[Monitor] YouTube biggest source of fake news in Korea: report

YouTube is seen to be the biggest online platform through which misinformation and fake news is being spread in South Korea, according to a new survey. The latest “Digital News Report 2020” released by the UK-based Reuters Institute for the Study of Journalism noted that 31 percent of online news consumers surveyed picked YouTube were most concerned about the platform being used to spread false information. It was followed by Facebook (10 percent), KakaoTalk and other messenger se

IndustryJune 18, 2020

Drug safety agency revokes permit for Medytox's botulinum toxin products

South Korea's drug safety watchdog said Thursday it has decided to revoke the permit of the country's first botulinum toxin products by Medytox for using an unapproved ingredient and fabricating related documents. The three Meditoxin products -- which come in bottles of 50 units, 100 units and 150 units -- will be permanently removed from domestic shelves starting on June 25, according to the Ministry of Food and Drug Safety. The ministry also ordered Medytox to recall the three products, urg

IndustryJune 18, 2020

Samsung launches blood pressure monitoring app in S. Korea

Samsung Electronics Co. launched a blood pressure monitoring mobile application in South Korea on Thursday.  Samsung said users of its smartwatch, the Galaxy Watch Active2, will be able to access the Samsung Health Monitor app, which can measure and track their blood pressure. The software leverages the smartwatch's wrist sensors and conducts pulse wave analysis to check a person's blood pressure. To measure blood pressure, users must have the app installed on both the Galaxy Watch Activ

TechnologyJune 18, 2020

Seoul stocks open lower on virus fears, inter-Korean tensions

South Korean shares opened lower Thursday amid growing investor concerns over the escalating tensions between the two Koreas and a resurgence in new coronavirus infection cases in major economies, including the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.57 points, or 0.73 percent, to 2,125.48 in the first 15 minutes of trading. The weak start came one day after North Korea again lashed out at the South, threatening to soon redeploy troops to two locations

MarketJune 18, 2020

Mobile shopping hits record high in Q1, food services continue to rise: report

Purchases made through mobile gadgets like smartphones in South Korea reached a record high in the first quarter of the year due to the novel coronavirus pandemic, a report showed Thursday. The total value of mobile shopping transactions reached a fresh high of 24.79 trillion won ($20.3 billion) in the January-March period, up 280 billion won from three months earlier, according to an e-commerce report from market researcher DMC Media. In contrast, overall online shopping purchases dropped

IndustryJune 18, 2020

Retail giants' Q2 profits tipped to more than halve over pandemic: poll

South Korea's major retailers are expected to see their operating profits more than halve in the second quarter amid the new coronavirus pandemic, a poll showed Thursday. The combined operating profits of Lotte Shopping Co., Shinsegae Inc., E-Mart Inc. and Hyundai Department Store Co. are estimated to be 60.3 billion won ($50 million) in the April-June period, compared with 180.4 billion won a year earlier, according to the survey by Yonhap Infomax, the financial news arm of Yonhap News Agency

ConsumerJune 18, 2020

Kia unveils renderings of new Carnival minivan

Kia Motors Corp., South Korea's second-biggest carmaker, unveiled renderings of its all-new Carnival minivan on Thursday ahead of its domestic launch in the third quarter. The fourth-generation Carnival comes with a dynamic radiator grille and a bold side character line that runs the length of the car, the company said in a statement. At the rear, the side character line trails into the back and merges with the rear lamp graphics. The roof has a bit of a fastback look, ending at the trunk li

MobilityJune 18, 2020

S. Korea to levy tax on cryptocurrency: finance minister

South Korea plans to impose tax on cryptocurrency, the country's finance minister said Wednesday, adding that his ministry will announce the details next month. The government "has continued to realign its tax system to reflect changes in market conditions, but it is especially working to refine its list of taxable items and types of tax this year," Finance Minister Hong Nam-ki said while speaking before the parliamentary finance committee. In the past years, cryptocurrencies, such

EconomyJune 17, 2020

Han Sung Motor finishes golf tournament for Mercedes Trophy Korea 2020 Give ’N Golf

Han Sung Motor, an official dealer of Mercedes-Benz Korea, said Wednesday that it has completed the preliminary match for the Mercedes Trophy Korea 2020 Give ’N Golf tournament. Some 380 Han Sung Motor customers participated in the match, called the Han Sung Classic, on May 25, June 8 and June 15 at the Gapyeong Benest Golf Club and Anyang Benest Golf Club, the company said.  Prizes already awarded included products from KGC Korea Ginseng Co., Swedish bedding brand Duxiana and prem

MobilityJune 17, 2020

[Herald Interview] Korea’s top infectious disease expert calls COVID-19 ‘trickiest foe yet’

When it comes to epidemics, it’s hard to find someone with a bulkier resume. From severe acute respiratory syndrome to swine flu to Middle East respiratory syndrome, he was there at the front lines of each alarming outbreak that has surfaced in recent decades, either advising or spearheading South Korea’s response. Dr. Kim Woo-joo, the nation’s leading expert in infectious diseases, said the novel coronavirus that causes COVID-19 has been his “trickiest foe yet.”

