PDI Seoul Forum turns virtual in 2020

London-based financial intelligence company PEI said Sunday it planned to hold PDI Seoul Forum Virtual Experience on Nov. 10. The virtual event, organized by PEI’s publication Private Debt Investor, is expected to offer participants a glimpse of private debt investment strategies, debt investor preferences in asset allocations and fund manager selection and monitoring processes amid challenges posed by the COVID-19 pandemic in the global capital market, PEI said. The event will feature

MarketOct. 19, 2020

S. Korea to resume distribution of coupons for museums, theaters, sports facilities

The government will begin distribution of a series of discount coupons this week to spur consumption in the live performance, film and sports industries hit-hard by the coronavirus pandemic, officials said Sunday. From Thursday, the government will gradually provide discount coupons, starting with 40 percent discounts for entrance to museums, 1,000 won ($0.87) to 3,000 won discounts for art exhibitions and 8,000 won discount for performances, according to the authorities. For movies, booking

EconomyOct. 18, 2020

Kolon Life Science to separate bio manufacturing biz

Kolon Life Science will separate its biologics drug manufacturing business to an independent entity tentatively called Kolon Biotech. The separation is effective from Dec. 1, Kolon Life Science said through a shareholders’ notice on Friday. Kolon Biotech will be responsible for contract manufacturing of biologics drugs, using a facility that has been freed up after Kolon Life Science ceased production of the controversially revoked gene therapy Invossa. Kolon Life Science had battled an

IndustryOct. 18, 2020

South Korea’s trade dependency slips in 2019 amid sluggish reports

  South Korea saw its trade dependency level slip for the first time in three years in 2019, as its export volume dropped amid global factors, data showed Sunday. The country’s trade dependency index -- the total trade volume proportion out of the gross domestic product -- came to 63.51 percent, according to the Korean Statistical Information Service run by Statistics Korea. This was down 2.57 percent from a year earlier and the lowest since the 60.11 percent observed in 2016. The

EconomyOct. 18, 2020

[News Focus] Online shopping turnover for cooked food up 82% on-year

SEJONG -- Home delivery or takeout services for cooked food have posted a remarkable increase over the past year amid fast expansion of delivery apps on smartphones as well as the social distancing in the wake of the novel coronavirus. 　 Online orders have surged in particular, according to data held by Statistics Korea: The monthly turnover of retailers selling packed dish via online shopping platforms reached 1.67 trillion won ($1.45 billion) collectively in August, setting a record high. T

EconomyOct. 18, 2020

[Green Paradox] What will Korea do with dead solar panels?

When solar panels are used for around 25 years, they are defined in Korea as being “dead.” They are typically composed of 76 percent glass, 10 percent polymer, 8 percent aluminum, 5 percent silicon and 1 percent other metals including copper and silver. Once “dead,” they are recycled or sent to other countries for use there. For countries like Germany that have advanced renewable energy ecosystems in place, 70 percent of dead solar panels are reused. In step with t

IndustryOct. 18, 2020

Top proxy adviser ISS urges shareholders to endorse LG Chem’s battery split-off

International Shareholder Services, one of the world’s two largest proxy advisory firms, has advised shareholders to vote for LG Chem’s decision to split off of its battery business division as a wholly-owned subsidiary. According to industry sources Sunday, ISS said in a recent report that LG Chem’s split-off is reasonable considering that the company will be able to secure funding to finance the investment required for the expansion of its fast-growing battery business.

IndustryOct. 18, 2020

Kogas overhauls LNG pricing method to tackle cherry-picking of power utilities

Korea Gas Corp. said Sunday it would impose a new format for supplying liquefied natural gas starting 2022 to address cherry-picking by electricity suppliers which it says ultimately leads to higher electricity bills. The state-run gas company has long provided supplied LNG to local power utilities at same prices based on the average import costs, dubbed as an “average tariffs” formula. Last year, Kogas imported LNG from about 15 countries including Qatar, Australia and the US an

IndustryOct. 18, 2020

Retail investors perplexed as BTS agency stocks decline

Retail investors who bet on Big Hit Entertainment, the agency of K-pop group BTS, face high volatility, as foreign and institutional investors dumped shares to take profits on the new stock. The company’s stock price closed at 200,500 won ($175.45) per share Friday, plunging 57,500 won, or 22.29 percent, from the previous session’s close, South Korea’s sole bourse operator Korea Exchange said Sunday. On its market debut on the main bourse Kospi a day earlier, the stock price

MarketOct. 18, 2020

Korean Air seeks to sell assets to secure more cash

South Korea's top full service carrier Korean Air Lines Co. is seeking to raise an additional 1.5 trillion won ($1.3 billion) in cash to overcome a prolonged, industrywide slump amid the pandemic, industry sources said Sunday. Korean Air plans to sell a lot of land in downtown Seoul to the Seoul city government for at least 500 billion won and get a subsidy of 1 trillion won from the government within this year. Korean Air has been in negotiations with the city government to sell its land in

