Hanjin Express to stop night delivery service after courier’s death

Logistics firm Hanjin Express said Monday it would stop nighttime delivery shifts starting November, after one of its couriers died apparently from overwork. It is the first time a local logistic company has abolished night shifts. To prevent overwork and control the workload, Hanjin said it will increase both the number of delivery vehicles and delivery workers during holiday periods and times when there is more demand. “As delivery packages are concentrated on Tuesdays and Wednesda

ConsumerOct. 26, 2020

Korean researchers develop cell culture technique for human lung cells

A group of South Korean researchers has developed a 3D-based cell culture technique for human lung alveolar cells that become targets of COVID-19 infection, according to Korea Advanced Institute of Science and Technology, Monday. KAIST professor Ju Young-seok, who was on the research team, said the cell culture technique could artificially produce cells that mirror the cellular physiology and pathology of human lung alveolar cells. The technique would help other researchers to characterize p

TechnologyOct. 26, 2020

Government sticks with 'fiscal soundness rule' despite resistance

Despite ongoing controversies and criticism even from within the ruling party, the South Korean government is set to introduce the so-called “fiscal soundness rules” to impose risk management limits to the nation’s fiscal spending, officials said Monday. Recognizing the political and legislative hurdles, the government also hinted at using executive powers to push ahead with the plan, if the related bill fails to obtain parliamentary approval in time. “(The government)

EconomyOct. 26, 2020

LG Electronics to provide Electrolux with refrigerator icing tech

LG Electronics said Monday it has inked a license agreement with European electronics company Electrolux to provide its patented icing technology for French door refrigerators. French door refrigerators feature a twin-door design up top and a full-width freezer drawer at the bottom. With LG Electronics’ patented icing technology, Electrolux refrigerators will be able to make ice inside the upper fridge as well as inside the bottom freezer so that users won’t have to bend over whe

IndustryOct. 26, 2020

Hyundai Steel receives eco-friendly certification from Sweden

Hyundai Steel said Monday its steel plates have been given an Environmental Product Declaration certification from Sweden, which would help the company respond effectively to the rigorous environmental regulations of Europe and facilitate exports to the continent. An EPD is an independently verified and registered document that gives transparent and comparable information about what a product is made of and how it impacts the environment across its entire life cycle. Hyundai Steel received

IndustryOct. 26, 2020

Samsung stocks rally on expectations of succession, possible governance revamp

Stocks of Samsung Group’s key affiliates rallied Monday on expectations of a possible corporate governance revamp at South Korea’s largest conglomerate after the passing of Chairman Lee Kun-hee. Anticipation that the companies might increase dividend payouts to help the owner family secure funds to pay inheritance taxes also boosted the stock prices, according to market watchers. Construction firm Samsung C&T and Samsung Life Insurance, two of the companies that allow the Lee

MarketOct. 26, 2020

Market in close watch over Samsung inheritance tax

With heirs to the Samsung empire facing a colossal amount of inheritance tax on stocks owned by their late father Lee Kun-hee, the market is closely watching how they will raise the necessary funds to pay it. Any moves they make are likely to affect the market. Samsung Group Chairman Lee, who died Sunday, left Samsung affiliate stocks valued at 18.2 trillion won ($16.1 billion) as of Friday closing. Questions have been raised on how Lee’s heirs -- particularly his only son, Samsung Ele

MarketOct. 26, 2020

Seoul stocks sink on renewed virus concern, Korean won at 19-month high

South Korean stocks closed lower Monday as investors remained skeptical of a much-coveted global economic recovery amid a resurgence in the new coronavirus. The Korean won rose to an over 19-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.90 points, or 0.72 percent, to close at 2,343.91. Trading volume was moderate at 803 million shares worth 11.29 trillion won ($10 billion), with losers outnumbering gainers 759 to 119. Foreigners offloaded a

MarketOct. 26, 2020

Tributes pour in for Samsung chairman

Renowned figures from the business, political and diplomatic communities made visits to Samsung Medical Center on Monday to pay tribute to the late Samsung Group Chairman Lee Kun-hee. Starting with former and current executives of Samsung, hundreds of officials across industries, politicians, government officials and foreign ambassadors to South Korea mourned the loss of the Samsung chairman and recalled their memories of Lee.  Former Samsung Electronics President Chang Choong-ki, one o

IndustryOct. 26, 2020

Nongshim releases first new “kkang” snack in 47 years

South Korean food maker Nongshim said Monday it has released a new corn-flavored snack, called “Oksusu kkang.” It marks the first new addition to the company’s signature “kkang” series in 47 years after “Goguma kkang,” its beloved sweet potato flavored snack. Taking the shape of a corn on the cob, the new crackers have been described as sweet and nutty with a crunchy texture. Nongshim said that the “kkang” crackers have stood the test of t

