US trade body supports LG Chem’s request for sanctions against SK Innovation

An independent investigative body under the US International Trade Commission submitted a written opinion in favor of LG Chem, which filed a motion in August accusing SK Innovation of destroying crucial evidence in the ongoing patent lawsuit between the two battery giants. According to the USITC on Sunday, the Office of Unfair Import Investigations said it “supports” LG Chem’s motion requesting sanctions against SK Innovation. In the written letter, OUII said that SK Inno

IndustrySept. 27, 2020

Korean firms say restructuring is inevitable: survey

Amid the slowdown in global trade in the wake of the pandemic, many South Korean companies see changes in global value chains as inevitable, a survey showed Sunday. According to a recent survey of 300 Korean manufacturers by the Korea Chamber of Commerce and Industry, 41.7 percent of the respondents said they were “experiencing the GVC changes” and 27.3 percent said they were “expecting changes.” As the biggest factor affecting the restructuring of global value chains

IndustrySept. 27, 2020

Korea Investment sells First Sentier’s infra fund

Korea Investment & Securities, a Seoul-based brokerage house, said Sunday that it has started selling a new product to indirectly invest in equities of global companies dedicated to infrastructure projects in developed countries. The new product is a feeder fund of the Global Listed Infrastructure Fund by Sydney-based First Sentier Investors. Local investment firm Kiwoom Asset Management is an underlying manager of the structured investment product. The product for South Korean end-inves

MarketSept. 27, 2020

Kia reports 3 additional virus cases at local plant

Kia Motors Corp. said Sunday three assembly line workers at one of its domestic plants tested positive for the new coronavirus, and a decision on whether to suspend the plant's operations will be made soon. "The plant is not in operation as it is Sunday. The company will make a decision on whether to (temporarily) halt the Sohari plant in Gwangmyeong tomorrow," a company spokesman said over the phone. Kia, the country's second-biggest carmaker, halted the operations of the Sohari pla

EconomySept. 27, 2020

Hyundai Motor taps into China with new cars, smarter technologies

The nation’s largest automaker, Hyundai Motor, said Sunday that it had unveiled new cars and technologies targeting China at the 16th Beijing International Automotive Exhibition, which kicked off a day earlier. The automaker said it showcased a technology brand, called “H Smart+,” exclusively for China. The space consists of three areas: a clean field that focuses on electric cars and hydrogen cars, a connected field showing connectivity technology such as Baidu 3.0 and B

MobilitySept. 27, 2020

KB Financial to halt financing of coal-fired power plants

KB Financial Group said Sunday it has decided to halt financing construction of coal-fired power plants and to expand investment in infrastructure projects aimed at improving and conserving environment. As part of its corporate roadmap to combat global climate change, the South Korean financial giant will no longer participate in financing of new thermal power plant construction in and out of the country, and instead, increase investment in new eco-related investment opportunities, such as gree

MarketSept. 27, 2020

US trade panel supports LG Chem in battery case with SK Innovation

The US International Trade Commission (ITC) has voiced support for LG Chem Ltd.'s call for sanctions on its rival SK Innovation Co. in connection with a legal dispute over battery patents, LG Chem said Sunday. In response to LG Chem's request for the issuance of an order sanctioning SK Innovation, the investigative staff of the US International Trade Commission (ITC) has supported LG Chem ahead of a crucial verdict over their electric vehicle (EV) battery patent case next month.  In the

EconomySept. 27, 2020

S. Korea on track for 1st lunar mission in 2022

South Korea is on track for its first lunar mission, with its first launch of a lunar orbiter slated for the second half of 2022, the country's space research institute said Sunday, after the country's lunar project suffered multiple delays. South Korea, a relative latecomer to the global space race, has been working on a lunar orbiter program since 2016. The spacecraft is expected to reach the moon by Dec. 16, 2022, and conduct a yearlong mission that could even be extended, according to the

TechnologySept. 27, 2020

KRX to offer English translation service for Kospi firms’ disclosures

South Korea’s sole bourse operator is slated to translate daily disclosures of 54 companies listed on the Kospi market in English starting Monday, according to officials Sunday. As of end-August, foreign investors held 35.3 percent stock ownership of Kospi-listed companies. The number of disclosures translated in English, however, was just 697 -- 5.9 percent of those published in Korean. To provide more information on Korean companies to foreign investors, the Korea Exchange’s Ko

MarketSept. 27, 2020

Eximbank, IFC team up to finance developing countries post-COVID-19

The Export and Import Bank of Korea and International Finance Corp. have agreed to expand their collaboration in developing countries and to link Korean firms with more opportunities overseas, the financial institutions said Sunday. The two signed a new memorandum of understanding on Friday to focus on creating new jobs, promoting smart cities and boosting health care, among other measures to identify and finance projects in countries largely in Southeast and Central Asia. The collaboration wi

