Han Sung Motor holds lantern-lighting ceremony for public art

Han Sung Motor, the largest official dealer of Mercedes-Benz in South Korea, held a lantern-lighting ceremony Thursday as part of its collaborative public art project with the Seoul Foundation for Arts and Culture.A public art projected titled “Sowon Bandi” was designed to invite citizens to write their personal wishes and dreams on each of 5,000 solar-power lanterns, donating 10,000 won ($8.50) for each one.The ceremony was attended by the heads of the two sponsors -- Han Sung Motor

MobilityNov. 24, 2019

[Herald Interview] Rising power demand in ASEAN signals opportunity for LS C&S Asia

ANYANG, Gyeonggi Province -- The economies of Association of Southeast Asian Nations members have been on a roller-coaster ride in recent years, pushing them to speed up their social and industrial transitions as advanced states. Such rapid modernization, like that which South Korea went through in the 1970s and ’80s, involves massive investments in infrastructure, which will provide more opportunities for LS Cable and System Asia, said its President and CEO Kwon Young-il in an interview.&

MobilityNov. 24, 2019

Brokerages eye real estate investment amid slow growth, low interest rates

Sluggish economic growth and a bleak stock market outlook have pushed South Korean securities firms to expand their horizons by turning to real estate investment.While some brokerages prefer to operate teams dedicated to real estate investment trusts, or REITs, others choose to establish subsidiaries, suggesting full-scale portfolio expansion.Yet the trend has some observers worried that the competitive game might result not in market diversification but in an oligopoly among top-tier players.&l

MarketNov. 24, 2019

S. Korea's chip, display industries intact from Japan's export curbs

South Korea's chip and display industries, the backbone of Asia's No. 4 economy, have remained intact since Tokyo's export curbs against the Asian neighbor, Seoul's trade ministry said Sunday.The country's top four tech giants -- Samsung Electronics Co., Samsung Display Co., SK hynix Inc. and LG Display Co. -- claimed that they have suffered no significant damages in their production lines from the restrictions, according to the Ministry of Trade, Industry and Energy. In July, Japan implemented

IndustryNov. 24, 2019

S. Korea's economy to grow 2.1% in 2020: Goldman Sachs

South Korea's economy is expected to grow 2.1 percent next year, after posting an estimated growth of 1.9 percent this year, as the global economy's slowdown is likely to end in the coming months, according to a Goldman Sachs report on Saturday.The US bank's forecast was lower than the 2.2 percent economic growth for this year projected by the Bank of Korea in July."We expect the global growth slowdown that began in early 2018 to end soon, in response to easier financial conditions and an e

EconomyNov. 23, 2019

Samsung Heavy Industries to pay $75m in fines over bribery scheme

Samsung Heavy Industries Co., a major South Korean shipbuilder, has agreed to pay $75 million in penalties to avoid prosecution in the United States over its scheme to pay millions of dollars in bribes to Brazilian officials to win a contract, the US Department of Justice has said.The company has admitted to paying $20 million in commission to a Brazilian intermediary between 2007 and 2013, knowing that some of that money would be used to bribe high-level executives at a Brazilian state-owned oi

IndustryNov. 23, 2019

Korean Air 'nut rage' heiress grilled over alleged assault, child abuse

Cho Hyun-ah, the infamous "nut rage" heiress to Korean Air Lines Co., has been grilled by prosecutors over allegations of assault and child abuse raised by her husband, with whom a divorce suit is under way, sources said Saturday. Prosecutors called in Cho, a former vice president of the air carrier and daughter of late Hanjin Group chief Cho Yang-ho, earlier this week, after her husband, surnamed Park, filed an accusation against her in February.Park also filed a divorce suit in April

IndustryNov. 23, 2019

Seoul shares to trend lower next week on US-China trade deal uncertainties

South Korean stocks are expected to remain weak next week as the United States and China struggle to reach a deal on their yearlong trade dispute and escalating unrest in Hong Kong poses yet another risk to the local stock market, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,101.96 points on Friday, down 2.7 percent from last week. Earlier this week, South Korean stocks closed lower as investors remained cautious over mixed signals regarding a potent

MarketNov. 23, 2019

Bridge Biotherapeutics to become first ‘NRDO’ biotech to go public in Korea

Biotech startup Bridge Biotherapeutics is on its way to becoming the first Kosdaq-listed no-research, development-only company in Korea by the end of this year, the company said Friday.This is the company’s third attempt at making an initial public offering, and more promising than the previous two attempts on the back of the record 1.5 trillion-won ($1.27 billion) licensing out to Germany’s Boehringer Ingelheim in July. In a press conference held at Conrad Seoul, CEO Lee Jung-kue sa

IndustryNov. 22, 2019

Investors lose trust in financial firms amid derivative fiasco: survey

South Korean investors have lost their faith in financial firms and their products, amid the latest series of investment fiascos here, a survey showed Friday.According to a poll conducted by the Korea Financial Investors Protection Foundation on 1,000 respondents aged from 25 to 69, 10 out of the 12 questions scored below 50 out of 100 points.Scoring the lowest were the financial firms’ duty to inform investors of all possible investment risks beforehand and their liability for advertiseme