EconomyOct. 18, 2020

Incheon Port announces smart port plan as part of Korean New Deal program

Incheon Port Authority announced on Sunday a multiproject plan to build a smart port, a move in line with the country’s New Deal program that seeks a way out of the COVID-19 pandemic. Under the plan, a total of 35 projects will take place to build a smart port that is eco-friendly, safe and beneficial to the local economy. The IPA said it set out the goals after co-opting the government’s new deal strategy. As part of efforts to go smart, the Incheon Port will adopt a completely a

IndustryOct. 18, 2020

HMM injects 2 more container ships

HMM said Sunday the company will dispatch two more container ships to support South Korean exporters that are struggling to ship out their products to foreign countries amid the protracting COVID-19 pandemic. A 5,000-twenty-foot-equivalent-unit container vessel dubbed HMM Prestige and the 4,600-TEU BMM Integral will depart from Busan on Oct. 31 for Los Angeles with a schedule to arrive on Nov. 11. The company said demand for container ships has become tighter recently as the export volume to

IndustryOct. 18, 2020

Foreigners scoop up W350b worth of Naver, Kakao shares in October

 Foreign investors purchased over 350 billion won ($306 million) worth of South Korean internet giants Naver and Kakao’s shares in October amid their strong preference for growth stocks in emerging markets due to unfavorable factors in the US market, data showed Sunday. According to data from the nation’s sole bourse operator, the Korea Exchange, offshore investors had purchased a net 187.4 billion won and 164 billion won worth of Naver and Kakao shares, respectively, as of Fri

MarketOct. 18, 2020

More firms in queue for IPOs in Q4

A number of South Korean companies are in the process of going public in the fourth quarter this year, in a bid to ride on the latest successful initial public offering (IPO) rush, data showed Sunday. After suffering a pandemic-caused market crash in the first half, the local stock market rebounded to the pre-pandemic level, wooing more firms to tap the IPO market during the remainder of the year. Some mega-scale deals, such as Kakao Games and Big Hit Entertainment, raised some tens of trilli

MarketOct. 18, 2020

S. Korea to resume discount coupon scheme to boost domestic consumption

South Korea, as of Sunday, has decided to resume its discount coupon program, after suspending it in mid-August due to a resurgence of the coronavirus, to invigorate domestic spending amid the COVID-19 pandemic. But concerns persist that the consumption scheme could again lead to a virus flare-up, alongside skepticism over its actual long-term effect on the economy. The scheme -- part of the government’s 90.4 billion-won ($76.2 million) domestic spending revitalization plan -- distribut

EconomyOct. 18, 2020

Korean shippers tipped to see strong earnings in Q3

South Korean shippers, led by industry leader HMM Co., are forecast to post strong earnings in the third quarter of the year on the back of increased fare and a drop in fuel costs, industry sources said Sunday. "A gradual recovery in global maritime cargo volume pushed up global freight rates as the supply of cargo service fell short of rising demand," Jung Yeon-sung, an analyst at NH Investment & Securities Co., said in his recent report. The Shanghai Containerized Freight Ind

EconomyOct. 18, 2020

[Contribution] Green New Deal, a meaningful initiative to drive green economy

"Where does Korea stand in tackling climate change? Going forward, what path should we take next to ensure sustainable growth while Korea’s growth model has once led to a successful industrialization?" As I watched the global protest play out on the Global Day of Climate Action on Sept. 25, I found myself ruminating about Korea’s position in the global response to climate change which is so often condensed into the word "Green." In 2015, governments around the w

EconomyOct. 18, 2020

Samsung heir to visit Vietnam this week after returning from Europe

Samsung Electronics Vice Chairman Lee Jae-yong, the de facto leader of South Korea's top conglomerate, plans to visit Vietnam this week, his second overseas business trip this year after returning from Europe last week, industry sources said Sunday. According to the sources, Lee will depart for Vietnam on Monday and probably meet Vietnamese Prime Minister Nguyen Xuan Phuc during his trip to the Southeast Asian nation to discuss possible investment plans. Lee's planned visit to Vietnam marks t

IndustryOct. 18, 2020

Korean economy's trade reliance at 3-yr low: data

South Korea's reliance on trade reached the lowest in three years last year due to a slump in overseas sales, data showed on Sunday. According to the data compiled by Statistics Korea, the reliance on trade, measured by dividing the country's total trade by gross domestic product, stood at 63.51 percent last year, down 2.57 percentage points from a year earlier. The 2019 tally marks the lowest since 2016, when the comparable figure was 60.11 percent, the data showed. The country's reliance on

EconomyOct. 18, 2020

[Weekender] Korean bio taps Switzerland

An increasing number of South Korean pharmaceutical companies are catching on to Switzerland’s potential as a portal to the wider European market. Most Koreans know Switzerland for its chocolate, cheese, Army knives, watches and the Alps. But it is not these seemingly iconic items that are holding up the Swiss economy, whose gross domestic product per capita in 2019 ranked second only to Luxembourg in International Monetary Fund’s book — a ranking that demands appreciation giv

IndustryOct. 17, 2020