Seoul stocks end higher on finance minister's FX intervention comments

Seoul stocks ended slightly higher Friday, after South Korea's finance minister hinted at possible intervention in case of volatility in the local currency markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 1.06 points, or 0.05 percent, to close at 2,029.60. Trading volume was moderate at about 1.08 billion shares worth some 13.8 trillion won ($11.2 billion), with losers outnumbering gainers 461 to 384. Foreigners sold a net 204.

MarketMay 29, 2020

Blend C launches organic fine fragrance brand Balanza

South Korean perfumery startup Blend C recently launched its fragrance brand Balanza, which boasts a range of fine fragrance body washes and hand creams based on organic formulas. Dubbed the “Memory Collection,” the products come in three different scents -- Claro, Suave and Bosque -- based on the idea that each fragrance brings back nostalgic memories from the past. Claro emanates notes of freesia and blue cyclamen, while Bosque is a fresh burst of citrus bergamot with a woody

IndustryMay 29, 2020

SKT to develop AI-based post-production platform

SK Telecom said Friday it plans to develop an artificial intelligence-based post-production platform to help local firms to export cultural content products abroad. The South Korean telecommunications firm said it has signed a memorandum of understanding with local post-production firm New ID to collaborate on the project. “The latest partnership deal will meet increased foreign demand for Korea’s cultural productions,” the company said. “The two companies expect the

TechnologyMay 29, 2020

[Newsmaker] BTS label Big Hit gears for IPO

The South Korean music label behind K-pop sensation BTS has filed for a preliminary review for an initial public offering, according to the nation’s stock market operator Korea Exchange (KRX) on Friday. Founded in 2005 by music producer Bang Si-hyuk, Big Hit Entertainment houses BTS and other K-pop singers and bands, including Lee Hyun and Tomorrow X Together. Bang, who serves as the entertainment firm’s chairman, currently holds 45.1 percent stake, while mobile gaming firm Netma

MarketMay 29, 2020

S. Korea seeks to import remdesivir for virus treatment

South Korea is seeking to import remdesivir as an emergency treatment for coronavirus patients, based on recommendations by local experts and clinical tests, health officials said Friday. The investigational antiviral drug by US pharmaceutical giant Gilead Sciences Inc. will only be administered to critically ill coronavirus patients, as a group of local infectious disease experts recommended it after checking its effectiveness and safety. The central quarantine control headquarters said it w

IndustryMay 29, 2020

LG chairman visits LG Science Park to mark 2nd anniversary

LG Group Chairman Koo Kwang-mo emphasized his vision for the future at LG Science Park in Magok, Seoul, to mark the second anniversary of its opening, the group said Friday. On Thursday afternoon, Koo visited the complex and discussed the group’s digital transformation, artificial intelligence and securing talented people, according to the firm. At the site, he asked the employees to create a “culture of bold challenges,” saying, “When you do nothing or do not challe

IndustryMay 29, 2020

S. Korea hints at intervention in FX market

SEJONG -- South Korea's finance minister said Friday the government will act boldly if volatility rises in the foreign exchange market. Finance Minister Hong Nam-ki said "herd behavior" has been seen recently in the foreign exchange market and speculative trading has caused some moves in the Korean currency, referring to a one-sided movement. "The government will act boldly with its market stabilization measures if herd behavior becomes excessive in the foreign exchange market,

MarketMay 29, 2020

FTC approves Hyundai Oilbank-SK Networks merger

South Korea’s antitrust watchdog has approved Hyundai Oilbank’s plan to take over SK Networks’ gas station business, officials said Friday. Upon the approval, Hyundai Oilbank has become the second-largest in the industry in terms of the number of gas stations as it has acquired 306 SK Networks gas stations. SK Energy remains number one. The oil refining firm signed a contract with SK Networks to acquire its retail business of petroleum products on Feb. 28 and reported a bus

IndustryMay 29, 2020

McDonald’s Korea wins award for job creation efforts

McDonald’s Korea said Friday it has won an award from the Korean government for its efforts to create decent jobs and implement employee-friendly policies. The firm received the 2020 National Industrial Award in the employment-friendly category on Thursday, hosted by the state-run Institute for Industrial Policy Studies and co-sponsored by the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups. McDonald’s Korea received the award for contributing to the

IndustryMay 29, 2020

Vietnamese dairy firm Vinamilk enters S. Korea

Vietnamese state-run dairy giant Vinamilk has entered South Korea to meet growing demand for premium milk products, Vina Korea said Friday. Vina Korea, a Korean company set up by five local distribution firms for the sale of Vinamilk products, began to sell milk tea, soybean milk and condensed milk-based coffee products in the Korean market through online stores Thursday, Vina Korea Chief Financial Officer Yun Yo-wang in Seoul said by phone. "Vinamilk decided to advance into Korea as it

