S. Korea to extend anti-dumping duties on Japanese steel plates for 3 years

SEJONG -- South Korea's finance ministry said Tuesday it will extend anti-dumping duties on Japanese stainless steel plates for three years. South Korea has imposed the 13.17 percent anti-dumping tariff on the Japanese products since 2011, citing substantial damage to the local industry. The plates are widely used in different industries, including the petrochemical, shipbuilding and chip segments. The tariff mainly targets those from Japan's Nippon Steel Stainless Steel Corp., Nippon Yakin

IndustryJune 16, 2020

Korean economy tipped to shrink 0.4% in 2020 on virus: IBs

  Major foreign investment banks (IBs) and economic institutes have forecast South Korea's economy to shrink in 2020 due to the fallout of the fast-spreading novel coronavirus, a report showed on Tuesday. According to the report by the Korea Center for International Finance, nine foreign IBs and economic think tanks predicted that South Korea's economy may contract 0.4 percent this year, up from a contraction of 0.9 percent that they predicted in late April. Nomura raised its forecast t

EconomyJune 16, 2020

Nexon eyes successful launch of mobile version of 'Dungeon Fighter' in China

South Korean gaming giant Nexon Co. is making all-out efforts for the successful launch of a mobile edition of its flagship title "Dungeon & Fighter" in China, industry sources said Tuesday. Neople, a subsidiary under Nexon responsible for the development of the mega-hit game, has recently opened a new office in Seoul that can house more than 300 employees, they said. Neople also recently announced a plan to newly hire hundreds of employees, such as programmers and overseas mark

IndustryJune 16, 2020

Seoul stocks open higher on Fed's bond purchase plan

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street that followed the US Federal Reserve's asset-buying plan against pandemic uncertainties. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 57.32 points, or 2.82 percent, to 2,088.14 in the first 15 minutes of trading. The bullish start followed the Fed's decision to start purchasing a "broad and diversified portfolio" of corporate bonds. The plan is part of the Fed's quantitative easing

MarketJune 16, 2020

Hanhwa Life accelerates digital transformation

Hanwha Life Insurance said Monday that it has completed organizational restructuring and promoted young executives in a bid to reinforce its digital technology capabilities. To secure future growth engines, the life insurance firm under Hanwha Group has assigned nine out of 15 business divisions to take the charge of digital transformation of the company and push for new businesses. Of the company’s entire 56 executives, 22 execs will lead the divisions related to digitalization and bus

MarketJune 16, 2020

Samsung head faces panel's decision on possible indictment next week

A civilian committee plans to issue a decision next week on whether Lee Jae-yong, the de facto leader of Samsung Group, should be indicted over his alleged involvement in a merger and accounting fraud, informed sources said Monday. The Supreme Prosecutors Office informed Samsung, South Korea's largest conglomerate, of the plan for the panel of outside experts to deliver its verdict on the matter next Friday. Lee earlier called for a public assessment of the validity of the way that state pros

TechnologyJune 15, 2020

Mediforum acquires domestic rights to TauRX’s Alzheimer’s treatment

Mediforum, previously C-TRI, said Monday that it has signed for the domestic rights to LMTX, a pioneering Alzheimer’s disease treatment being developed by Singapore’s TauRX. Mediforum will complete the acquisition of the full intellectual rights to LMTX in Korea by the third quarter of this year, for which it will establish a subsidiary company in Korea. It is too early to say if this subsidiary will be a joint venture with TauRX, Mediforum said. LMTX is currently the only Alzheim

IndustryJune 15, 2020

Aekyung launches flagship cosmetics brand Age 20’s on Amazon

Aekyung Industrial said Monday it has launched its flagship cosmetics brand Age 20’s on Amazon, entering the US market for the first time. The cosmetics company said it will present the makeup products of Age 20’s, including the Essence Cover Pact, primers and tone-up boosters, all approved by the US Food and Drug Administration. Aekyung said launching the products on Amazon is expected to help raise the brand’s awareness in the US and global markets. The South Korean firm

ConsumerJune 15, 2020

HiteJinro Beverage launches Black Bori barley tea in US

HiteJinro Beverage, the beverage arm of HiteJinro, said Monday that it is launching Black Bori, its barley tea product, in one of the largest retailers in the US.  The company said it exported the first 260,000 bottles of Black Bori on May 30, and has completed the clearance procedure. It is the first time any South Korean beverage company has joined hands with a major retailer in the US, the company said. The company said the export deal was possible because the barley tea is

ConsumerJune 15, 2020

SPC Samlip launches home deli brand YAAM! with Coupang

Korean food company SPC Samlip said Monday it has launched the home deli brand YAAM! with Coupang, an e-commerce giant here. Under the new brand, the company said it is presenting 17 products, including bread, salad and soup items to go up against home meal replacements. The new brand is available only via online retailers. SPC Samlip said it has partnered with Coupang to target the growing food delivery market, and that they selected items that encompass wider choices of Western food, as

