Niclosamide removes coronavirus in ferret in 3 days: Daewoong

Daewoong Pharamaceutical and its subsidiary Daewoong Therapeutics said Friday that their proposed COVID-19 treatment DWRX2003 (niclosamide) has been found capable of removing the SARS-CoV-2 virus in a ferret’s lungs in three days. Daewoong Therapeutics, in collaboration with Chungbuk National University, carried out preclinical animal tests of DWRX2003 in ferrets infected with SARS-CoV-2. In a lung tissue biopsy conducted three days into the administration, the researchers found that a

IndustryJune 5, 2020

Seoul stocks up for 6th straight session; won jumps against dollar

South Korean shares closed sharply higher Friday, extending their winning streak to a sixth session on global stimulus hopes. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) surged 30.69 points, or 1.43 percent, to close at 2,181.87, reaching the highest point since Feb. 20. Trading volume was moderate at about 840.1 million shares worth some 12.6 trillion won ($10.4 billion), with gainers outnumbering losers 586 to 249. Institutions boug

MarketJune 5, 2020

SKT taps semiconductor-based next-gen X-ray

Korean telecommunications firm SK Telecom is tapping the future of digitalized medical imaging by channeling semiconductor and 5G network services. SKT announced Friday that the company has become the second-biggest shareholder of Israeli medical imaging firm Nanox, which is preparing to make an initial public offering on the US tech-heavy Nasdaq bourse, by participating in a pre-IPO deal. The Korean mobile carrier has invested an accumulated $23 million in Nanox, earning exclusive business r

IndustryJune 5, 2020

Credit loan balance for stock investment exceeds W11tr

The balance of credit loans taken out for stock investments by individuals has reached over 11 trillion won ($9.1 billion), data showed Friday. According to data from the Korea Financial Investment Association, the balance for credit financing marked nearly 11.47 trillion won as of Wednesday, the highest figure since Oct. 11, 2018, when it marked 11.57 trillion won. As stock markets around the globe were hit hard by the coronavirus pandemic, the balance dipped to 6.41 trillion won on March 25

MarketJune 5, 2020

LS C&S wins W100b contract for electrical cables in Singapore

LS Cable & System said Friday it won a contract worth 100 billion won ($82 million) to supply electrical cables in Singapore. Under the deal, LS C&S will provide high- and low-voltage cables that will stretch 400 kilometers through Singapore, through 2021. The company said it has a strong foothold in Singapore, obtaining the biggest market share there. The orders have been placed by the Singaporean government to replace aged high-voltage cables for consecutive years since 2017. Th

IndustryJune 5, 2020

E-mart Traders to release 20 million face masks at 26 cents each

E-mart Traders said Friday it will roll out 20 million single-use face masks, selling them at a price of 320 won (26 cents) per mask. The warehouse hypermarket store, which is part of the country’s retail giant Shinsegae Group, said it will sell a box of 50 face masks for 15,980 won at its 18 stores across the country from Saturday. Purchases will be limited to one box per person. E-mart Traders said it was able to sell the product -- a three-layered face mask with a melt-blown filter

ConsumerJune 5, 2020

LG to forego new hires in first half of 2020

LG Group’s major affiliates LG Electronics and LG Display are unlikely to proceed with the first leg of the semiannual recruitment process in the first half of 2020. As of Friday, the two companies have yet to give notice of any hiring plans. Considering the numerous steps that large conglomerates go through to evaluate and sift through hundreds of candidates, the lack of plans at this point of the year indicate the companies are curtailing human resources investment. Earlier in Marc

IndustryJune 5, 2020

FTC ends probe on ‘TV war’ between Samsung and LG

The Fair Trade Commission said Friday it has terminated an investigation into the battle between Samsung Electronics and LG Electronics over the technological competitiveness of their TVs. The antitrust agency said the two companies have decided to drop the case and pledged to refrain from negative marketing.  LG on Wednesday withdrew its complaint filed against Samsung in September, and Samsung followed suit on Thursday. Samsung declined to comment, but the two reportedly have reache

TechnologyJune 5, 2020

Air carriers struggle to launch China routes amid strengthened landing criteria

Korean air carriers that have been gradually starting to resume their international routes amid slower spread of COVID-19 are facing hurdles to operating China routes over authorities’ strengthened landing conditions, according to industry sources on Friday.  According to full service carrier Korean Air, it had planned to operate 32 out of 110 international routes from June. Those routes include flights to Chinese destinations Beijing, Shanghai, Guangzhou and Qingdao, flying three t

MobilityJune 5, 2020

Han Sung Motor to offer free, unlimited service for engine oil

Han Sung Motor, an official local dealer of Mercedes-Benz in Korea, said Thursday it will offer customers free and unlimited service for changing engine oil and oil filter.  The promotion applies to those who purchase a new car from Han Sung Motor in June, regardless of models or trims including Mercedes-AMG lineup.  Through the promotion, customers can enjoy engine oil and oil filter change service at Han Sung Motor’s 20 service centers across the country, even after the offi