IndustryMay 29, 2020

Hyundai Oilbank launches new mascots ahead of major takeover

Hyundai Oilbank said Friday it has launched new mascots as it finalizes its acquisition of the gas station business of SK Networks. The South Korean oil refiner introduced three dinosaur mascots -- Gio, Dio and Kio -- named to represent its respective brands for gasoline, diesel and kerosene. It is poised to take over some 300 gas stations from SK Networks. The takeover is expected to allow Hyundai Oilbank to dethrone GS Caltex and become the second-biggest oil station following SK Energy a

IndustryMay 29, 2020

[Monitor] Samgyeobsal prices soar amid pandemic

As more people opt to eat at home, in addition to government-distributed emergency funds usable at markets, the price of samgyeobsal, a popular pork meat in South Korea, has soared to the highest in two years and 10 months, data showed Thursday. According to Korea Institute for Animal Products Quality Evaluation, a kilogram of samgyeobsal cost 23,864 won ($19.30) as of May 27. The price increased by 522 won on May 25 and 89 won on May 26. The price of hanwoo, or Korean beef, also surged, reac

IndustryMay 29, 2020

Number of South Korean budget phone users continues to fall in March

The number of budget smartphone users in South Korea continued to drop in March with its market share threatening to sink below the 10-percent mark, data showed Friday. Local subscribers to so-called mobile virtual network operators (MVNOs) numbered 7.61 million as of the end of March, down 0.6 percent from the previous month, according to the data from the Ministry of Science and ICT. MVNOs rent networks from the country's three carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. They us

IndustryMay 29, 2020

[Graphic News] Multisystem inflammatory syndrome in children (MIS-C)

  Timeline of reported cases Late April: An unidentified children’s illness reported in Europe May 9: Illness claims three children in New York, US, and one in France May 13: Casualty occurs in the UK; UK, France, US together confirm over 100 cases May 23: Mystery children’s illness spreads to 13 countries (25 states in the US) May 25: Korea launches disease surveillance systems May 26: Korea sees two suspected cases of the rare pediatric condition, both in Seoul　

TechnologyMay 29, 2020

Seoul stocks open lower on Wall Street losses

South Korean stocks opened lower Friday, tracking overnight losses on Wall Street amid rising Sino-American tensions over China's passing of a new national security law on Hong Kong. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 10.80 points, or 0.53 percent, to 2,017.74 in the first 15 minutes of trading. The fall was largely attributed to the latest development in the Sino-American dispute on China's passing of the new national security law that could severely restrict c

MarketMay 29, 2020

S. Korea on course to approve remdesivir for virus treatment

South Korea is likely to soon approve remdesivir as an emergency treatment for coronavirus patients in what could be the first treatment drug for COVID-19 here, health officials said Thursday. The investigational antiviral drug by US pharmaceutical giant Gilead Sciences Inc., if officially approved here, will be administered in the treatment of critically ill novel coronavirus patients, according to them. Earlier in the day, a group of infectious disease experts discussed remdesivir's effect

IndustryMay 28, 2020

Debate reignited over sexual harassment on Afreeca TV

South Korean livestreaming platform Afreeca TV faced criticism Thursday for its lackadaisical response to a recent sexual harassment case on its platform. On Wednesday, ChulGu, a popular online streamer on Afreeca TV, allegedly made sexually offensive comments to a female streamer called Adlyn while on a show together. “You’re so my type. You give me (explicit). I feel adrenaline shooting at one place,” ChulGu was seen as saying. The female streamer, looking visibly perple

IndustryMay 28, 2020

Nissan to pull out from South Korea

Japanese carmaker Nissan said Thursday that it has decided to shut down its business operations in South Korea from 2021, as part of its global business restructuring strategy. According to its local unit, the decision was made by the headquarters to “secure a healthy profit model and establish a ground for sustainable business.” The automaker said despite its efforts to sustain business in Korea, the situation has deteriorated due to internal and external factors. “(The he

BusinessMay 28, 2020

BTS agency Big Hit applies for preliminary review for listing

Big Hit Entertainment, the management agency of K-pop mega group BTS, has filed for a preliminary review to be listed, the bourse operator here said Thursday. NH Investment & Securities, Korea Investment & Securities and JP Morgan will handle the offer, according to the Korea Exchange (KRX). Big Hit, established in 2005, manages K-pop singers BTS, Tomorrow X Together and Lee Hyun. Founder and co-CEO Bang Si-hyuk currently holds a 45.1 percent stake in the label. In 2019, Big Hit lo

MarketMay 28, 2020

Concerns spread over logistics center-linked COVID-19

Consumers are increasingly concerned by the vast COVID-19 infections linked to major e-commerce logistics centers in South Korea on Thursday, with authorities scurrying to track and contain the spread, while companies received mixed views for their contrasting countermeasures. Since an employee working at Coupang’s logistics center in Bucheon, Gyeonggi Province, was first confirmed to have contracted the virus Saturday, related cases stood at 82 as of 2 p.m. Thursday. Coupang shut down

ConsumerMay 28, 2020