S. Korea logs current account surplus for 4th month in Aug.

South Korea posted a current account surplus for the fourth straight month in August as exports declined at a slower pace than imports amid major economies' reopenings after the pandemic-caused lockdowns, the central bank said Thursday. The current account surplus reached $6.57 billion in August, down from $7.45 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. The current account has been in the black since the

EconomyOct. 8, 2020

Seoul's trade minister among 2 finalists in race for new WTO chief: report

South Korean Trade Minister Yoo Myung-hee has made it onto the shortlist of two finalists in a race to become the new chief of the World Trade Organization (WTO), a news report said Thursday. The South Korean candidate will now compete with Ngozi Okonjo-Iweala from Nigeria for the top seat, Reuters reported, citing three unidentified sources. The WTO earlier said the candidates for the final round of the selection process will be announced later Thursday (Geneva time). Member states will reac

EconomyOct. 8, 2020

Nobel Prize for chemistry awarded to Charpentier and Doudna

REUTERS -- Scientists Emmanuelle Charpentier and Jennifer Doudna won the 2020 Nobel Prize in Chemistry for the development of a method for genome editing, the award-giving body said on Wednesday. “Emmanuelle Charpentier and Jennifer A. Doudna have discovered one of gene technology’s sharpest tools: the CRISPR/Cas9 genetic scissors,” the Royal Swedish Academy of Sciences said in a statement on awarding the 10 million Swedish crown ($1.1 million) prize. “This technology

TechnologyOct. 7, 2020

CJ Logistics considers selling Chinese unit CJ Rokin

CJ Logistics, the logistics unit of South Korea's food and entertainment conglomerate CJ, has been considering selling one of its Chinese units, CJ Rokin, a company official said Wednesday.  The move is a part of the company's adjustment of its business portfolio in China, according to the official.  CJ Rokin was set up in 2015 after CJ Logistics acquired a 71.4 percent stake in Rokin, then the biggest refrigerated shipment service firm in China.(Yonhap)

IndustryOct. 7, 2020

Former Lime Asset executive gets 5-year prison term in fund scam case

A former executive of Lime Asset Management, a scandal-ridden hedge fund based in Seoul, was sentenced to five years in prison by a local court on Wednesday for illegally investing about 20 billion won ($17.3 million). The Seoul Southern District Court convicted the former Lime executive, surnamed Kim, who served as head of the fund's alternative investment division, of breach of trust and other crimes and handed down the five-year prison term and a fine of 3.5 billion won. Kim was arrested in

MarketOct. 7, 2020

KB Securities, NCSoft, December & Co. join hands for AI-based securities services

Brokerage firm KB Securities and gaming company NCSoft have recently joined forces with December & Company, an asset management company offering customized services, to provide stock trading services using artificial intelligence technology, according to the companies on Wednesday. Under the partnership, KB and NCSoft will invest 30 billion won ($25.9 million) each to December for development of an AI-powered stock trading platform. December will use its asset management platform Fint, an

MarketOct. 7, 2020

BMW to launch blockchain-based reward program

BMW Korea announced Wednesday that the company would soon launch a blockchain-powered reward program called BMW Vantage in South Korea. The reward program is the company’s new membership scheme that will allow customers to collect reward points and use them to pay or get discounts on services that the program offers. Korea will be the first country to launch the new reward platform before rolling it out globally, BMW Korea said. The automaker’s office here is currently running a

IndustryOct. 7, 2020

More than half a million 5G network users returned to 4G: report

The number of 5G network users who returned to 4G network services has surpassed half a million, according to data released by a local lawmaker, Wednesday. The figure -- 562,656 users who downgraded from their 5G subscriptions -- accounts for 6.5 percent of the total 5G network subscribers in South Korea, according to the report by Rep. Hong Jung-min, who belongs to the Science, ICT, Broadcasting and Communications Committee at the National Assembly. The number of 5G network users as of end-

TechnologyOct. 7, 2020

Meditoxin doctors’ most preferred wrinkle remover: Medytox

Meditoxin, South Korea’s first botulinum toxin product, was selected by dermatologists and plastic surgeons as the most preferred product for smoothing wrinkles, developer Medytox said Wednesday. In the first issue of the journal Aesthetics, published by the Korean Association for Laser, Dermatology and Trichology, Meditoxin received 51.6 percent of the votes, winning the top spot among Korean botulinum toxin products. Hugel’s Botulax came in second at 32.5 percent and Daewoong Pha

IndustryOct. 7, 2020

CEOs of 3 brokerage firms informed of disciplinary action over Lime fiasco

South Korea’s financial watchdog has informed top executives at three securities firms of its plan to impose disciplinary action over the misselling scandal involving Lime Asset Management, according to Financial Supervisory Service officials and industry sources Wednesday. The FSS gave prior notice to Shinhan Investment, KB Securities and Daishin Securities on Tuesday that they will be reprimanded for misleading consumers by providing them with inaccurate information about Lime’s

