[Herald Interview] ‘Preemptive customs actions have minimized COVID-19 impact’

South Korea has grabbed global attention for its early-stage prevention handling of the novel coronavirus pandemic with relatively little impact on the economy. Driving such innovation, along with the public health authorities, was the country’s customs agency, which promptly adjusted the clearance system to deal with the supply issues caused by the crisis. “Dedicated to safeguard the global supply chain, we have established and operated special customs clearance centers around th

EconomyApril 26, 2020

S. Korea considers introducing faster coronavirus testing kit

South Korea's health authorities said Sunday they are considering introducing a coronavirus testing kit that could produce results in about one hour for emergency operations or women in labor. Jeong Eun-kyeong, head of the Korea Centers for Disease Control and Prevention (KCDC), told reporters that authorities are reviewing a plan to allow doctors to use the one-hour polymerase chain reaction (PCR) testing kits in case of emergency. "We are considering applying the kits to emergency oper

TechnologyApril 26, 2020

Authorities tighten grip on PEFs as Lime case shows sign of progress

South Korea’s financial authorities on Sunday unveiled plans to tighten regulations on privately pooled funds to protect investors, as an embezzlement case surrounding disgraced Lime Asset Management, which drew 1.6 trillion won ($1.3 billion) from investors, shows signs of progress with key suspects being arrested. Under the plans finalized Sunday, a private fund -- which comprises money from no more than 49 investors here -- will be subject to external audits if its assets exceed 50 bi

MarketApril 26, 2020

[News Focus] Will militant labor union of Hyundai Motor change upon pandemic?

Change seems to be looming for Hyundai Motor’s labor union -- known for hard-line protests and strikes -- with their new pragmatic leader and as the global pandemic persists. Hyundai Motor’s wage negotiations, which are normally launched in late April or May at the latest, are expected to be delayed until July this year. “We are considering a plan to finalize the requests in mid-June and hold a meeting with the management in July. We have to watch the global pandemic trend

MobilityApril 26, 2020

Elstech seeks to expand self-sterilizing sheet tech for masks, cellphone cases

  The COVID-19 pandemic is for sterilization tech companies an opportunity to showcase what they have to offer. Elstech is a self-sterilizing sheet manufacturer that is seeking new ways to apply its bacteria-eliminating technology. Headed by CEO Roh Man-kyun, a scientific researcher with experience in defense science, Elstech said it has developed oxygen sheets that can sterilize bacteria, virus and fungus, as well as reduce unpleasant odor and ventilate. The company's self-sterilizing s

IndustryApril 26, 2020

[News Focus] ‘Debt-based’ stock purchases surge 34% in one month

SEJONG -- Stock investments are often likened to a zero-sum game, as winners take the money of losers. It is impossible for every participant in the capital market to see capital gains even if the market is bullish, as their buying and selling timing is various. Further, the probability of becoming losers grows when individuals use credit-based purchase, which is dubbed the “leverage” investment. This allows investors to buy more stocks beyond their cash deposit

EconomyApril 26, 2020

S. Korea's economy to shrink 0.3% in 2020

South Korea's economy is expected to contract 0.3 percent this year, a private research institute said Sunday, as the coronavirus pandemic crippled economic activities worldwide. The forecast by Hyundai Research Institute, however, is higher than the International Monetary Fund (IMF), which has predicted that Korea's economy will shrink 1.2 percent this year as the global economy is expected to hit its worst year since the Great Depression of the 1930s over the pandemic. The world economy is

EconomyApril 26, 2020

S. Korea offers coronavirus-related patent information in English

South Korea will provide international community its COVID-19-related technologies, ranging from the recognized test kits and “walk-thru” test booths, according to the country’s intellectual property agency. The Korean Intellectual Property Office on Friday expanded the range of the COVID-19 patent information navigation service of its webpage (https://www.kipo.go.kr/ncov) and also started to provide the English version of the uploaded information. Last month, KIPO kic

EconomyApril 26, 2020

Jeju Air to conduct temperature check for all passengers

Low-cost carrier Jeju Air said Friday that it will conduct a temperature check for all passengers to prevent the spread of COVID-19. Following the extra-long weekend which begins from Buddha’s Birthday which falls on April 30 through Children’s Day on May 5, the air carrier said all passengers on flights departing to Jeju Island will undergo a temperature check.  The government has estimated that some 180,000 people are expected to visit the resort island during the upcoming

MobilityApril 26, 2020

Home-shopping livestreaming by department stores picks up pace

Department stores are jumping into “live commerce” by livestreaming services -- providing indirect shopping experiences -- to tackle weakened sales amid the COVID-19 outbreak, according to industry sources Friday. Hyundai Department Store said it will run a livestream fashion show dubbed “2020 Digital Live Fashion Show” at 7 p.m. on Saturday. It is the first time a department store will run a fashion show without audience. The online fashion show will be livestreamed