ConsumerOct. 26, 2020

Bank overdrafts, card loans on sharp rise among 20-somethings

Amid a prolonged economic contraction and shrinking employment rate, South Koreans in their 20s have increasingly become debt-ridden, depending on bank overdrafts and credit card loans, data showed.  The outstanding balance of bank overdrafts and card loans extended to 20-somethings totaled 2.14 trillion won ($1.91 billion) as of end-June, up sharply from 1.97 trillion won and 2.07 trillion in 2018 and 2019, respectively, said Rep. Jeon Jae-su of the ruling Democratic Party, quoting data

EconomyOct. 26, 2020

NH NongHyup sets up Myanmar branch

NH NongHyup Bank said Monday it has launched its branch office in Yangon, the largest city of Myanmar to expand its presence in the Southeast Asian country.  The establishment of Yangon-based branch came after the lender had obtained final approval from the country’s central bank in late June. It is the second regional office branch, followed after NongHyup Finance Myanmar, a microfinancing institution that has been in operation since 2016. The Yangon office will set a foothold for

MarketOct. 26, 2020

Theragen Bio, Macrogen, DNA Link picked for K-DNA pilot biz

A trilateral consortium comprising of Theragen Bio, Macrogen and DNA Link has been selected for the Korean government’s bio big data pilot business, the companies said Monday. The K-DNA big data establishment business is a project backed by the Ministries of Health, Science and Business to gather genomic information of 20,000 Koreans in the span of the next two years. The analysis of these genomic data will provide a basis for various bio health care businesses. Starting November, the

IndustryOct. 26, 2020

Samsung Heavy to develop floaters for offshore wind turbines

South Korean shipbuilder Samsung Heavy Industries Co. said Monday it has launched its project along with DNV GL, a Norwegian ship quality assurance company, to develop floaters for offshore wind turbines. Under the deal with DNV GL, a leading global technical certification and standardization of offshore wind power, Samsung Heavy plans to develop large floaters that work to stabilize offshore wind turbines and remote-control maintenance technologies for them. Demand for offshore floating win

IndustryOct. 26, 2020

Big Hit shares slide to new low after stock market debut

Shares in Big Hit Entertainment, the management agency behind K-pop phenomenon BTS, sunk nearly 10 percent Monday, hitting a new low since the company's market debut earlier this month, as investors question its proper valuation. Big Hit shares slumped 9.57 percent from the previous session's close to 156,000 won ($138), the lowest since its market debut, far underperforming the broader Korea Composite Stock Price Index's (KOSPI) 0.72-percent loss. Big Hit's plunge follows its roller coaster m

MarketOct. 26, 2020

Daewoo Shipbuilding gets nod for floating facility for LNG, power supply

Daewoo Shipbuilding & Marine Engineering Co. said Monday that it has won approval for its floating facility to supply both electricity and LNG to an onshore facility, from ABS, a US ship quality assurance and risk management company. The facility, Floating Storage Power Plant LNG Cargo Handling System (FSPP LNG CHS), was developed by Daewoo Shipbuilding as the first in the global shipbuilding industry, the company said. "The floating storage power plant and the LNG cargo handling sys

IndustryOct. 26, 2020

Stung by hefty recall provisions, Hyundai, Kia deliver poor Q3 results

Hyundai Motor Co. and its affiliate Kia Motors Corp. on Monday posted lackluster third-quarter earnings results due to hefty provisions for recalls and quality management. For the three months that ended in September, Hyundai swung to a net loss of 188.8 billion won ($167 million) from a net profit of 460.5 billion won a year ago. Kia's net profit plunged 59 percent to 133.68 billion won from 325.80 billion won during the same period, the companies said in separate statements. Hyundai and Kia

EconomyOct. 26, 2020

Contact less, connect more: Korea Herald to host Biz Forum

As the COVID-19 pandemic has profoundly affected a restructuring of the economy, there is an increasing demand for in-depth discussions on changing consumer patterns, working environments, business regulations and new economic growth engines. Against this backdrop, The Korea Herald has called on experts in fields who have successfully demonstrated leadership in evolving business strategies and non face-to-face services and seeking new opportunities in the post-COVID-19 world. “The Kore

IndustryOct. 26, 2020

Hyundai Rotem swings to black in Q3

Hyundai Rotem Co. on Monday reported its third-quarter net profit of 4.6 billion won ($4.1 million), swinging from a loss of 117.5 billion won a year earlier. Operating income for the July-September period was 31.1 billion, compared with a loss of 96.6 billion won a year ago, the company said in a regulatory filing. Revenue rose 8.8 percent to 693.2 billion won. The operating profit was 70.2 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data

EconomyOct. 26, 2020

SsangYong Motor Q3 net losses slightly narrow on reduced costs

SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Monday its third-quarter net losses narrowed from a year earlier, helped by reduced costs. Net losses for the three months that ended in September narrowed to 102.44 billion won ($90 million) from 107.9 billion won in the same period of last year, the company said in a statement. "The company's drastic cost-cutting efforts in wages and welfare benefits for employees helped narrow the quarterl

EconomyOct. 26, 2020