Hyundai Engineering selected as contractor for Hannam district 3

Hyundai Engineering & Construction has been selected as a contractor for Hannam newtown district 3 by the association of housing redevelopment of the region in Yongsan-gu, Seoul, Sunday. At the first round of voting, Hyundai won 1,167 votes, Daelim Industrial had 1,060 votes and GS Engineering & Construction won 497 votes, respectively. Hyundai was selected in a runoff with 1,409 votes. Daelim had 1,258 votes. The construction of Hannam 3 District is estimated to cost 1.8 trillion w

IndustryJune 21, 2020

[Herald Interview] Korea’s data economy drive strengthens amid pandemic

　  South Korea is making all-out efforts to accelerate digital transformation in the financial sector, having launched a data exchange platform last month for convenient transactions.  From credit card transaction histories, spending trends in online shopping malls to transport payments, data processed for marketing and research purposes is now being traded without having to worry about security breaches, on FinDX.  FinDX is Korea’s first financial data exchange platfor

MarketJune 21, 2020

BlackRock Korea head to extend term

BlackRock Investment Management Korea said in a filing Sunday its incumbent CEO Choi Man-yeon is set to extend his term by two years, starting June 27. Choi has headed the Korean arm of the world’s largest asset management firm since 2014. His three-year term at the top post was renewed in 2017. Choi formerly headed sales at Schroder Investment Management’s Korean unit. The filing also showed that, along with Choi, his colleague Graham Turl will serve his term until 2023 as

MarketJune 21, 2020

Investment house Optimus under spotlight for alleged fraud

South Korea’s Optimus Asset Management is being probed by financial authorities over allegations that it had breached contracts with fund investors in its portfolio construction. Investors in the privately placed funds appear to be wary of what could trigger another financial fiasco following ones surrounding disgraced fund management firms including Lime Asset Management. The Financial Supervisory Service on Friday launched an investigation on the Seoul-based investment house to examin

MarketJune 21, 2020

[From the Scene] KAI’s Chamsuri powers through pandemic

SACHEON -- It takes guts to invite several diplomats at one place and show off a chopper, especially when a deadly pandemic is creating chaos around the world. However, that was exactly what Korea Aerospace Industries did last week. South Korea’s sole aircraft manufacturer on Wednesday brought diplomats from 16 countries and local reporters at its headquarters in Sacheon, South Gyeongsang Province, to give them a ride on its Chamsuri helicopters, a police version of military helicopte

IndustryJune 21, 2020

GM bets big on Ultium for future EV lineup

Global automakers have been striving to make progress in developing their own platforms and battery systems for electric vehicles that can be applied to all brands for efficiency and cost reasons. Detroit-based automaker General Motors has a presence in 60 markets with 11 plants, including a major research and development center in South Korea. The US automaker is betting big on its latest battery system called Ultium which was unveiled in March, to be applied in different markets while also

MobilityJune 21, 2020

Leaders of KT and GSMA hold online summit

South Korean telecommunications firm KT’s CEO Koo Hyun-mo on Friday held a video conference with Global System for Mobile Association Director General Mats Granryd to share ideas on future of ICT industry in post-coronavirus era, the company said Sunday. During their first official one-on-one meeting between the two, Koo stressed the increasing importance of telecommunications firms in the ICT sectors. Koo said 5G network and artificial intelligence technology will be the key factors tha

TechnologyJune 21, 2020

S. Korea’s debt grows at fastest pace in 2019: BIS data

The level of household debt in Asia’s fourth-largest economy rose at the fastest pace among major economies in 2019, data showed Sunday.  According to the data from the Bank for International Settlements, household debt in South Korea accounted for 95.5 percent of the country’s gross domestic product as of the fourth quarter last year, increased by 1.6 percentage points from a year earlier. The growth rate ranked first among 43 major economies alongside Hong Kong. Norway came

MarketJune 21, 2020

Local golf courses boom, nudge international travel

Local golf courses and ranges are booming here as overseas travels remain restricted while outdoor activities are considered relatively safer amid the coronavirus pandemic, industry sources said Sunday. Golf tour reservations rose 300 percent on-year in June, according to Korea’s travel agency Very Good Tour. “The actual demand must be a lot higher considering how Koreans do not tend to hire travel agencies to play golf here. It is very difficult to book a golf course even on week

IndustryJune 21, 2020

LG Chem considering closing down phthalic anhydride line in Yeosu

LG Chem Ltd. is considering shutting down its production line in the southeastern tip of the country due to oversupply, industry and company sources said Sunday. South Korea's No. 1 electric vehicle battery maker said it has informed its workers of the plan to close down the line in Yeosu, 455 kilometers southeast of Seoul, which produces 50,000 tons of phthalic anhydride annually. Phthalic anhydride is used in the manufacturing of polyesters. Industry watchers believe that LG Chem's plan

