New financial centers may emerge amid COVID-19 disruption: APG

The unraveling disruption caused by the novel coronavirus might dent the role of the traditional financial hubs, while surprising candidates are likely to take their place with their own speciallizations in the wake of decentralization playing out due to COVID-19, said APG Asset Management Chief Executive Ronald Wuijster on Tuesday. Surprising candidates could be Busan in South Korea, Casablanca in Morocco and Malaysia‘s Kuala Lumpur, Wuijster said during a speech at the Jeonbuk Internati

MarketSept. 1, 2020

Samsung back in gridlock upon indictment

Samsung Electronics is facing a harder time than ever before, finding itself at the center of another legal battle against prosecutors as its heir apparent Lee Jae-yong on Tuesday was indicted for his alleged role in a 2015 merger and fraudulent accounting. Legal representatives for Samsung released a lengthy statement upon the indictment questioning the legitimacy of the prosecutors’ decision that apparently ignored an independent panel’s opinion in June that they should not file

TechnologySept. 1, 2020

[Herald Interview] By turning biomass into fuel, 4EN eyes to become impact unicorn

  4EN is a South Korean startup with an ambition to become Asia’s largest greenhouse gas reduction initiative. The company aims to tackle the climate change problem using sustainable businesses ideas such as mitigating greenhouse gases and reducing toxic agricultural by-products, produces solid fuel, organic fertilizers, and bioplastic from coffee grounds and agricultural by-products, such as peanut shells. Up until a few years ago, the 9-year-old company was best-known for coff

IndustrySept. 1, 2020

[Herald Interview] 'Eco-friendly initiatives now present corporate opportunities'

At a forum held in Jeongseon last month, Kang Tae-sun, founder and CEO of leisure clothing brand BYN Black Yak Korea, showed off the company’s new black shirts, which have been made in Gangwon Province. “We made this T-shirt from recycled plastic bottles carefully collected in Gangwon to help the province reduce its environmental impact and encourage customers to become more comfortable using products made from harmless recycled materials, such as these,” Kang said. “I

IndustrySept. 1, 2020

[Herald Interview] Environment activist sees future in eco-smart city 　

The Leonardo DiCaprio environmental movie awards are one of Choi Yeol’s current ambitions. As a prominent South Korean environmental activist who leads the Environment Foundation, Choi, who is a big believer of cultural ripple effects, has already carried out several movie events and exhibitions to promote environmental awareness. His interests in the cultural movement and international collaboration are not coincidental. He believes that climate change is the most pressing environmental

IndustrySept. 1, 2020

Unity develops system to automatically create multiple versions of single game

Unity said Tuesday it has officially launched Unity Distribution Portal, which allows developers to create a single version of a game that can be published in multiple app stores. According to Unity Technologies Korea, UDP is capable of automatically creating different versions of a single game that can meet software requirements of each app store, saving developers a substantial amount of time when publishing in multiple app stores. “Previously, developers had to create different ver

IndustrySept. 1, 2020

S. Korea drafts record-high budget of W555.8tr for 2021

South Korea on Tuesday unveiled a record-high state budget worth 555.8 trillion won ($469.87 billion) for 2021, up 8.5 percent from this year, in continued efforts to revitalize the economy amid the COVID-19 fallout. The expansionary policy road map and the consequent rise in sovereign debt, however, rekindled worries about the nation’s fiscal soundness. “Next year will be the golden time for our economy, when we should exert all efforts to overcome the COVID-19 crisis and brace

EconomySept. 1, 2020

Korea’s electricity sales to dip similar to during 1998 financial crisis

Due to the prolonged coronavirus outbreak, South Korea’s electricity sales are projected to shrink 3.3 percent this year compared to a year prior, signaling the worst retreat in demand since 1998, according to a research body under Korea Electric Power Corp. on Tuesday. Kepco Management Research Institute said Kepco’s electricity sales volume this year is expected to suffer a negative growth of 1.8 to 3.3 percent on-year, its second-worst figure next to minus 3.6 percent in 1998

IndustrySept. 1, 2020

LG U+ forges AR, VR alliance with global tech firms, telecom firms

Korean mobile carrier LG U+ announced Tuesday that the company has forged an alliance to create augmented reality and virtual reality content. Joining the Global XR Content Telco Alliance are telecommunications firms LG U+, KDDI in Japan, Bell in Canada and China Telecom. Award-winning entertainment studios Felix & Paul Studios and Atlas V are also joining the alliance as partner companies. Alliance members and partner companies will bring together their resources and technologies to cre

TechnologySept. 1, 2020

Shinhan Bank, SKT to roll out 5G-based financial services

Commercial bank Shinhan Bank said Tuesday that it has joined forces with mobile network firm SK Telecom to develop financial services based on 5G mobile edge computing technology. The mobile edge computing, or MEC, is a core 5G technology that helps reduce network latency and process data efficiently by installing small-sized data centers at base stations. Through the partnership, the two companies will launch R&D projects to design advanced financial services based on the 5G technology,

