Following FDA’s decision, PMI repeats need for differentiated policies

For public health, authorities around the world should adopt differentiated regulations for heated tobacco products and conventional cigarettes, as the two are too different to be grouped together, Philip Morris International Chief Executive Officer Andre Calantzopoulos said Monday. Speaking at a webinar media brief, Calantzopoulos hailed the recent decision of US Food and Drug Administration to authorize marketing of its heated tobacco product IQOS as a ”historic“ and ”impo

IndustryJuly 13, 2020

KAIST identifies interferon as trigger to COVID-19 inflammations

The Korea Advanced Institute of Science and Technology said Monday its researchers have identified interferon as the cause of cytokine storm in severely affected COVID-19 patients. Interferon is a type of cytokine that has been known to bring up antiviral defenses against infections. While they have been known as the good cytokines, the researchers at KAIST believe they may trigger adverse effects in COVID-19 patients. This finding may provide grounds for new treatment approaches that target

IndustryJuly 13, 2020

Bio firms hope for faster research with ‘Cheomsaeng’ law in Aug.

A new law to fast-track the market entries of regenerative medicines and biologics drugs is to go into effect from next month. Relevant players in South Korea have been hoping the new rules will accelerate their development. To be effective starting Aug. 28, the new bio law, nicknamed the “Cheomsaeng” law, seeks to ensure the safety of and support for cutting-edge regenerative medicine and biologics drugs. “Cheom” is short for “cheomdan,” which means “c

IndustryJuly 13, 2020

[Market Close-up] How is S. Korea’s market taking the govt’s housing policy blitz?

Reflecting the Moon Jae-in administration’s stubborn efforts to steady the bubble-prone real estate market, the 22nd set of policy actions were rolled out last week to curb prices. The “July 10 measures” focused on increasing the tax burden for multiple-home owners, but was also seen as part of its series of flustered responses to underperforming measures. Despite a series of restraint measures, housing prices in Seoul and major cities across the country have been on a ste

EconomyJuly 13, 2020

[News Analysis] Want to buy an electric car? Better wait a few years for high-nickel batteries

One life mission for automakers is to find electric vehicle batteries that are cheap, yet powerful enough to offer a long range, as they account for more than 40 percent of the total cost of a vehicle’s parts. Though the two goals may sound incompatible, theoretically it’s possible. Lithium-ion batteries consist of four key components: cathodes, anodes, electrolytes and separators. The cathode is what determines a battery’s energy capacity. In theory, when battery maker

IndustryJuly 13, 2020

K bank resumes consumer loan service

South Korea’s oldest online-only lender K bank said Monday it has resumed its consumer loan business through its mobile apps. The new loan products will be offered either in the form of personal loans for consumers with mid- to high-credit scores or overdrafts. The annual interest rate for borrowers will be 2.08 percent at its lowest. Borrowers’ credit-worthiness will be assessed under K bank’s own credit scoring system that applies machine-learning techniques and big data

MarketJuly 13, 2020

[Monitor] More companies encourage workers to use paid leave

The average number of days South Korean workrs will spend their summer vacation is slightly up from last year to reach 3.8 days, according to a survey of the Korea Enterprises Federation. According to its survey of 793 local firms with five or more employees, 58 percent of companies with 300 or more employees said they would allow employees to take five days or more for their summer vacations. Around 51.3 percent of companies with less than 300 workers said they plan to have workers to take a

IndustryJuly 13, 2020

IMM pauses acquisition of Kolmar CMO units

IMM Private Equity’s plan to acquire Kolmar Korea’s contract-based pharmaceutical business assets for 512.52 billion won ($427.24 million) has been postponed indefinitely, filings showed Monday. In a renewed disclosure, the prearranged deadline for IMM’s all-cash deal to buy the assets owned by Kolmar Korea Holdings’ stake by July 31 was scrapped on Friday, without setting a fresh due date. This comes two months after Korea’s third-largest private equity fund ink

MarketJuly 13, 2020

Kakao testing new office version of chat app with higher security

The operator of South Korea’s top mobile messenger KakaoTalk is testing a new solution specifying intra-office communication, according to sources Monday. Kakao has been developing the platform since May and it is likely to be launched in September. The company’s artificial intelligence subsidiary Kakao Enterprise is currently testing the messenger service, and will be distributed to affiliates to carry out additional pilot tests. Kakao co-CEO Yeo Min-soo first hinted at the lau

TechnologyJuly 13, 2020

Naver, other 'untact' stocks' market value tops W100tr

  A combined market value of Naver Corp., South Korea's top internet portal operator, and other so-called 'untact' stocks, such as Kakao Corp., have seen their combined market cap surpass the 100-trillion won ($83.27 billion) mark for the first time amid the novel coronavirus outbreak. The market capitalization of the three companies, including Kakao, the operator of the country's top mobile messenger KakaoTalk, and leading game developer NCSOFT Corp., came to 100.7 trillion won as of Mo

