Amorepacific partners with top Indonesian retailer, expands presence in region

Korea’s top cosmetics maker Amorepacific Group said Monday it confirmed a business partnership with PT Mitra Adiperkasa (MAP), a leading retailer in Indonesia, strengthening its position as global beauty brand in the region. According to the company, Amorepacific President Bae Dong-hyun and MAP Group CEO Virendra Sharma inked the agreement at the MAP headquarters in Jakarta, Indonesia, on Wednesday. Under the partnership, Amorepacific will present its cosmetics brands, Sulwhasoo, Lanei

ConsumerFeb. 3, 2020

[Herald Interview] Homeplus eyes market expansion with private brand, global sourcing

Private brands -- exclusively manufactured for a retailer -- have for long been making strides, although they are still concentrated in the developed markets of Europe, North America and Australia. While still in a nascent stage in South Korea, the private brand market has shown exponential growth in recent years, with brand loyalty for large retailers reigning the landscape. How well a retailer builds trust with its consumers is the key to success, and a lot of that comes from the quality of

ConsumerFeb. 3, 2020

Korea Game Society fundraises for people of Wuhan

The Korea Game Society on Monday initiated a fundraiser among gamers to support the people of the recent novel coronavirus-hit Wuhan in China’s Hubei province. “We support the people of Wuhan and the greater China fighting against the new coronavirus,” said KGS head Wi Jong-hyun. “Games is an industry where Korea and China hold a special relationship like none other. Korean games have received much love from Chinese fans, and it is only a matter of course that we rise t

IndustryFeb. 3, 2020

S. Korea to allocate W400b for exporters amid new coronavirus

South Korea said Monday it will chip in 400 billion won ($334 million) to support exporters potentially facing troubles due to the outbreak of the new coronavirus in China. "Concerns over South Korea's exports have been rising due mainly to the geopolitical tension in the Middle East and the latest spread of the novel virus," Industry Minister Sung Yun-mo said during a meeting with trade-related organizations in Seoul. "Although the new coronavirus has not yet had any impact on

EconomyFeb. 3, 2020

Electronics comparison startup receives W300m from Kakao Ventures

Consumer Bridge, which runs electronics comparison website Honey Review, said Wednesday it has attracted seed investment of 300 million won ($251,022) from Kakao Ventures, an investment unit of the nation’s largest mobile messenger firm Kakao. The startup was established in October last year by Shin Jae-hyun, a former developer at cryptocurrency exchange platform UPbit and travel information startup MyRealTrip, and Park Seong-hwan, who previously worked for Kakao and fashion startup S

MarketFeb. 3, 2020

Boryung Holdings establishes first overseas entity in San Francisco

Boryung Holdings, the holding company of Boryung Pharmaceutical, established its first overseas entity, Hayan Health Networks in San Francisco, the firm said Monday. “Hayan Health Networks will monitor the local clinical trials of Boryung Pharmaceutical, as well as build rapport with global pharmas, investors and early-stage research and development biotechs there,” said a Boryung Pharmaceutical official. Boryung Pharmaceutical’s lymphoma treatment pipeline BR2002 is curren

IndustryFeb. 3, 2020

Retailers in S. Korea close outlets due to new coronavirus

A string of major retailers, including duty-free shops and hypermarket chains, across the have temporarily shut down some of their stores, industry sources said Monday, stoking concerns that China coronavirus outbreak could affect consumer confidence in the sector. Shilla Duty Free, one of the country's leading duty-free operator, on Sunday closed its two outlets in central Seoul and on the southern resort island of Jeju after two coronavirus-infected people had each visited the shops. The co

EconomyFeb. 3, 2020

LG Chem swings to loss in Q4 on one-off costs

LG Chem Ltd., South Korea's leading chemicals firm, said Monday that it swung to a loss in the fourth quarter from a year earlier due to one-off costs related to energy storage systems. The net loss stood at 56.8 billion won ($47.5 million) in the three months that ended Dec. 31 from a net profit of 126.5 billion won a year earlier, the company said in a regulatory filing. A company spokesman said one-off costs related to safety measures following a series of fires in ESS are to blame for the

IndustryFeb. 3, 2020

NHN, Google expand mobile payment partnership

NHN, one of South Korea’s largest internet service providers, said Monday that its credit and debit card-based payment services will be available on tech giant Google’s flagship platforms including Google Play, YouTube and Google Drive. The firm -- based in Pangyo, Gyeonggi Province -- offers a mobile payment solution called Payco, which was already available to a limited extent on the Google platforms. Since November 2017, Payco subscribers have been able to use Payco membershi

MarketFeb. 3, 2020

S. Korea's debt-GDP ratio increases at 2nd-fastest pace worldwide

South Korea's ratio of private debt to gross domestic product grew at the second-fastest click among major economies in the third quarter of 2019, data showed Monday.  Household debt in Asia's fourth-largest economy accounted for 95.1 percent of the country's GDP as of end-September last year, up 3.9 percentage points from a year earlier, according to the data by the Institute of International Finance.  The growth rate was the second highest among 34 major countries in the world,

