Hanwha Galleria to open Galleria Gwanggyo in Suwon

Hanwha Galleria said Thursday it will open Galleria Gwanggyo in Suwon, Gyeonggi Province, on Monday, making it the first new department store to open in 10 years and the biggest among the five franchises it operates. According to the company, the store will be located in the Suwon Gwanggyo Convention Complex area, and it will present the best lineup of luxury brands in the Gyeonggi Province area. Galleria Gwanggyo will be the biggest department store for the company, with its building takin

ConsumerFeb. 27, 2020

[Photo News] Starbucks Korea to releases March 1 edition goods

Starbucks Korea will roll out a new set of goods -- a mug, tumbler and card -- designed with mugunghwa, or hibiscus, to celebrate the March 1st Independence Movement Day, the company said on Thursday. The company said it will donate 100 million won ($82,200) from the profit made to the descendants of independence fighters. (herim@heraldcorp.com)

ConsumerFeb. 27, 2020

Mobility startups immune to coronavirus outbreak

Personal mobility startups remain mostly unaffected by the ongoing coronavirus outbreak for the time being, according to industry sources. Electric scooter-sharing service Kickgoing operator Olulo, with more than 440,000 members, said Wednesday that its personal mobility business has not been greatly affected by the massive COVID-19 crisis. “Olulo’s service wasn’t much affected as it is a personal mobility service. Rather, it was the weather that had a bigger influence,&r

MobilityFeb. 27, 2020

Non face-to-face service spikes as coronavirus spreads

The COVID-19 outbreak has triggered a big demand on “untact” services, which do not require direct contact between businesses and customers, with large retailers expanding their stock for delivery. According to big data analysis firm Appminder, users of food delivery and online shopping apps increased significantly since Korea confirmed its first COVID-19 case on Jan. 20. Before the outbreak in Jan 17-19, about 2.73 million people used food delivery apps including Baedal Minjok a

IndustryFeb. 27, 2020

Korea's private bad bank eyes 1st exit from distressed assets

South Korea’s private bad bank, United Asset Management Co. (UAMCO), is betting on exiting from an investment in a distressed company here -- highlighting its growing role in corporate restructuring here. Seha, an industrial paper maker based in Daegu, is inching closer to inviting a new group of controlling shareholders led by Hankuk Paper to take the place of UAMCO, after Samil PricewaterhouseCoopers selected it as the preferred bidder for Seha’s majority stake and its bonds. Up

MarketFeb. 27, 2020

Rents, commissions lowered as virus rages through economy

　As the economy in Korea shoulders headwinds from weakened consumer sentiment due to the coronavirus spread, a number of companies and building owners are coming up with self-rescue measures to help prop up the ecosystem. 　Telecom giant KT announced Thursday it will reduce rents for three months for self-employed business owners at its buildings across the nation, which it believes will cost it 2.4 billion won ($1.97 million). 　KT said it wished to take on the social responsibility of sharing

IndustryFeb. 27, 2020

[Newsmaker] BOK holds first press briefing via YouTube amid coronavirus fears

The Bank of Korea held a press conference on its rate decision via YouTube on Thursday, in a first for the central bank. The conference was held online as part of the central bank’s efforts to combat the spread of the coronavirus and ensure the safety of its officials and reporters, a BOK official said. Following the announcement of its decision to keep its interest rates unchanged at 1.25 percent, BOK Gov. Lee Ju-yeol answered questions from reporters in the livestream on YouTube.

EconomyFeb. 27, 2020

Moody's sees short-term coronavirus virus impact on S. Korean firms

Moody's Investors Service said Thursday it expects the spreading coronavirus outbreak to have a short-term impact on South Korean companies as the virus may be contained in the coming months. The rapid spread of COVID-19 in South Korea and its countrywide efforts to contain the infection are credit negative for local companies in many sectors over the short term as it will increase disruptions of Korea-based production lines and further weaken domestic demand for months to come, Moody's said i

EconomyFeb. 27, 2020

Naver grants incentive stock options to employees

Korean internet and search giant Naver said it will grant stock options to its employees to purchase up to a total of 1.06 million stocks, the company said in its regulatory filing issued Wednesday late afternoon. The stocks that will go to the company’s employees account for 0.65 percent of Naver’s stocks, the company added. The stocks will be provided to 3,084 workers at a price of 186,000 ($153) won per share. The options are exercisable for a period of five years starting in

IndustryFeb. 27, 2020

Daishin, KB Securities, Woori Bank raided in Lime scandal probe

  Prosecutors raided Daishin Securities, KB Securities and Woori Bank on Thursday as part of a probe into the snowballing Lime Asset Management fiasco. Investigators from the Seoul Southern District Prosecutors’ Office executed a search and seizure operation at the headquarters of Daishin Securities and KB Securities in central Seoul and KB Securities’ office in Yeouido in the morning. Prosecutors had raided Lime Asset Management and Shinhan Investment last week, after the f

