Starbucks Korea to postpone annual marketing event after staff protest workload

Starbucks Korea has decided to postpone its annual marketing event following backlash from staff against overwork. The “e-frequency” reward program has taken place each winter. Customers who have collected enough stickers can redeem them for items such as diaries or free drinks. But this year’s event was pushed back by two weeks, essentially cutting the promotion period short. The move comes after Starbucks baristas and other employees mobilized two trucks to express their f

ConsumerOct. 8, 2021

SK hynix shares losing ground amid slowdown concerns for memory market

Shares in SK hynix Inc. plunged on concerns over a slowdown in the memory market, analysts here said Friday, as they lowered the target price for South Korea's No. 2 chipmaker. SK hynix closed at 94,000 won ($78) on the Seoul bourse after a 1.78 percent decline, so far the lowest price this year, and extended its losing streak to five trading days. SK hynix stocks have declined more than 12 percent in the past two weeks. Compared with the Feb. 25 peak of 148,500 won, SK hynix shares are down m

IndustryOct. 8, 2021

Seoul stocks inch down on Chinese developers' debt crises

South Korean stocks closed slightly lower Friday largely on the back of growing concerns about giant Chinese property developers' debt crisis. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) declined 3.16 points, or 0.11 percent, to close at 2,956.3 points. Trading volume was moderate at about 659 million shares worth some 12.5 trillion won ($10.5 billion), with gainers outnumbering losers 484 to 384. Foreigners sold a net 49 billion won, while

MarketOct. 8, 2021

Samsung Biologics signs CDMO deal with US-based drugmaker

Samsung Biologics said Thursday that it had signed a contract development and manufacturing organization deal with Texas-based drugmaker Enzolytics. The company did not disclose the financial terms. Under the deal, Samsung Biologics will provide end-to-end CDMO services to help Enzolytics develop and manufacture investigational new drug treatments for HIV and COVID-19. Samsung Biologics said it would provide a stable cell line from its research and development facility in San Francisco, whi

TechnologyOct. 8, 2021

Samsung Electronics expects to post all-time high earnings in Q3

Samsung Electronics said Friday that the company expected to log quarterly sales of 73 trillion won ($61.2 billion), up 9 percent from a year ago, surpassing 70 trillion won for the first time in the company’s history. The previous record in quarterly sales for the firm was 66.9 trillion won, set in the third quarter of 2020. According to Samsung’s earnings guidance, its operating profit during the July-September period has also increased 27.94 percent on-year, or by 15.8 trillio

TechnologyOct. 8, 2021

Fintech unicorn Viva Republica to acquire embattled ride-hailing app Tada

South Korean financial technology unicorn Viva Republica said Friday it has signed a deal to acquire a controlling 60 percent stake in mobility firm VCNC, known for premium ride-hailing app Tada, in its new rights offering. Viva Republica, which offers various financial services under its flagship Toss brand, said the takeover is aimed at expanding its financial services business and overhauling Tada’s embattled mobility service by the end of this year, the company said in a statement.

MarketOct. 8, 2021

Loan sharks keep sky-high interest rate despite lowered legal lending cap

  Even with the government’s 20 percent rate cap on loans to ease financial burdens on low-income borrowers, major private lenders have maintained high interest rates for credit loans, a lawmaker said Friday. The balance of personal credit loans at the nation’s 20 leading private lenders, including Apro Financial, Sanwa Loan and Welcome Creditline, stood at 4.41 trillion won ($3.35 billion), as of the end of June. Among the loans, those with an interest rate exceeding 20 perc

EconomyOct. 8, 2021

Bond issuance in S. Korea plunges in Sept.

Bond issuance in South Korea fell sharply in September from the previous month due to decreased debt sales by the government and financial firms, data showed Friday. The value of bonds sold in Asia's fourth-largest economy came to 57.5 trillion won ($48.3 billion) last month, down 9.6 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. Last month's drop compares with a 1 trillion-won on-month decrease recorded in August. Sales of state and fi

MarketOct. 8, 2021

German tech firm Merck to invest $693m in S. Korea by 2025

Germany-based technology firm Merck Group said Friday it plans to invest around $693 million in South Korea through 2025 in the electronics sector, including semiconductor solutions. The investment by Merck is expected to lend hands to South Korea's so-called K-semiconductor blueprint, and help the country secure a stable supply chain of related materials, according to the Ministry of Trade, Industry and Energy. The company entered the South Korean market in 1989 and currently operates 11 res

IndustryOct. 8, 2021

Apple's new iPhone 13 launches in S. Korea

Apple Inc. launched the new iPhone 13 series in South Korea on Friday as it seeks a greater presence in rival Samsung Electronics Co.'s home turf. Apple and the country's three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- started shipping the iPhone 13 series, comprised of the 5.4-inch iPhone 13 mini, the 6.1-inch iPhone 13, the 6.1-inch iPhone 13 Pro and the 6.7-inch iPhone 13 Pro Max. The tech giant unveiled its new smartphones on Sept. 14 and started shipping the