MarketSept. 27, 2020

Hyundai workers vote to accept wage freeze amid pandemic

Unionized workers at Hyundai Motor Co. voted to accept a wage freeze for the first time in 11 years as the nation's largest carmaker struggles to cope with the impact of the coronavirus pandemic, the company said Saturday.  In a vote held Friday, 53 percent of 44,460 workers who cast a ballot approved this year's wage agreement between the labor union and management, the company said in a text message. Hyundai Motor and its union reached a wage deal without a strike for the second cons

IndustrySept. 26, 2020

Hyundai Motor Group appoints Alain Raposo to lead powertrain unit

Hyundai Motor Group appointed powertrain expert Alain Raposo as executive vice president in charge of its powertrain tech unit at the group’s research and development division on Friday. Hyundai said Raposo will be responsible for engine, transmission and electrification development for Hyundai and Kia brands at the group’s global R&D headquarters, starting Monday. According to the automaker, Raposo is an expert who has led the research and development for powertrains, electr

MobilitySept. 25, 2020

Merz Aesthetics picks Gwyneth Paltrow as global face

Oscar winner Gwyneth Paltrow has become the face of Merz Aesthetics’ global campaign for its botulinum toxin product, Merz Korea said Friday. Paltrow has been using Xeomin for years before she agreed to become the ambassador for the wrinkle-removing neurotoxin, according to Merz Aesthetics.  This global campaign is built on Paltrow’s principles for beauty, which is that women should permit themselves to do whatever they need for their happiness. Paltrow will use the hashtag

IndustrySept. 25, 2020

Celltrion creates holding company for 3-away merger

Celltrion Group announced Friday it has established Celltrion Healthcare Holdings as a first step of its plan to merge three affiliates by the end of 2021. The creation of the holding company is required to materialize the merger plan in compliance with the legal standards for Monopoly Regulation and Fair Trade Act. The merger of Celltrion, Celltrion Pharma and Celltrion Healthcare has been widely expected since early this year. It will be a merger of the existing Celltrion Holdings, comprisi

IndustrySept. 25, 2020

Hyundai Motor enters ‘Green Hell’ with high performance brand N

Hyundai Motor said Friday it is participating in this year’s ADAC Total 24H Race to be held in Nurburgring, Germany, with three vehicles from its high-performance brand N. Hyundai Motor said all of its three vehicles of Hyundai N -- i30 N TCR, Veloster N TCR and i30 Fastback N -- will compete in the contest from Sept. 26 to 27 to test their endurance. It is the fifth time the automaker is taking part in the race since 2016, the company said. The Nurburgring circuit is a 25-kilometer c

MobilitySept. 25, 2020

Head of Incheon Airport mulls legal action as resolution to remove him passes

President of Incheon International Airport Corp. Koo Bon-hwan said he is mulling legal action against what he says has been mistreatment, after authorities passed a resolution to remove him from his position. During the press conference at the airport on Friday, Koo said he feels “a weight has been lifted off his shoulders” and is “sad” being forced to resign halfway through his three-year term. The outgoing chief also accused the Ministry of Land, Infrastructure and Tr

MobilitySept. 25, 2020

S. Korea’s consumer sentiment sees sharp drop in Sept. amid stricter social distancing rules

South Korea’s composite consumer index shed the most points in six months in September, feeling the impact of stricter social distancing rules following the COVID-19 resurgence, central bank data showed Friday. The index dropped 8.8 points on-month to 79.4 in September, which also marked the sharpest dip in six months and the first decline since April, according to data released by the Bank of Korea. A reading below 100 means pessimists outnumber optimists. The September reading broke th

EconomySept. 25, 2020

Seoul stocks close higher on hopes for new US economic stimulus

South Korean shares closed higher Friday, as investor sentiment was improved by hopes for a new stimulus package for the US economy. The Korean won rose against the US dollar. After trading in a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) rose 6.09 points, or 0.27 percent, to close at 2,278.79. Trading volume was moderate at about 687 million shares worth some 9.9 trillion won ($8.4 billion), with gainers outnumbering losers 530 to 318. Foreigners sold a net 90 bil

MarketSept. 25, 2020

Copyright, design right violators to face up to threefold damage compensation: KIPO

South Korea will impose punitive statutory damages of up to three times upon breaches of trademark righs and design rights, starting in April 2021, in continued efforts to enhance knowledge-based intangible assets, the country’s intellectual property office said Friday. The revision bills of the Trademark Act, Design Protection Act and the Unfair Competition Prevention and Trade Secret Protection Act have been approved by the National Assembly, the Korean Intellectual Property Office s

MarketSept. 25, 2020

Lotte Insurance denies rumors of self-delisting plan

Lotte Insurance said Friday that it would not consider delisting itself from the country’s main bourse Kospi, refuting rumors by some local media reports. Followed by the nation’s sole bourse operator’s call for explanation on the delisting rumors, the insurance firm made its official announcement via DART -- the Financial Supervisory Service’s electronic disclosure board. “This is to confirm that we are not considering to be delisted from the local market,&rdquo

MarketSept. 25, 2020