S. Korea unveils W35.3tr extra budget plan to brace for post-coronavirus era

South Korea has finalized the single-largest supplementary budget worth 35.3 trillion won ($29 billion), marking its third set of extra fiscal spending in the face of the COVID-19 pandemic, the Ministry of Economy and Finance said Wednesday. The supplementary budget bill was approved in an extraordinary Cabinet meeting held at Seoul Government Complex to overcome the economic crisis and brace for the forthcoming post-coronavirus era. It is slated to be submitted to the National Assembly on T

EconomyJune 3, 2020

Social casino gaming firm DoubleDown Interactive eyes $100m US IPO

South Korean social casino game developer and publisher DoubleDown Interactive is seeking to get listed on the tech-heavy Nasdaq bourse in the United States, according to its prospectus Wednesday. For its initial public offering, the Seoul-based company plans to issue 400,000 new common shares. Also up for subscriptions will be 360,000 existing shares, or 19.4 percent stake as of current, owned by STIC Investment. DoubleDown Interactive said the book building process to confirm the offered pri

MarketJune 3, 2020

KGCCI’s female leadership group kicks off 3rd mentorship program

The Korean-German Chamber of Commerce and Industry said Wednesday its female leadership group Women in Korea has kicked-off the third edition of its mentorship program. The KGCCI WIR group started in 2017 as a cross-industry, cross-national network of female executives to help Korean females in middle management to unlock their leadership potential and accelerate value-driven leadership with a focus on gender, generations and geography. The WIR mentorship program was created in 2018, aiming

IndustryJune 3, 2020

Renault Captur picked as car of month

The Korea Automobile Journalists Association said Wednesday it has selected compact sport utility vehicle Renault Captur as car of the month.  The association has been selecting the best model each month among new vehicles and face-lifted versions that were launched within a month, based on five criteria including exterior, interior design, practicality, safety and comfort features, product marketability and purchasing intent.  For the car of the month in June, Audi Q3 and Porsche 9

MobilityJune 3, 2020

Online shopping jumps 12.5% in April on pandemic-led e-commerce shift

SEJONG -- Online shopping jumped 12.5 percent from a year earlier in April, data showed Wednesday, as the coronavirus pandemic prompted consumers to buy more goods via e-commerce platforms. The value of online transactions came to 12.26 trillion won ($9.98 billion) in the month, up 1.3 trillion won from the same month last year, according to the data from Statistics Korea. The increase followed a 11.8 percent on-year gain in March. The sharp increase in March was largely attributed to the p

ConsumerJune 3, 2020

Korean companies' revenue, profitability down in 2019

South Korean businesses suffered a heavy setback in their profits last year due to a sharp decline in sales partly caused by a prolonged trade dispute between the United States and China, central bank data showed Wednesday. The combined sales of South Korean firms dipped 1 percent from a year earlier in 2019, marking a turnaround from a 4.2 percent on-year increase the year before, according to preliminary data from the Bank of Korea (BOK). The sharp drop in sales is apparently attributed to

EconomyJune 3, 2020

Imported car sales up 19% in May despite pandemic

Sales of imported vehicles in South Korea rose 19 percent in May from a year earlier as strong demand for German vehicles offset weak demand for Japanese ones amid the coronavirus pandemic, an industry association said Wednesday. The number of newly registered foreign vehicles rose to 23,272 units last month from 19,548 a year earlier, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. "New models released by Audi and Porsche and increased supplies

MobilityJune 3, 2020

Hyundai to launch upgraded Santa Fe SUV this month

Hyundai Motor Co. said Wednesday it will launch the upgraded Santa Fe SUV in the domestic market this month to boost sales amid the new coronavirus outbreak. The company has added the face-lifted Santa Fe to its SUV lineup as it strives to offset weak overseas sales with robust local demand for recreational vehicles, a company spokesman said. The COVID-19 pandemic has continued to affect Hyundai's vehicle sales in major markets, such as the United States and Europe, due to local shutdowns a

MobilityJune 3, 2020

[Monitor] Stock values of South Korea’s rich change upon COVID-19

The ranking of South Korea’s richest people by their stock value changed drastically upon the COVID-19 pandemic, a survey released by CEOScore showed. The corporate information company analyzed individual investors holding shares in 2,353 listed firms. The combined stock value of the 100 richest investors reached 92.8479 trillion won ($76 billion). Stock values held by those leading companies in bio fields and non-face-to-face contact businesses increased significantly. While the valu

IndustryJune 3, 2020

Equity fund alliance ups stake in Korean Air parent firm

An alliance led by an estranged sister of the Korean Air chairman said Wednesday it has raised its stake in the carrier's parent Hanjin KAL Corp. to over 45 percent in the latest attempt to control airline conglomerate Hanjin Group. The move came more than two months after Chairman Cho Won-tae's elder sister Hyun-ah -- known for her "nut rage" incident in 2014 -- failed to dethrone the chairman of Korean Air Lines Co. and Hanjin Group in a family feud. The three-party alliance that

MobilityJune 3, 2020

S. Korea proposes largest-ever extra budget to battle pandemic

SEJONG -- South Korea on Wednesday proposed another extra budget plan worth 35.3 trillion won ($29 billion) that will help key industries cushion the economic blow from the coronavirus pandemic and protect jobs. The biggest-ever budget, which is subject to approval from the National Assembly, will raise the total of the nation's stimulus packages to 270 trillion won as the government has stepped up fiscal and monetary responses to the pandemic, according to the Ministry of Economy and Finance.

