ICT Ministry’s 2021 R&D budget set at W21.6tr, up 9.7%

The Ministry of Science and ICT announced Friday that the ministry’s research and development budget for 2021 is set at 21.6 trillion won ($18 billion), up 9.7 percent from 19.7 trillion won in 2020. The ICT Ministry said the additional funds would be spent on high-priority areas such as disease research and cutting-edge technologies such as artificial intelligence, fifth-generation wireless networks, self-driving vehicles and next-generation semiconductors. The budget for infectious

TechnologyJune 26, 2020

15 COVID-19 treatment drugs, vaccines get nod for clinical trials in S. Korea

South Korea has approved 15 candidates for coronavirus treatment drugs and vaccines for clinical trials as it steps up efforts to combat the coronavirus pandemic, the Ministry of Food and Drug Safety said Friday. The candidate materials include two that may be developed into vaccines and 13 that show promise as treatment drugs, it said. The ministry said most of the candidates being tested are foreign, but two have been made by local drugmakers -- Bukwang Pharmaceutical Co. and Chong Kun Dang

IndustryJune 26, 2020

US drug firm backed by GC LabCell attracts $78m in Series A funding

GC LabCell, a manufacturer of cell therapy products, said on Friday that its US strategic partner Artiva Biotherapeutics has raised $78 million in Series A funding round. Launched in March last year jointly by South Korean drugmaker GC Pharma and GC LabCell, Artiva focuses on research and development of cell therapy drugs and commercialization of GC LabCell’s anti-cancer drugs based on natural killer cells, a type of immune cell in the human body. Among the investors of the funding ro

MarketJune 26, 2020

Battlegrounds creator Kim Chang-han to officially lead Krafton

Krafton said Thursday Battlegrounds developer Kim Chang-han has officially become new CEO after being appointed by shareholders and the board of directors in March. He will head both the company and its subsidiary PUBG Corp. Krafton is the parent company of game studios PUBG, Bluehole, Pnix, Red Sahara, Delusion and En Masse Entertainment. According to Krafton, Kim, who is the developer of PUBG’s eponymous game PlayerUnknown’s Battlegrounds, officially assumed the post of Krafton&

IndustryJune 26, 2020

Seoul stocks up 1% on tech gains

South Korean stocks closed 1.05 percent higher Friday as large-cap tech shares rallied. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) went up 22.28 points to close at 2,134.65. Trading volume was moderate at 728 million shares worth 9.4 trillion won ($7.8 billion), with gainers outpacing losers 432 to 395. Foreigners and individuals scooped up a net 61.5 billion won and 106.2 billion won, respectively, while institutions offloaded a net 163

MarketJune 26, 2020

Hyundai to launch upgraded Genesis G90 next month

Hyundai Motor Co. said Friday it will launch the upgraded G90 flagship sedan under its independent Genesis brand next month to boost sales. The facelifted G90 comes with a 3.3-liter turbocharged gasoline engine, a 3.8-liter gasoline engine or a 5.0-liter gasoline engine, with prices ranging from 79 million won ($66,000) to 160 million won, the company said in a statement. The G90 is equipped with multiple safety features, such as parking collision-avoidance assist reverse (PCA-R), Genesis a

MobilityJune 26, 2020

Consumer sentiment index rebounds on stimulus measures and rising stock prices: BOK

South Korea’s consumer sentiment rebounded for the second straight month in June, but was still far more pessimistic than the neutral view held at the beginning of the year, data showed Friday.  The Composite Consumer Sentiment Index, or CCSI, rose for the second consecutive month to 81.8, up 4.2 points on-month, according to data from the Bank of Korea. This was the highest level since it recorded 96.9 in February.  The CCSI is an economic indicator that measures consumers&r

EconomyJune 26, 2020

Jeju Air's Eastar Jet takeover faces growing uncertainty over unpaid wages, virus shock

Jeju Air Co.'s planned takeover of smaller local rival Eastar Jet Co. could be delayed further due to differences over acquisition terms between the two sides amid the new coronavirus outbreak, industry sources said Friday. In March, Jeju Air signed a deal to acquire a controlling 51.17 percent stake in Eastar Jet from its parent Eastar Holdings Inc. for 54.5 billion won ($45 million) as part of its expansion strategy despite the growing COVID-19 pandemic's impact on the airline industry. Ea

MobilityJune 26, 2020

S. Korea's trade terms improve in May on low oil prices

South Korea's trade terms improved in May from a year earlier due to low oil prices, central bank data showed Friday. The country's terms of trade index for products came to 99.82 in May, up 10.1 percent from 90.66 posted in the same month last year, according to preliminary data from the Bank of Korea (BOK). The index measures the amount of imports a country can purchase for each unit of exports, showing how the country's exports are doing in comparison with those of others. The on-year hik

EconomyJune 26, 2020

Business calls for regulatory changes in Korea

South Korean businesspeople have called for easing unfavorable regulations that are not applied in rival countries in order to secure the competitiveness of the nation’s major industries. On Friday, the Korea Chamber of Commerce and Industry held a second meeting of the regulatory improvement for the major industries with the private and public sectors to listen to the regulatory difficulties of the equipment industry and seek solutions. The meeting was attended by industry associations

