Stocks open sharply lower on Wall Street tumble

South Korean stocks opened sharply lower Thursday, tracking overnight losses on Wall Street amid concerns over a second wave of the novel coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.13 points, or 24.47 percent, to 2,137.04 in the first 15 minutes of trading. On Wednesday (local time), US stocks closed lower as investors were concerned over rising new coronavirus infections in major countries. The Dow Jones industrial average fell 2.7 percent, the S&am

MarketJune 25, 2020

S. Korea to impose new tax on gains from all financial investment from 2022

SEJONG -- South Korea plans to start levying a new tax on consolidated gains from all financial investment in 2022, Finance Minister Hong Nam-ki said Thursday. In addition, the government plans to levy a capital gains tax on stock investment gains surpassing 20 million won ($16,632) beginning in 2023, Hong said. Currently, South Korea levies a capital gains tax on major shareholders who own more than 1 billion won in a single stock. The tax proposal is aimed at "revitalizing financial i

EconomyJune 25, 2020

IMF further cuts global economic growth forecast to minus 4.9%

The International Monetary Fund has forecast a contraction of 4.9 percent for the global economy in 2020, citing worse-than-expected economic outputs in the first quarter and a more pessimistic forecast for the second quarter, the Seoul government said Wednesday evening. The figure is down 1.9 percentage point from the earlier estimate in April.  In its World Economic Outlook Update, the IMF also expected that the South Korean economy will post a contraction of 2.1 percent this year, do

EconomyJune 24, 2020

For children, COVID-19 detected longer in feces than saliva: study

The novel coronavirus causing COVID-19 is detected in higher concentration for a longer period of time in feces than saliva, according to a recent study of children with mild case of the disease. The study, published June 4 in the US Centers for Disease Control and Prevention’s Emerging Infectious Disease journal, shows COVID-19 tests using rectal swabs on pediatric patients yielded positive results at a much higher rate, 92 percent, than oral or nasal swabs, 73 percent. The viral load

TechnologyJune 24, 2020

Korean Air pilot tests positive for coronavirus

A pilot of Korean Air Lines Co. has been diagnosed with the new coronavirus, the company said Wednesday, adding to the woes of the national flag carrier. The pilot tested positive Tuesday for COVID-19 after showing symptoms of the virus during his vacation that began on June 18, a Korean Air spokeswoman said by phone. Three fellow cockpit crew members who worked with the pilot were tested for the coronavirus. Two of them tested negative, and the third person is waiting for the test result,

MobilityJune 24, 2020

Korean IT firms mobilize AI to tackle hateful comments online

An increasing number of IT companies in South Korea are developing artificial intelligence-based software to counter abusive online comments. The AI-based profanity filters help them to improve user experience by hiding unpalatable comments on their platforms, according to industry sources. One of them is the nation’s top game company Nexon, which in 2017 created an in-house AI research and development team called Intelligence Labs. The team of around 200 engineers has developed its ow

TechnologyJune 24, 2020

SK Biopharmaceuticals issues record-breaking IPO

Investors were highly enthusiastic about the initial public offering of SK Biopharmaceuticals in the two-day retail tranche that wrapped up Wednesday, as it was oversubscribed 323 times with deposit payments amounting to 30.98 trillion won ($25.8 billion). The deposit payments -- 50 percent of the offering price -- reached 19.5 trillion won by noon and then zoomed up, according lead underwriter NH Investment & Securities. The drugmaker specializes in developing novel medicines for central

IndustryJune 24, 2020

South Korea’s Trade Minister Yoo Myung-hee bids to lead WTO

South Korea‘s Trade Minister Yoo Myung-hee on Wednesday officially announced her bid to become the next general director of the World Trade Organization (WTO). Yoo, 53, is the third South Korean to run for the top post of the Geneva-based trade body, currently facing challenges over confusions in global trade rules and shaky cooperation among the member countries. If elected, Yoo would be the first Korean to lead the organization. “South Korea can become a bridge, connecting deve

IndustryJune 24, 2020

[Herald Interview] ‘Lithium-ion batteries are approaching theoretical limits on energy density’

Rules in the electric vehicle race are simple: one with the longest range wins. However, reaching such a goal hasn’t been easy, as making current lithium-ion batteries more powerful increases the risks of explosions. For this reason, automakers have been seeking alternatives, and they may have found one: solid-state batteries. Also dubbed as dry batteries, they use solid electrodes and electrolytes instead of the liquid or polymer gel electrolytes found in lithium-ion or lithium polym

IndustryJune 24, 2020

S-Oil donates scholarship worth W280m to students from orphanage

S-Oil said Wednesday it donated 280 million won ($232,420) to 114 students from an orphanage as part of its scholarship program. According to the South Korean refiner, it held the S-Oil Dream Scholarship ceremony at its headquarters in Mapo-gu, western Seoul, with Korea Child Welfare Association to deliver scholarships to 44 two-year college students and 70 high school students from Sundukwon orphanage. “Education is the platform through which students can unlock their potential, capt

