FTC to report Naver Chairman to prosecutors for violating antitrust laws

South Korea’s Fair Trade Commission is set to report Naver Chairman Lee Hae-jin to prosecutors for alleged violation of antitrust laws, officials said Sunday. The antitrust watchdog said Lee is accused of omitting 20 affiliates, including Line Friends and some of his own and relatives’ companies, when submitting data to the FTC in 2015. The company was also found to have omitted eight affiliates owned by executives of nonprofit companies wholly owned by Naver in 2017 and 2018. Ea

IndustryFeb. 16, 2020

[Behind the Wheel] Mercedes-Benz aims to bolster SUV lineup with facelift GLC

  Mercedes-Benz has consistently commanded the top position in the South Korean imported vehicles market. Last year alone, it sold 78,133 units, led by its flagship sedan series E-Class. Compared to sedans, the German luxury automaker’s sport utility vehicles had taken a back seat. To expand its clout in the promising SUV sector, the automaker began bolstering its SUV lineup early this year, bringing back a facelifted version of the GLC compact SUV after four years. The GLC is on

MobilityFeb. 16, 2020

[Herald Interview] The control engineer out to switch cancer off

When a team of South Korean researchers published research last month on a potential approach to treating bowel cancer, there was a huge buzz in the scientific media. There was no drug candidate for the approach but if one were found it could, in theory, mean that not just this, but other types of cancer could become a chronic illness rather than a life threatening condition. It would require years of study from here on, but at the end of our research will come the day when cancer patients

IndustryFeb. 16, 2020

Woori Bank merges two Cambodian subsidiaries

South Korea’s Woori Bank said Sunday it recently merged two of its Cambodian subsidiaries in an effort to provide comprehensive financial services in the Southeast Asian nation. According to the commercial lender, Cambodian financial authorities approved the merger of Woori Finance Cambodia and WB Finance earlier this month. WB Finance is the surviving entity. Woori Finance Cambodia was established after Woori acquired Cambodia’s microfinance institution Malis Finance for 5 billi

MarketFeb. 16, 2020

Hyundai’s hydrogen-powered trucks to hit the road in Korea by 2023

Hyundai Motor is set to introduce two hydrogen-powered trucks in South Korea by 2023 and add 10 more in the following year in collaboration with a local port authority, the automaker said Sunday. The carmaker said it signed a memorandum of understanding with Yeosu Gwangyang Port Authority on Friday to lay the foundation for hydrogen mobility and to vitalize the hydrogen economy at Gwangyang Port in South Jeolla Province. The region is home to petrochemical complexes that produce hydrogen as

MobilityFeb. 16, 2020

Investment firms act to reap windfalls from ‘Parasite’ boom

South Korean investment houses are moving to reap windfalls from listed companies here involved in the production of Oscar-winning film “Parasite.” As the shares of producer Barunson E&A and its affiliate saw a strong upshot over the past week, investors in the firms’ mezzanine instruments are exercising options to convert them into shares to boost valuation in their asset holdings and seek an easier exit opportunity. Winasia Partners, a Seoul-based private equity firm,

BusinessFeb. 16, 2020

LG Chem gets default win in US ITC suit after SK Innovation’s contempt of court

The US’ International Trade Commission has made a default judgment in favor of LG Chem in its suit against SK Innovation, LG Chem said Sunday, hinting that the end is near in the legal tug-of-war between the two Korean battery makers. A default judgment occurs when a court rules in favor of the plaintiff in default following the defendant’s failure to fulfill due responsibility in a legal case. The US ITC might disclose the reason for its decision in the coming week. If the ITC

IndustryFeb. 16, 2020

[From the Scene] Galaxy S20, Z Flip attract aspiring tech leaders in Silicon Valley

PALO ALTO, California -- After the Galaxy S20 and Z Flip phones were unveiled in San Francisco on Tuesday, aspiring tech leaders studying and working in Palo Alto, the heart of Silicon Valley, flocked to a Samsung shop in the area. Samsung Experience Store in Stanford Shopping Center saw its visitor traffic surge about 80 percent on the day of the “Unpacked” event compared with usual Tuesdays, owing to display shelves spruced up with new devices.  Opened in December, it is on

TechnologyFeb. 16, 2020

Carmakers still short of parts from China amid partial production

Carmakers in South Korea said Saturday some of their assembly lines are still short of auto components as parts suppliers in China partially resumed operations this week amid no signs of the new coronavirus slowing. Hyundai Motor Co. and its affiliate Kia Motors Corp., the country's two biggest carmakers, restarted production at their domestic plants Tuesday, mainly using auto components shipped from Southeast Asia. "Some parts from Southeast Asia arrived at the plants Monday, which hel

IndustryFeb. 15, 2020

Mobile carriers beef up VR content amid 5G expansion

South Korea's three major mobile carriers are beefing up their virtually reality (VR) content and related services, industry insiders said Saturday, as they aim to attract more customers amid their 5G expansion. The three -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- commercialized 5G telecommunication last year and have been focusing on securing more 5G subscribers. Taking advantage of 5G's high speed and low latency, they are now rolling out VR content for various sectors -- from entertai