MobilityJune 5, 2020

S. Korea's exports of EVs, ships to EFTA gain on free trade deal

South Korean exports of electric vehicles and ships to the European Free Trade Association (EFTA) gained momentum in 2019 on the back of a bilateral free trade agreement, Seoul's trade ministry said Friday. Seoul signed the pact with the four-nation economic block comprising Switzerland, Iceland, Norway and Lichtenstein in July 2005 before implementing it a year later. It was South Korea's FTA with European nations. "The agreement has played a pump-priming role in expanding bilateral tra

EconomyJune 5, 2020

[Monitor] Remote working at public entities rises 22-fold

With the coronavirus pandemic forcing social distancing, the number of employees at public entities who worked from home in the first quarter this year reached 31,148, data by state portal service Alio showed. It is nearly 22 times more than 1,408 tallied for the whole of last year. There are some 418,000 working at the surveyed state-run companies and organizations. (khnews@heraldcorp.com)

IndustryJune 5, 2020

Seoul stocks open higher on economic recovery hopes

South Korean shares opened higher Friday, tracking overnight gains on Wall Street helped by hopes of an economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.64 points, or 0.31 percent, to 2,157.82 in the first 15 minutes of trading. The gain was mainly attributed to hopes for an economic recovery, fueled by the European Central Bank's announcement to additionally purchase assets to fight the economic fallout from the new coronavirus. The Dow Jones Industrial Ave

MarketJune 5, 2020

National Tax Service terminates Cyworld, ICT Ministry to investigate

The National Tax Service terminated the business registration of homegrown social networking service Cyworld on May 26, according to industry sources on Thursday. Meanwhile, the ICT Ministry said that Cyworld has not made a report to the NTS of a business termination and that it had expressed willingness to continue the business to the ministry. According to the Telecommunications Business Act, such an internet business is required to report to the ICT Ministry at least 30 days before perman

TechnologyJune 4, 2020

LS Group's founding family members indicted for illegal inter-affiliate trading

  Three founding family members of the South Korean electric cable manufacturing conglomerate LS Group were indicted on Thursday for illegal inter-affiliate trading worth 25.5 billion won ($20.9 million), prosecutors said. Koo Ja-hong, chairman of LS-Nikko Copper Inc., the group's copper smelting affiliate, Koo Ja-yub, chairman of LS Cable & System, and Koo Ja-eun, chairman of LS Mtron, were indicted on charges of violating anti-trust law by providing illegal support to a sister compa

IndustryJune 4, 2020

Korea cracks down on foreign games that don’t play by the rules

The South Korean game censorship body on Thursday gave an ultimatum to foreign firms that are distributing products here without receiving government ratings, launching a surgical strike on popular cloud platform Steam. Steam is a video game digital distribution service that also supports games from third-party publishers, allowing users to download them after purchase. According to Game Rating and Administration Committee Thursday, the agency has recommended Steam to receive ratings on unr

IndustryJune 4, 2020

Doosan Heavy's biz shake-up stirs controversy

Doosan Heavy Industries & Construction Co.'s push to reshape its business portfolio is stirring concerns over the feasibility of the overhaul plan whose centerpiece is reduction of its mainstay coal and nuclear power businesses and expansion of its clout in the renewable energy realm. In return for 3.6 trillion won ($2.95 billion) financial support from state-run banks, Doosan Heavy, the leading power equipment maker proposed a shake-up of its business structure to focus more on renewables

IndustryJune 4, 2020

Prosecution’s move shakes up Samsung trying to pick up biz

Shockwaves were sent across Samsung Electronics as the prosecution sought an arrest warrant against Vice Chairman Lee Jae-yong over the merger of two affiliates in 2015. The tech giant has been making active moves under Lee’s lead to accelerate businesses amid challenges from the COVID-19 pandemic and trade war between the US and China. The Seoul Central District Prosecutors’ Office’s request to arrest Lee and two former Samsung executives, Choi Gee-sung and Kim Jong-joong

IndustryJune 4, 2020

Social Solidarity Bank, JPMorgan to support micro-businesses

JPMorgan will provide 480 million won ($394,000) worth of immediate support, relief and inclusive recovery fund to small and micro-businesses hit hard by the unexpected coronavirus pandemic in South Korea, according to the local micro-credit institution Social Solidarity Bank on Thursday. As part of the relief efforts, the local unit of the US-based brokerage firm will collaborate with the nongovernmental organization to help SMEs run by female owners digitalize their operations and make online

MarketJune 4, 2020

S. Korea sees largest current account deficit in 9 years in April

South Korea in April saw its largest current account deficit in nearly a decade, with the COVID-19 pandemic dealing a blow to the nation’s trade, data from the central bank showed Thursday. The export-reliant economy suffered a current account deficit of $3.12 billion, marking the largest amount since January 2011 when the corresponding figure stood at $3.16 billion, the Bank of Korea said. The figure also marked the first current account deficit in nearly a year, as the nation had mai

EconomyJune 4, 2020