MarketNov. 22, 2019

[Behind the Wheel] The New Grandeur gains a bold, younger and sportier look

Hyundai Motor’s flagship full-size sedan Grandeur has been positioned as a luxurious car for the older generation and people with high social status in their late 40s and 50s in South Korea.But with the New Grandeur, the automaker has transformed itself, seeking to target those in their early 40s and encourage the older generation to seek a bold and sporty image with their cars, even threatening the market for the new Sonata and affiliate Kia Motors’ steady-selling sedan K7.The Korea

MobilityNov. 22, 2019

Woori Bank resolves ‘overhang’ issue by divesting holdings share

Woori Bank has cleared out its remaining stake in Woori Financial Holdings, removing the overhang for potential stock value, Woori Financial Group officials said Friday.The bank has disposed of its last remaining 1.8 percent stake in the group’s holding unit Woori Financial Holdings in an over the counter block transition.The corresponding stake was the second batch of the 5.8 percent stake which the bank was holding as part of the all-inclusive exchange of shares to restructure Woori Card

MarketNov. 22, 2019

Moon emboldened by new corporate investment in chip material production

President Moon Jae-in celebrated the construction Friday of a new silicon wafer plant in South Korea by a Taiwanese firm's local unit, calling it a milestone in his country's efforts to diversify the supply channel of core strategic materials against Japan's export control.His move came as a Seoul-Tokyo military information-sharing accord, called the General Security of Military Information Agreement, is scheduled to expire at the end of the day.Seoul's decision not to extend GSOMIA is attributa

IndustryNov. 22, 2019

Korean EV battery makers' market share sharply up in Sept.

South Korea's major electric vehicle battery producers sharply increased their market share in September amid a slowdown in global EV battery use, industry data showed Friday.  Based on the global usage of their EV batteries, the combined market share of three South Korean EV battery makers -- LG Chem Ltd., Samsung SDI Co. and SK Innovation Co. -- stood at 16 percent in September, up 6.8 percentage points from a year earlier, according to data from market tracker SNE Research.   L

IndustryNov. 22, 2019

USFDA approves SK Biopharmaceuticals’ new anti-epileptic drug

A new South Korean anti-epileptic drug will be available in the US from as early as April. The US’ Food and Drug Administration has approved SK Biopharmaceuticals’ anti-epileptic drug XCOPRI (Cenobamate), officials said Friday. The product will be available in the second quarter of 2020 after review by the US Drug Enforcement Administration.The marketing and sales process will be overseen by SK Life Science, the US subsidiary of SK BIopharmaceuticals based in Paramus, New Jersey. XCO

IndustryNov. 22, 2019

Jeju Air opens routes to Phu Quoc, Bohol

Jeju Air Co., South Korea's biggest low-cost carrier, said Friday it has opened routes to Vietnam's Phu Quoc and the Philippines' Bohol amid lower demand for travel to Japan.The budget carrier began to serve the routes from Incheon International Airport to the two Asian cities on Thursday, the company said in a statement.Local airlines have suspended or reduced flights on routes to some less-popular Japanese cities since August amid a trade row between South Korea and Japan.To protest Japan's cu

IndustryNov. 22, 2019

OECD cuts growth outlook for S. Korea to 2 percent

The Organization for Economic Cooperation and Development (OECD) on Thursday slashed its growth outlook for South Korea's economy this year to 2 percent amid a slowdown in global trade.The OECD's outlook represented a drop from its previous forecast of 2.1 percent in September. It said the South Korean economy would grow 2.3 percent in 2020, unchanged from its previous forecast."Economic growth will remain subdued, as the global slowdown and trade tensions hold back exports, while high unce

EconomyNov. 21, 2019

Local PEF chosen as preferred bidder to buy SKC Kolon PI

A local private equity fund was selected the preferred bidder on Thursday to acquire a controlling stake in SKC Kolon PI Inc., a joint venture between South Korea's SKC Co. and Kolon Industries Inc. that makes polyimide (PI) film. SKC and Kolon Industries said they've selected Glenwood PE as the preferred bidder to acquire their 54.06 percent stake in SKC Kolon PI. SKC and Kolon Industries each hold a 27.03 percent stake in the PI maker. Industry insiders speculate that the deal is worth ar

IndustryNov. 21, 2019

[Graphic News] S. Korea ranks among top OECD member countries in treatment of cancer: data

　South Korea ranks as one of the leading members among the Organization for Economic Cooperation and Development in the treatment of cancer, medical data showed.　The 2019 Health at a Glance report released by the Paris-based organization said Asia’s fourth-largest economy had the highest five-year survival rate for colorectal, rectal and stomach cancers among the 32 member states checked, the Ministry of Health and Welfare, which examined the data, said.　The cancer survival rate, which is

TechnologyNov. 21, 2019

Hyundai Capital expands presence in Brazil

Hyundai Capital, the financing arm of South Korea’s Hyundai Motor Group, is expanding its presence in Brazil with new retail financial products, officials said Thursday.The financial firm’s joint venture with Santander Brasil -- Banco Hyundai Capital Brasil -- which was launched in April this year, is set to unveil a new retail product that guarantees the residual value of a car, called “personal contract purchase.” It computes the expected price of used cars in the futur

MarketNov. 21, 2019