MarketOct. 7, 2020

S. Korea’s forex reserves extend 6-month uptrend in Sept.

South Korea’s foreign reserves continued to rise in September for the sixth straight months, mostly on the back of the country’s sale of foreign exchange stabilization bonds and partly due to investment returns, central bank data showed Wednesday. The foreign reserves totaled at a record high of $420.6 billion as of the end of September, up $1.59 billion from a month earlier, according to data compiled by the Bank of Korea. The given figure comprises securities and deposits denomin

EconomyOct. 7, 2020

[Behind the Wheel] Mercedes-Benz keeps up game in rising compact SUV market

Maintaining its position as a favorite foreign car brand in South Korea, Mercedes-Benz has geared up for the competition of sports utility vehicles, presenting a lineup of entry-level, compact SUV models last month. The automaker has been leading the imported vehicle market here with its premium family sedan E-Class selling best for a couple of years. In the first half of this year, Mercedes-Benz kept its place by selling 47,613 units, shaking off the runner up, BMW, standing at 36,498 units,

MobilityOct. 7, 2020

LS Cable buys land in Poland for possible expansion of plants

LS Cable & System Ltd., South Korea's leading wire and cable manufacturer, said Wednesday it has purchased a 30,000-square-meter plot of land in Poland for a possible expansion of its operations. A company official said no decision has been made yet on building production facilities on the new site, which is next to LS Cable's second plant in the southwestern Polish town of Dzierzoniow. The second plant, which is yet to be completed, will produce parts for electric vehicle batteries. Last

EconomyOct. 7, 2020

Hyundai Mobis invests $25m in UK augmented reality head-up display provider

Hyundai Mobis said Wednesday it invested $25 million in Envisics, a UK-based augmented reality head-up display provider. The auto parts company has been making investments in autonomous driving and electrification over the last three years in response to the growing need for self-driving cars. The augmented reality head-up display, or AR HUD, is a next generation safety convenience feature that matches driving information with the road ahead in real-time and projects it onto the windshield. &

MobilityOct. 7, 2020

Cafe24 sees over 35,000 online stores launched during Q3

Cafe24 said on Wednesday that 35,836 new direct-to-consumer online stores were launched through its e-commerce platform, its highest figure in five years. The latest data means that store launchings during the quarter experienced a near 40 percent year-on-year increase, which comes down to over 10,000 new stores opening each month. September recorded the biggest growth during the quarter with 11,545 new stores joining the platform, a 50.34 percent jump from 3,866 in the same period last year.

ConsumerOct. 7, 2020

Hanwha, LG eye world’s biggest floating solar farm project in Korea

The bidding for the world’s biggest floating solar farm project is set to begin in South Korea, drawing interest from major domestic solar power companies, according to industry sources. Korea Hydro & Nuclear Power currently aims to build a 2.1-gigawatt floating solar power plant worth 4.6 trillion won ($3.97 billion) that would spread over more than 30 square kilometers near the Saemangeum reclamation area in North Jeolla Province. When completed, the plant will be able to supply e

IndustryOct. 7, 2020

GS Caltex acquires stake in Vietnamese car wash startup

GS Caltex said Wednesday it signed an investment agreement with a Vietnamese car wash startup to expand its auto repair and lubricants businesses in the Southeast Asian country. According to the South Korean refiner, it will invest 39 billion dong ($1.6 million) to acquire a 16.7 percent stake in VI Automotive Service, a parent company of VietWash. VietWash is a Ho Chi Minh City-based car wash startup that operates some 50 car wash centers in Vietnam. It also runs car wash centers at some 2

IndustryOct. 7, 2020

McDonald's Korea celebrates Founder’s Day

Celebrating Founder‘s Day, McDonald’s Korea Managing Director Antoni Martinez expressed appreciation and encouragement to employees on Wednesday. McDonald‘s Founder’s Day is held in October annually, to celebrate the birthday of its founder Ray Kroc, who was born on Oct. 5, 1902. The anniversary is globally celebrated by the burger chain’s branches across the world. To carry on the customer- and store-centered business management spirit of the founder, chi

ConsumerOct. 7, 2020

Posco partners with ExxonMobil to expand into LNG industry

Posco said Wednesday that it has partnered with ExxonMobil, a US-based oil and gas company, to expand into the liquefied natural gas industry with the high-manganese steel it has developed. According to the South Korean steelmaker, the two companies agreed to have their research institutes -- ExxonMobil Research and Engineering, ExxonMobil Upstream Research and the Posco Research Institute -- work together to further develop high-manganese steel technologies and work toward the application of

IndustryOct. 7, 2020

Seoul stocks extend winning streak to 6th day on lingering US stimulus hopes

South Korean shares extended their winning streak to a sixth session Wednesday as US President Donald Trump kept hopes for a stimulus package alive after postponing negotiations for the deal. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.04 points, or 0.89 percent, to close at 2,386.94. Trading volume was moderate at 722.8 million shares worth 8.8 trillion won ($7.6 billion), with gainers outnumbering losers 483 to 309. Retail inves

MarketOct. 7, 2020