Service output dips in Q1 over virus pandemic

SEJONG -- Service output declined in 14 provinces and cities in South Korea in the first quarter of this year as the coronavirus pandemic took a heavy toll on the service industry, data showed Wednesday. However, service output in Seoul -- home to one-fifth of South Korea's 51 million-strong population -- rose 2.3 percent on-year in the first quarter, helped by robust gains in the financial and property sectors, Statistics Korea said in a report. The southern res

EconomyMay 20, 2020

SK Pharmteco joins consortium to supply pharma ingredients in US

SK Pharmteco, a consolidated global pharmaceuticals manufacturing chain of SK Group, will provide US-based Phlow with pharmaceutical ingredients to offset supply shortfall in the country, SK Holdings announced Wednesday. The Donald Trump administration has announced it will buttress the project with $812 million funding over the next 10 years. SK Holdings owns US’ Ampac Fine Chemicals and more contract manufacturing organization facilities in Europe and Korea. In January 2019, it estab

IndustryMay 20, 2020

Over 20 biologics firms rev up engine for 2020 IPO

Over 20 Korean biologics firms are revving up their engines to go public in 2020. DreamCIS, Psomagen, SCM Lifescience, Kainos Medicine and SK Biopharmaceuticals are set to list on main bourse Kospi and secondary Kosdaq before July. Market watchers are also keeping their eyes on HK inno.N Corp. (formerly CJ Healthcare), GI Innovation and Vuno. All in all, counting the firms who have requested stock market operator Korea Exchange for preliminary examination for listing, the biologics firms that m

IndustryMay 20, 2020

Bioneer to supply Indonesia with COVID-19 test kit readers

Bioneer, a molecular diagnostic kit and analytics reader machine maker, said Wednesday it has signed an agreement with Indonesia’s Genomik Solidaritas to supply COVID-19 test kit readers worth 6.8 billion won ($5.5 million). As per the deal, Bioneer will deliver 25 sets of ExiStation 48, including nucleic acid diagnostic agent and real-time polymerase chain reaction COVID-19 test kits. Nine ExiStation 48s and kits, worth 1.5 billion won, will be supplied first, followed by the remainin

IndustryMay 20, 2020

LG Group chief apologizes over fatal accidents at LG Chem facilities

LG Group Chairman Koo Gwang-mo on Wednesday apologized over recent deadly accidents at facilities of LG Chem Ltd. and vowed to come up with measures to prevent such tragedies. "I expressed deep condolences and consolation to victims and their families," Koo said at LG Chem's plant in Seosan, around 120 kilometers south of Seoul. He also said he is deeply sorry for causing concern to many people. A fire at LG Chem's catalyst lab had killed one worker and injured two others the day be

IndustryMay 20, 2020

Q1 household debt growth slowest in 1 year due to virus outbreak

South Korea's household debt grew at the slowest pace in one year in the first quarter, central bank data showed Wednesday, amid a sharp decline in spending apparently caused by the new coronavirus outbreak that is expected to hurt the whole economy. Outstanding household credit came to 1,611.3 trillion won ($1.31 trillion) as of the end of March, up 11 trillion won from a revised 1,600.2 trillion won tallied three months earlier, according to preliminary data from the Bank of Korea (BOK). Th

EconomyMay 20, 2020

S. Korean economy will expand 0.2% in 2020, 3.9% in 2021: KDI

As the global economy marks a sharp decline amid the persisting COVID-19 pandemic, South Korea will see its economy expand 0.2 percent this year before rebounding to 3.9 percent growth level next year, according to a state-affiliated think tank. But this modest figure, which is higher than the outlook suggested by other international institutions and private think tanks, is anticipated to face challenges down the road due to global economic uncertainties. “Our economy will grow 0.2 per

EconomyMay 20, 2020

[Monitor] Hanwha tops in hiring more permanent workers: report

Among the 33 large business groups in South Korea, Hanwha recorded the highest rate in hiring permanent workers, data from industry tracker Infobigs showed. According to the data analyzing company reports of 33 business groups listed in the stock market in the first quarter, Hanwha Group has 21,064 permanent workers, up 36.68 percent on-year. Hanwha’s defense solutions arm Hanwha Systems was newly listed on the main bourse Kospi in November 2019. Excluding the firm, Hanwha Group’s

IndustryMay 20, 2020

S. Korean stocks open higher, bucking Wall Street losses

South Korean stocks opened slightly higher Wednesday despite heavy overnight losses on Wall Street sparked by renewed fears over the coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) added 3.09 points, or 0.16 percent, to 1,983.70 in the first 15 minutes of trading. The Dow Jones Industrial Average plunged 390.51 points, or 1.59 percent, to close at 24,206.86 Tuesday (US time). The sharp decline came one day after global stock markets rallied on reports of positiv

MarketMay 20, 2020

Korean drug firms in early stage of coronavirus vaccine development

South Korean pharmaceutical firms are in the beginning stages of coronavirus vaccine development, lagging behind US rivals, industry sources said Wednesday. No domestic companies have received the green light for clinical trials for vaccine candidates from the drug safety authorities, though US biotech firm Moderna announced Monday all participants in its coronavirus vaccine test generated antibodies. Spearheading the local effort is a six-firm consortium led by biopharmaceutical maker Genexi

