S. Korean exports to China perk up in March

South Korean exports to China have been picking up in March as the new coronavirus retreats in the neighboring country, data showed Tuesday. Daily exports to the world's second-largest economy averaged $436 million during the first 10 days of this month, up 20.8 percent from the same period in February, according to the data from the government and industry sources. Yet the daily average was down 8.2 percent from the same period a year earlier. Daily exports to China soared to $530 million in

BusinessMarch 17, 2020

Agriculture exports to China drop 6.7% on virus in Jan.-Feb.

South Korea's exports of farm goods to China fell 6.7 percent in the first two months of the year due to the spread of the novel coronavirus, government data showed Tuesday. Shipments of agricultural and livestock products to the neighboring country came to $138 million in the January-February period, compared with $148 million during the same period a year earlier, according to the data from the Ministry of Agriculture, Food and Rural Affairs. The cumulative decline follows a 22.5 percent o

EconomyMarch 17, 2020

JTI Korea invites applicants for global internship in Geneva

JTI Korea said Monday it is recruiting talented youth to participate in the global internship program “Make It Bright” at its global headquarters in Geneva. The company’s Make It Bright internship program is currently being run in 33 countries. Selected trainees can choose one of the given topics to participate in the local and global presentation competition, from which they can receive professional mentoring and hands-on experience, the company said. After several stage

IndustryMarch 16, 2020

[News Analysis] Housing market boom may snap under COVID-19

In addition to Moon Jae-in government’s policy actions so far to curb housing prices, the escalating fallout of COVID-19 may daunt South Korea’s overheated real estate market, observers noted Monday. The key question is whether the impact of the pandemic will escalate to a global financial crisis. Last week, the Bank of Korea pointed out that COVID-19 has been exerting a more direct and drastic impact on the stock market, compared to past major epidemics. Throughout the outbre

MarketMarch 16, 2020

SKC sells off chemical business, secures W1tr for new investment

South Korean chemical firm SKC said Monday it has secured about 1 trillion won ($814.9 million) by liquidating its stake in its chemical business to expand investment in mobility and chip businesses. SKC said Monday it has transferred a 49 percent stake in its chemical business to Petrochemical Industries Company in Kuwait and received 565 billion won Tuesday. The move will create a joint venture SK picglobal and both companies will cooperate to establish a production capacity of 100 metric

IndustryMarch 16, 2020

[Newsmaker] River of Grace Community Church sprays saltwater into worshippers’ mouths

River of Grace Community Church in Seongnam, Gyeonggi Province, is alleged to have sprayed saltwater into the mouths of people attending church services on March 1 and 8, which may have contributed to the cluster infection of at least 46 people with the novel coronavirus. “It is very unfortunate. As we were reviewing the CCTV footage from River of Grace Community Church, we found that members of the congregation were sprayed saltwater into their mouths one-by-one because of misinformati

TechnologyMarch 16, 2020

Kakao founder Kim Beom-su disposes of Kakao’s first headquarters building

Kakao founder and Chairman Kim Beom-su sold a building located in Seoul’s Yeoksam-dong in Gangnam-gu for 38.2 billion won ($31.2 million) last year, according to local reports Monday. The building was used as Kakao’s first headquarters. Kim purchased the building for 29 billion won in 2011 together with Chun Yang-hyun, executive chairman of Cocone. In 2013, Kim bought Chun’s share in the building for 17 billion won and became the sole owner. Kakao’s headquarters moved

TechnologyMarch 16, 2020

Korean scientists develop high-filter, washable masks

Scientists from the Korea Advanced Institute of Science and Technology said Monday that they have successfully developed nanofabric mask filters that can withstand at least 20 washes and used for a month. Masks have become a high priority in South Korea since the outbreak of COVID-19. Their scarcity and the opportunistic profiteering that ensued have made the government put a cap on exports, and ration the filter mask purchases to two per person on a weekly basis. With more people resorting t

IndustryMarch 16, 2020

Kakao sells part of stake in Hanjin KAL

South Korean internet giant Kakao has sold part of its stake in Hanjin KAL, having previously been expected to support Cho Won-tae in a family feud over the control of Hanjin Group, according to industry sources Monday. KaKao’s stake in Hanjin KAL, the holding entity of Hanjin Group, is now lower than 1 percent, down from a previous 2 percent, according to the sources. Kakao said that the sale of several stock items was a way to counter potential uncertainty in the market amid the coro

IndustryMarch 16, 2020

BOK slashes rate to record low 0.75%, after emergency Fed move

Amid growing concerns over COVID-19, South Korea’s key interest rate plunged below 1 percent for the first time in history as the central bank cut it by 50 basis points to a record low of 0.75 percent. The decision came hours after the US Federal Reserve took the drastic step of slashing its benchmark interest rate to near zero to offset the economic fallout from the novel coronavirus. “The US Fed in recent days lowered its interest rate by 150 basis points, which was a swift mo