IndustryOct. 8, 2021

Seoul stocks open higher on easing US debt ceiling woes, earnings hope

South Korean stocks opened higher Friday on easing concerns of the debt ceiling impasse in the United States and hopes of robust third-quarter earnings by local companies. The benchmark Korea Composite Stock Price Index (Kospi) rose 9.33 points, or 0.32 percent, to 2,968.79 points in the first 15 minutes of trading. The key stock index got off to a strong start after overnight Wall Street gains, as a temporary resolution of the debt-ceiling tussle is due for a vote in Washington. Overnight, the

MarketOct. 8, 2021

S. Korea to take active steps to curb inflation: official

South Korea plans to take active actions to stabilize inflation as the country's consumer prices are expected to grow at a faster pace in October than the previous month, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon said the consumer prices are forecast to grow at a higher rate than 2.5 percent in October due largely to last year's low base effect. The government offered one-off state subsidies for mobile phone bills to specific age groups in October last ye

EconomyOct. 8, 2021

Samsung sees record sales in Q3 on strong chip biz

Samsung Electronics Co. said Friday it expected to post record sales in the third quarter of the year, apparently buoyed by its semiconductor business. In its earnings guidance, the South Korean tech giant estimated its sales at 73 trillion won ($61.2 billion) for the July-September period, up 9 percent from a year ago. Samsung also projected third-quarter operating profit at 15.8 trillion won, up 27.9 percent from a year earlier. Should the preliminary earnings results stand, its sales will be

IndustryOct. 8, 2021

Property rental firms shine over past 5 years on market boom: data

Real estate rental businesses in South Korea have been on a roll over the past five years amid a booming property market, data showed Friday.Property leasing companies in Asia's fourth-largest economy registered 453.3 trillion won ($381 billion) in combined revenue between 2016-20, according to the data that the Korea Customs Office submitted to the parliament for an annual audit. Their revenue had been on a steady rise till 2019 before edging down in 2020 amid the economic fallout from the cor

IndustryOct. 8, 2021

Conrad Seoul apologizes after serving detergent instead of sauce

The Conrad Seoul apologized Thursday amid an investigation after the five-star hotel’s buffet restaurant accidentally served detergent to a guest instead of syrup. The luxury hotel, part of Hilton’s international high-end brand Conrad Hotels & Resorts, said it “sincerely apologizes” to the customer for the “major inconvenience” and vowed to maintain health and safety rules. “We are actively cooperating with the authorities on the investigation,&rdq

IndustryOct. 7, 2021

UN climate change tech unit to open office in Songdo

A United Nations’ climate change body will open an office in Songdo, Incheon, in March, the Ministry of Science and ICT said Thursday. Science Minister Lim Hye-sook and Incheon Mayor Park Nam-choon signed an agreement with UN Environment Program Executive Director Inger Andersen to bring the Climate Technology Center and Network’s partnership and liaison office to Korea. The CTCN is the operational arm of the United Nations Framework Convention on Climate Change Technology Mechan

TechnologyOct. 7, 2021

SK chief discusses hydrogen, grid with Plug Power, Key Capture Energy CEOs

SK Group Chairman Chey Tae-won held consecutive meetings with the heads of US-based green energy firms Plug Power and Key Capture Energy to discuss hydrogen and green solutions, the third-largest conglomerate in South Korea said Thursday. According to SK Group, Chey met with Plug Power CEO Andrew J. Marsh at its headquarters in central Seoul on Wednesday and agreed to establish a robust hydrogen ecosystem based on their technological expertise on hydrogen. “Plug Power‘s key hydro

IndustryOct. 7, 2021

[Newsmaker] ABL Bio begins clinical trial of anticancer drug candidate

South Korean biotech firm ABL Bio said Thursday that it has begun the phase 1 clinical trial of anticancer drug candidate ABL501. ABL501 is an antibody that uses the Grabody-I platform technology to block both the PD-L1 and LAG-3 checkpoint pathways, improving the current limitation in PD-L1 therapies. ABL Bio said the company has administered the drug candidate to the first patient with a solid tumor at Samsung Medical Center in Seoul. An official from ABL Bio said the phase 1 clinical tria

TechnologyOct. 7, 2021

Korea raises $1.3 billion via forex bonds

The government raised $1.3 billion by selling foreign exchange stabilization bonds at the second-lowest-ever rates despite heightened uncertainties in the global financial markets, the Finance Ministry said Thursday. It sold US dollar-denominated bonds worth $500 million with a maturity of 10 years to yield 1.769 percent, 25 basis points more than US Treasurys and five-year euro-denominated bonds worth 700 million euros ($809 million) with a negative yield of 0.053 percent. The bonds were iss

EconomyOct. 7, 2021

Moon vows to further push hydrogen economy initiative

South Korean President Moon Jae-in reiterated the country’s commitment to the hydrogen economy, while meeting government and industry officials Thursday. Attending a briefing session on the progress of the country’s hydrogen programs, he also encouraged chiefs of major conglomerates, including Hyundai Motor Group and SK Group, in attendance to continue their effort for building a hydrogen ecosystem. “A hydrogen economy is one of the core areas the government is working on f

IndustryOct. 7, 2021