Seoul stocks open sharply higher on Wall Street gains

South Korean shares opened sharply higher Wednesday, tracking an overnight rally on Wall Street led by positive economic indices that fueled optimism for a global economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.92 points, or 1.06 percent, to 2,373.16 in the first 15 minutes of trading. Bucking a 2.46 percent plunge in the previous session, the KOSPI started out bullish despite lingering concerns over a resurgence of new coronavirus infections. The index took

MarketAug. 19, 2020

IPOs boost DSC Investment’s H1 performance

DSC Investment, South Korea’s venture capital house trading on the Kosdaq stock market, said Tuesday its first-half performance was buoyed by the successful stock market debut of its portfolio companies. The company last Friday announced it logged 8.6 billion won ($7.3 million) in revenue during the January-June period, up 36.4 percent from a year earlier. Its net profit came in at 4.1 billion won, up 60 percent, during the cited period. The company said the improved earnings were attrib

MarketAug. 18, 2020

Hyundai Department Store acquires SK Bioland for beauty biz

Hyundai Department Store Group decided Tuesday to acquire SK Bioland, a cosmetics firm under SK Group, expanding its beauty and health care business. According to the group, its affiliate Hyundai HCN, a cable channel provider, held a board meeting to decide on purchasing 29.7 percent of SK Bioland’s share with 120.5 billion won ($101.7 million). “We made the final decision for acquisition, finding that SK Bioland’s major businesses have a high potential for growth and has

ConsumerAug. 18, 2020

[Green & New] ‘Green deal’s success depends on private sector engagement’

The Korea Herald is publishing a series of articles to address the Moon Jae-in administration’s “Green New Deal” policy, one of the key pillars of the so-called “Korean New Deal” economic stimulus package. -- Ed. The COVID-19 crisis, as devastating as it is for the world today, has also served as a reminder for the global community to foster sustainable growth and build resilient economies. For the World Bank, which supports countries in the East Asia and Pacif

EconomyAug. 18, 2020

Eastar Jet seeks new buyer after failed deal

Low-cost carrier Eastar Jet is preparing for a new acquisition deal after talks with Jeju Air fell apart last month. The airline has chosen accounting firm Deloitte Korea, corporate law firm Yulchon and Heungkuk Finance Group as its financial advisers, one official at the company confirmed Tuesday. With the help of the three entities, the troubled airline is poised to continue its efforts to seek a new buyer to save itself from bankruptcy. In late July, Jeju Air scrapped plans to purchase Ea

MobilityAug. 18, 2020

Airlines turn to YouTube to stay relevant

South Korean airlines are betting on YouTube content to maintain their connections with customers amid the ongoing pandemic that has brought the aviation industry to a near-halt. Asiana Airlines released a minute-long advertisement on its channel earlier this month titled “‘Travel’ has left us,” touching on people’s desire to leave (travel) amid the pandemic. “For the first time, travel has left us (instead of us leaving for travel),” the narration sta

MobilityAug. 18, 2020

SsangYong Motor reinforces Middle East sales channels

SsangYong Motor has established a new sales network for the Middle East as part of its reinforcement of overseas operations amid the COVID-19 pandemic, the firm said Tuesday. It will open a store in Baghdad, Iraq, within the month, after opening a showroom in Kuwait on Aug. 10. The company explained the decision is part of its efforts to prepare for the post-pandemic market. “As the economic slowdown due to COVID-19 prolongs, we are reassessing the overall sales environment and strength

MobilityAug. 18, 2020

Seoul stocks drop sharply amid COVID-19 resurgence

South Korean shares tanked Tuesday, following resurging coronavirus cases in Seoul and surrounding areas. The benchmark Kospi closed down 59.25 points, or 2.46 percent, to 2,348.24 points while the tech-heavy Kosdaq declined 34.81 points, or 4.17 percent, to close at 800.22 points. The Kospi, which remained above the 2400-level in recent days, dropped below the threshold as fears of a resurgence of COVID-19 spooked investors. Korea added 246 new coronavirus cases on Tuesday, after reporting 1

MarketAug. 18, 2020

Are smart glasses the next everyday gadget?

South Korean telecom firm LG U+ announced last week that it has commercialized the world’s first 5G-based augmented reality glasses. Although the glasses use its local 5G network, they rely on equipment developed by China-based Nreal. Smart glasses were initially adopted by company facilities, mainly due to the high price tag, which still keeps them unaffordable for average consumers. They are now being widely used to check facilities and provide remote support on industrial sites. Be

TechnologyAug. 18, 2020

S-Oil to use gas stations as electric bike-sharing hub

S-Oil said Tuesday it will utilize idle spaces at gas stations to establish an electric bike-sharing hub to provide parking, charging and maintenance services. According to the South Korean refiner, it will collaborate with electric bike-sharing app Elecle and open an “Elecle Zone” at gas stations where users can return electric bikes after use. S-Oil will expand the partnership with Elecle by adding charging and maintenance services. It is also planning similar services to ele

