[Gadget Review] Breaking bad habits with Philips Sonicare

Hope it isn’t too late to express my thanks to Roy Jakobs, head of personal health business of Royal Philips. I was more than lucky to meet the Philips executive at the Consumer Electronics Show 2020 in Las Vegas held in January, obviously when the world was yet naïve to the COVID-19 pandemic. During an interview with Jakobs, I was impressed by his shiny smile during our conversation about the importance of oral hygiene and related Philips products. Naturally, I decided to try o

TechnologyAug. 11, 2020

Gen2 Partners fund freeze headache for Korean brokerages, banks

South Korean financial institutions associated with Hong Kong-based hedge fund manager Gen2 Partners are in a predicament as they struggle to ensure the investment -- sold by them -- could be redeemed later on. Brokerage firms here that sold Gen2 Partners’ funds, invested in the funds or issued derivative-linked securities based on the funds have moved to seek redress by lodging a complaint with the Hong Kong’s Securities and Futures Commission against Gen2 Partners over its alleged

MarketAug. 11, 2020

Talks on HDC-Asiana deal likely to prolong

HDC Hyundai Development Co. which was poised to acquire Asiana Airlines said Tuesday it will hold talks with the majority shareholder Kumho Industrial to revive the stalled deal. Negotiations between both sides may effectively go on after the Wednesday deadline. A Kumho Industrial official confirmed that the deadline is no longer binding as the deal hinges on the planned talks between working-level staff at both companies. Another official at HDC said that the “details have yet to be de

MobilityAug. 11, 2020

Debates on 4th extra budget bill mount amid flood damages

After approving several sets of additional fiscal injections so far this year to deal with the fallout of the COVID-19 pandemic, South Korea is facing mounting calls for yet another extra budget amid the recent flood damages. While political parties unanimously called for an additional budget injection, the finance minister expressed disapproval over what he saw as reckless spending amid growing deficits. The government, the ruling Democratic Party of Korea and the presidential office Cheo

EconomyAug. 11, 2020

[Newsmaker] Beirut explosion raises questions on Busan safety

The Port of Busan, where some 1,240 tons of ammonium nitrate are stored, is drawing criticism from worried local residents as there is no unified command center to manage the explosive material -- the cause of a deadly explosion in Beirut, Lebanon. According to local sources, the entry, exit, storage and monitoring of the material in question are conducted separately, leaving a loophole in proper management. Currently, when ships carrying ammonium nitrate enter or leave the port, the Busan P

IndustryAug. 11, 2020

GS Group donates W1b to help victims of heavy rains

GS Group said Tuesday it has donated 1 billion won to the Community Chest of Korea to help victims affected by the recent heavy downpour in South Korea. “We hope the donation will support those who suffered from heavy monsoon rains,” a company official said. “The group will continue its relief efforts.” GS Group affiliates have been separately joining relief efforts to support recovery efforts. GS Caltex last month delivered 100 million won worth relief kits to a l

IndustryAug. 11, 2020

LG U+ to roll out 5G-powered AR glass service with Nreal

LG U+, a South Korean telecommunications firm, said Tuesday that the company has commercialized the world‘s first 5G-based augmented reality glass solutions. The wearable device named LG U+ Real Glass is supported by smart glasses provided by mixed-reality product developer Nreal and chipmaker Qualcomm, according to the telecom firm. The glasses, which are to be connected to users‘ smartphone via USB, can project a display as wide as 254 centimeters. Users can project multiple ap

TechnologyAug. 11, 2020

Kospi surpasses 2,400-mark after 26 months

South Korea’s main bourse Kospi on Tuesday crossed the 2,400-point mark in nearly 26 months, on retail and foreign investors’ buying spree. The bourse got off to a strong start at 2,396.11 -- up 9.73 points, or 0.41 percent -- from the previous session’s close and sharply gained 22.50 points, or 0.94 percent to reach 2,408.88 in early morning trading, extending its winning streak for the sixth consecutive session. It was the first time the index has moved above the 2,400-po

MarketAug. 11, 2020

S. Korea tops OECD’s growth rate forecast for 2020

South Korea’s economy is expected to shrink minus 0.8 percent this year, the Organization for Economic Cooperation and Development said Tuesday, lifting it from the previous forecast of minus 1.2 percent and propelling the country to No. 1 in terms of growth rate. Asia’s fourth-largest economy became the first among OECD’s 37 member nations to have its growth forecast adjusted upward from the international organization’s earlier projections announced in June, a biannua

EconomyAug. 11, 2020

Samsung Biologics to build fourth super plant by 2023

Samsung Biologics on Tuesday announced its plans to invest 1.74 trillion won ($1.46 billion) and hire 1,800 new employees for a massive fourth plant in Songdo, Incheon, by 2023. 　“At 256,000 liters output in a single generation, the new plant will renew our record as the biggest single biologics generator,” said CEO Kim Tae-han. 　“After construction, Samsung Biologics will have a combined 620,000-liter output at its Songdo complex 1, accounting for 30 percent of the world&rsq

