BOK offers $8.7b to banks via US currency swap

The Bank of Korea (BOK) offered $8.72 billion to banks Tuesday in its first round of dollar lending using a currency swap line with the United States Federal Reserve in a bid to stabilize the currency market. The central bank held a 30-minute online auction to provide local banks and other financial institutions with $800 million in seven-day debt and $7.92 billion in 84-day loans. Bids undershot the BOK target of $2 billion in seven-day debt and $8 billion in 84-day loans, which the central

EconomyMarch 31, 2020

Human testing for Johnson & Johnson coronavirus vaccine this fall

WASHINGTON (AFP) -- Johnson & Johnson said on Monday it had selected a lead candidate vaccine for the new coronavirus that would move to human trials by September and could be ready for emergency use by early next year. The pharmaceutical company has signed an agreement with the US government's Biomedical Advanced Research and Development Authority to invest $1 billion in the effort, it said in a statement. J&J began working on the vaccine under investigation -- Ad26 SARS-CoV-2 -- in

TechnologyMarch 31, 2020

Lotte chairman highest-paid exec in S. Korea in 2019

Lotte Group Chairman Shin Dong-bin ranked as the highest-paid corporate executive in South Korea last year, industry data showed Monday.  Shin topped the list by receiving 18.18 billion won ($14.78 million) in wages from seven group companies, including Lotte Shopping Co., according to the companies' public disclosures. Lotte is the nation's fifth largest business group. He was the highest salary earner in 2017 with 15.2 billion won, but his compensation nearly halved the following year

IndustryMarch 31, 2020

Employee at Samsung's chip plant tests positive for coronavirus

A n employee at Samsung Electronics Co.'s chip production line in Yongin, south of Seoul, was confirmed to have contracted the novel coronavirus on Monday, a local government said.    The worker in his 20s first showed symptoms of the COVID-19 virus last week and took a test on Sunday, according to the city government of Hwaseong, where he resides.    After the result came out Monday, he was taken to a hospital and the authorities are tracing his contacts.    Th

IndustryMarch 31, 2020

Chaotic market puts fate of Korean M&As to test

Over the past few months since the outbreak of the novel coronavirus, some employees of Hyundai Development Company, a local real estate developer under the pan-Hyundai empire, have been walking on thin ice. The market is facing a pandemic test, they said, pointing out the company’s landmark deal to acquire Asiana Airlines, the nation’s second-largest air carrier. The market hit by once-in-a-generation crisis could undermine the financial soundness of the company, not to mention

MarketMarch 30, 2020

Solgent moves to meet global RT-PCR kit demands

COVID-19 real-time PCR diagnostic kit manufacturer Solgent is working to meet rising global demands, the company said Monday. Solgent is genome precision medicine company Eone Diagnomics (EDGC)’s affiliate that is currently at its full capacity churning out 3,000 kits per week. With one kit, 100 people can test whether or not they are infected with the novel coronavirus. Over 20 nations are requesting Solgent to export its independently developed DiaPlexQ Novel Coronavirus Detection Kit

IndustryMarch 30, 2020

[Monitor] Korea’s consumer sentiment falls to 10-year low

South Korea’s consumer sentiment fell to the lowest level in more than a decade in March, affected by the continued spread of the COVID-19, data from the Bank of Korea showed last week. The composite consumer sentiment index reached 78.4 this month, a drop by 18.5 points and the lowest since March 2009. Consumer sentiment toward the current economic conditions plunged 28 points to 38, according to a subindex, also the lowest since March 2009.  (khnews@heraldcorp.com)

IndustryMarch 30, 2020

S. Korea to place investment cap on peer-to-peer lending

In an effort to tighten its grip on high-risk financial products in a volatile market, South Korea’s financial authorities will be placing a cap on peer-to-peer investments. The regulatory Financial Services Commission and watchdog Financial Supervisory Service on Monday unveiled the enforcement regulations for a forthcoming act on P2P lending, which will take effect starting Aug. 27. Under new rules, individual investors may invest up to 30 million won ($24,500) in P2P products and up

MarketMarch 30, 2020

Posco Chemical invests W217.7b for EV materials facility

Posco Chemical said Monday it will invest 217.7 billion won ($178 million) to produce key materials for electric vehicle batteries. According to the company, its board of directors has approved the investment to construct a production facility for synthetic graphite anode for EV batteries. “Demand for synthetic graphite anodes for EV batteries is expected to spike as the market size is expected to grow from 194 GWh in 2020 to 3,066 GWh in 2030. It’s essential to be equipped wit

IndustryMarch 30, 2020

Daegu economy hit hardest by coronavirus in Q1

South Korea’s regional economies have noticeably shrunk in the first quarter due to the coronavirus pandemic, with epicenters of the outbreak hit worst, a Bank of Korea report showed Monday. According to the nation’s central bank, “Regional economies of Daegu and both Gyeongsang provinces shrunk marginally in the first quarter of the year, while the Seoul metropolitan area and others also saw a contraction compared with the previous quarter.” All provinces and areas s