IndustryJune 24, 2020

[Banks of Future] S. Korean banks transforming for ‘untact’ era

South Korean banks are going through their biggest transformation since the postwar era in the face of rising online banks and the fast-changing consumer trend favoring non-contact services. With the growing preference for “untact” -- non-face-to-face contact -- the lenders have been closing many brick-and-mortar branches, while giving more authority to chief digital officers who were hired from outside. The combined number of physical branches of all commercial banks here stood

MarketJune 24, 2020

Samyang Foods rolls out Buldak character goods

Samyang Foods said Wednesday that it is rolling out various character goods to promote its Buldak Spicy Chicken noodle character Hochi. According to the company, it recently launched a Hochi emoticon for the mobile messenger service Line, for users in both South Korea and Japan. The emoticon is designed to encapsulate 40 expressions frequently used on the mobile chat app, represented by Hochi. The company, which makes the globally popular Buldak Spicy Chicken noodles, said it also launched

ConsumerJune 24, 2020

Nongshim’s shrimp crackers ride on Rain’s ‘Gang’ meme, sales up 30%

The unplanned popularity of K-pop singer Rain’s music video “Gang” has led to a surprising side benefit for Nongshim, towing the sales of its steady-selling shrimp cracker by 30 percent, the company said Wednesday. According to the South Korean food firm, it saw the sales of its shrimp crackers jump to a record 7 billion won ($5.83 million), up by 30 percent, from May 23 to Tuesday compared to a year earlier. K-pop star Rain’s “Gang,” which is from his min

ConsumerJune 24, 2020

Optimus fund freeze spooks investors as scrutiny intensifies

South Korea’s investment house Optimus Asset Management froze two more feeder funds worth a combined 29.7 billion won ($24.75 million) Wednesday, as prosecutors started to look into fraud allegations against the troubled asset manager. At the same time, Korea’s top financial regulator vowed to carry out a thorough inspection of all privately pooled funds here in a preemptive move to protect fund investors. Optimus on Wednesday notified NH Investment & Securities that the fund

MarketJune 24, 2020

Seoul stocks close 1.42% higher on economic recovery hope, N. Korean relief

South Korean stocks closed 1.42 percent higher Wednesday on the back of upbeat economic data from the United States and Europe and eased tensions with North Korea, analysts said. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 30.27 points to close at 2,161.51. Trading volume was heavy at 895 million shares worth 12.7 trillion won ($10.6 billion), with gainers outpacing losers 518 to 319. Institutions scooped up a net 118.2 billion won

MarketJune 24, 2020

Lee Seo-jin, IU named PR ambassadors for NTS

National Tax Service Commissioner Kim Hyun-jun (center) poses with actor Lee Seo-jin (left) and singer-actor IU, who were appointed as PR ambassadors of the tax agency in Seoul on Wednesday. The two actors, known as model taxpayers, received presidential citations in March for dutifully paying taxes. Lee said while accepting NTS’ honorary role that honest tax payment is the least donation he can make for all. By Jie Ye-eun (yeeun@heraldcorp.com)

EconomyJune 24, 2020

[Photo News] New Mini Countryman unveiled in Korea

Bernd Korber, who is in charge of BMW Group’s premium compact car brand Mini, makes a presentation on the New Mini Countryman during a press conference held in Yongin, Gyeonggi Province, on Wednesday.  The brand’s only four-door sports activity vehicle Mini Country has been face-lifted and is slated for launch in Korea in the fourth quarter. It is the first time in the Mini’s 60-year history that a new model is being unveiled in Korea. Mini Korea said the unveiling took

MobilityJune 24, 2020

Princeton’s AI scholar to head Samsung Research

Samsung Electronics announced Wednesday that Sebastian Seung, an artificial intelligence expert, will head its AI research arm, strengthening its prowess in the sector. The computer engineering professor at Princeton University will lead Samsung’s 15 R&D centers in 13 countries, including Korea, and seven AI centers, to develop future technologies. The scholar joined Samsung as chief research scientist in 2018 soon after Vice Chairman Lee Jae-yong announced his plan to recruit to

TechnologyJune 24, 2020

Korea’s antitrust watchdog approves LVMH-Tiffany merger

South Korea’s antitrust watchdog has approved the merger between French multinational corporation LVMH and American jewelry company Tiffany & Co., saying there is no concern of competition restrictions, officials said Wednesday. On March 13, LVMH filed a business combination report with the nation’s Fair Trade Commission after signing a deal in November last year to acquire all of Tiffany’s shares. The merger has so far been approved by the authorities in the US, Austr

IndustryJune 24, 2020

Samsung Biologics achieves 95.57% of last year’s revenue in June alone

Samsung Biologics shares started upbeat Wednesday morning, up 2.62 percent from a day before, in light of its disclosure that it has nabbed a contract manufacturing deal worth $314 million with a European biopharmaceutical firm. The size of this new deal is as big as 54.3 percent the company’s revenue in 2019 at 701.6 billion won ($582 million). Combined with two other deals inked earlier in June, Samsung Biologics has already achieved 95.57 percent of last year’s revenue in the f

IndustryJune 24, 2020