IndustryMay 20, 2020

S. Korea to step up efforts for post-pandemic economic recovery

SEJONG -- South Korea will step up efforts for an economic recovery after the coronavirus pandemic as the nation is returning to normal activities, Finance Minister Hong Nam-ki said Wednesday. Hong made the remarks at a meeting with economy-related ministers as schools reopened for high school seniors, about 80 days later than the original semester start day of March 2. Unlike other nations, South Korea has not enforced lockdown measures to combat the virus. Instead, the nation implemented

EconomyMay 20, 2020

Stock market rallies on positive interim results of vaccine development

The South Korean stock market was upbeat Tuesday on hopes of the successful development of a coronavirus vaccine in the US. The local currency rose against the US dollar. Local shares opened sharply higher in early morning trading with the nation’s main bourse Kospi soaring 2.26 percent to 1980.84 points. Continuing the momentum throughout the day, the index closed at 1,980.61, up 2.25 percent. The local rally came on the heels of news reports about the positive results of US pharmac

MarketMay 19, 2020

IFA 2020 to physically take place, minus public access

The COVID-19 pandemic has clipped wings of many global conferences in the first half of 2020, but not IFA 2020. Unlike many other exhibitions that have opted to continue this year's event in an online format, the 2020 Internationale Funkausstellung Berlin will push through as a real-life event from Sept. 3 through 5 at the usual location of Messe Berlin exhibition hall. IFA Executive Director Jens Heithecker, at the online global press conference conducted on Tuesday, said that this year's I

IndustryMay 19, 2020

Am I sick or just hypochondriac? Coronavirus-induced anxiety on the rise

Symptoms of COVID-19, the respiratory disease caused by the novel coronavirus, can range from those akin to the common cold or flu to pneumonia, as well as most recently observed loss of taste and smell. The varying symptoms and their resemblance to seasonal illnesses leave patients wondering if they’re sick with the coronavirus, some taking the anxiety to a drastic degree, experts say. Infectious disease specialist Dr. Kim Woo-joo of Korea University Hospital in Guro, southern Seoul, sa

TechnologyMay 19, 2020

[News Focus] Import-car sales brisk in Korea despite virus

SEJONG -- In 1999, the number of import cars sold in South Korea was 2,401, making up only 0.26 percent of the total. Foreign car brands captured 1 percent of the local market for the first time in history in 2002, when Korea co-hosted the FIFA World Cup. Sales reached 16,119 units with a market share of 1.3 percent. Since then, the market share of import cars has increased quickly, exceeding 3 percent in 2005, 5 percent in 2007, 10 percent in 2012 and 13 percent in 2014. When the share reac

IndustryMay 19, 2020

Cross-selling of public funds in APAC to kick off in May

Cross-border transactions of public funds will kick off this month in South Korea and four other Asia-Pacific countries, to expand corporate and individual investors’ portfolios, according to the Financial Services Commission on Tuesday. The scheme named Asia Region Funds Passport system enables cross-selling of public funds among five countries in the Asia-Pacific region -- South Korea, Japan, Australia, New Zealand and Thailand. The system will be implemented on May 27, as Korea&rsquo

MarketMay 19, 2020

Lingering COVID-19 fears deter people from changing telecom providers

With South Korea continuing to see the number of new COVID-19 infections per day back in the double digits after signs that the crisis was winding down, telecommunication services are gaining fewer new subscribers, industry sources said Tuesday. The number of customers who moved from one service provider to another posted 16,082 during the third weekend of May, down by 25 percent from the two previous weekends. The timing coincides with the revelation that nightclubs in the Itaewon area of Se

TechnologyMay 19, 2020

Korean game companies diversify to move past former glories

From a stock trading platform to water purifier services, South Korean game companies are diversifying their business portfolios, joining the economy-wide trend of finding auxiliary business models as their growth faces limits. Though Korea’s No. 1 game company Nexon posted its best quarterly revenue of 434.4 billion won ($353 million) -- a 78 percent surge on-year -- thanks to the steady sales of MapleStory and Fifa Online 4, the fast-changing nature of the game industry means that &ldq

IndustryMay 19, 2020

Hanwha Solutions expands to solar power software business

Hanwha Solutions said Tuesday it has invested in a solar power software company, diversifying its business portfolio that is currently focused on hardware such as solar power cells and modules. This is the first investment finalized by the Hanwha Group affiliate since Vice President Kim Dong-kwan took charge in March. The company recently acquired a 20.26 percent stake in Australia-based energy management system firm SwitchDin that specializes in virtual power plant technology, the company s

IndustryMay 19, 2020

Mixed Q1 performances for European operations of battery firms

The European subsidiaries of South Korean battery makers have posted mixed results in the first quarter, with an increase in demand and large investments, according to their latest performance reports. LG Chem Wroclaw Energy, a fully owned Poland-based subsidiary of LG Chem, posted a net loss of 301.7 billion won ($246 million) due to rapid expansion. However, Samsung SDI Hungary, a 100 percent subsidiary of Samsung SDI, remained profitable. LG Chem Wroclaw Energy -- which manufactures and s

IndustryMay 19, 2020