Korea makes official bid to host 2030 World Expo

South Korea on Wednesday officially expressed its intention to host its first World Expo in the southeastern port city of Busan in 2030. South Korea made the announcement in a virtual meeting held by the Bureau International des Expositions (BIE), which oversees the event, according to the Ministry of Trade, Industry and Energy. South Korea will hand in its application to the BIE next year. “This will become an opportunity for us to show the world that we can set examples in not only s

IndustryDec. 2, 2020

Naver newly invests in 2 startups in logistics, medical sectors

An accelerator for tech startups operated by Naver Inc., South Korea's largest internet portal operator, said Wednesday it has made new investments in two promising tech startups. Naver's D2 Startup Factory, also known as D2SF, said it has selected the two startups -- Techtaka Co. and Medibloc Co. -- that provide innovative technology in the logistics and health care sectors, respectively. "Logistics and medical sectors require expertise and a meaningful change is impossible without under

IndustryDec. 2, 2020

Hyosung ups spandex investment in Brazil

Hyosung is ramping up its investment in spandex in Brazil to capture rising demand for stretchable fiber used for comfortable clothing amid COVID-19 pandemic. Hyosung is the world’s largest spandex manufacturer with its brand Creora, with a 32 percent market share. Hyosung T&C, a fiber production unit of Hyosung Group, said Wednesday it would invest 40 billion won (about $36 million) by December next year to increase the production volume of its spandex plant by 10,000 metric tons i

IndustryDec. 2, 2020

Samsung names new presidents for semiconductor biz

Samsung Electronics on Wednesday announced new presidents for its lucrative semiconductor business along with new chiefs for some of its affiliates, centering on solidifying key businesses but maintaining overall stability. The three chief executive officers of each business -- Kim Ki-nam of semiconductors, Koh Dong-jin of smartphones and Kim Hyun-suk of consumer electronics -- will retain their positions amid high uncertainties expected to unfold next year, to seek sustainable growth. And as

TechnologyDec. 2, 2020

LG Chem‘s NASH pipeline readies for US phase 1 trial

LG Chem‘s non-alcoholic steatohepatitis treatment pipeline TT-01025 has been approved to carry out a clinical phase 1 trial by the US Food and Drug Administration, LG Chem announced Wednesday. The phase 1 trial will be conducted by PPD’s clinical research unit in Las Vegas, with LG Chem‘s Manfred Stapff as the lead researcher. TT-01025 is a pipeline LG Chem licensed in from Chinese biotech TransThera Biosciences in August. LG Chem has exclusive rights to develop and commerci

IndustryDec. 2, 2020

Philips Korea seeks open innovation with startups

Philips Korea has picked local startups Mezoo, Medipixel and Vuno to seek shared growth in the field of digital healthcare, the company said Wednesday. Philips Korea will collaborate with these three startups and aid their overseas business. As part of the Ministry of SMEs and Startups’ policy to create synergy between corporates and startups, Philips Korea has taken charge of a contest since July to find startups with the best blueprint for better hospital management, clinical results,

IndustryDec. 2, 2020

Growth of depository institutions' industrial loans almost halves in Q3

South Korean depository institutions' loans to self-employed people and companies grew at a much slower pace in the third quarter than three months earlier on improving business conditions, the central bank said Wednesday. Outstanding industrial loans extended by banks and non-bank depository institutions came to 1,366 trillion won ($1.24 trillion) as of end-September, up 37.8 trillion won from the end of June, according to the data from the Bank of Korea. The increase was nearly half the 69.1

EconomyDec. 2, 2020

Hyundai Motor Group reveals new platform dedicated to electric cars

Hyundai Motor unveiled on Wednesday its new battery electric vehicle (BEV) dedicated platform, which will serve as the core technology for the automobile group’s next-generation electric vehicles. The automaker said the Electric-Global Modular Platform, or E-GMP, would underpin a range of new vehicles starting 2021, including Hyundai Motor’s Ioniq 5 and Kia Motor’s first electric vehicle to be revealed next year. Battery electric vehicles are those that only use energy stored

MobilityDec. 2, 2020

Kakao Bank pre-IPO cost Korea Investment W142b

Korea Investment & Securities board agreed to pay 142 billion won ($128.9 million) to its wholly owned subsidiary Korea Investment Value Asset Management, as Kakao Bank moves on to raise nearly a combined 1 trillion won by year-end before an initial public offering poised to take place next year, filings showed Wednesday. KIVAM is currently the second-largest shareholder of Kakao Bank after internet giant Kakao. KIVAM‘s proceeds will be used to buy 6 million newly issued common shar

MarketDec. 2, 2020

Asset managers’ Q3 net profit jumps 44.4% on commission fees

The combined net profit of asset management companies in South Korea jumped 44.4 percent in the third quarter from a quarter earlier due a strong gain in commission fees, data showed Wednesday. The combined net profit of 324 asset management firms came to 459 billion won ($415 million) in the July-September period, compared with a profit of 312 billion won a quarter earlier, according to the Financial Supervisory Service. Korea’s benchmark Kospi rose about 10 percent in the third quarte

EconomyDec. 2, 2020

Hyundai vehicle sales in US fall 9% in Nov.