EconomyMarch 30, 2020

Seoul stocks almost flat, won sharply down

South Korean stocks finished almost unchanged Monday paring earlier losses on new stimulus measures aimed at minimizing the fallout from the spread of the new coronavirus.  The local currency dropped sharply against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 0.61 point, or 0.04 percent, to close at 1,717.12. Trading volume was high at 753 million shares worth 8.97 trillion won ($7.32 billion), with gainers outnumbering losers 615 to 256.   The in

MarketMarch 30, 2020

Financial regulator backs KDB ownership of insurer

South Korea’s financial regulator Monday cleared uncertainties, allowing the Korea Development Bank to take control of a local insurer unit for the time being and buy the time to sell it off. A private equity firm jointly created by KDB and Consus Asset Management -- which controls a combined 92.73 percent of KDB Life Insurance -- reached the end of a 10-year grace period before being regulated as an insurance holding company in February. Under the Capital Markets Act, the private equity

MarketMarch 30, 2020

Woowa Brothers to sue scammers posting fake food reviews

Woowa Brothers, operator of the country’s leading food delivery app Baedal Minjok, said Monday it will file police complaints against businesses that posted fake food reviews on its app, after being paid. According to the company, the firms received about 5,000 won ($4) to 10,000 won for posting positive reviews registered on Baedal Minjok. For instance, they would be paid about 23,000 won to order one fried chicken that cost 18,000 won on the app, write a positive review, and gain 5,000

ConsumerMarch 30, 2020

BAT’s 2020 vision touts ‘less risky’ products

British American Tobacco announced Monday a new corporate strategy for 2020 to present less risky products for customers, while setting a new environment goal, according to BAT Korea. Under the new corporate aim dubbed, “Building a better tomorrow,” the company said it will target establishing 50 million non-combustible product consumers by 2030, to achieve carbon neutrality by 2030 and bring forward its existing 2030 environment targets to 2025. BAT Chief Executive Jack Bowles p

IndustryMarch 30, 2020

eBay optimizes delivery service with new platform

Leading e-commerce retailer eBay Korea said Monday the company was creating synergies by integrating its independent “Smile delivery” service with its fulfillment platform. The retail giant said Monday its Smile delivery service has been able to benefit both sellers and buyers through its optimized fulfillment platform, which uses the same system as Amazon’s fulfillment services. “Typical fulfillment platforms charge businesses by the size of space allocated for stoc

IndustryMarch 30, 2020

KT’s new chief gets rid of chairman title

Newly appointed CEO of South Korea’s leading telecom company KT Koo Hyun-mo on Monday relinquished his title as chairman, vowing independent and future-oriented management. Koo, who was formerly head of KT’s customer and media division, officially received the green light as the new CEO and president during a shareholders meeting in Seoul. The shareholders also approved the removal of the chairman position, as part of efforts to maximize roles of other decision-makers to improve i

TechnologyMarch 30, 2020

Kumho Tire wins Red Dot Design Award 2020

South Korea’s Kumho Tire said Monday that its Solus 4S HA32 has won the Red Dot Design Award 2020. According to the tire maker, Solus HA32 is specially designed for road conditions in Europe, offering stable driving performance and brake in all four seasons.  By applying high-tech materials and V-shape pattern, Solus HA32’s brake function has improved by 15 percent compared to the previous model, the company said.  Its 3D inter-locking system also makes it easier for a

MobilityMarch 30, 2020

New home permits shrink 10% in Feb.

New home permits in South Korea fell nearly 10 percent in February from a year earlier due to a drop outside the capital region, the government said Monday. Construction permits issued for new homes stood at 37,980 units last month, down 10.1 percent from the same period a year ago, according to the Ministry of Land, Infrastructure and Transport. New home permits issued in Seoul climbed 6.5 percent on-year to 5,651 in February, and those issued in the capital area edged up 0.8 percent to 26,2

EconomyMarch 30, 2020

Korean firms face coronavirus heat in Europe

South Korean companies operating in Europe are reeling from the coronavirus pandemic that has devastated the region, a survey showed Monday. The domestic situation is also dismal, with the business sentiment that gauges the nation’s export outlook hitting the lowest level in 135 months. The Korea International Trade Association surveyed 80 Korean companies doing business in Europe between Wednesday and Friday. According to the survey, 41 companies said the damage was “very ser

IndustryMarch 30, 2020

McDonald’s reaches out to support COVID-19 heroes

McDonald’s Korea said Monday it has donated 8,000 burgers and coffee cups to subway cleaning staff through Seoul Volunteer Center. The fast-food chain said it delivered 4,000 coupons each for Bic Mac burgers and Americano coffee cups to cleaning and disinfection staff of Seoul Metro Environment and Seoul Metropolitan Rapid Transit Corp., which manage Subway Line No. 1-4 and 5-8, respectively. “Cleaning and disinfection staff are the true unsung heroes as they risk their own safet

IndustryMarch 30, 2020