Lime investors to lose over half of principal

Investors in two funds of Lime Asset Management, a South Korean hedge fund that fell from grace on a deluge of scandals, are expected to lose over half of their money, according to redemption plans issued Monday. Investments in two master funds -- Pluto FI D-1, dedicated to privately placed bonds, and Tethys II, which targeted mezzanine instruments – were frozen due to illiquidity last year. Their total value will fall to a combined 534.7 billion won ($439.18 million) according to the pl

MarketApril 13, 2020

After resilience in March, exports plummet in April

South Korea’s exports have fallen by more than 18 percent so far this month, government data showed Monday. Weighing further on the country’s export front is the fast-spreading pandemic in developed economies, as well as the gloomy outlook for the semiconductor market throughout the year. Asia’s fourth-largest economy saw the value of its exports stand at $12.21 billion this month as of last Friday, down 18.6 percent from a year earlier, according to the Korea Customs Servic

EconomyApril 13, 2020

McDonald’s introduces ‘Best Burger’ initiative in Korea

McDonald’s Korea said Monday that it has introduced its “Best Burger” initiative in South Korea for the fourth time in the world, and for the first time in Asia. According to the burger chain, “Best Burger” is a global initiative to improve cooking procedures and facilities and to use quality ingredients, with the goal of providing customers with the best burgers. McDonald’s, which operates in over 100 countries around the globe, first introduced the init

IndustryApril 13, 2020

Philip Morris vows job security during pandemic

Philip Morris International announced Monday that it would guarantee job security for its 73,000 employees worldwide throughout the COVID-19 pandemic crisis. “PMI will continue to contribute to the global response to this pandemic in every way we can. First and foremost, we will continue to support our employees and their families, and protect their safety and health. Nothing matters more,” PMI CEO Andre Calantzopoulos said. “Thanks to our employees across the world, working

IndustryApril 13, 2020

OB introduces sustainable beer packaging methods

South Korea’s largest alcoholic beverage provider by market share Oriental Brewery said Monday it has launched sustainable beer packaging for its flagship beer brand Cass. According to OB, it has replaced existing packaging boxes with 100 percent recyclable ones for a pack of 12, 500-milliliter bottles of Cass beer. For 640-milliliter bottles, the transition is currently taking place. “OB’s existing packaging boxes were previously 96-97 percent recyclable, but this is the

IndustryApril 13, 2020

SK Innovation adopts new brand ‘Hi !nnovation’

SK Innovation said Monday it has newly launched a unified brand to facilitate “deep change” and reestablish corporate values from the ground up in the face of challenges posed by the coronavirus outbreak. The new brand “Hi !nnovation” portrays its will to embrace new era by accelerating deep change through its “Green Balance 2030” initiative and is setting new corporate values, given the current economic circumstances, the company said. Though it started

IndustryApril 13, 2020

Foreigners’ monthly stock sell-off far exceeds previous record high

Foreigners sold a net 13.45 trillion won ($11.04 billion) worth of local shares last month, far outpacing the previous record high, data showed Monday. The March tally beats the previous largest number in August 2007 of 9 trillion won, and is about four times higher than the January figure of 3.23 trillion won, according to the Financial Supervisory Service. By country, investors from the United States dumped the most at a net 5.5 trillion won, followed by British investors who offloaded a n

MarketApril 13, 2020

WeWork names new chief for Korea

Coworking space giant WeWork said Monday that it has appointed Chun Chung-joo (Patricia) as the new general manager of its South Korean office. Chun has 20 years of experience at global and Korean companies under her belt. Most recently, she served as chief strategy officer of food delivery firm Delivery Hero Korea, leading development of business strategies and proceeding with investments and merger and acquisition deals. She was also responsible for managing government relations, corpora

MarketApril 13, 2020

Seoul down 1.9% on virus woes, weak data

South Korean stocks closed 1.88 percent lower Monday as investors were concerned about the spiraling number of COVID-19 infections in major economies despite signs of a slowdown locally, analysts said. The Korean won sharply fell against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 34.94 points to close at 1,825.76. Trading volume was high at 1 billion shares worth 9.4 trillion won ($7.73 billion), with losers outpacing gainers 694 to 180. South Korea detec

MarketApril 13, 2020

KDB in talks with local PEF to sell life insurer

State-run policy lender Korea Development Bank is in talks with South Korea’s private equity firm JC Partners to sell a life insurer unit as part of its restructuring process, an industry source said Monday. JC Partners is the only bidder participating in the preliminary stage that is undergoing a due diligence for the acquisition, the source added. KDB said further details cannot be disclosed because the talks are ongoing with the potential buyer before signing a deal. “Regardi

