI bond information platform

In step with the global trend of sustainable investments, South Korea’s sole stock market operator has launched a platform that provides transparent information on socially responsible investment bonds. The new Korea Exchange system is noted for its comprehensive function, providing all necessary investment information and statistics at a glance. Previously, investors needed to visit individual bond issuance websites. Gaining popularity are SRI -- or socially responsible investment -- b

MarketAug. 19, 2020

Online complaints allege defects in Galaxy Note 20 Ultra

A series of complaints surfaced on online tech forums Wednesday about defects in the latest Galaxy Note 20 Ultra edition. Over 100 complaints were posted on the Samsung Smartphone Community, one of the largest online communities for Galaxy device users, suggesting that customers who preordered the Galaxy Note 20 Ultra have detected flaws in their phones. The first major issue was raised Tuesday, when it was revealed that some of the camera lenses may have a condensation problem. Multiple

TechnologyAug. 19, 2020

KAI to supply 2 more Chamsuri choppers to police

Korea Aerospace Industries said Wednesday it will supply an additional two units of Chamsuri choppers to police. According to South Korea’s sole aircraft manufacturer, it signed a contract worth 47.1 billion won ($39.8 million) with the Public Procurement Service to supply two Chamsuri helicopters -- a police version of the military helicopter Surion -- to police by February 2023. “The police will be able to expand their mission capabilities such as transporting emergency patien

IndustryAug. 19, 2020

[Green Paradox] Naive ambition of Moon’s wind power project

Even the best of intentions can fall flat without full attention to vital details. The Korea Herald looks into flaws and shortcomings of Korea’s green policies. – Ed.  To revive a comatose economy amid the coronavirus outbreak, Moon last month came up with his own answer: a Korean Green New Deal. As part of his Green New Deal initiative, Moon looks to the offshore wind farm sector to create 87,000 jobs a year by generating a total capacity of 12 gigawatts -- enough to power

IndustryAug. 19, 2020

Food companies see massive growth in wake of COVID-19

South Korean food companies scored massive sales growth in the wake of the COVID-19 pandemic, as the demands increased for products that can be consumed at homes, in both domestic and overseas markets. In the second quarter this year, CJ CheilJedang recorded an operating profit of 384.9 billion won, up 119.5 percent from the same time last year. The figure is the biggest quarterly figure recorded for the company. Its sales stood at 6.92 trillion won, increasing by 7.4 percent on-year, with th

ConsumerAug. 19, 2020

Seoul stocks swing to gains despite COVID-19 resurgence

South Korean shares closed higher Wednesday, ending a two-session losing streak despite fears of the resurgence of the novel coronavirus in Seoul and its surrounding areas. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 12.30 points, or 0.52 percent, to close at 2,360.54. Trading volume was moderate at about 613 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 664 to 184. The KOSPI erased a

MarketAug. 19, 2020

LG Chairman selected as sustainable global leader by UN

LG Group Chairman Koo Kwang-mo has been selected as one of the 100 sustainable global leaders in 2020 by the United Nations, the organization said Wednesday. Koo was named in the list of the Global Sustainable Leaders 100 as selected by the Association for Supporting the SDGs for the UN under the United Nations Economic and Social Council. 　 Other selected global leaders include Microsoft founder Bill Gates, Apple CEO Tim Cook, Tesla CEO Elon Musk and Google CEO Sundar Pichai. Korean corpor

IndustryAug. 19, 2020

Startups seek probe on in-app purchase system of Apple, Google

  Local startup companies Wednesday have submitted a petition to the Korea Communications Commission, asking for an investigation into whether Apple and Google are violating laws related to in-app purchases. According to an alliance of local application developers and startup firms, Apple has been forcing developers to use their specific in-app purchase system since 2011, through which the company takes around 30 percent commission from purchases by users. Google might apply an in-app pu

TechnologyAug. 19, 2020

S. Korea needs to tread carefully with monetary policy in post-virus era: experts

To quell the market volatility that the coronavirus has caused, South Korea’s monetary policymakers took a number of steps -- some expected and others unprecedented -- to funnel liquidity and cushion the effects of the pandemic.  But while the market may have dodged a bullet, experts warn that Korea needs to be cautious about monetary policy from now on, considering the potential adverse effects of quantitative easing. “The benefits of the use of QE in other countries in the

EconomyAug. 19, 2020

Shinhan Alpha REIT to buy Twincity Namsan offices for W238.6b

Shinhan Alpha REIT rolled out plans to buy 37,600 square meters of office space in Twincity Namsan in central Seoul for 238.6 billion won ($201.6 million) from KB Asset Management, a filing showed Wednesday. The property occupies 20 floors of the 30-story commercial building. Built in 2015 and located in Yongsan-gu, in the vicinity of Seoul Station, Twincity Namsan is composed of two buildings -- commercial and residential. The office segment is composed of 18 floors above ground and two base

MarketAug. 19, 2020

Posco International sells steel on online platform

Posco International is set to boost online trading of steel in partnership with local steel e-commerce operators, the firm said Wednesday. The trading firm said it signed a business agreement with four steel e-commerce operators, Sinsteel, Chungnam Steel, Daeduck Steel and Steelman Networks. Through the agreement, they plan to connect each company’s sites in the form of banners on the online transaction site Steel Trade -- which was opened by Posco International in November last year

IndustryAug. 19, 2020

Committee launched for Korea-World Chinese Entrepreneurs Business Week

An organizing committee for the Korea-World Chinese Entrepreneurs Business Week 2020 was launched by Changwon City, the regional government said on Wednesday. The Korea-World Chinese Entrepreneurs Business Week 2020 is a business-oriented event that provides a venue for global Chinese enterprises and Korean companies to interact with each other. It will be held for three days from Nov. 12 to 14 at the Changwon Exhibition and Convention Center. The event will be hosted by South Gyeongsa

IndustryAug. 19, 2020

KAIST uses big data, AI to foresee foreign influx of pandemic

Researchers from Korea Advanced Institute of Science and Technology have developed a big data and artificial intelligence-powered software called Hi-COVIDNet to monitor incoming COVID-19 cases from overseas. KAIST said Wednesday that the Hi-COVIDNet predicts the volume of COVID-19 patients’ influx two weeks in advance, based on big data information of foreign nations’ confirmed patient numbers and deaths, the daily number of flights from those nations to Korea and the number of pass

IndustryAug. 19, 2020

Celltrion, Genexine stocks strong upon preclinical success of COVID-19 vaccine

Celltrion and Genexine stocks were upbeat Wednesday, on the back of Korea Research Institute of Bioscience and Biotechnology’s announcement the day before that Korean scientists have succeeded in deriving meaningful results from COVID-19 treatment and vaccine candidates’ animal tests. Celltrion shares started 1.48 percent higher than the previous day at 308,500 won ($260) while Genexine’s started 4.99 percent higher at 126,200 won. KRIBB said Tuesday that in primates modele

IndustryAug. 19, 2020