After market backlash, authorities vow to soften blow on ordinary homebuyers

Perplexed by the market backlash against new reinforced housing loan regulations, South Korea’s government hurriedly added that it would soon introduce exception clauses for people buying homes to live in rather than for investment purposes. The Ministry of Land, Infrastructure and Transport and the Financial Services Commission on Thursday issued a statement pushing back at local reports that accused the government of discriminating against non-homeowning citizens. “(The governmen

EconomyJune 18, 2020

[News Focus] 1 in 7 Koreans de facto jobless since March

SEJONG -- The novel coronavirus has created a tough job market in which more than 4 million South Koreans have been unemployed or underemployed for a third consecutive month. According to Statistics Korea, the “extended-based” jobless rate under the Supplementary Index III for Employment stayed above 14 percent over the past three months -- 14.4 percent in March, 14.9 percent in April and 14.5 percent in May. This is an unprecedented high, indicating that 1 out of 7 Koreans has b

EconomyJune 18, 2020

[Photo News] 50th anniversary of KT SAT

The first satellite built by KT SAT in 1970 at its center in Geumsan, South Chungcheong Province (left), and engineers at the Geumsan Satellite Center in South Chungcheong Province (right). The center operated by KT SAT marked its 50th anniversary on Thursday when the division of mobile carrier KT announced it plans to launch the sixth communications satellite by 2024 at the earliest. “Koreasat 6A will be able to handle the sharp increase in data traffic in the 5G era,” the company

TechnologyJune 18, 2020

Seoul stocks snap 2-day winning streak amid spreading coronavirus concerns

South Korean stocks closed lower Thursday, ending a two-session gaining streak, on investor concerns over a second wave of new coronavirus infections in the world's two largest economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.57 points, or 0.35 percent, to close at 2,133.48. Trading volume was moderate at about 754 million shares worth some 10.8 trillion won ($8.9 billion), with winners outnumbering losers 523 to 331. The dro

MarketJune 18, 2020

Hyundai Capital issues green bonds worth $316m

South Korean auto financing firm Hyundai Capital said Thursday that it has issued three-year Swiss franc-denominated green bonds worth 300 million francs ($316 million). The bonds are being issued by the subsidiary of Hyundai Motor Group for the automaker’s lease financing programs on its green car lineup. It is the firm’s third overseas green bond issuance since 2016. A green bond is specifically earmarked to be used for climate and environmental projects. The latest deal enabl

MarketJune 18, 2020

Amid continued selling spree, foreign investors eye Celltrion shares

Despite their continued selling spree of local stocks, foreign investors have grabbed 427 billion won ($351.4 million) worth shares of local biopharmaceutical firm Celltrion’s key affiliates, according to stock market data Thursday. The Korea Exchange noted that between June 1-17, Celltrion became the most purchased stock by offshore investors here, with net purchase of 291.1 billion won. Celltrion Pharm was first on the list of foreigners’ top-bought stocks in the tech-heavy Kos

MarketJune 18, 2020

ADB expects S. Koran economy to contract 1% this year amid pandemic

The Asian Development Bank (ADB) on Thursday sharply revised down its 2020 growth estimate for South Korea, along with that for the entire Asian region, expecting Asia's fourth-largest economy to shrink 1 percent from a year earlier. The revision marks a turnaround from a 1.3 percent on-year growth forecast in April. Last year, the Korean economy expanded 2 percent. "In a regular supplement to its annual flagship economic publication, the Asian Development Outlook 2020 released in April,

EconomyJune 18, 2020

Korean Air, Asiana to extend mileage validity by one year

South Korea’s full service airlines have decided to extend the validity of their mileage points by one year as customers are finding it difficult to use them amid the virus pandemic, officials said Thursday. Korean Air and Asiana Airlines decided to extend the validity period that expires on January 1, 2022, after consultation with the Fair Trade Commission and the Ministry of Land, Infrastructure and Transport. The move comes after persistent criticism that the expiration is unfair as

MobilityJune 18, 2020

Regulator allows Apple to draw up measures to correct anti-competitive practices

South Korea's antitrust regulator said Thursday that it has decided to allow Apple Korea to map out a set of measures to address its anti-competitive business practices here, a move that could end a dispute over its alleged violation of competition law. The Fair Trade Commission said it will review detailed corrective measures crafted by Apple Korea and decide whether to approve them. Under the law, an applicant is required to state a correction scheme necessary to restore competition practic

IndustryJune 18, 2020

Netmarble's StoneAge World ranks No. 1 on Apple's App Store in S. Korea

StoneAge World, a new mobile game by South Korean mobile game developer and publisher Netmarble Games, ranked No. 1 on Apple's App Store in the country Thursday. The pet-collecting massively multiplayer online role-playing game (MMORPG) was the most downloaded app in the country on its launch day, Netmarble said. The game had been released in 172 countries as of 11 a.m. As the latest game in Netmarble's internationally known Stone Age series, StoneAge World is set in the prehistoric land of