IndustryAug. 18, 2020

Seoul stocks dip to 2-month low amid COVID-19 resurgence fears

South Korean shares plunged by more than 2 percent Tuesday as investor sentiment turned sour amid the resurgence of new coronavirus infections in the country. The Korean won rose against the US dollar.  The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 59.25 points, or 2.46 percent, to close at 2,348.24, marking the steepest fall after June 15.  Trading volume was high at about 898 million shares worth some 17.3 trillion won ($14.6 billion), with losers outnumbering

MarketAug. 18, 2020

Kumho Tire supplies tires for popular small SUVs

Kumho Tire has retained its No. 1 spot in domestic sales by supplying tires for new small sport utility vehicles, the tire maker said Tuesday. Currently, small SUVs have been steadily gaining popularity in South Korea’s auto market with their reasonable price and good performance. Kumho Tire said it has recently supplied new tires to the majority of the popular compact SUVs, including Renault Samsung XM3 and Kia Motors Seltos. Kia Seltos’ 16- and 17-inch wheels and Renault Sam

MobilityAug. 18, 2020

New COVID-19 lockdowns to add to economic burden on S. Koreans: BOK

The number of new coronavirus cases has surged sharply in recent days, feeding concerns about another round of lockdowns here, and the nation’s central bank said Wednesday that most South Koreans are likely to suffer economically if heavy restrictions are put in place once again. “If lockdown and social distancing measures are strictly enforced due to the resurgence of the virus, nonessential workers without the option of remote working will be extremely vulnerable to losing their

EconomyAug. 18, 2020

Korea puts brakes on Tesla’s unfair terms

South Korea’s antitrust watchdog has ordered the world’s No. 1 electric vehicle maker Tesla to correct unfair terms and conditions related to automobile sales here, officials said Tuesday. They included Tesla having buyers fully responsible for picking up the vehicle or for any damage inflicted on the vehicle during the purchase. Tesla, which entered Korea in 2017 with premium electric vehicles, Model S and Model X, has seen its sales surge since the launch of entry-level Model 3

MobilityAug. 18, 2020

Banks may extend loan maturity amid COVID-19 resurgence

South Korea’s major banks are expected to extend due dates on interest payments and loan installments worth more than 39 trillion won ($32.8 billion won) combined, in line with the government’s efforts to reduce the financial burden affecting coronavirus-battered citizens and businesses. According to data compiled by the country’s five key lenders -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- the combined amount of deferred interest and installments from early Febru

MarketAug. 18, 2020

GCLC raises possibility of NK cell therapy for COVID-19

GC LabCell, a cell therapy specialist, said Tuesday that it has confirmed Natural Killer cells’ therapeutic effects against the SARS CoV-2 virus. NK cell therapy is an innovative treatment. There are no commercialization-approved NK cell therapies worldwide as of yet, meaning it is uncertain how long the research for NK cell therapy for COVID-19 could take. GCLC’s research is in the laboratory stage and will need to go through preclinical animal trials and three stages of human tr

IndustryAug. 18, 2020

Baemin introduces first outdoor delivery robot in apartment complex

Baemin, or Baedal Minjok, the country’s No. 1 delivery app by market share, said Tuesday that it has started operating the country’s first outdoor delivery robot, which delivers food from a restaurant to an apartment building. According to Woowa Brothers, the delivery app operator, it is now using five Dilly Drives, its outdoor autonomous delivery robot, at Alleyway Gwanggyo, a residential and commercial complex located in Gwanggyo, Gyeonggi Province. Residents of the 1,100 hous

ConsumerAug. 18, 2020

KT&G launches HNB e-cigarette in Russia with PMI

South Korean tobacco maker KT&G said Tuesday it has launched lil Solid, its heat-not-burn e-cigarette, and three Fiit tobacco sticks, in Russia together with Philip Morris International. It is the first time for the Korean company to enter an overseas market with its e-cigarette product. KT&G and PMI established a strategic alliance in January, in which KT&G distributes its HNB e-cigarettes to overseas markets using PMI’s distribution networks for the first three years. The

IndustryAug. 18, 2020

Hanmi to present new nonalcoholic fatty drug treatment in Europe

Hanmi Pharmaceutical said Tuesday that it will present its LAPSTriple Agonist as a treatment for nonalcoholic fatty liver disease at the International Liver Congress hosted by the European Association for the Study of the Liver. Due to the global COVID-19 pandemic, this year’s EASL ILC is to be held online Aug. 27-29. According to Hanmi, a 12-week repetitive administration of LAPSTriple Agonist in 66 obese patients with nonalcoholic fatty liver disease, also known as NASH, has shown tha

IndustryAug. 18, 2020

Samsung to support Android 11 on Galaxy phones within the year

Samsung Electronics said Tuesday it will support three generations of Android operating system upgrades on millions of its Galaxy devices, which includes a plan to start offering Android 11 on some Galaxy phones within the year. Samsung is planning to make a range of its mobile offerings, from Galaxy S, Note, Z, A to the Tab series, eligible for the Android upgrades. The Galaxy S20 lineup that is currently powered by Android 10 will get support for three OS upgrades starting with Android 11

TechnologyAug. 18, 2020