[From the Scene] Chinese restaurants, food industry suffer upon novel coronavirus fear

Health authorities insist the transmission of the novel coronavirus through food is unlikely, but fears concerning Chinese food and imported ingredients are spreading fast, and hitting the industry hard. Almost a month has passed since the first novel coronavirus patient was confirmed in Korea, and Chinese restaurant owners are struggling to make ends meet, as rumors backed by anxiety are quickly circulating that the epidemic could be spread via food. “I suggested having skewered meat

IndustryFeb. 12, 2020

Stock prices of firms behind ‘Parasite’ hit new high

Shares of both Barunson E&A, the production company of Oscar-winning “Parasite,” and the entertainment division of stationery and restaurant conglomerate Barunson hit a new 52-week high Wednesday. Barunson E&A shares touched 3,815 won ($3.24) -- up 880 won, or 29.98 percent, from the previous session. The firm had previously peaked by the daily limit of about 30 percent for two straight trading sessions. Baruson’s stock price also spiked 29.87 percent, to hit 4,435

MarketFeb. 12, 2020

FSC, Seoul City join hands to cultivate fintech specialists

A graduate school aimed at nurturing digital finance specialists will be launched in Seoul’s financial district of Yeouido in September, in a joint project between the Financial Services Commission and the city government, officials said Wednesday. Stressing that the financial service sector is going through a major transformation with information technology, the two will fund 19 billion won ($16.1 million) for the project that is designed to provide a two-year graduate and six-month non

EconomyFeb. 12, 2020

Mercedes-Benz launches first A-Class sedan in Korea

Mercedes-Benz Korea on Wednesday began sales of the first sedan in its A-Class lineup -- unveiled during the Paris Motor Show in 2018 -- and also launched its second-generation premium coupe sedan, the new CLA 250 4matic.  Until now, the automaker sold only hatchback A-Class models, and said it has introduced the first sedan model to the lineup to expand its premium sedan range, which comprises C-Class, E-Class, CLS and S-Class.  The new A-Class lineup includes two models -- A 220 s

MobilityFeb. 12, 2020

NH Financial to expand global assets fivefold in 5 years

NH Financial Group, a major Korean banking group, vowed Wednesday to increase its global assets by nearly five times to 6 trillion won ($5.1 billion) by 2025, as part of its new global expansion strategy. According to the financial giant, its overseas assets stood at nearly 1.4 trillion won as of the end of December. It also plans to increase its net profit to 160 billion won in the same period, which came to 28.9 billion won as of December. NH Financial said it would expand its overseas

MarketFeb. 12, 2020

Riot Games Korea gives accumulated total of W6b for cultural artifact preservation

Riot Games Korea announced Wednesday it will continue its corporate social responsibility program of cultural artifacts preservation and that it donated an additional 800 million won ($677,000) this year to the Cultural Heritage Administration. The Korean arm of the US-based game company has collaborated with the Cultural Heritage Administration since end-2011 to reclaim artifacts that were once lost but found in overseas locations. So far, Riot Games Korea has donated a total of over 6 bill

IndustryFeb. 12, 2020

Hanhwa’s Lifeplus brand wins iF design awards

Lifeplus, a joint brand of South Korean conglomerate Hanhwa Group’s financial businesses, bagged two awards at the world’s prestigious International Forum Design Award 2020, according to Hanhwa Life, an insurance firm and a key subsidiary, on Wednesday. The brand, launched in 2017 for the conglomerate’s financial units -- including life insurance, general insurance, stock brokerage and asset management -- won the awards in the two categories of communication design a

MarketFeb. 12, 2020

Busan to inject W205.6b to boost tech hub

Busan Metropolitan City said on Wednesday it plans to inject a total of 205.6 billion won ($174.4 million) this year to launch a new technology hub in South Korea’s second-largest city and back the startup ecosystem in line with the nationwide venture boom. The fund is a combination of the state-budget of 82.7 billion won, 84.3 billion won from the private sector and the rest coming from Busan. It is meant to finance early-stage startups to help them overcome the negative cash flow at it

MarketFeb. 12, 2020

Applications for Techstars Korea’s first batch to close March 1

Techstars Korea, a South Korean unit of Colorado-based global startup accelerator Techstars, said Wednesday applications for its first accelerating program in the nation will close on March 1. The first batch of Techstars Korea, composed of 10 startups, will take part in a 13-week accelerating program in tech hub Pangyo starting June, along with mentorship and a combined $120,000 seed funding. Techstars has joined hands with Hillstone Partners for the program. Startups adept at lifestyle tec

MarketFeb. 12, 2020

African cocoa cartel’s price hike stirs up Korean chocolate makers

South Korean chocolate manufacturers are holding their breath as the world’s top two cocoa producers have decided to charge a fixed premium on their produce. Last July, the West African nations of Cote d’Ivoire and Ghana -- which command more than 60 percent of global cocoa production -- announced a $400 premium over the futures price of every metric ton of cocoa from October 2020. Though the “living income differential,” or LID, premium aims to provide higher and st

