Samsung’s compliance watchdog demands more details from heir

Samsung Electronics’ compliance monitoring committee on Thursday demanded heir Lee Jae-yong and group affiliates come up with more details of plans to root out illegal practices. The committee led by former Chief Justice Kim Ji-hyung held a meeting to discuss the televised public apology delivered by Vice Chairman Lee on Wednesday.  In response to the committee’s recommendation in March, Lee made the apology about unlawful actions taken to smooth the power transfer from his

IndustryMay 7, 2020

‘Korean New Deal’ aims to revive economy through digitalization

South Korea is seeking to reshape its economy in the post COVID-19 era by invigorating the convergence of new and old industries and creating more jobs, through its latest economic stimulus measures dubbed the “Korean New Deal,” the government said Thursday. Borrowing the policy concept from the New Deal -- a Great Depression-era set of government projects in the US in the 1930s -- Korea’s Finance Ministry pledged large-scale investments and a systemic overhaul for the packag

EconomyMay 7, 2020

S. Korea’s current account surplus widens in March

South Korea’s current account surplus reached an 11-month high in March, despite falling exports due to the novel coronavirus pandemic as the service account deficit sharply declined, data showed Thursday.  According to preliminary data from the Bank of Korea, the nation’s current account surplus hit a record high of $6.23 billion in March, up $1.19 billion from a year earlier.  The current account refers to the difference between the value of exports and imports. Compos

EconomyMay 7, 2020

S. Korea to pay out W1.5tr subsidy to workers hit by COVID-19

South Korea will provide 1.5 trillion won ($1.2 billion) in special subsidies to irregular workers who lost their income or suffered crucial blows amid the COVID-19 quarantines, the finance minister said Thursday. The move came in line with the government’s struggles to sustain the nation’s job market amid an economy that is set to contract this year. “Seeking to enhance the employment safety net for neglected underprivileged workers, (the government) will execute a 1.5 tril

EconomyMay 7, 2020

[News Focus] Will Mercedes-Benz’s emissions penalty alter car market?

After Mercedes-Benz Korea was slapped with the largest-ever fine of 77.6 billion won ($63.4 million) by the Environment Ministry for rigging emissions data on diesel cars, the market paid attention to whether it would alter the imported car market here. The ministry on Wednesday said some 4,400 diesel cars of 14 models sold by Mercedes-Benz Korea, Nissan Korea and Porsche Korea between 2012 and 2018 passed pollution standards by illicitly manipulating software to reduce the amount of nitrogen

MobilityMay 7, 2020

LG Chem unveils vision to leap into science realm

LG Chem announced Thursday its new vision to transform the company from providing materials and solutions to one connecting science to life. The company held a ceremony marking its first vision change in 14 years with LG Chem Vice Chairman Shin Hak-cheol presiding in the presence of some 20 staff and executives from each department. “So far, LG Chem has turned dreams into reality with the science around us and has accumulated, making unbreakable lids for cosmetic products and the wor

IndustryMay 7, 2020

Oracle to open new cloud infrastructure in South Korea

Oracle Korea on Thursday announced its second cloud infrastructure will launch by the end of May in Chuncheon, Gangwon Province. With access to two cloud infrastructures here, the company will be able to better handle demanding workloads from customers. The company said its dual-region strategy would enhance disaster recovery capabilities. It considers South Korea as a market with great potential, explained Oracle Korea CEO Tom Song during a press conference held on Thursday at its headquart

TechnologyMay 7, 2020

[Market Close-up] New real estate policy receives mixed reviews

A set of new real estate policy measures aimed at turning public land in Seoul into massive housing complexes is designed to resolve the supply shortage in the capital city, but experts say it may not be enough to cool down the heated property market. According to the new policy package announced Wednesday, the government will supply 70,000 new housing units in Seoul, including 8,000 residential units in Yongsan and 250,000 in the surrounding areas. It is the left-leaning Moon Jae-in governm

MarketMay 7, 2020

Posco promotes construction steel brand Innovilt as next-generation product

South Korean steel giant Posco said Thursday that it would focus all its capabilities on fostering its new construction steel brand, Innovilt, as its next-generation product. To that end, the company said it would cooperate with small but strong companies to advance its premium construction steel business, and that it ultimately hoped to establish a new ecosystem in the construction market. Posco launched Innovilt in November 2019. The construction steel brand is used in architectural struc

IndustryMay 7, 2020

Kakao struts through Q1 with record sales, margin

  Korean internet giant Kakao posted record high sales and operating profit for the first quarter this year, despite the novel coronavirus pandemic fallout that has affected most industries. According to Kakao’s announcement on Thursday, Kakao‘s sales in the first quarter increased by 22.9 percent on-year to reach 868.4 billion won ($708.4 million). The company‘s operating profit during the same period marked 88.2 billion won, up by 218.9 percent. Kakao‘s record-br

