Seoul stocks down on virus fears despite stimulus plan

South Korean stocks closed marginally lower Tuesday amid concerns over a global resurgence in new coronavirus outbreaks, despite a massive stimulus package and rising demand in China. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 2.45 points, or 0.11 percent, to close at 2,183.61. Trading volume was high at about 800 million shares worth some 11.4 trillion won ($9.5 billion), with losers outnumbering gainers 477 to 356. Foreigners sold

MarketJuly 14, 2020

LG launches global expert group on future technologies

LG Electronics has launched a global expert group for the purpose of developing insights on new technologies and discovering new business opportunities, the company announced Tuesday. Chaired by LG’s Chief Technology Officer Park Il-pyung, the expert group dubbed as “Innovation Council” will serve as a body that will bring together 12 tech experts around the world and give them chances to discuss new trends and industrial moves. The members include Robust AI CTO Rodney Br

TechnologyJuly 14, 2020

Samsung heir lays out 6G vision in new white paper

Samsung Electronics on Tuesday announced its vision for the sixth-generation telecommunications network by releasing a white paper supervised by Vice Chairman Lee Jae-yong. The white paper entitled “The Next Hyper-Connected Experience for All,” outlines Samsung’s vision for 6G, covering various aspects related to the next-generation network system, including technical and societal megatrends, new services, requirements, candidate technologies and an expected timeline of sta

TechnologyJuly 14, 2020

FugenBio presents ceriporia lacerata as new treatment for diabetes

FugenBio, a South Korean bio firm using original materials to develop health care and medical products, announced Tuesday it has found novel materials to treat diabetes after its decade-long research. The firm’s CEO Kim Yoon-soo said at a press conference that it has received approval for its breakthrough fungus ceriporia lacerate from the local Drug Ministry as a viable health supplement ingredient. “If it succeeds, we would be the world’s first to develop and commercialize

IndustryJuly 14, 2020

NH-Amundi names new deputy CEO

Seoul-based joint venture NH-Amundi Asset Management said Tuesday that it named Nicolas Simon as the deputy chief executive officer of the France-based asset management house’s South Korean arm on Monday. Simon is formerly a deputy CEO of State Bank of India Funds Management, a joint venture of State Bank of India and Amundi to lead Amundi’s Indian operation. He served the term for five years until March. The start date has yet to be determined, according to NH-Amundi. Simon wi

MarketJuly 14, 2020

JR AMC to list first cross-border REIT on Kospi

South Korean firm JR Asset Management said Tuesday it is eyeing its first cross-border real estate investment trust to list on the nation’s main bourse Kospi in early August. JR Global REIT is designed to invest in Belgium’s second-tallest skyscraper Finance Tower Complex. Located in Brussel’s central business district, the 36-story building was valued at 1.44 billion euros ($1.29 billion) as of June 21, JR AMC President and CEO Kim Kwan-young said in a press briefing. &ldq

MarketJuly 14, 2020

Korea to open Asia’s first bioprocessing HR training center

The South Korean government announced Tuesday it will inject 61.9 billion won ($51.3 million) by 2025 to foster Asia’s first human resources platform for bioprocessing talents. Ministers of trade and health -- Sung Yun-mo and Park Neung-hoo -- attended the signing of a memorandum of understanding in central Seoul. In what would be Asia’s first state-driven agenda to foster bioprocessing professionals, the memorandum holds the Trade Ministry responsible for establishing a good manuf

IndustryJuly 14, 2020

S. Korea’s ‘economic uncertainty’ soars in May amid pandemic

South Korea’s “economic uncertainty” is precarious amid clear signs of a downturn triggered by the coronavirus pandemic, data showed Tuesday. The latest index of think tank Economic Policy Uncertainty indicates South Korea’s rate reached 428.82 in May, up sharply from 239.36 estimated in November 2019.  This marked the highest level since August last year, when the figure surged to 538.18 as tensions between the US and China escalated over trade issues. The index

EconomyJuly 14, 2020

Korean Air releases video promoting hygiene procedures in planes

South Korean full-service carrier Korean Air has released a video featuring Korean Air CEO Cho Won-tae and some 30 employees disinfecting the inside of an airplane, the airline said Tuesday.  In a video titled “We are waiting for you,” which runs just over a minute and a half, Cho and the employees sanitize the interior of the plane by spraying disinfectant on shelves, monitors, safety belts, tables and lavatories. The disinfectant, called MD-125, is effective for seven days.