TechnologyFeb. 15, 2020

Lime Asset deliberately deceived investors in awareness of losses: FSS

South Korean fund operator Lime Asset Management and its seller Shinhan Investment deliberately duped investors by concealing their losses and continuing the sale of the related products, the watchdog Financial Supervisory Service said Friday. Based on an intermediary inspection and accounting audit, the FSS estimated that two of the disputed parent funds may suffer losses of up to 730 billion won ($617.5 million). Considering other parent funds yet under inspection, the total amount of investo

MarketFeb. 14, 2020

Hana Financial signs W77b deal to acquire The-K Non-Life

Hana Financial Group said Friday it had inked a sales and purchase agreement with the Korea Teachers’ Credit Union to buy a 70 percent stake in The-K Non-Life Insurance for 77 billion won ($65.1 million). This is the first acquisition deal for Korea’s third-largest banking group since the takeover of Korea Exchange Bank in 2013. The-K Non-Life will become the 14th affiliate and second insurer arm to be under Hana’s umbrella. KTCU will remain a minority shareholder of t

MarketFeb. 14, 2020

17 Hyundai, Kia cars picked as safest in US crash test

A total of 17 Hyundai Motor Group car models received either Top Safety Pick+ or Top Safety Pick awards from the Insurance Institute for Highway Safety this year. The US awards recognize the safety of vehicles in crashes. According to South Korea’s leading carmaker, the Genesis G80, Genesis G70 and Nexo were named Top Safety Pick+, with the latter two recognized for their “good-rating” headlights for all trims. Top Safety Pick went to eight models from Hyundai Motor -- El

MobilityFeb. 14, 2020

Coronavirus likely to deepen auto sector woes: Fitch

Fitch ratings agency said Friday the new coronavirus outbreak will add to auto sector challenges this year as COVID-19 disrupts global supply chains. "The greatest impact on the sector is likely to come from lower sales during the outbreak in China, the world's largest market for new vehicles. The country's new vehicle sales are likely to be depressed until the outbreak is under control," Fitch said in a statement. Fitch expected sales in China to start recovering from April and acc

EconomyFeb. 14, 2020

KDB realizes revenues on investment in BTS agency, film ‘Parasite’

South Korean state-owned lender the Korea Development Bank has borne fruit with its investment in the nation’s cultural contents, officials said Friday. Already generating profits from its investment in Big Hit Entertainment, the agency of global K-pop sensation BTS, the banking group is also expecting considerable returns from its investment in Oscar-winning film “Parasite.” KDB Capital, an affiliate of KDB, invested nearly 700 million won ($591,000), including a direct inv

MarketFeb. 14, 2020

Korean Air unionized workers warn against KCGI-Cho Hyun-ah coalition

Korean Air’s unionized workers on Friday warned against a coalition comprising a Korean Air heiress and activist fund Korea Corporate Governance Improvement.  In an apparent scheme to oust incumbent Chairman Cho Won-tae, former Korean Air Vice President Cho Hyun-ah and Hanjin Group’s largest and third-largest shareholders -- KCGI and Bando Construction -- said Thursday they are proposing eight figures, including former SK Group Vice Chairman Kim Shin-bae, as candidates for boar

MobilityFeb. 14, 2020

S. Korea’s export prices drop in January

South Korea saw its export prices fall on-year in January, mainly due to the strengthening of the Korean won against the US dollar, central bank data showed Friday. The export prices index in terms of Korean won came to 96.59 last month, according to preliminary data released by the Bank of Korea. The figure was down 0.8 percentage point from a month earlier and down 2.8 percent from a year earlier. “The export price index prolonged an on-month downturn but the pace of the decrease sl

EconomyFeb. 14, 2020

Samsung’s Galaxy Z Flip flies off shelves on first day

Samsung Electronics’ foldable phone Galaxy Z Flip went on sale online and offline in Korea on Friday, with some online vendors selling out within 30 minutes. It started taking preorders for its new flagship smartphone series Galaxy S20 the same day. The Galaxy Z Flip is available at Samsung’s official website and branches of major mobile carriers SK Telecom, KT and LG Uplus. Earlier in the day, LG Uplus said Z Flip models sold out 30 minutes after launching Friday. In the fir

IndustryFeb. 14, 2020

BOK chief says will maintain ample liquidity

The head of South Korea's central bank said Friday the country will continue to maintain ample liquidity to help minimize the fallout from the outbreak of the new coronavirus amid growing market expectations for a rate cut down the road. "I believe now is the time when we need everyone's efforts to minimize the impact of this crisis," Bank of Korea (BOK) Gov. Lee Ju-yeol told a Seoul meeting hosted by Finance Minister Hong Nam-ki to review the impact of the outbreak. "To this e

EconomyFeb. 14, 2020

KLM apologizes after being accused of coronavirus racism

The Netherlands’ flag carrier KLM Royal Dutch Airlines apologized Friday for banning South Koreans from using a restroom on a plane amid coronavirus concerns.  According to a Korean passenger onboard the KLM 855 flight bound for Incheon from Amsterdam on Monday, a hand-written note that read “cabin crew exclusive restroom” in Korean was posted on the door of a restroom. Koreans made up 135 out of 279 passengers on the plane.  When a passenger asked why the note wa

MobilityFeb. 14, 2020