Current account likely to turn to red in 2030 over aging population: KIEP

Due to its fast-aging population and consequently reduced productivity, South Korea will continue to see its current account decline over the years and eventually turn to the red as early as in the next decade, according to a state-run think tank. “The country’s fast-aging demographic trend is likely to reduce the current account surplus or cause a deficit,” the Korea Institute for International Economic Policy said in a report on the impact of demographic change on 

EconomyMay 25, 2020

Middle-aged consumers emerge as major digital content subscribers

Subscription-based streaming services and e-books are no longer the preserve of the tech-savvy younger generation. People in their 50s and 60s are fast becoming a major consumer base in the digital content market, at least among the better off, a survey showed Monday. From 2016 to 2019, the amount that people in this age group spent on digital content increased 160 percent while the number of online payments soared ninefold. The survey, conducted by local card issuer Hyundai Card and financ

MarketMay 25, 2020

[Herald Interview] Linkflow seeks to be Korea’s first hardware unicorn with 360-degree wearable cameras

They may look like Bluetooth neckband headsets, but Linkflow’s FITT360 and NEXX360 are cameras that allow users to capture 360-degree shots of their surroundings. FITT360 and NEXX360 each have four cameras which constantly take photos and instantaneously process them into 360-degree videos. This camera concept was born out of founder Kim Yong-kuk’s romantic desire to capture the beautiful scenery of his honeymoon in Hawaii in all its glory.  Kim, who had at that point had

TechnologyMay 25, 2020

Bioneer to patent candidate materials for COVID-19 treatment

South Korean biotechnology firm Bioneer said Monday it had filed a patent application for candidate materials for COVID-19 treatment co-developed with its subsidiary siRNAgen Therapeutics. According to Bioneer, it analyzed nucleic sequences of the SARS virus and SARS-CoV-2, the virus that causes COVID-19, and found matching sequences. Based on those matches, Bioneer said it created 960 candidate materials and is currently testing which one is most effective to COVID-19. “As coronavirus

IndustryMay 25, 2020

Acleda Bank lists on KRX-invested Cambodian stock exchange

Acleda Bank, the biggest commercial bank in Cambodia, said Monday it was listed on the Cambodia Securities Exchange in which the Korea Exchange (KRX) has invested. The Cambodian bank had assets of $6.18 billion as of the end of last year. Its market capitalization marked $1.75 billion -- nearly three times that of five listed firms in the country. Since the large-cap stock went public, the lackluster Cambodian stock market is expected to be revitalized by attracting new local and foreign inve

MarketMay 25, 2020

SK Global Chemical to make 70% of products ‘green’ by 2025

SK Global Chemical, an affiliate of South Korean energy giant SK Innovation, said Monday that it would make 70 percent of its products green by 2025. Currently only 20 percent of its products are considered green, and the change is needed not only for the environment but also to ensure long-term survival, the company noted. In a recent online meeting with staff and executives, SKGC President and CEO Na Kyung-soo openly questioned whether the conventional chemical business would survive in

IndustryMay 25, 2020

IBK fined $86m in US over mishandling anti-money laundering program

State-run lender Industrial Bank of Korea and its New York branch have been fined $86 million by the Attorney General’s Office for allegedly failing to manage their anti-money laundering program, documents and local reports showed Monday. The bank’s apparent decision to delay the upgrade of the program for nearly a decade, eventually led to its failure to detect transactions that violated US sanctions against Iran, settlement documents between IBK and the Attorney General’s O

MarketMay 25, 2020

Seoul stocks close higher on hopes of economic stimulus

South Korean shares closed sharply higher Monday on hopes of massive economic stimulus steps sought by the local government. The Korean won fell against the US dollar amid the growing tension between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) gained 24.47 points, or 1.24 percent, to close at 1,994.60. Trading volume was moderate at about 630 million shares worth some 7.84 trillion won ($6.3 billion), with winners outnumbering losers 517 to 303. The in

MarketMay 25, 2020

[News Focus] Caught between the US and China, Korean chipmakers on edge

South Korea’s chipmakers are again on edge over the second round of technology war between the United States and China involving semiconductors, according to industry sources Monday. Although the flagship businesses of Samsung Electronics and SK hynix pivot on memory products, which aren’t yet subject to the new US sanctions on China’s tech giant Huawei Technologies, worries are growing over the their dependence on US technologies broadly applied to the comprehensive proces

TechnologyMay 25, 2020

Savings banks’ Q1 net profit up 20% on increased interest income

South Korean savings banks reported a 19.4 percent rise in their combined net profit in the first quarter due to increased interest income, data showed Monday. The combined net income of the 79 savings banks stood at 246.3 billion won ($199 million) for the January-March quarter, compared with a profit of 206.3 billion won a year earlier, according to the data from the Financial Supervisory Service (FSS). Their interest income rose 14.2 percent on-year to 1.2 trillion won, while loan-loss pro