MarketApril 13, 2020

Job openings plunge in March over coronavirus uncertainty

Job openings at South Korean companies have fallen by a third in March on-year as businesses are struggling with the coronavirus pandemic, according to a local online job portal Monday. Saramin released an analysis of job openings in the first quarter of 2019 and 2020. According to the results, the hiring rate saw a 32.7 percent drop in March as the prolonged COVID-19 spread has increased uncertainties. The number of the companies analyzed was not disclosed. Considering that March is usuall

IndustryApril 13, 2020

S. Korea identifies 38 virus-neutralizing antibodies

South Korea has identified 38 coronavirus-neutralizing antibodies to treat those who are infected with the novel coronavirus, the country's public health agency said Monday. The state-run National Institute of Health (NIH) and local bio-pharmaceutical firm Celltrion Inc. secured the virus-neutralizing antibody candidates from the blood of people who tested positive for COVID-19, according to the Korea Centers for Disease Control and Prevention (KCDC). The neutralizing antibodies possess prope

IndustryApril 13, 2020

SparkLabs partners with Shinhan Capital for startup fund

Seoul-based global startup accelerator SparkLabs said Monday it has joined hands with nonbanking lender Shinhan Capital to create a 10.1 billion won ($8.28 million) fund to support early-stage startups. The vehicle is aimed at investing in SparkLabs alumni and other early-stage startups with growth potential, as well as secondary investing in fast-growing companies in the fields of health care, biotechnology and manufacturing. The fund is co-managed by SparkLabs and Shinhan Capital, and

MarketApril 13, 2020

Banks' loan delinquency rate inches up in Feb.

The delinquency rate for South Korean banks' won-denominated loans edged up in February from a month earlier, data showed Monday. The rate for bank loans more than 30 days overdue stood at 0.43 percent at the end of February, up 0.02 percentage point from a month earlier, according to the data from the Financial Supervisory Service (FSS). But compared with a year ago, the rate was down 0.09 percentage point, it said. The delinquency rate for loans extended to companies increased 0.04 percent

EconomyApril 13, 2020

Popularity of S. Korea as tourist destination grows for 6th year in a row: poll

A government poll showed Monday that the global popularity of South Korea as a tourist destination increased for the sixth consecutive year in 2019, thanks to the promotional effects of the country's globally loved cultural content sector. According to the 2019 poll on the effect of tourism marketing, released by the Ministry of Culture, Sports and Tourism and the Korea Tourism Organization (KTO), the level of foreigners' recognition of South Korea as a tourist destination rose by 1.1 percent

ConsumerApril 13, 2020

‘Demand for quality sleep rises amidst coronavirus blues’

The consumer market in Korea is experiencing a hiked interest for products that support deep sleeping, simultaneously with the increased sense of social unrest amid the coronavirus pandemic. According to Korea Ginseng Corp. on Monday, its health supplement pill Alpha Project Sleep Support’s revenue in March increased 32 percent compared to the month before. “It appears that the prolonged COVID-19 situation is disrupting sleep for many,” said Korea Ginseng Corp. “Whil

IndustryApril 13, 2020

LG Display’s transparent OLED to debut at general elections

LG Display said Monday that its transparent organic light-emitting diode screen will debut through MBC broadcasting station’s general election ballot counting show slated for Wednesday. A transparent OLED is a next generation see-through screen that allows viewers to look beyond the panel even with the power turned on. LG Display and LG Electronics had commercialized the transparent OLEDs last year, but this is the first time the product will be revealed to the public through a TV show

IndustryApril 13, 2020

[News Focus] As 'remote' gains momentum, how will medical system change?

  The unprecedented spread of the novel coronavirus in the past months has forced medical professionals to seek ways to minimize their contact with patients in testing while maximizing the scope of tracking the infection. Industry watchers say that the South Korean Health Ministry’s smartphone applications, for instance, are an applied form of rudimentary telemedicine by allowing people to self-test during quarantine to report their conditions to medical professionals. In Korea, wh

IndustryApril 13, 2020

State debt sales hit record high amid virus outbreak in Q1

South Korea's state bond sales reached a new high in the first quarter of the year due to more fiscal spending to cushion the economic fallout from the novel coronavirus outbreak, data showed Monday. The government issued 62.4 trillion won ($51.5 billion) in state bonds and Treasurys in the January-March period, up 29.6 percent from a year earlier, according to the data from the Korea Financial Investment Association. The tally is up a whopping 156 percent from the previous quarter and marks

EconomyApril 13, 2020

Korean Air suspends flights to Washington, DC amid virus fallout

Korean Air Lines Co. suspended flights on the Incheon-Washington route Monday due to the impact of the coronavirus. South Korea's national flag carrier did not provide a time frame when it will lift the temporary suspension. The move came amid the rising coronavirus death toll and infections in the United States. The COVID-19 pandemic has killed more than 22,100 people in the US, including 50 in Washington, DC. Currently, Korean Air flies from Incheon to only five US cities -- Los Angeles, N

MobilityApril 13, 2020