How fungal infection can be treated

Hardened heels, or plantar callus, can turn out to be a fungal infection known as athlete’s foot. Athlete’s foot in the heels is difficult to distinguish from callus, as it does not itch. To the eye, it may appear like any ordinary hardened heel. Dong-A Pharmaceutical said Thursday it released over-the-counter drug Terbinew Gel in time for summer, when such conditions tend to spike. Terbinew Gel is a percolative cream that forms a film on the applied skin surface. By creating thi

IndustryAug. 27, 2020

Chong Kun Dang releases smaller Itun Q Plus

Not all that is big is good -- and this is especially true of tablets that have to be swallowed to deliver medicine. Chong Kun Dang’s newly launched Itun Q Plus is everything the original Itun Q was -- but it’s been enhanced through downsizing. Itun Q is an over-the-counter herbal medicine for periodontal discomfort that helps keep teeth sturdy and fights gum inflammation. Its active ingredient is titrated extract of the unsaponifiable fraction of corn. According to Chong Kun Da

IndustryAug. 27, 2020

Real estate startups surge in H1 despite pandemic

New startups, particularly those in real estate, surged in the first half of this year despite the impact of the pandemic, data showed Thursday. According to the data released by the Ministry of SMEs and Startups, the number of new startups in the January-June period was 809,599, up 26 percent from the same period last year. The surge was attributed to new real estate businesses, which stood at 292,810 during the period, up 131.6 percent year-on-year. The real estate sector accounted for 36.

MobilityAug. 27, 2020

BOK again trims growth outlook, stands pat amid growing

South Korea's central bank on Thursday again sharply lowered its growth outlook for the economy this year and froze its policy rate at a record low as uncertainties stemming from spiking virus cases heightened. The Bank of Korea (BOK) forecast a 1.3 percent contraction for Asia's fourth-largest economy in 2020 amid the deepening virus fallout, sharper than its estimate in May of a 0.2 percent retreat. "The recovery of domestic economic growth is likely to be slower than previously foreca

EconomyAug. 27, 2020

[Monitor] Employment rate drops nationwide

The employment rate in South Korea dropped in the first half of this year, due to the economic fallout from the coronavirus pandemic, according to Statistics Korea’s data Wednesday. The employment rate for cities went down by 2 percent at 58.3 percent, compared to last year, according to the data. The employment rate for counties also decreased by 0.9 percentage point to 65.9 percent. The jobless rate in Osan, Gyeonggi Province, and Gumi in North Gyeongsang Province reached 5.4 percen

IndustryAug. 27, 2020

Seoul stocks open higher on Wall Street gains

South Korean shares opened higher Thursday due to an overnight tech rally on Wall Street, despite concerns over the rising new COVID-19 cases in the country. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.36 points, or 1.42 percent, to 2,306.58 in the first 15 minutes of trading. Stocks traded choppy as a recent spike in South Korea's daily new COVID-19 cases sparked concerns of a lockdown. The Nasdaq Composite jumped 1.73 percent to close at 11,665.06 points on Wednesday (

MarketAug. 27, 2020

S. Korea to draw up new measures to support low-income

SEJONG -- South Korea will draw up additional measures to support low-income people who are hit by a recent resurgence of the new coronavirus, Finance Minister Hong Nam-ki said Thursday. Hong made the remarks at a meeting with economy-related ministers amid growing worries that the resurgence could weaken the economy's recovery momentum. With the infections recently sharply growing, the government "will actively push for additional measures to cope with damages" for low-income and

EconomyAug. 27, 2020

Netflix office in Seoul investigated for suspected tax avoidance

The South Korean office of the global streaming giant Netflix is under investigation for possible tax avoidance, industry sources said Wednesday. The sources said the National Tax Service (NTS) sent officials to Netflix Services Korea's headquarters in Seoul earlier in the day to launch their probe. According to the sources, the NTS suspects Netflix Services Korea paid its US headquarters a large sum of phantom management consulting fees, so that the Seoul office would report a deficit and av

IndustryAug. 26, 2020

Hyundai Mobis expands EV parts plant in S. Korea

Hyundai Mobis Co., South Korea's biggest auto parts maker, said Wednesday it will invest 36 billion won ($30 million) in expanding its output capacity of electric vehicle components. Hyundai Mobis has already invested more than 300 billion won in EV parts plants in the central city of Chungju -- where it mainly produces core parts for Hyundai Motor Co.'s hydrogen fuel-cell electric vehicles -- and the southeastern industrial city of Ulsan, home to the main plants of its captive buyer Hyundai M

IndustryAug. 26, 2020

Creditor, HDC discuss 'all possible options' over stalled Asiana deal

The main creditor bank of Asiana Airlines Inc., said Wednesday it has discussed with HDC Hyundai Development Co. all possible options to wrap up the acquisition of the carrier by the builder. Lee Dong-gull, chairman of the state-run Korea Development Bank (KDB), and HDC Chairman Chung Mong-gyu met for a third time to find ways to push forward the stalled deal amid the coronavirus outbreak. "In today's meeting, the KDB and HDC discussed all possible options involving acquisition terms wit