EconomyFeb. 3, 2020

Novel coronavirus expected to weigh on S. Korea's economy: finance minister

The rapid spread of the novel coronavirus is expected to weigh on South Korea's economy unless the epidemic is contained swiftly, Finance Minister Hong Nam-ki said Monday. The coronavirus epidemic has had a limited impact on the Korean economy so far, but it is difficult to determine how the virus will affect the nation's economy, Hong told a meeting with economy-related ministers earlier in the day. "There is a high possibility that this situation could slow China's economy," Hong

EconomyFeb. 3, 2020

‘Coronamap’ showing confirmed patients’ movements attracts more than 3m visits

A Korean college student’s self-coded “Coronamap,” showing the movements of confirmed coronavirus-infected patients before they were put in quarantine, has recorded more than 3 million visits and may soon record 5 million, reports said Sunday. The map is marked with a web of lines showing the places visited by the 15 patients in Korea and where they are currently confined. It also spells out the number of people showing symptoms of pneumonia and other complications possibly r

IndustryFeb. 2, 2020

[News Focus] Korea’s payouts for jobless people soar 103% in 5 years

SEJONG -- In the early and mid-2010s, the government’s yearly payouts for jobless people ranged between 3.3 trillion won ($2.7 billion) and 4.5 trillion won. Amid moderate growth in the volume of unemployment benefits, the figure recorded 4.67 trillion won in 2016 during the previous administration, according to the Korea Employment Information Service. But the situation began to change in 2017 in the aftermath of en masse business closures by self-employed people, who account

EconomyFeb. 2, 2020

Woori Financial faces tough choices over chairman

South Korea’s Woori Financial Group is likely to have a tough week ahead, as the financial watchdog’s recent decision to impose sanctions on its chairman threatens its governance. Woori Financial’s regular board meeting is scheduled Friday, and an intense round of discussions is expected to take place over the fate of Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung. The Financial Supervisory Service on Thursday slapped Sohn and Hana Financial Vice Chairman

MarketFeb. 2, 2020

[Monitor] Korea’s exports show signs of improvement, but will new coronavirus hamper upturn?

While South Korea’s exports failed to rebound from a minus figure in January, the daily average exports showed an upturn for the first time in 14 months, raising hopes for an overall recovery. The government has forecast the exports to rebound to a plus from this month, although such a projection remains questionable with the impact of the new coronavirus outbreak that is seen to affect sales and production both domestically and globally. According to data from the Ministry of Trade, exp

IndustryFeb. 2, 2020

Outbreak of coronavirus changes consumption patterns

Park Seon-hee, a resident of western Seoul, stayed home over the weekend, canceling her plans to meet friends, as more cases of coronavirus infections were reported. She and her husband chose to order in food, though she is now considering purchasing premade food products online or cooking from scratch. South Korean consumers are increasingly turning to online shopping as the prolonged outbreak of a new coronavirus continues to fuel concerns about going to crowded areas, potentially pulling

IndustryFeb. 2, 2020

Seoul stocks plummet nearly 6% amid spread of new coronavirus

South Korean stocks have fluctuated between losses and gains amid growing fears about the Wuhan coronavirus outbreak around the world. Since health authorities confirmed the first coronavirus case here, Seoul’s benchmark Kospi has dipped nearly 6 percent, according to the nation’s sole stock market operator on Sunday. As of Friday, the Kospi index shed 5.85 percent from Jan. 17, the last trading session before the first case of the virus was confirmed here, the Korea Exchange sai

MarketFeb. 2, 2020

Coronavirus vaccine long way off

Any vaccine for the fast-spreading 2019 novel coronavirus is unlikely to take shape in the near future, experts said Sunday, citing the rapid mutational characteristic of the ribonucleic acid virus as what makes speedy pharmaceutical countermeasures impossible. “It would take more than a year even if the government allows all fast-track clearance for drug development,” a vaccine company employee told The Korea Herald. No vaccine has been developed for Middle East respiratory syndro

IndustryFeb. 2, 2020

S. Korea joins efforts to conclude RCEP negotiations this year

South Korea said Sunday it will attend a high-level meeting on a mega Asia-Pacific trade pact this week as part of its efforts to expand its trade network around the globe. During the two-day meeting that kicks off in Bali, Indonesia, on Monday, the participants will set a detailed timeline of the Regional Comprehensive Economic Partnership (RCEP) and seek to hold the final signing ceremony later in 2020, according to the Ministry of Trade, Industry and Energy. It will be the first gathering

EconomyFeb. 2, 2020

Korean telcos to take part in MWC amid coronavirus fears

South Korea's three major telecommunication companies said Saturday they will participate in the upcoming mobile technologies trade fair as planned despite growing fears over the spread of the new strain of coronavirus. The three -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- said they have no plans to skip the Mobile World Congress 2020 in Spain. The event is scheduled from Feb. 24 to 27 in Barcelona. The MWC is one of the top three tech events in the world, along with the Consumer Electr

TechnologyFeb. 1, 2020