IndustryFeb. 12, 2020

Samsung is ready to ‘fold more’: president

SAN FRANCISCO -- For Samsung Electronics, which already offers two foldable smartphone models, it is no longer a challenge to make a phone that folds even more. The South Korean tech titan, rather, is mulling how the folding experience brings value to consumers, said Roh Tae-moon, president and head of Samsung’s mobile division, during a press conference in San Francisco on Tuesday. “Technologically, we are capable of designing phones that fold even more times, but what’s

TechnologyFeb. 12, 2020

KAI joins Singapore Airshow to showcase high-tech aircraft

Korea Aerospace Industries said Thursday it is participating in the Singapore Airshow 2020 to showcase a variety of high-tech aircraft. The Singapore Airshow, which kicked off Tuesday, is one of the world’s three largest air shows, along with the Paris Airshow and Farnborough Airshow. During the six-day event, KAI presents various aircraft, including light combat aircraft FA-50, basic training aircraft KT-1 and transport utility helicopter Suorin. It also displays high-tech aircraft i

IndustryFeb. 12, 2020

Fitch affirms S. Korea's credit rating at 'AA-'; outlook stable

SEJONG -- Global credit appraiser Fitch Ratings said Wednesday it has kept South Korea's foreign currency credit ratings unchanged at "AA-" with a stable outlook. Fitch's rating for South Korea has been AA-, the fourth-highest level on its sovereign ratings table, since 2012, when the rating agency upgraded it from A+. "Korea's rating balances robust external finances, steady macroeconomic performance, and a record of sound fiscal management against evolving geopolitical risks

EconomyFeb. 12, 2020

Despite coronavirus concerns, tech aficionados gather at Samsung Unpacked

SAN FRANCISCO -- Around 3,000 industry officials and tech aficionados including some famous Twitterians gathered at the Palace of Fine Arts in San Francisco on Tuesday for the unveiling of the Galaxy Z Flip and Galaxy S20 lineup, despite persisting fears over the novel coronavirus outbreak. Some attendees at the Galaxy Unpacked 2020 event were spotted with masks on throughout the hourlong show, being aware of the continuously spreading virus across the world, particularly in the Asian region,

TechnologyFeb. 12, 2020

ICT exports down for 15th consecutive month in Jan.

SEJONG -- South Korean exports of information and communication technology products dropped for the 15th straight month in January due to sluggish shipments of chips, displays, and mobile devices, data showed Wednesday. Outbound shipments of related goods moved down 7.2 percent on-year to reach $13.4 billion last month, according to the data compiled by the Ministry of Science and ICT. Asia's No.-4 economy imported $8.82 billion worth of ICT products in January, resulting in a trade surplus

EconomyFeb. 12, 2020

[Newsmaker] Hands-on: What you can do with Galaxy Z Flip when folded

SAN FRANCISCO -- There are more things that can be done on a tiny 1.1-inch display on the cover of Samsung Electronics’ palm-sized foldable Galaxy Z Flip than many would have thought, which maximizes both fun and convenient elements of the brand new mobile form factor. The Korea Herald got a chance to check out the new flip-type foldable gadget at the Galaxy Unpacked 2020 held in San Francisco on Tuesday. The tech giant highlighted that its foldable device can now be folded into a sma

TechnologyFeb. 12, 2020

Sales of toys, functional foods jump on coronavirus

Sales of toys and functional foods are surging in South Korea as children stay home longer and people pay more attention to their health due to a prolonged new coronavirus scare, industry sources said Wednesday. Online shopping site Auction said its sales of toys for toddlers and children skyrocketed from a year earlier in the seven-day period to Sunday. Sales of slides and other large toys nearly tripled over the cited period, and shipments of multi-function play sets, which combine a slide

IndustryFeb. 12, 2020

Hyundai joins hands with startup Canoo on electric vehicles

South Korean auto giant Hyundai Motor Group said Wednesday it has signed a deal with US electric vehicle startup Canoo to develop an electric vehicle platform for its upcoming models. Hyundai said it expects the new platform using Canoo's scalable skateboard architecture to allow for a simplified and standardized development process, which in turn would lower the prices of vehicles made by its two flagship units -- Hyundai Motor Co. and Kia Motors Corp. Canoo's proprietary skateboard architec

MobilityFeb. 12, 2020

GM Korea to partially halt assembly line over parts shortages

GM Korea Co., the South Korean unit of General Motors Co., said Wednesday that it will temporarily suspend one of three domestic car assembly plants due to shortages of Chinese parts amid the spreading coronavirus outbreak. GM Korea is set to close its main Bupyeong plant in Incheon, just west of Seoul, on Feb. 17 and 18 due to shortages of Chinese parts, including wiring harnesses, a key component for a variety of models, a company official said. The move would disrupt the production of the

MobilityFeb. 12, 2020