EconomyMarch 16, 2020

Innocean Worldwide expands to Singapore, Indonesia

Innocean Worldwide said Monday that it has opened new overseas offices in Singapore and Indonesia to strategically target the Asia-Pacific market.  The global marketing communication unit of Hyundai Motor Group said that the two units will help it expand outside South Korea and create synergies in global markets.  Innocean currently operates overseas offices in India and Australia. The company said the Indonesian office will respond to Hyundai Motor’s sales and marketing serv

IndustryMarch 16, 2020

Foreign investors beef up shareholder activism with legal clarity

South Korea introduced a law in February to support a new form of activism by “general” equity investors, enabling minority shareholders to have a say in corporate decisions. The revision of the Capital Markets Act has offered investors legal clarity in their move to boost shareholder value and adhere to stewardship codes. So far, four foreign investors have declared they are “general” investors in eight listed companies,” so that they can be more actively engage

MarketMarch 16, 2020

Bandi & Luni’s bookstore chain up for sale

The owners of the Seoul Book Center -- operator of South Korea’s third-largest bookstore chain, Bandi & Luni’s -- are looking to put their stake in the company up for sale through deal manager eBest Investment & Securities, the brokerage house said Monday. Founded in 1988, the Seoul Book Center operates 10 bookstores and stationery stores across the country, as well as an online bookstore. The deal is meant to give its owners, including CEO Kim Dong-kook and his father, Ki

MarketMarch 16, 2020

Starbucks Korea extends coffee donation to hotline workers until end-March

Starbucks Korea said Monday it will expand its free coffee delivery it started in mid-February for workers at the disease control center hotline 1339 to the end of this month. According to the coffee chain, it has been providing 500 cups of coffee every day since Feb. 17 to three 1339 call centers, two operated by the Korea Centers for Disease Control and Prevention in Yeongdeungpo, Seoul and Gwacheon, Gyeonggi Province, and one operated in cooperation by National Health Insurance Service. O

ConsumerMarch 16, 2020

Celltrion’s Cheongju plant passes FDA evaluation

Celltrion said Monday its Cheongju plant passed the US’ Food and Drug Administration’s additional inspection, opening up the path to a 1.2 trillion won ($985 million) human immunodecifiency treatment market. Celltrion manufactures three-drug-in-one-tablet HIV treatment CT-G07 at its plant in Cheongju, North Chungcheong Province. The treatment is pending FDA approval for US commercialization. FDA had carried out an on-site inspection of Celltrion’s Cheongju plant in January to

IndustryMarch 16, 2020

Genexine, Binex to co-develop coronavirus vaccine GX-19

Korean companies Genexine and Binex will jointly develop potential COVID-19 vaccine “GX-19,” in hopes of preventing yearly seasonal flus showing respiratory symptoms, the companies said Monday. GX-19 will be a DNA vaccine, developed using Genexine’s platform technology and manufactured at Binex’s “good manufacturing practice”-abiding facility. A DNA vaccine involves a DNA delivery vector fitted with the genetic information of a particular virus, to which the

IndustryMarch 16, 2020

Korean firms on edge about rapid coronavirus spread in Europe, US

South Korean companies are feeling the strain as the new coronavirus spreads rapidly in their major production bases and premium markets -- Europe and the US. The cumulative number of confirmed cases in Europe totaled around 67,000 as of Monday, and the death toll exceeded 2,300. In the US the number of new cases increased by more than 1,000 over the weekend to about 3,100.  Europe, which the World Health Organization declared the “epicenter” of the pandemic on Friday, is h

IndustryMarch 16, 2020

Mirae Asset invests in US-based Impossible Foods

South Korea’s Mirae Asset Financial Group has invested some $150 million in Impossible Foods, a US-based startup that produces meat alternatives, according to reports Monday. Mirae Asset, along with several financial investors, participated in the latest funding round,” an investment banking source was quoted as saying by Financial News. “Mirae Asset was the only Korean firm and appears to be paying attention to the fast-growing meat alternative market.” Founded in 2

MarketMarch 16, 2020

Hyundai Motor to exempt W2.2b of franchise fees

Hyundai Motor Group said Monday that it has decided to exempt franchise deposit of some 2,000 partner companies in charge of customer service across the country, which amounts to 2.2 billion won ($1.8 million). The automaker said 1,374 Blue Hands centers, a Hyundai Motor and Genesis’ official service provider, and 800 Auto Q centers, Kia Motors’ partner service and maintenance company, will have 50 percent of their franchise fees exempted for three months from March to May.  F

MobilityMarch 16, 2020

Doosan Solus wins W100b battery foil deal in Europe

Doosan Solus said Monday that its subsidiary in Hungary had won a supply contract to provide 100 billion won ($82 million) worth of battery foil, used in electric cars, to a global battery manufacturer. According to the company, Doosan Corporation Europe clinched the four-year deal from 2021 to 2024. It is the second such deal for the overseas branch, the first having been signed around the end of last year. The South Korean copper manufacturer said the two contracts account for about 80 per

IndustryMarch 16, 2020