ConsumerJune 15, 2020

SK Energy develops unmanned system to detect gas

SK Energy, an affiliate of SK Innovation, said Monday it has developed a gas detection system that will no longer require workers to manually check for remaining gas inside concealed facilities to enhance safety. “Petrochemical facilities have a lot of concealed facilities such as tanks, towers and oil drums where gas leaks occur. When workers conduct maintenance, they have to get inside and check if there is any remaining gas. With the sensors, they can now detect it automatically and

IndustryJune 15, 2020

S. Korea vows financial support to boost overseas infrastructure orders

The Ministry of Economy and Finance on Monday vowed maximum efforts to help domestic businesses win overseas orders, seeking economic revitalization amid the prolonged COVID-19 fallout. South Korea’s preemptive policy move reflected its expectations that key economies will soon expand infrastructure businesses in order to recover from the epidemic crisis. “The government has selected 30 key projects totaling $100 billion, focusing on those that are likely to be successfully com

EconomyJune 15, 2020

Kakao Bank most-favored workplace for university students: survey

Kakao Bank, one of the largest online-only banks in South Korea, has been picked as the most popular workplace among university students here, according to a recent survey Monday. In the survey of 1,045 Korean university students conducted earlier this month by job recruiting portal Incruit, the online bank received 27 percent votes while KB Kookmin Bank, Shinhan Bank and Industrial Bank of Korea, gained 18 percent, 14 percent, and 11 percent, respectively. The biggest reasons that studen

MarketJune 15, 2020

S. Korea, Cambodia to launch free trade talks in July

South Korea is seeking to launch negotiations for a bilateral free trade agreement with Cambodia next month, hoping to increase its economic influence in Southeast Asia, according to top officials Monday. The announcement comes as Korea has been expanding its economic ties with the Association of Southeast Asian Nations, amid predictions by experts that the novel coronavirus pandemic will likely accelerate rising trade protectionism, coupled with the diversification of global supply chains fro

EconomyJune 15, 2020

BOK launches legal team to research digital currency

The Bank of Korea on Monday officially launched a legal team to help smooth the launch of a central bank digital currency and cryptocurrencies rolled out by central banks. The formation of the six-member panel -- comprising external legal experts, lawyers and BOK officials -- was a follow-up to the central bank’s announcement in April, when it said it would carry out a 22-month pilot program until December 2021 to examine how to operate a CBDC system. The BOK had maintained a luk

EconomyJune 15, 2020

IGIS Asset Management taps Singapore market

South Korea’s biggest real estate asset management firm IGIS Asset Management said Monday it has launched a new office in Singapore as part of its global expansion. The new branch, IGIS Asia, is the company’s third overseas base. It opened IGIS USA in New York and a London office last year. The company said it plans to expand its presence in Southeast Asia and Asia-Pacific region by acquiring other investment firms or by establishing new regional entities. Its new Singaporean un

MarketJune 15, 2020

Seoul stocks sink almost 5% on another looming wave of virus outbreak

South Korean stocks sank almost 5 percent amid rising concerns of a second wave of the new coronavirus pandemic, extending their losing streak to a third consecutive session and dashing hopes for a sharp rebound in the global economy. The Korean won sharply fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,031.04, down 101.26 points, or 4.75 percent, the sharpest fall since March 23. Trading volume was high at about 1.06 bil

MarketJune 15, 2020

SK Biopharmaceuticals eyes W960b blockbuster IPO in July

Seizure treatment developer SK Biopharmaceuticals said Monday it is planning what could be South Korea’s biggest initial public offering in three years, with hopes to raise nearly 1 trillion won ($822 million) in fresh funds. Through its market debut on the nation’s main bourse Kospi, scheduled July 2 if the IPO ends in success, the drug development unit of Korea’s third-largest conglomerate SK plans to raise 959.34 billion won, which would be the largest fundraising attempt s

MarketJune 15, 2020

Will cargo traffic save embattled air carriers?

South Korean air carriers are opening more international routes from July -- suspended over the COVID-19 pandemic since March -- by focusing on recovering cargo volumes instead of depending on bleak passenger demand, according to industry sources Monday. According to Korean Air, it plans to resume Incheon-Dallas and Incheon-Vienna routes from July.  The company said it will also increase the number of routes to destinations in the US and Europe, including to Los Angeles, San Francisco, A

MobilityJune 15, 2020

[News Focus] Korea facing significant household debt risks: OECD data

SEJONG -- The level of household debt in South Korea remains high, according to the latest research from the Organization for Economic Cooperation and Development. Korea’s 184 percent ratio of household debt to disposable income in 2019 placed the country eighth from the top, meaning debt levels were higher only in seven countries. Data was available for only 33 of the OECD’s 37 member nations, and was compiled in 2018. The figure means that a Korean household with disposable inco

EconomyJune 15, 2020