ConsumerApril 25, 2020

[Weekender] From vintage furniture to Fendi: Flea markets go mobile

A 30-year-old woman living in an apartment complex in eastern Seoul turns on her phone, taps on the screen a few times then quickly heads off to a nearby post office to send a package. A day later, a 45-year-old man in the same neighborhood receives the package containing an Ikea lamp. Despite the novel coronavirus crisis that has weighed down the nation’s consumerism and economy in recent months, mobile flea markets have allowed Koreans to continue engaging in sustainable shopping whil

MarketApril 25, 2020

Major banking groups post mixed Q1 performance amid gloomy Q2 outlook

After a fruitful 2019, some of South Korea’s major banking groups have posted mixed performances for the January-March period as of Friday, with the balance sheets yet to reflect the full impact of the coronavirus. Shinhan Financial Group said Friday that its net profit for the first quarter increased 1.5 percent on-year to 932.4 billion won ($754.9 million), buoyed by its move to acquire the remaining stake in Orange Life and taking complete ownership of the insurer in January. Shinh

MarketApril 25, 2020

Share of domestic factors rising in Seoul’s ultrafine dust

The share of domestic factors in Seoul’s ultrafine dust particles has increased over the past five years, while the ratio of China’s contribution to the local particulate pollution has been stagnant, a report showed Saturday. 　 　According to the report issued by the Seoul Metropolitan Government, homegrown pollutants were responsible for 26 percent of the capital’s ultrafine particles smaller than 2.5 micrometers in diameter, or PM 2.5, as of 2019, marking a rise from 22 perce

MarketApril 25, 2020

Samsung Asset to absorb hedge fund arm

Samsung Asset Management will absorb its hedge fund subsidiary Samsung Hedge Asset Management, seeking to enhance efficiency amid escalating market competition, the company said Friday. “The board of directors has approved the merger, upon judgment that there is little advantage in maintaining (the hedge fund firm) as the competitive private equity market has reduced the total value of trust deposits,” the asset manager said in a release. Since its establishment as a subsidiary of

MarketApril 24, 2020

State banks to make emergency loans to pandemic-hit Korean Air

State-run Korea Development Bank and Export-Import Bank of Korea said Friday they would provide 1.2 trillion won ($972 million) of fresh loans to beleaguered Korean Air, the country’s flag air carrier. The emergency funding came after the government announced Wednesday its plans to raise relief funds worth 40 trillion won to relieve key industries amid the economic fallout of COVID-19. As that rescue plan is still pending at the National Assembly, authorities decided to take financial

MarketApril 24, 2020

SD Biosensor’s coronavirus test kit gains US FDA’s emergency use approval

SD Biosensor said Friday it has become the third Korean COVID-19 test kit maker to gain US Food and Drug Administration’s emergency use approval. The company’s nCoV Real-Time Detection Kit was already being exported to the US under deals with Federal Emergency Management Agency. The official EUA is anticipated to increase the export volume. With the addition of SD Biosensor, currently three Korean companies including Osang Healthcare and Seegene now have the FDA’s EUA.　 By L

IndustryApril 24, 2020

Hyundai Steel bleeds with W29.7b operating loss in Q1

Hyundai Steel said Friday its operating loss stood at 29.7 billion won ($24 million) with a net loss of 115.4 billion won in the first quarter this year. According to the South Korean steel producer -- an affiliate of Hyundai Motor Group -- its combined sales came at 4.66 trillion won ($3.78 billion) in the first quarter, declining 8 percent compared to a year earlier. The results were largely affected by the COVID-19 outbreak, as it has exacerbated the ongoing slump in the steel industry.

IndustryApril 24, 2020

Posco’s operating profit drops 41% in Q1

South Korea’s largest steel producer Posco said Friday its operating profit in the first quarter posted 705.3 billion won ($570.8 million), down 41 percent on-year. The company logged 14.5 trillion won in sales on a consolidated basis, decreasing by 1.4 trillion won on-year. Its net profit stood at 434.7 trillion won, down 44 percent on-year. The COVID-19 pandemic outbreak has added difficulty to the sluggish steel industry, affecting exports and operations of overseas factories. Accord

IndustryApril 24, 2020

Seoul stocks dip 1.34% on doubt over virus drug, earning concerns

South Korean shares ended lower Friday, snapping a two-day winning streak, as investors remain concerned about progress in the development of drugs to treat COVID-19 despite rebounding oil prices. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 25.72 points, or 1.34 percent, to 1,889.01. Trading volume was moderate at 922 million shares worth 9.5 trillion won ($7.7 billion), with losers far outpacing gainers 684 to 165. The main index g

MarketApril 24, 2020

Boryung Pharma posts upbeat Q1 earnings, but outlook cloudy

Boryung Pharmaceutical on Friday announced over 40 percent on-year increase in its operating profit in the first quarter, but also expressed concerns for the next quarter. The company’s consolidated revenue for the first quarter rose 13 percent to 134.2 billion won ($109 million), while operating profit rose 42 percent to 13.3 billion won and net profit slid 6 percent to 8.3 billion won. It said its anti-hypertension drug Kanarb’s domestic performance led to good business last year

IndustryApril 24, 2020