Food business head tapped to lead CJ Cheiljedang

South Korea’s food and entertainment conglomerate CJ Group has promoted or appointed 58 executives, including a new chief to lead major affiliate CJ Cheiljedang, the group said Monday. Vice President Kang Shin-ho, 58, was appointed as the new leader of the group’s food unit CJ Cheiljedang. Kang was credited with accelerating the spread of the company’s Korean cuisine brand Bibigo in the global market since 2018, the group said. Vice President Cha In-hyok, 53, was tapped to

IndustryDec. 30, 2019

[Best Brand] Lemonex acknowledged for innovative drug delivery method

Biotechnology / LemonexLemonex, a global biotherapeutics and bioengineering firm, is garnering attention with its innovative next-generation drug delivery and biosensor technology on the basis of which it is developing immuno-oncology drugs, antibody and gene therapeutics. The company has won the 2019 11th Innobiz Company Award sponsored by the Ministry of SMEs and Startups and hosted by The Korea Herald and the Herald Business and supervised by PowerKorea. Lemonex’s core technologies are

IndustryDec. 30, 2019

Korea's Q3 labor productivity down on increased input

South Korea's labor productivity slightly fell in the third quarter from a year earlier, due mainly to an increase in the input of labor in the service segment, data showed Monday.The country's productivity index stood at 109.4 in the July-September period, down 0.7 percent from a year earlier, according to the Korea Productivity Center, a local industrial tracker.The index is calculated by comparing the added value and output with the amount of labor allocated for the production. A higher numbe

IndustryDec. 30, 2019

Duty-free sales hit new monthly high in Nov.

Sales at South Korean duty-free stores hit a new monthly high in November, industry data showed Monday, mainly on the back of China's annual shopping festival.The combined sales of local duty-free shops reached 2.29 trillion won ($1.98 billion) last month, compared with the previous monthly record of 2.24 trillion won in September, according to the data from the Korea Duty Free Shops Association. The sales increase was due to increased travelers from China during its Singles' Day that fell on No

IndustryDec. 30, 2019

S. Korea mobilizes extensive tax actions for economic momentum in 2020

In line with its all-out efforts to revitalize the economy by any means in the upcoming year, South Korea will introduce a set of new tax rules to reinforce sanctions for delinquent taxpayers and expand tax reduction benefits for innovative small-sized businesses, the Ministry of Economy and Finance said Monday.In a pan-government policy brochure titled “Things to change in 2020,” the government listed key policy changes that will take shape in 2020, many of them slated to take effec

EconomyDec. 30, 2019

Korea's industrial output gains 0.4% in November

South Korea's industrial output growth accelerated in November, supported by a modest gain in the service sector, data showed Monday. The November industrial output rose 0.4 percent from a year earlier, rebounding from a 0.4 percent decline in October, with both retail sales and facility investment growing from a month earlier in November, according to the data compiled by Statistics Korea. The data showed the production in the mining, manufacturing, gas and electricity industries declined

EconomyDec. 30, 2019

Bithumb faces W80b taxation, despite lack of assessment standards

South Korea’s tax agency has handed down more than 80 billion won ($68.9 million) in taxation on the market’s top cryptocurrency exchange Bithumb, raising controversies on the lack of assessment standards.According to industry insiders, Vidente, the largest shareholder of Bithumb, announced Saturday via DART -- the Financial Supervisory Service’s electronic disclosure board -- that the National Tax Service has forced Bithumb to pay foreign customers’ withholding taxes wor

MarketDec. 29, 2019

Hyundai Capital’s car-sharing service helps digitalization of rental firms

Hyundai Capital’s car-sharing service Deal Car has partnered with local small and medium-sized rental firms to help them digitalize their operations and platforms. According to the consumer financial service providing unit of Hyundai Motor Group, Deal Car has noticed key hurdles that traditional rental businesses now face in the digital age, including the struggle to find a digital alternative to face-to-face interactions for booking and passing of car keys. Through the partnership, Deal C

MarketDec. 29, 2019

[News Focus] Can NPS shareholder engagement curtail power of chaebol?

The world’s third-largest pension fund, South Korea’s National Pension Service, may opt to present shareholder proposals to its portfolio companies in Korea -- which number as many as 800 -- starting from Korea’s upcoming proxy season in March next year.The move, long awaited by civic groups that denounced chaebol families’ alleged misdeeds, comes as the public pension fund approved its shareholder engagement guidelines Friday, effective immediately. The latest action wou

MarketDec. 29, 2019

[Monitor] Fried chicken joints earn least amongst franchises

Among franchise stores in Korea, fried chicken chains earned the least throughout last year, according to data from Statistics Korea last week.The number of franchise stores, the number of employees there and the annual revenue all inched up from the previous year.Gangwon Province had the largest number of franchise stores per capita, while South Jeolla Province had the least.Fried chicken chains earned an average of 169.1 million won throughout last year, the lowest among 12 types of franchises