MarketJuly 13, 2020

Seoul stocks up on further stimulus hopes

South Korean shares closed higher Monday despite a hike in global virus outbreaks, buoyed by growing expectations for an additional stimulus package. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 35.81 points, or 1.67 percent, to close at 2,186.06. Trading volume was high at about 642 million shares worth some 10.3 trillion won ($8.6 billion), with losers outnumbering gainers 613 to 230. Foreigners bought a net 100 billion won, whil

MarketJuly 13, 2020

Banks likely to tighten loans on heightened risk: poll

Banks in South Korea will likely reduce their lending to local businesses and households in the third quarter due to the sluggish economy prompted by the new coronavirus pandemic, a central bank poll showed Monday. In the quarterly survey conducted by the Bank of Korea, the index measuring the banks’ attitude toward fresh loans came to negative 11 for the July-September period, marking a sharp turnaround from 1 for the second quarter and 11 for the first three months of the year. Such a

EconomyJuly 13, 2020

Mercedes-Benz Korea focuses on electrifying lineup through EQ tech

Since Mercedes-Benz Korea introduced its first E-Class premium family sedan lineup here in 2003, 239,760 of the cars had been sold as of June.  The current E-Class, the 10th-generation model, was launched in 2016. Within three years, it became the first premium sedan model from a foreign carmaker to achieve 100,000 units of sales in such a short time. Behind the popularity of the E-Class is not only its dynamic performance and intelligent driving assistant features, but a varied lin

MobilityJuly 13, 2020

GS E&C to adopt four-legged robot ‘Spot’ on construction sites

GS Engineering & Construction said Monday that it will begin using a four-legged robot named Spot at its construction sites following successful trials. This is the first time the robot -- developed by American engineering company Boston Dynamics -- will be put to work on construction sites in South Korea, said the building company, which is teaming up with construction software startup Cupix. During the tests earlier this month, Spot was equipped with cutting-edge devices such as an inter

IndustryJuly 13, 2020

Shinhan, Carlyle to create $600m infra fund

Shinhan Alternative Investment Management and US-based private equity fund Carlyle Group have agreed to create a fund to jointly invest in prime infrastructure loans, according to industry sources Monday. The fund, tentatively named “Shinhan Carlyle Infra Credit Fund I” will be launched after both firms finalize the agreement. The $600 million worth fund will be invested in overseas prime infrastructure loans in the US and Europe, they said. “Shinhan and Carlyle have discus

MarketJuly 13, 2020

FSS warns Shinhan, Hana, IBK of lax management in project financing

The financial watchdog said Monday it has issued a disciplinary warning to three lenders -- Shinhan, Hana and Industrial Bank of Korea -- for their slack management in project financing. Project financing refers to a long-term loans issued by savings banks and other lending institutions as well as a number of equity investors, which is aimed at supporting infrastructure projects.  The Financial Supervisory Service slapped disciplinary measures against the lenders as they reportedly subt

MarketJuly 13, 2020

Sulwhasoo makes foray into Indian market

Premium cosmetic brand Sulwhasoo has launched its products in India through local retailer Nykaa’s online e-commerce channel, its manufacturer Amorepacific said Monday. Following the launch on Monday, the company said it plans to make Sulwhasoo available at Nykaa Luxe stores in major cities across the country, including Delhi and Mumbai. With a population of nearly 1.4 billion and a growing middle class, the South Asian country’s cosmetics market is estimated to be worth $14.8 bill

ConsumerJuly 13, 2020

Korea's ICT exports rebound on solid demand for computers

South Korean exports of information and communication technology (ICT) products rebounded in June, data showed Monday, as robust shipments of computers cushioned weak demand for displays and mobile devices. Outbound shipments of ICT products moved up 1 percent on-year to $14.9 billion last month, according to the data compiled by the Ministry of Science and ICT. It marked a sharp improvement from 15.3-percent on-year drop posted in April, which was followed by a 2.7-percent decline in May. Th

EconomyJuly 13, 2020

[Monitor] Owners of multiple homes to face heavier tax burden

According to a new set of real estate regulations announced Friday, owners of multiple homes in certain high-demand areas of Seoul will face comprehensive real estate taxes in the range of 1.2 percent to 6 percent, resulting in a heavier tax burden, starting next year. Those who own homes whose total value is between 2.3 billion won and 6.9 billion won will have to pay double what they do now, based on the assumption that their value will increase 10 percent next year. The government also i

IndustryJuly 13, 2020

Coupang deploys 2,400 inspectors to prevent distribution center outbreak

Coupang, an e-commerce giant here, said Thursday it will deploy 2,400 safety inspectors in all of its Rocket Delivery Centers, to watch over the disinfection processes to prevent the spread of COVID-19. Coupang has been upping its prevention measures after it closed several distribution centers found with employees confirmed with COVID-19. According to Coupang, the inspectors will monitor its distribution centers to make sure that all orders made are prepared and delivered under the safety g

ConsumerJuly 13, 2020