EconomyMay 25, 2020

BOK's rate cut in the offing, but 'when' still being debated

The Bank of Korea (BOK) will be prodded to further slash its key rate to support the virus-stricken economy, experts said Monday, but when it will push down the base rate to an unknown territory remains to be seen. In a poll conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency, 12 out of 18 experts surveyed anticipated to see a rate cut this month. But all but one expected the BOK to cut the rate by a quarter percentage point before the end of September, according to the s

EconomyMay 25, 2020

NH-Amundi names new CMO

Seoul-based NH-Amundi Asset Management on Monday named Kim Seung-ho as its new chief marketing officer. Kim was formerly headed the fund management unit at NongHyup Bank. He will serve a one-year term. He will replace Moon Young-sik, whose term ended in April. NH-Amundi Asset Management is a 70:30 joint venture of NongHyup Financial Group and France-based Amundi Asset Management. NongHyup Bank is a wholly owned banking arm of NongHyup Financial Group. Kim started his career in 1985 at Nat

MarketMay 25, 2020

Philip Morris Korea celebrates 3rd anniversary of Iqos launch

Philip Morris Korea said Monday it would hold a four-week promotion event to introduce limited edition goods to celebrate the third anniversary of the launch of Iqos, the flagship heat-not-burn product, in South Korea. During the event, PMI Korea said it will introduce two limited editions of device covers. The first edition, “Sun Rose,” represents the colors of roses, and the second edition “Twilight” draws the color of the sky in spring, the tobacco company explaine

IndustryMay 25, 2020

‘Remdesivir has become standard for COVID-19 treatment’

Remdesivir, an investigational ebola treatment by US-based Gilead Sciences that is increasingly being pursued as as an effective COVID-19 treatment globally, has now become the barometer for all future coronavirus treatments, according to Seoul National University Hospital on Monday. SNU Hospital and Seoul National University Bundang Hospital, are two clinical trial sites for remdesivir in Korea included 73 sites across the world. “This NIH clinical research proves remdesivir as th

IndustryMay 25, 2020

Kumho Tire bags supply deal for Spanish hatchback SEAT Ibiza

South Korean tire manufacturer Kumho Tire said Monday that it bagged a supply deal for Spanish automaker SEAT’s flagship model Ibiza.  The company said Kumho Tire’s Ecowing ES31 185/65R 15 88H is being supplied to SEAT’s bestselling compact hatchback Ibiza since November 2019.  SEAT is the only automaker in Spain, which is owned by the Volkswagen Group. It is known to have Italian design and German technology prowess, according to Kumho Tire. Named after a Spanish

MobilityMay 25, 2020

KB Asset launches fund to invest in US blue chips

Seoul-based KB Asset Management said Monday it has launched a fund that targets blue chips listed in the US stock exchanges. The open-ended fund is raising funds from South Korean retail investors and is expected to invest in US firms that generate stable income supported by their new growth engine, such as Amazon, Apple and Alphabet. At least 70 percent of the funds will go to large-cap stocks, KB Asset said. “The US is taking the lead in new growth engine industries, and is expected

MarketMay 25, 2020

Mercedes-Benz launches upgraded SUV GLS

Mercedes-Benz Korea said Monday that it has launched an upgraded third-generation version of its flagship sport utility vehicle the new GLS here.  The seven-seater SUV was first introduced in Korea in October 2016.  “The new GLS will suit the active lifestyle of high-end customers, as it can be dubbed as the S-Class of SUV,” said Mark Raine, vice president of product and marketing at Mercedes-Benz Korea during the unveiling ceremony. S-Class refers to the automaker&rsqu

MobilityMay 25, 2020

[Behind the Wheel] Re:spec Korando proves SsangYong Motor’s reason to survive

More often than not, when automakers launch their face-lifted models as something “new,” there are little design or functional changes, only a price increase. But that is not the case with SsangYong Motor’ relaunched subcompact flagship sport utility vehicle in April. Its upgraded Re:spec edition came with dramatically changed interiors and is fully equipped with a connected car service, with little price increase. The name Re:spec stands for the automaker’s “res

MobilityMay 25, 2020

Daewoong gets diabetic foot ulcer treatment halal-certified

Daewoong Pharmaceutical said Monday it has acquired halal certification for its biologics drug Easyef solution. Easyef solution is a recombinent human epidermal growth factor that treats diabetic foot ulcer. “Since December 2019, it is required for all biologic drugs distributed in Indonesia to indicate whether they are halal certified or not. In order for the wider Muslim population to be able to access our drugs, we are expanding the number of halal certified products,” a Daewo

IndustryMay 25, 2020

LS C&S receives international standard certification for photovoltaic cable

LS Cable & System said Monday its photovoltaic cable has received international standard certification from Germany’s TUV SUD, a global certification authority. TUV SUD assessed that LS C&S’ 1,500 voltage direct current solar cables conform to functions and safety standards of International Electrotechnical Commission and European Standards, according to the cable maker. The firm expects the certification to serve as an opportunity to expand not only in the domestic marke

TechnologyMay 25, 2020