Hyundai Motor Co. said Wednesday its vehicle sales in the United States fell 9 percent last month from a year earlier on lower demand amid the COVID-19 pandemic. Hyundai Motor sold 55,171 vehicles in the US in November, down from 60,601 units in the same period of last year, the company said in a statement. The monthly sales declined as "there were three fewer selling days and one less selling weekend" last month amid COVID-19 challenges, it said. "We've never had a better pr

MobilityDec. 2, 2020

Exports tipped to rise 6% on chips amid pandemic fallout: trade association

South Korea's exports are set to rise 6 percent in 2021 as pandemic-hit economies are expected to gradually recover and demand for chips and IT goods is likely to remain strong, a trade organization said Wednesday. Outbound shipments are estimated to be valued at $538.2 billion in 2021, compared with this year's estimated $507 billion, according to the Korea International Trade Association (KITA). KITA said imports will reach $490 billion next year, also up 5.4 percent from $465 billion estima

EconomyDec. 2, 2020

[Monitor] Largest-ever drop in manufacturing jobs seen in Oct.

South Korea‘s manufacturing sectors saw about 79,000 jobs disappear in October this year, the largest monthly drop on record. It broke August’s record of a decline by 77,000 workers. These and other findings were released by the Ministry of Employment Labor on Monday, attributing the drops to weakened exports from the prolonged COVID-19 pandemic. The drop in the number of workers in all industries improved slightly each month, but the ministry noted that it was due to an increase i

IndustryDec. 2, 2020

Seoul chosen as best international meeting destination

Seoul has been selected as the top destination for international meetings by a global magazine on corporate travel, the city government said Wednesday. Business Traveler conducted an online survey in July and August for the 2020 Business Traveler Awards in 53 categories, including the world's best airlines, airports, hotels and international meeting destinations, the city government said in a press release. Some 200,000 magazine subscribers took part in the vote and chose Seoul as the Best In

EconomyDec. 2, 2020

Seoul stocks open higher on Wall Street gains

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street amid optimism surrounding the possible availability of COVID-19 vaccines. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.16 points, or 0.92 percent, to 2,658.41 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.63 percent higher, while the tech-heavy Nasdaq composite rose 1.28 percent, boosted by vaccine hopes. Pfizer with BioNTech and Moderna applied fo

MarketDec. 2, 2020

S. Korea's economic recovery momentum gains traction: finance minister

The South Korean economy is seeing its recovery momentum gain traction on improving exports, the finance minister said Wednesday. Finance Minister Hong Nam-ki also pledged the government's efforts to continue to prop up an economic recovery into the fourth quarter and next year. "The South Korean economy shows that its recovery momentum has gained traction in the face of difficult conditions," Hong said at a meeting on the property market. Asia's fourth-largest economy grew at a fas

EconomyDec. 2, 2020

S. Korea's card spending grows 5.4% in Oct.

Payments made with cards in South Korea grew more than 5 percent in October amid the new coronavirus outbreak, industry data showed Wednesday. Spending made with credit, debit and prepaid cards came to 77.3 trillion won ($69.7 billion) in October, up 5.4 percent from a year earlier, according to the data from the Credit Finance Association. Credit card spending stood at 60.1 trillion won, with payments made with debit cards reaching 17.1 trillion won. The association attributed the October in

EconomyDec. 2, 2020

Large firms' social contributions dip 9% amid pandemic

Large South Korean companies' social contributions fell nearly 10 percent in the first nine months of the year amid a coronavirus-caused economic downturn, a corporate tracker said Wednesday. Out of the country's top 500 firms by sales, 247 business concerns contributed a combined 1.13 trillion won ($1.02 billion) to social activities during the January-September period, down 9 percent from a year ago, according to CEO Score, which tracks corporate management. The decrease was ascribed to grea

IndustryDec. 2, 2020

S. Korea's stock price gain in Nov. ranks 10th among G-20

South Korea's stock prices rose at the 10th-fastest pace among the Group of 20 (G-20) nations with major economies posting double-digit surges, data showed Wednesday. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 14.30 percent in November from the prior month, outpacing the previous record monthly increase of 13.52 percent recorded in April 2009. It was the 10th highest hike among the G-20 economies and outperformed their average 14.1 percent expansion. All G-20 members saw

MarketDec. 2, 2020

S. Korea's consumer prices grow at faster pace in Nov.

South Korea's consumer prices grew at a faster pace in November than a month earlier as prices of agricultural products and service charges went up, data showed Wednesday. The consumer price index rose 0.6 percent on-year last month, compared with a 0.1 percent on-year gain in the previous month, according to the data by Statistics Korea. In October, the country's inflation rate grew at the slowest pace in four months due to state subsidies for mobile phone bills. Compared with a month earlie

EconomyDec. 2, 2020