IndustryJune 26, 2020

HDC's Asiana acquisition delayed to H2 amid pandemic

HDC Hyundai Development's planned acquisition of Asiana Airlines Inc. has been delayed to the second half due to the new coronavirus' impact on the airline industry, industry sources said Friday.    In December, the HDC-Mirae Asset Daewoo consortium signed a deal to acquire the country's second-biggest airline from Kumho Asiana Group, with a plan to complete the acquisition by June 27.    Early this month, Asiana's main creditor Korea Development Bank (KDB) demanded that

MobilityJune 26, 2020

[Monitor] US imports of auto tires from Korea fall 2.2%

US imports of automotive tires manufactured in South Korea fell by 2.2 percent on-year at $1.2 billion, data from Korea Trade-Investment Promotion Agency showed. Compared to Korea, countries like Vietnam, Thailand, Mexico and Japan saw their exports of tires to US increase by 23 percent, 14.7 percent and 13.6 percent on-year, respectively. Earlier this week, the US Commerce Department announced that it has kicked off anti-dumping investigations on imports of tires from Korea, Taiwan, Thaila

MobilityJune 26, 2020

S. Korea approves $75.5m in aid for developing nations

SEJONG -- South Korea's finance ministry said Friday it has approved $75.5 million in health care aid for 13 nations to better combat the coronavirus pandemic. The approval is part of the nation's plans to provide more than $400 million in loans and grants to developing nations this year to help them push for health projects against the novel coronavirus. The 13 nations included Ethiopia and Myanmar, the Ministry of Economy and Finance said in a statement. The fund is expected to help dev

EconomyJune 26, 2020

Seoul stocks open higher on Wall Street gains

South Korean shares opened higher Friday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) added 15.3 points, or 0.72 percent, to 2,127.67 in the first 15 minutes of trading. On Thursday (local time), US stocks finished higher on the back of a rally in bank shares. The Dow Jones Industrial Average rose 1.18 percent, the tech-laden Nasdaq gained 1.09 percent and the S&P 500 rose 1.1 percent. In Seoul, most large caps got off to a strong s

MarketJune 26, 2020

Prosecutors seek arrest warrant for ex-Kolon chief over drug development scandal

South Korean prosecutors on Thursday sought an arrest warrant for former Kolon Group chief Lee Woong-yeol as part of their investigation into a controversial gene therapy drug developed by a group company. The Seoul Central District Prosecutors Office said it requested the warrant to detain Lee on charges of fraud, breach of trust and violation of the pharmaceutical affairs act. Kolon Life Science, a unit of Kolon Group, initially received approval for Invossa, a cell and gene therapy for ost

IndustryJune 25, 2020

Google to correct unfair subscription practices for YouTube Premium service in S. Korea

Google LLC will correct unfair subscription practices related to its YouTube Premium service in South Korea, Seoul's telecommunications regulator said Thursday. Local consumers will be able to cancel the YouTube Premium service immediately and will be eligible for refunds based on their remaining subscription period, the Korea Communications Commission said after receiving Google's voluntary corrective measures. Previously, YouTube Premium users had to wait until the end of their monthly subs

TechnologyJune 25, 2020

Retail investors angry over new stock tax scheme

Market concerns grew over a new tax plan on any financial investment, Thursday, with some criticizing that the scheme imposes a heavy burden on retail investors seeking small profits. The government unveiled a set of capital gains taxation of up to 25 percent on annual capital gains worth over 20 million won ($16,600) starting from 2023, while lowering the stock transaction tax.  With individuals expressing concerns online, a petition demanding the withdrawal of the new tax scheme on

MarketJune 25, 2020

[Herald Interview] ‘Stock investing should be fun, not a battle’

What surprised John Lee, a former Wall Street fund manager who returned home six years ago, was the widespread perception among South Korean retail investors that real estate is a much safer option for investments than stocks, which they considered too risky. Six years on, things have changed, particularly in recent months with a massive inflow of retail investors to the local stock market, said Lee, now CEO of Seoul-based Meritz Asset Management. “They have learned lessons,” he sai

MarketJune 25, 2020

Renault Master van records global sales of 3 million units

French automaker Renault Group’s flagship van Renault Master has achieved accumulated sales of 3 million units globally in 40 years since its launch, according to the local unit of the automaker Thursday.  Renault Samsung Motors said that last year over 124,000 units of Renault Master were sold in 50 countries, topping the van category of sales in Europe for five consecutive years.  The model’s interior can be modified depending on the purpose of the vehicle such as a ca

MobilityJune 25, 2020

S. Korea’s inflation to remain subdued for 2020, post-coronavirus era: BOK

South Korea’s consumer price inflation is projected to remain at around zero percent for the remainder of the year, the nation’s central bank said Thursday, citing pandemic risks dampening hopes for the initial goal of an annual 2 percent inflation rate. The annual consumer price inflation is expected to fall 0.1 percentage point on-year to 0.3 percent, weighed on by plummeting oil prices and a slowdown of the global economy following the outbreak of COVID-19, the Bank of Korea not

EconomyJune 25, 2020