MobilityJuly 14, 2020

Jin Air to resume flight to Chinese city of Xian

Low-cost carrier Jin Air Co. said Tuesday it will resume its flights to the Chinese city of Xian, about six months after suspending them due to the new coronavirus outbreak. A 189-seat B737-800 is set to depart Thursday from South Korea's southern resort island of Jeju at 8:30 a.m. in the resumption of a weekly flight to Xian. Jin Air stopped its flights to Xian on Jan. 30 following the outbreak of the COVID-19 pandemic from China late last year. Jin Air had suspended all of its internationa

MobilityJuly 14, 2020

Credit card spending drops amid pandemic

Payments made with cards here began to drop shortly after the country confirmed the new coronavirus outbreak in late January, central bank data showed Tuesday, in what could be another data backing reduced spending amid the pandemic. Between February and May, the overall amount of payments made with cards dropped 2.1 percent from the same period last year, according to the data from the Bank of Korea (BOK). South Korea reported its first COVID-19 infection case on Jan. 20. Credit card spendi

MarketJuly 14, 2020

LG Electronics launches advisory body to find new growth engines

LG Electronics Inc. said Tuesday it has launched a networking group with industry experts to explore future technologies and new business opportunities in a move to boost its digital capability. The South Korean tech firm said the group, named the Innovation Council, is comprised of 12 experts in the fields of artificial intelligence, big data, cloud, robots and mobility. The members of the council include Sri Shivananda, chief technology officer (CTO) at Paypal; Adrian Cockcroft, vice pres

TechnologyJuly 14, 2020

Most bond experts eye BOK rate freeze in July: poll

An absolute majority of bond mavens in South Korea expect the central bank to hold its key interest steady for July despite the economic fallout of the coronavirus outbreak, a poll showed Tuesday. According to the survey of 200 bond experts by the Korea Financial Investment Association, 99 percent of respondents said the Bank of Korea (BOK) will likely freeze its policy rate at a rate-setting meeting slated for Thursday. The remaining 1 percent projected the BOK Monetary Policy Committee to c

EconomyJuly 14, 2020

Pandemic-hit movie industry banks on summer rebound

The new coronavirus pandemic has crippled every aspect of daily life as people increasingly opt to reduce contact, stay at home and shun visits to closed environments out of fear of contracting the virus. But the movie industry, one of the sectors hit hardest by the COVID-19 outbreak, is pinning hopes on a rebound during the summer, albeit far slower and weaker than expected, as the economy and people begin to limp back to normality. "July will be our most important pacemaker for a rebou

IndustryJuly 14, 2020

Seoul stocks open lower on Wall Street losses

South Korean stocks opened lower Tuesday, following overnight losses on Wall Street amid the growing toll of the coronavirus pandemic around the world. The benchmark Korea Composite Stock Price Index fell 7.85 points, or 0.36 percent, to 2,178.21 in the first 15 minutes of trading. Major US stock indices ended weaker on Monday (New York time), with the confirmed COVID-19 toll topping 13 million globally. The Nasdaq Composite dropped 2.13 percent to 10,390.84, snapping a three-session winni

MarketJuly 14, 2020

Gold shines on virus-fueled haven appeal

South Korean investors in gold have posted sky-high returns this year amid strong safe-haven demand caused by the coronavirus pandemic, data showed Tuesday. Gold changed hands at 261,423 won ($217) per 3.75 grams on the Korea Exchange as of Friday, up a whopping 23.3 percent from the start of the year, according to the data from Daishin Securities Co. Gold marks the highest-yielding investment vehicle over the cited period, far outperforming time deposits, bonds, the US dollar and stocks. Su

EconomyJuly 14, 2020

[Herald Interview] ‘Saving a COVID-19 patient’s life takes teamwork’

Last month, a South Korean COVID-19 survivor underwent a double-lung transplant that ended up saving her life -- a procedure that is the first of its kind in the country and only the ninth worldwide since the outbreak began. Behind her monthslong recovery and the eventual transplant are a squad of doctors and nurses who say coronavirus survival takes team effort. When the 50-year-old woman arrived at the emergency room of the Hallym University Medical Center in Anyang, Gyeonggi Province, in la

TechnologyJuly 13, 2020

Boosted by Shin Ramyun, Nongshim records highest-ever US sales in H1

South Korean food maker Nongshim said Monday its US sales totaled about $164 million in the first half of this year, the firm’s highest-ever figure in the country, led by sales of Shin Ramyun. The company attributed the notable sales in the US to the brand power of Shin Ramyun, its flagship noodle brand. The company also said the popularity was helped by increased demand for instant food products amid the COVID-19 pandemic. The South Korean company’s instant noodle products are g

ConsumerJuly 13, 2020

ADB annual meeting in Korea canceled due to COVID-19

The Asian Development Bank’s 53rd annual meeting, which was slated to be hosted in Incheon’s Songdo in September, has been canceled due to the persisting COVID-19 situation, Seoul’s government said Friday. South Korea will seek to take its hosting turn in 2023, instead. The event, originally set for May, had already been delayed once in March amid hopes that the epidemic situation may improve. The Ministry of Economy and Finance made an official request to the ADB headqu

EconomyJuly 13, 2020

BAT Korea appoints first female chief in industry

BAT Korea said Monday that it has appointed Kim Eun-ji as its new country manager. She is the first female chief in the South Korean tobacco industry. Kim, who served as the company’s brand director in Indonesia, joined the company in 2004 and has 16 years of experience in the tobacco industry, BAT Korea said. As the new CEO, she will be responsible for leading the domestic trade business of BAT Korea, aligned with the group strategy, the company said. The company said Kim will help

IndustryJuly 13, 2020