IndustryAug. 11, 2020

[Monitor] Business sentiment of small firms improves

The business sentiment of small and micro businesses in South Korea improved in the second quarter, although it remained lower than the pre-pandemic level. A survey conducted by the Korea Federation of Credit Guarantee Foundations showed Monday that the business survey index covering 2,183 small businesses reached 47.4, up 30.7 points from the first quarter. An index above 100 means more are optimistic. The BSI in the first quarter plunged to 16.7 from 57.7 in the fourth quarter of 2019 due

IndustryAug. 11, 2020

Seoul stocks open sharply higher on gains in techs, chemicals

South Korean shares opened sharply higher Tuesday, led by an advance by major tech firms and chemicals makers. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.80 points, or 0.87 percent, to 2,355.11 in the first 15 minutes of trading, heading toward a rise for the seventh consecutive trading session. Market heavyweights traded mixed. Market bellwether Samsung Electronics gained 1.04 percent, but No. 2 chipmaker SK hynix retreated 0.25 percent. Top pharmaceutical firm Samsun

MarketAug. 11, 2020

Exports fall 24% in first 10 days of August

South Korea's exports fell 24 percent on-year in the first 10 days of August amid the fallout from the new coronavirus outbreak, customs data showed Tuesday. The country's outbound shipments stood at $8.7 billion from Aug. 1-10, down from $11.4 billion during the same period of last year, the Korea Customs Service said in a statement. The daily average exports during the 10-day period declined 13 percent on-year to $1.25 billion from $1.43 billion, it said. The pandemic has disrupted trade

EconomyAug. 11, 2020

Mahindra to renounce controlling stake in SsangYong if investor comes up

Indian carmaker Mahindra & Mahindra Ltd. will give up its status as the biggest shareholder of SsangYong Motor Co. if it finds a new investor, the South Korean company said Monday.    Mahindra's board of directors recently agreed to lower the company's 74.65 percent stake in SsangYong Motor to below 50 percent if an investor comes up for the cash-strapped automaker, a SsangYong spokesman said over the phone. Mahindra Managing Director Pawan Goenka made the remark during a

BusinessAug. 10, 2020

High court affirms guilty verdicts for Samsung execs, except one, in union sabotage case

An appellate court on Monday acquitted Lee Sang-hoon, former chairman of Samsung Electronics Co.'s board of directors, of disrupting union activities at a Samsung affiliate in violation of labor laws, overturning a jail sentence by a lower court. Lee and 31 other former and incumbent Samsung executives and officials were indicted in 2018 on charges of leading and engaging in group-wide efforts to neutralize the labor union at Samsung Electronics Service, a customer service affiliate, by gather

BusinessAug. 10, 2020

[Eye on Business] How Cleanwrap became a household name

Although indispensable in many peoples’ everyday lives, it is uncommon for a plastic bag producer to receive a nationwide attention. But when the country geared up for a national general election in April, Cleanwrap, a leading food packaging company, came into the spotlight as it supplied tens of millions of sanitary gloves to help execute the world’s first legislative election in the coronavirus era possible. To assist in the government’s strict prevention efforts, Cleanwra

ConsumerAug. 10, 2020

Moon’s solar power initiative pays heavy price by cutting down 2.3m trees

South Korean President Moon Jae-in is facing severe criticism amid the longest and deadliest monsoon season in South Korea, as his push for solar power has left the whole nation susceptible to landslides. With 12 landslides reported from mountainside solar farms as of Sunday, concerns are mounting over additional incidents as Moon’s drive for solar farms in recent years has eradicated a natural deterrent against landslides: trees. According to Korea Forest Service, a total of 2.32 mi

IndustryAug. 10, 2020

Medytox publishes full text of USITC’s initial determination against Daewoong

Medytox on Monday released a file containing the full text of the US International Trade Commission’s initial determination against Daewoong in a trade dispute between the two South Korean pharmaceutical companies. The document is 274 pages long, and Medytox said it would allow individual readers to make their own judgments about the case. Daewoong said last week that the ITC’s decision was groundless. Medytox and Daewoong are embroiled in a high-profile battle over the former&rsq

IndustryAug. 10, 2020

SK to commercialize world’s 1st NCM battery with 90% nickel

SK Innovation will become the world's first battery maker to commercialize nickel cobalt manganese (NCM) batteries that contain 90 percent nickel, according to industry sources Monday. The South Korean battery maker will supply lithium-ion batteries that contain 90 percent nickel, 5 percent cobalt and 5 percent manganese inside cathodes to Ford F-150 electric pickup trucks set for release in 2023, they said. “SK Innovation is ready to mass-produce NCM 9-1/2-1/2 batteries (or “N

IndustryAug. 10, 2020

Imports of Japanese tobacco, beer, automobiles plummet amid boycott

South Korea’s inbound shipments of Japanese consumer goods -- especially tobacco, beer and automobiles shrank considerably in July -- amid the continuing nationwide boycott, data showed Monday. The boycott spread like wildfire across the country since July last year, when Japan said it would regulate exports of three key materials needed for Asia’s fourth-largest economy’s chip and display manufacturing. The nation’s import of Japanese goods overall dropped 23.4 perc

EconomyAug. 10, 2020