TechnologyJune 17, 2020

KDB refuses to back SsangYong Motor with bailout fund

Korea Development Bank, South Korea’s policy lender, on Wednesday refused to support the liquidity-stricken SsangYong Motor using its bailout fund of 40 trillion won ($32.95 billion) created to extend a lifeline to local companies suffering from the fallout of the novel coronavirus. “Money is not necessarily everything for a company’s survival,” KDB Chairman Lee Dong-gull told reporters at a teleconference. “It takes money for a company to get through hardships, bu

MarketJune 17, 2020

GS chairman highlights innovation in line with external changes

GS Group Chairman Huh Tae-soo urged company executives Wednesday to pay more attention to new consumer trends, adding digital transformation based on mobile and artificial intelligence will become more active in the future. His remarks came at the GS executive forum held for the second time since he took the helm early this year. The forum was attended by around 30 senior executives from all affiliates. “The political, social and economic shocks and changes caused by the pandemic are

IndustryJune 17, 2020

Kakao Bank joins forces with stock brokerages

Kakao Bank said Wednesday its customers can now open KB Securities stock trading accounts via its platform. The local brokerage under KB Financial Group is the latest securities company to forge a partnership with the internet-only bank. As of May, Kakao Bank had ushered in some 2 million accounts for two brokerages -- Korea Investment & Securities and NH Investment & Securities. The company said its easy-to-use platform appeal to those in their 20s and 30s, who tend to prefer mobi

MarketJune 17, 2020

S. Korea rolls out stricter regulations to cool heated housing market

South Korea on Wednesday unveiled stricter regulations to curb rising housing prices, including tighter loan rules and an expanded range of areas that are subject to special restrictions. Through the Moon Jae-in administration’s 21st set of housing price regulations, the government expanded its special regulations and monitoring zone to most areas west of Seoul and to certain other key cities as well, it said in a briefing of related ministries. Cities adjacent to Seoul including Inch

EconomyJune 17, 2020

KAI to support foreign workers in South Gyeongsang

Korea Aerospace Industries on Wednesday signed an agreement with the government of South Gyeongsang Province and the Human Resources Development Service of Korea to help support the hiring of foreign workforce. The signing ceremony was held at KAI’s Sacheon headquarters in the presence of ambassadors representing relevant countries. The program will benefit those who fall under South Korea’s Employment Permit System. The system allows efficient employment of foreign workers for

IndustryJune 17, 2020

Coupang ranks 2nd in CNBC Disruptor 50

South Korean e-commerce giant Coupang said Tuesday it ranked second in the eighth edition of the CNBC Disruptor 50 list from among 1,355 nominees worldwide. The list of 50 private companies with the potential of becoming the “next generation of billion-dollar businesses” is released by the US broadcaster annually. Coupang said it was the first Korean company to be included in the list. According to CNBC’s description, the 2020 CNBC Disruptors are “50 private companie

ConsumerJune 17, 2020

Starbucks Korea opens renewed Hwangudan Store in Seoul

Starbucks Korea said Tuesday it is set to open its renovated Hwangudan Store in Seoul, upping its efforts to safeguard the domestic cultural heritage. According to the coffee chain, it has revamped the existing Sogongdong Store in Jung-gu to reflect the designs of Hwangudan -- a site for performance of the rite of heaven, designated as South Korea’s Historic Site No. 157 in 1967. Starbucks Korea held the opening ceremony of the store with the Cultural Heritage Administration and Nation

ConsumerJune 17, 2020

NK demolition to have limited impact on financial market: officials

North Korea’s recent demolition of the inter-Korean liaison office in Kaesong will have a limited impact on the domestic financial market, South Korea’s fiscal and monetary authorities said Wednesday. The Bank of Korea held a meeting Wednesday morning under the chairmanship of Deputy Gov. Yoon Myun-shik to review the global financial market’s response to the North Korean action and the impact on the domestic market. At around 2:50 p.m. on the previous day, North Korea dem

EconomyJune 17, 2020

NH Investment seeks to build customer trust via cultural space

NH Investment & Securities said Wednesday it is seeking to build a broader customer base by offering a cultural space in Seoul’s fashion district Apgujeong. Located in the Apgujeong Rodeo area, Culture Salon, or Moonwha Dabang, is part of the brokerage firm’s brand awareness project aimed at presenting its corporate vision. To mark its 50th anniversary last year, the brokerage unit of South Korea’s NongHyup Financial Group set its corporate slogan as “investment c

MarketJune 17, 2020

Seoul stocks slightly up despite escalating inter-Korean tensions

South Korean shares finished a tad higher Wednesday as investors bet that the escalating tensions between two Koreas would have a limited impact on the financial markets. The Korean won fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) rose 3.00 points, or 0.14 percent, to close at 2,141.05. Trading volume was high at about 915 million shares worth some 15.2 trillion won ($12.5 billion), with gainers outnumbering losers 495 to 356. For

MarketJune 17, 2020