MarketSept. 1, 2020

Seoul stocks rebound on bargain hunting, massive budget proposal

South Korean shares rebounded Tuesday from a decline of over 1 percent the previous session, largely due to investors' bargain hunting for undervalued heavyweights and the government's record budget proposal for next year. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.38 points, or 1.01 percent, to close at 2,349.55. Trading volume was high at about 1.1 billion shares worth some 16.1 trillion won ($13.6 billion), with gainers outnu

MarketSept. 1, 2020

S. Korea's GDP drops 3.2% in Q2, worst since 2008

Asia’s fourth-largest economy shrank 3.2 percent on-quarter in the April-June period, central bank data showed Tuesday, slightly slower than the central bank’s previous estimate, but nonetheless showing its sharpest contraction since the 2008 global financial crisis. While the figure was an improvement from a 3.3 percent estimated contraction announced in July, it marked a sharp on-quarter decline from minus 1.3 percent for the January-March period. The economy also contracted 2.7

EconomySept. 1, 2020

[Market Close-up] Korea seeks to stamp out naked short selling

To keep stock market volatility at bay amid concerns that COVID-19 will continue to affect the market next year, South Korea has extended its temporary ban on short-selling activities of all listed Korean shares to March 2021. And the government is set to toughen penalties against illegal acts such as naked short selling. Financial authorities are also hoping to build a monitoring system that allows them to detect any irregularities in foreign investors‘ borrowing and lending of Korean st

MarketSept. 1, 2020

KTCU to commit W150b to VC investment

South Korean institutional investor the Korea Teachers’ Credit Union said Tuesday that it planned to commit 150 billion won ($126.8 million) to 10 external partners this year to create blind pool funds for venture investments. KTCU will pick three large venture capital houses, four mid-sized VCs and three rookie VCs. Eligible candidates must be based in Korea. Applications will be accepted by Sept. 24. Selected partners will be announced in late November and will have to complete the i

MarketSept. 1, 2020

[KH Explains] How effective are antimicrobial films on elevator buttons?

Transparent film covering surfaces in public areas such as elevator buttons have become a common sight in South Korea throughout the COVID-19 crisis. Containing ionized copper, these films assert to be antimicrobial and effective at deflecting fomite transmission of SARS CoV-2 virus. The films have become nearly imperative for people as they go about their lives pressing elevator buttons, pushing grocery shopping carts or tapping automated kiosks at take-out restaurants. The Seoul Housing &a

IndustrySept. 1, 2020

Study offers evidence of asymptomatic COVID-19 transmission on plane

Asymptomatic carriers may be capable of spreading the novel coronavirus to others on airplanes, a new study published by the US Centers for Disease Control and Prevention showed. The study, published in the peer-reviewed Emerging Infectious Diseases journal, found that a passenger on an evacuation flight from Milan to Seoul appears to have contracted the disease after sharing the same bathroom as an asymptomatic patient. That passenger, who was seated three rows away from the said patient,

TechnologySept. 1, 2020

Chong Kun Dang proceeds to phase 2 trial in Russia to treat COVID-19

Chong Kun Dang’s anticoagulant and acute pancreatitis treatment Nafabeltan (nafamostat) is to undergo a clinical phase two trial in Russia repositioned as a potential COVID-19 treatment, CKD said Tuesday. Nafabeltan is a white substance that has to be dissolved into an injectable solution for administration. According to CKD, Russia’s Drug Ministry approved of its clinical phase two trial design targeting some 100 seriously afflicted COVID-19 pneumonic patients there. The patients

IndustrySept. 1, 2020

[Herald Interview] GI Innovation steadies IPO for 2021

GI Innovation is a fusion protein novel drug discovery firm that has made two license-out deals that are worth a combined $1.99 billion, just three years since its foundation. This feat for a small biotech comprising 50 employees has pinned GI Innovation as the next big catch in the health care sector after SK Biopharmaceuticals’ record-breaking initial public offering in June, which was 323 times oversubscribed. GI Innovation’s stock market listing on Kosdaq was previously antici

IndustrySept. 1, 2020

Daesung chairman receives honorary doctorate from KAIST

Daesung Group Chairman Younghoon David Kim received an honorary doctorate in science and technology from the Korea Advanced Institute of Science and Technology, the firm said Tuesday. Kim received the honorary doctorate at the 2020 online graduation ceremony held at KAIST in Daejeon on Friday in recognition of his contributions to the development of the nation‘s economy through corporate management over the past two decades. Kim has been taking part in diverse international activities

IndustrySept. 1, 2020

Samsung Heavy’s LNG liquefaction technology certified by ABS

Samsung Heavy Industries said Tuesday it obtained a detailed design approval from the US ship classification organization American Bureau of Shipping for its natural gas liquefaction cycle technology, the first in the shipbuilding industry. The shipbuilder said, upon the approval, it can save costs for the payment of technology fees and the restrictions on selecting equipment by breaking away from the dependence of overseas engineering companies that have original technologies. Natural gas

IndustrySept. 1, 2020