IndustryJune 18, 2020

Drug Ministry revokes Meditoxin license

South Korea’s first botulinum toxin product Meditoxin has been stripped of its license, as of Thursday, in a blow dealt by the Drug Ministry against the company’s use of unauthorized substances in the botulinum toxin products manufactured between 2012 and 2015. Meditoxin, the BTX product accountable for 42 percent of Medytox’s yearly revenue in 2019, had been suspended of production and sales since April 17. It will lose the sales permit altogether from June 25, the Drug Minis

IndustryJune 18, 2020

Chong Kun Dang’s nafamostat drug proceeds to COVID-19 phase 2 trials

Chong Kun Dang said Thursday its anti-coagulant drug Nafabeltan (nafamostat) is to carry out clinical phase 2 trials to be repurposed as a COVID-19 treatment. The company said in a joint press release with Institut Pasteur Korea and Korea Institute of Radiological & Medical Sciences that Nafabeltan has demonstrated strong antiviral qualities against COVID-19 in a cellular-level test. Instiut Pasteur Korea had explored the antiviral qualities of over 3,000 molecules of which it found that

IndustryJune 18, 2020

AI will save those who suffer cerebral hemorrhage: SK C&C

It won’t be long before artificial intelligence can help save those who suffer cerebral hemorrhage, according to SK C&C, which is preparing to clinically test its medical device designed for the purpose. The company said Thursday that its AI model acquired the Drug Ministry’s Good Manufacturing Practice certificate, guaranteeing the medical device’s quality control. Following the GMP, SK C&C has submitted its proposed clinical test design to the ministry for tests of

IndustryJune 18, 2020

Volvo Korea to invest W150b to enhance after-sales service network

Volvo Car Korea said Tursday it will invest 150 billion won ($124 million) over the next three years to expand its after-sales service centers to better serve customers. Volvo Car Korea plans to nearly double the number of service centers to 52 and that of repair centers to 312, by 2023, the company said in a statement.    Volvo has reported robust sales in Korea so far this year, helped by new models, such as the new S60 sedan. Its sales in the January-April period jumped

MobilityJune 18, 2020

[The Heirs (3)] Succession gets tougher, or less appealing, for chaebol

Despite public apathy and tougher shareholder censure, South Korea’s chaebol groups are preparing a generational shift in leadership. The Korea Herald looks at different conglomerates and succession scenarios. -- Ed. South Korea’s largest conglomerate Samsung’s de facto leader Lee Jae-yong made headlines last month by announcing that he would not pass on managerial rights to his children. Although Lee is the first conglomerate head to officially declare an end to family s

IndustryJune 18, 2020

KCCI to hold photo contest themed workplace, pandemic

The Korea Chamber of Commerce and Industry is set to hold its seventh photo contest under the theme of “the workplace and life of businesspeople” along with an additional contest for “COVID-19,” the business association said Thursday. The nation’s largest photo contest in terms of prize money, began in 2014 to capture images of companies and workers leading the Korean economy. Annually, the contest recieves the highest number of entries among paid photo contes

IndustryJune 18, 2020

Doosan Bobcat basks in robust sales in N. American tractor market

Doosan Bobcat Inc., a South Korean manufacturer of farm and construction equipment, said Thursday that it has posted robust sales in the North American compact tractor market. Doosan Bobcat sold a total of 1,400 compact tractors in the January-May period in North America and expects to meet its annual sales target of 3,000 units this year, the company said in an emailed statement. "Doosan Bobcat has made successful entry into the North American compact tractor market, buoyed by its var

IndustryJune 18, 2020

Trading soars with 22 nations that participated in Korean War

South Korea's trading volume with 21 countries that participated in the 1950-53 Korean War soared in the past 60 years on its economic growth and increased establishment of diplomatic ties with them, a local business lobby said Thursday. The trading volume with the 21 nations reached $314.6 billion in 2019, a dramatic hike from $200 million worth of trade with 12 participating nations in 1960, the Federation of Korean Industries (FKI) said in a statement. "South Korea needs to expand fr

EconomyJune 18, 2020

LG Tromm Styler capable of killing viruses in masks

LG Electronics said Thursday a study found its flagship steam-based home appliance Tromm Styler is capable of disinfecting viruses in masks. According to a recent test by a research team at Chonnam National University, the anti-virus clothing care course of the Tromm Styler removes over 99.99 percent of viruses such as influenza A, adenovirus, herpes and porcine epidemic diarrhea virus, the company said. The PEDV is another type of coronavirus, which is different from the novel coronavirus

TechnologyJune 18, 2020

Samsung launches cloud-based chip design platform for fabless companies

Samsung Electronics Co., the world's largest memory chip producer, said Thursday it has launched a cloud based design platform for local small fabless semiconductor companies to better foster the country's system chip industry.  The South Korean tech titan introduced the Samsung Advanced Foundry Ecosystem (SAFE) Cloud Design Platform, in collaboration with Rescale Inc., a major high performance computing solutions provider. The platform provides a virtual environment for chip design in

IndustryJune 18, 2020