TechnologyMay 7, 2020

VCs’ overseas investments increase in Q1 despite COVID-19

Overseas investments by Korean virtual capitalist firms rose in the first quarter this year despite the COVID-19 pandemic, data showed May 7. According to data compiled by Korea Venture Capital Association, carried out after surveying 30 investments abroad, worth a total of 104.9 billion won ($85.5 million). This compares with 40.6 billion won in 12 rounds of investments recorded the same period last year. KB Investment allocated 54 billion won in five companies, while SoftBank Venture exer

BusinessMay 7, 2020

Seoul stocks close nearly flat on mixed economic data

South Korean stocks closed nearly flat Thursday as investors lost direction on mixed global economic data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.15 point, or 0.01 percent, to finish at 1,928.61. Trading volume was moderate at 762 million shares worth 7.2 trillion won ($5.8 billion), with gainers outpacing losers 527 to 297. The index opened lower following dismal economic data from the United States and Europe. The US emplo

MarketMay 7, 2020

Average monthly household spending stands at W2.45m in 2019

SEJONG -- South Korean households spent an average of 2.45 million won ($2,003) per month in 2019, data showed Thursday. In 2018, South Korean households spent an average 2.53 million won, but an annual comparison may be inappropriate because Statistics Korea changed its method of compiling the data last year, the statistics agency said. Expenditures on food and nonalcoholic beverages came to 333,000 won last year, accounting for 13.5 percent of the total, according to the data. The data a

EconomyMay 7, 2020

LG Chem vows thorough investigation into India factory gas leak

Following a gas leak at LG Polymers plant in southern India that has left at least nine dead and more than 300 of local residents hospitalized, LG Chem said Thursday that it will take all necessary measures to investigate the cause and prevent further damage to residents and workers. The accident occurred on Thursday at LG Polymers plant in the Visakhapatnam district of Andhra Pradesh state, according to news reports citing local police. “The gas leak at the factory has been contained a

IndustryMay 7, 2020

K-Safety Expo 2020 to highlight K-quarantine prevention

K-Safety Expo 2020 opens this fall and will focus on local businesses’ efforts to prevent COVID-19, often dubbed K-quarantine. The three-day exhibition, which runs Sept. 23-25 at the Korea International Exhibition Center in Goyang, Gyeonggi Province, is co-organized by the Ministry of the Interior and Safety, the Ministry of Trade, Industry and Energy and the Gyeonggi provincial government. This year’s expo will feature a wide range of programs and exhibitions emphasizing the late

TechnologyMay 7, 2020

Multiple, alternative sources necessary in disrupted global supply chain: experts

As the global pandemic has caused disruption in the global supply chain, companies should manage key suppliers, secure multiple and alternative sources and establish regional supply chains, experts said in a symposium held Thursday. The public-private joint video symposium in response to the global supply chain crisis was held jointly by the Industry Ministry and the Korean Production & Operations Management Society. The seminar aimed to find out the impact of the pandemic-led crisis on i

IndustryMay 7, 2020

SK affiliate to acquire Young City office complex for W545.8b

An affiliate of Korean real estate developer SK D&D is poised to acquire the Young City office building complex for 545.8 billion won ($444.6 million), a regulatory filing showed Thursday. A real estate investment trust established by SK D&D’s wholly owned subsidiary D&D Investment will take over the asset from investors including London-based investment firm Actis within May, according to the disclosure. Young City REIT is designed to acquire the asset, generate income th

MarketMay 7, 2020

Celltrion’s Remsima SC launches in Netherlands

Subcutaneous rheumatoid arthritis treatment Remsima SC launched in the Netherlands, its third European market, Celltrion Healthcare said Thursday. Remsima SC is an under-the-skin injection of infliximab biosimilar that treats autoimmune diseases. So far, it is approved to treat RA indication, and is still in the process of adding inflammatory bowel disease indication. Celltrion Healthcare said it inked a partnership with the biggest Dutch private health insurance company CZ, who will return

IndustryMay 7, 2020

[Monitor] NK's exports shrivel while imports rise

North Korea’s trade dependency on China continues to escalate while its exports have shrunk drastically from the 2017 sanctions, data from the Korea International Trade Association showed. The total trade volume for last year came at $2.945 billion, with exports worth $261 million and imports worth $2.684 billion. While exports declined 20.9 percent on-year, imports increased 15.6 percent. The reclusive state’s exports have plunged 94.3 percent compared to $4.562 billion in 2015,

IndustryMay 7, 2020

Korean Air to reopen dozens of int'l routes in June

Korean Air Lines Co., South Korea's biggest carrier by sales, said Thursday it will reopen dozens of its international routes next month amid signs the coronavirus epidemic may have passed its peak. Korean Air plans to resume flights on 19 international routes on June 1 as the country's top flag carrier strives to offset a sharp decline in passenger travel demand with an increased demand for cargo deliveries, the company said in a statement. The reopening routes include Washington, DC, Seattl

MobilityMay 7, 2020