IndustryDec. 29, 2019

[Newsmaker] Feud for helm of Hanjin Group intensifies

The family feud for the helm of Hanjin Group, the South Korean conglomerate that owns flag carrier Korean Air, appears to be intensifying as the chairman reportedly kicked up a storm at his mother’s house on Christmas.On Sunday, media outlets here reported that group Chairman Cho Won-tae visited the home of his mother, Lee Myung-hee, in the Jongno area of Seoul on Wednesday with his family. There, he reportedly broke a window and items in the house.The incident reportedly occurred because

MobilityDec. 29, 2019

S. Korea expands benefits for IP-backed financing

In line with its policy initiative to boost innovative growth, South Korea will expand administrative and financial benefits for small companies with source technology and banks that approve loans based on intangible intellectual assets, the country’s intellectual property office said Sunday.Starting Tuesday, the Korean Intellectual Property Office will offer a 50 percent discount on its annual IP fees for banks that hold collateral in the form of patents, utility model rights or design ri

EconomyDec. 29, 2019

Housing rule violators to be forced to pay back mortgage loans

Starting as early as mid-January, home buyers caught breaking the government’s real estate regulations will immediately have to redeem their mortgage loans, financial authorities said Sunday.The Financial Services Commission is working on an additional set of measures to restrain speculative buying sprees in the housing market, focusing on jeonse loan borrowers, officials said Sunday.Under the forthcoming rules, jeonse loan borrowers who purchase a residence priced over 900 million won ($7

EconomyDec. 29, 2019

Gold investment marks biggest profit in 2019

After soaring nearly 17 percent in 2019, the gold price on South Korea’s bourse is expected to prolong its winning streak throughout 2020, reflecting the market’s preference for risk-free assets amid persistent volatility, local experts said Sunday. According to Daishin Securities, the wholesale price of gold on Korea Gold Exchange closed at 60,670 won ($52.30) per gram Saturday, up 10,400 won, or 17.14 percent, from the end of 2018.The popularity of gold as an investment is seen as

MarketDec. 29, 2019

Hana Financial Investment, Hotel Lotte buy $175m hotel in US

Korean brokerage Hana Financial Investment said Sunday that it had acquired a premium hotel in the US, marking its first acceptance financing business via strategic partnership. The brokerage firm on Tuesday acquired Hotel at the Mark, a 44-story building located in downtown Seattle that was previously owned by Hotel Lotte and private equity real estate investment management firm Stockbridge, officials said.Hotel Lotte joined in the $175 million deal as the consigned manager of the hotel. Starti

MarketDec. 29, 2019

Mercedes-Benz Korea launches S 560 e for diversified hybrid sedan choices

Mercedes-Benz said Sunday its luxury flagship sedan the new Mercedes-Benz S 560 e has landed in South Korea, as part of the efforts to diversify its plug-in hybrid sedan lineup here. The German automaker’s S-Class sedan is conspicuous by its long wheelbase, spacious interior, innovative suspension system and high fuel efficiency, being a 70-year-long steady-selling luxury sedan, Mercedes-Benz Korea said.With the third-generation plug-in hybrid new S 560 e launching in Korea, the company sa

MobilityDec. 29, 2019

Daewoo E&C develops remote drone control system

Daewoo Engineering & Construction said Sunday it has succeeded in developing a remote drone control system, the first by a South Korean construction company.Daewoo Construction Drone Surveillance (DW-CDS) is capable of remotely and comprehensively controlling drones at a control center through an exclusive application and program. It can also monitor up to 256 sites simultaneously by transmitting video to its control platform called CDS.Live on 4G and 5G networks, the firm said The system su

IndustryDec. 29, 2019

Korean IT CEOs to flock to CES 2020

Heads of Samsung Electronics and LG Electronics are to attend the Consumer Electronics Show 2020 in Las Vegas from Jan. 7-10.Samsung’s Consumer Electronics division CEO Kim Hyun-suk will deliver the keynote speech on Jan. 6, the company said Sunday. LG’s president and chief technology officer Park Il-pyung had been the keynote speaker at the CES 2019.  Top officials from Samsung to attend the CES 2020 are Device Solution division’s vice chairman and CEO Kim Ki-nam, IT &

IndustryDec. 29, 2019

[News Focus] With Asiana officially under HDC, financial improvement emerges as top priority

Following Asiana Airlines’ new owner Hyundai Development Company finalizing a stock purchase agreement with the air carrier’s parent company Kumho Industrial on Friday, market analysts viewed that the priority mission for HDC is to improve the financial status of the debt-ridden air carrier. In short, it may cost the firm more than the promised 2 trillion won ($1.73 billion). According to the HDC consortium, which includes Mirae Asset Daewoo that will take 15 percent stake, it clinch

MobilityDec. 29, 2019

Regulator to punish heads of 2 banks for derivatives-linked product fiasco

South Korea's financial regulator is planning to punish the heads of two commercial lenders for their improper sales of derivatives-linked products, industry sources said Sunday.According to the sources, the Financial Supervisory Service is set to punish the banks' heads in mid-January.In October, the FSS said about 20 percent of 3,954 cases detected may violate law or internal rules in selling the derivatives, but further investigation is needed into the two leading lenders -- Woori Bank and KE

MarketDec. 29, 2019