IndustryJune 21, 2020

Liquor sales in marts grow as drinking at home rises amid pandemic

Liquor, which once lost ground to beer, soju and wine, is recently gaining popularity as people are enjoying drinking at home amid the pandemic, according to industry sources Sunday. E-mart said liquor sales increased 23 percent year-on-year after analyzing alcoholic beverages sold between March and May this year. Sales, in particular, rose 36.4 percent and 36.5 percent in April and May, respectively. Lotte Mart also saw its spirits sales grow 30.8 percent from May 1 to June 17 on-year. B

IndustryJune 21, 2020

S. Korea's household debt grew at alarming clip last year: BIS data

South Korea's household debt to the gross domestic product grew at the fastest pace among 43 countries in the world last year, leading the country's overall private-sector debt to also expand at one of the biggest rates, data showed Sunday. The ratio of the country's household debt to GDP reached 95.5 percent in the fourth quarter of 2019, up 1.6 percentage points from 93.9 percent the previous year, according to data provided by the Bank of International Settlements (BIS). Hong Kong had the

EconomyJune 21, 2020

[News Focus] N. Korea’s liaison office demolition dampens cross-border projects of banks

Nearly two years ago, South Korean financial groups hurriedly launched special teams to pursue inter-Korean businesses on the back of a reconciliatory mood between Seoul and Pyongyang. But the mood quickly soured with the collapse of the second summit between US President Donald Trump and North Korean leader Kim Jong-un in February last year. Now, with North Korea blowing up an inter-Korean liaison office in the border town of Kaesong, the hostile mood has cast one of the darkest clouds yet o

MarketJune 21, 2020

[Weekender] As pandemic rages, funds test water with robo-investing

Since its inception in 2015, robo-investing has emerged as a tool with the potential to minimize the impact of market volatility in South Korea. The profitability of this investment method -- based on computerized data analysis, not human instinct -- has been questioned. But the time has come, unexpectedly, to prove who is correct. The catalyst is the coronavirus outbreak that has been rattling the stock market at home and abroad. According to market data tracker FnGuide, 17 robo-investing fu

MarketJune 20, 2020

Seoul stocks likely to stay range-bound next week amid virus fears

   South Korean shares are expected to move in a tight range next week, due to concerns over the further spread of the coronavirus and North Korea's additional provocations.     The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,141.32 points Friday, up 0.42 percent from a week ago.     In the face of growing concerns over a potential second wave of virus outbreaks and Pyongyang's aggressive actions, the KOSPI suffered a 4.76 perc

MarketJune 20, 2020

LG, Samsung claim clothes refreshers can disinfect face masks

  If used face masks could be disinfected, and then possibly reused, that would be a good thing for people suffering shortages of masks. South Korea's two largest electronics firms -- Samsung Electronics Co. and LG Electronics Inc. -- are saying that their clothes refreshers can disinfect face masks using sanitization features amid the coronavirus pandemic.  LG claims that its Tromm Styler, a clothes care appliance, can kill over 99.9 percent of the virus found in face masks whe

TechnologyJune 20, 2020

Tech firms support virus fight with mobile QR-code apps

    Major South Korean tech firms are supporting the country's virus fight with their own smartphone applications for QR code-based registration, a scheme meant to stem further spread of the new coronavirus and trace potential cases, industry sources said Saturday. Starting on June 10, the country has enforced QR code-based entry logs at facilities with high risks of infections in the greater Seoul area and selected cities in its latest efforts to track and contain the COVID

TechnologyJune 20, 2020

Mahindra in process of selling SsangYong Motor: sources

Indian carmaker Mahindra & Mahindra Ltd. is in the process of selling its South Korean unit SsangYong Motor Co. by picking a lead manager for a potential exit from the loss-making affiliate, industry sources said Friday. In 2011, Mahindra acquired a 70 percent stake in SsangYong Motor for 523 billion won ($438 million). Mahindra currently owns a 74.65 percent stake in the SUV-focused carmaker.  Mahindra and SsangYong didn't confirm whether they have named an unidentified adviser for

MobilityJune 20, 2020

SK Biopharmaceuticals sets IPO price at $40

　SK Biopharmaceuticals, a novel drug research and development company specializing in the diseases pertaining to the central nervous system, has set its initial public offering price at 49,000 won ($40) per share, it said Friday. 　The company announced that this is the top end of its indicative price range, which had suggested the share price would be between 36,000 won and 49,000 won. 　This puts the total public offering value of SK Biopharmaceuticals at 959.3 billion won, with the market c

BusinessJune 19, 2020

Biotech firm SillaJen faces review on possible delisting

The nation’s sole bourse operator announced Friday that it has decided to examine SillaJen’s listing eligibility. “We are set to decide whether to delist SillaJen or give it some more time for improvement after reviewing for 15 trading sessions,” said an official of Korea Exchange (KRX). “If the firm submits its improvement plan within the period, our review will be delayed by another 20 trading sessions.” Depending on KRX’s conclusion, SillaJen ma

MarketJune 19, 2020