MarketFeb. 27, 2020

Komipharm stocks soar upon news of clinical trial application for coronavirus

Komipharm stocks hit the ceiling on Korea’s secondary bourse Kosdaq early Thursday, after the company said it applied for phase 2 and 3 clinical trials of its Panaphix drug for coronavirus as a potential treatment. The company said it will issue further notice if it gains the Ministry of Food and Drug Safety’s approval for final phase clinical trials targeting 100 coronavirus-confirmed patients. Investors should be aware that the possibility of any drug winning final commercializat

IndustryFeb. 27, 2020

Samsung Display’s latest OLED globally recognized for quality

Samsung Display said Thursday its organic light-emitting diode panels for 5G smartphones have been certified as energy-saving and eye-care displays by multiple international organizations. The company is a major supplier for the latest Galaxy S20 series. SGS, a Switzerland-based certification institute, said Samsung’s latest OLED display for smartphones emit 6.5 percent blue light, the lowest percentage among comparable products. As of last year, other firms’ OLED products produ

TechnologyFeb. 27, 2020

KT&G signs $1.8b deal with UAE consumer giant

KT&G said Thursday it signed a 2.2 trillion won ($1.8 billion) contract with Dubai-based consumer giant Alokozay for a period of seven years and four months. This is the South Korean tobacco company’s second global collaboration this year following the supply deal signed with Philip Morris International on Jan. 29 to export the firm’s e-cigarettes globally for the next three years. KT&G said through the deal, it “cleared uncertainties in major overseas markets,

ConsumerFeb. 27, 2020

Hanjin Group to sell hotel assets for financial health

Hanjin KAL, the holding company of airline-to-logistics conglomerate Hanjin Group, said Thursday it was looking to sell its non-core hotel assets to improve its financial health and shareholder value.  Hanjin KAL said invitations to bid for the assets had been sent to 12 firms including real estate consulting firms, accounting firms and asset management firms.  On Feb. 7, the company decided during the board meeting to sell assets related to its loss-making leisure and hotel busines

IndustryFeb. 27, 2020

Samsung unveils upgraded smartwatches in S. Korea

Samsung Electronics Co. on Thursday unveiled two new smartwatch models in South Korea in a move to expand its presence in the wearable device market. The Galaxy Watch Active2 Golf Edition and the Galaxy Watch Active2 LTE Aluminum models will be launched in South Korea on Friday, according to Samsung. The South Korean tech giant said that the golf edition will be available in the United States and Britain, while the LTE Aluminum version will be also sold in Europe and some Asian countries.

TechnologyFeb. 27, 2020

LG Uplus signs global partnership on AR solutions

LG Uplus Corp., a major South Korean telecommunication firm, said Thursday it has signed a partnership with leading companies in the augmented reality (AR) sector to provide better services with its 5G network. LG Uplus said it has joined hands with AR software startup Spatial Systems Inc., mobile AR headset maker Nreal and mobile chipmaker Qualcomm Technologies Inc. to develop 5G-based AR collaboration solutions. Japanese telecom giant KDDI Corp. and Germany's Deutsche Telekom AG are also

IndustryFeb. 27, 2020

Number of discouraged workers hits new high in 2019

SEJONG -- The number of discouraged workers in South Korea touched an all-time high in 2019, data showed Thursday, pointing to a tough employment situation amid an economic slowdown. Asia's fourth-largest economy registered a monthly average of 533,000 discouraged workers last year, up 1.6 percent from a year earlier, according to the data from Statistics Korea and the office of Rep. Choo Kyung-ho of the main opposition United Future Party. The figure was the largest since 2014, when data com

EconomyFeb. 27, 2020

BOK cuts growth outlook to 2.1% on fallout from coronavirus

South Korea's central bank lowered its growth estimate for the year by 0.2 percentage point to 2.1 percent on Thursday as the fast-spreading coronavirus may have a far-reaching impact on Asia's fourth-largest economy. The downward revision came as the COVID-19 outbreak is feared to badly hurt the economy, which was earlier expected to grow 2.3 percent this year. The BOK singled out the virus outbreak as a main reason for the downward revision of its growth outlook but said the economy will re

EconomyFeb. 27, 2020

Hyundai Mobis to enter global head-up display market

Hyundai Mobis Co., South Korea's biggest auto parts maker, said Thursday it aims to make inroads into the global head-up display market. The global HUD market has been dominated by multinational auto parts companies such as Continental AG, Denso and Nippon Seiki Co. "The company is aiming to sign contracts with global carmakers to sell its HUD products and foster HUD products to become a major export item," Hyundai Mobis said in a statement. Hyundai Mobis recently started to supp

MobilityFeb. 27, 2020

BOK stands pat amid looming virus fallout, again cuts growth outlook

South Korea's central bank on Thursday held its key policy rate steady, while slashing its growth outlook amid growing worries over the spreading coronavirus outbreak. The Bank of Korea left the base rate frozen at the current 1.25 percent. The central bank has been keeping the policy rate at the record low level since October when its seven-member board made its second rate cut in three months as the economy showed signs of a recovery. The decision to stand pat came despite a downward revis

EconomyFeb. 27, 2020