IndustryAug. 26, 2020

KDB says ball in HDC’s court after chiefs’ talks on Asiana deal

The Korea Development Bank, Asiana Airlines’ main creditor, said it will await HDC Hyundai Development Company’s answer on acquiring the airline after a fresh round of talks between their chiefs in Seoul on Wednesday. In a statement, KDB said the high-profile discussion between KDB Chairman Lee Jong-gull and HDC Chairman Chung Mong-gyu took place with “all options on the table.” It said further plans will be decided in consultation with Kumho, the airline’s majo

MobilityAug. 26, 2020

KB Kookmin expands presence in Indonesia with acquisition of local lender

South Korea’s largest commercial lender KB Kookmin Bank said Wednesday it is now in the final stage of acquiring Indonesia-based Bank Bukopin. The Seoul-headquartered bank said its shareholders have approved its purchase of 33.1 percent of new shares in Bank Bukopin. The latest deal came after the Korean bank bought a 22 percent stake in the Indonesian firm in 2018 and an additional 11.9 percent in July. KB Kookmin said it has paid a combined 400 billion won ($337.1 million) over the pas

MarketAug. 26, 2020

Finance groups pledge multitrillion won investment for 'New Deal' projects

South Korea’s major banking groups have recently outlined long-term plans for multitrillion won investments in “green” and “digital” projects -- the two key pillars of the “Korean New Deal.” Staying true to its identity, agricultural NH NongHyup Bank said Wednesday that it would commit 8 trillion won ($6.7 billion) over five years to support new energy projects and loans for smart farms, which would enable greater use of information and communication te

MarketAug. 26, 2020

Krafton to make PUBG into movie, TV series

PUBG Corp.’s eponymous game PlayerUnknown’s Battlegrounds will be made into a movie and TV series, Krafton said Wednesday. According to PUBG’s parent company, it has made a strategic investment in a domestic production firm “Hidden Sequence” to expand its business to entertainment business. “The investment is aimed at expanding (the application) of Krafton’s intellectual property. We will utilize our IP including PUBG to make TV series, movies and v

IndustryAug. 26, 2020

S. Korea to inject W20tr more into ‘New Deal’ budget

South Korea’s government and ruling party have agreed to allocate more than 20 trillion won ($16.85 billion) of the 2021 state budget to financing the “Korean New Deal” stimulus package, party officials said Wednesday. They also vowed to keep up the current expansionary fiscal policy tone throughout next year, bracing for a prolonged economic downturn. The decision came during a meeting held at the National Assembly between the government and the ruling Democratic Party o

EconomyAug. 26, 2020

Koscom acquires HSBC-owned IT asset management business

South Korean firm Koscom disclosed Wednesday that it plans to acquire HSBC Fund Services Korea, to dive into the asset management sector. After a year of preparation for the takeover, the company has signed an agreement with the United Kingdom-based HSBC to acquire a 92.66 percent stake in the fund administration services firm. The latest deal marks the first acquisition project for the Korean company since it was founded in September 1977. Koscom seeks to expand its business into the IT as

MarketAug. 26, 2020

Ministry to review Google and Apple’s in-app payment systems

The Ministry of Science and ICT said Wednesday that it will look into Google and Apple‘s in-app payment systems over claims that they apply excessive commssions to app developers using their platforms. Local app developers and businesses earlier this month asked the government to look into their in-app payment systems and see if the US tech giants are violating local laws that prohibit telecommunications service operators from obstructing users in choosing services. Local developers argu

TechnologyAug. 26, 2020

Samsung donates over $4m in US to support fight against COVID-19

South Korean tech giant Samsung Electronics is continuing to help various communities hit by the COVID-19 pandemic worldwide, with its latest donation worth $4 million going to nonprofit organizations in the United States, according to the company on Wednesday. The donation was announced through its Samsung America newsroom homepage, which highlighted Samsung’s commitment to the local communities in the countries where it does business. According to the announcement, Samsung has pr

MobilityAug. 26, 2020

EV fires with Chinese batteries expose technology gap

A series of fires in electric vehicles in China recently has raised concerns over the batteries they are equipped with. According to local media reports, three Aion S sedans -- Chinese automaker GAC’s first pure EV model -- went up in flames on May 18, Aug. 12 and Aug. 23. Though GAC hasn’t disclosed an official cause for the cases, the most recent fire reportedly started from batteries manufactured by China’s leading battery maker CATL. GAC’s Aion S sedans are pow

IndustryAug. 26, 2020

Hanwha General Chemical gears up for IPO

Hanwha General Chemical is preparing to go public by April 2021 with its value estimated between 4 trillion won ($3.3 billion) and 5 trillion won. The initial public offering is expected to facilitate Hanwha Group’s succession process. According to Hanwha and industry sources Tuesday, the chemical unit of Hanwha Group is thinking of going public either on Korea’s main bourse, Kospi, or on the US Nasdaq. After selecting an underwriter next month, it is expected to begin the IPO pr

IndustryAug. 26, 2020