EconomyJune 3, 2020

[Graphic News] Medical equipment output tops W7tr in 2019

　South Korea‘s output of medical equipment and related materials passed 7 trillion won ($5.7 billion) in 2019 on solid demand for dental treatment products, data showed. 　About 7.3 trillion won worth of medical equipment and materials were produced in the country last year, up 11.8 percent from a year earlier, according to the Ministry of Food and Drug Safety. 　The sector’s annualized growth rate far outpaced the 2 percent increase in the country’s gross domestic product

TechnologyJune 3, 2020

Seoul stocks open higher on Wall Street gains

South Korean shares opened sharply higher Wednesday, taking a cue from overnight Wall Street gains amid hopes of economic reopening and eased Sino-American political turmoil. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.86 points, or 1.57 percent, to 2,120.05 in the first 15 minutes of trading. The Dow Jones Industrial Average advanced 267.63 points, or 1.05 percent, to close at 25,742.65 on Tuesday (New York time). Such an advance followed reports of a reduction of frict

MarketJune 3, 2020

Doosan Heavy provides W200b in emergency funds to India affiliate

South Korea's Doosan Heavy Industry & Construction said Tuesday that has provided 200 billion won ($164 million) in emergency funds to its Indian affiliate that has suffered from a liquidity shortage brought on the novel coronavirus pandemic. The company said in an official regulatory filing that the money has been sent to Doosan Power System India Private Ltd. that is currently engaged in six thermal power plant construction projects on the subcontinent worth some 4 trillion won. "T

IndustryJune 2, 2020

Hyundai Steel halts production at Dangjin works

Hyundai Steel, South Korea's No. 2 steelmaker, said Tuesday that its has halted production of its electric arc furnace plant on South Korea's western coast due to weak demand. The company, part of Hyundai Motor Group, said some operations were halted at the Danjin Integrated Steelworks, 123 kilometers south of Seoul, starting this week. It said orders have dwindled to near zero for June. In the past, the steel mill tried to cope with weak sales by scaling back production. "The COVID-19

IndustryJune 2, 2020

Binex picked as CDMO for COVID-19 mucosal vaccine

Binex, a contract development and manufacturing organization for biologics drugs, said Tuesday that it has joined a consortium of companies pursuing mucosal vaccine for COVID-19. A mucosal vaccine is designed to boost the immune response of human mucous, blocking out a respiratory pathogen’s entry to human body. Binex is participating in the project as the manufacturing powerhouse for preclinical drug samples. It has biologics manufacturing facilities in Songdo and Osong, which are capa

IndustryJune 2, 2020

Shinhan BNP Paribas manages alternative portfolio for NHIS

Seoul-based Shinhan BNP Paribas Asset Management said Tuesday it has started to work as a fund manager for the National Health Insurance Service’s 1.4 trillion won ($1.14 billion) alternative investment for four years.  Shinhan BNP Paribas is one of the two lead fund managers, along with fellow Seoul-based investment house KB Asset Management. The two partners, selected in late April, will manage 700 billion won of assets each and choose more external partners to join their funds of

MarketJune 2, 2020

WeWork names real estate expert as Asia-Pacific director

Real estate expert Samit Chopra was named managing director of WeWork Pacific, it announced Tuesday. Chopra is tasked with overseeing markets of the space-as-a-service platform, including Australia, Indonesia, Malaysia, South Korea, the Philippines, Singapore, Thailand and Vietnam. Based in Singapore, Chopra will be responsible for WeWork Pacific’s profit and loss management, go-to-market strategy, sales leadership, growth and innovation and talent development, according to WeWork.

MarketJune 2, 2020

LG Household & Health Care gains license to sell Physiogel in Asia, North America

LG Household & Health Care said Tuesday it has gained a business license to sell GlaxoSmithKline’s skin care brand Physiogel in Asia and North America, for 190 billion won ($155 million). Physiogel is a derma cosmetics brand that was launched in Germany, and is sold in a number of countries in Asia, Europe and South America. The company said it plans to strengthen its presence in the global markets with its acquirement of Physiogel, which comes after the company’s takeover o

ConsumerJune 2, 2020

Lotte Shopping introduces once-a-week remote working system

Lotte Shopping said Tuesday it has introduced a new remote working system for its 3,200 employees working at its headquarters, whereby they can work at home once a week. The retail arm of Lotte Group is the second affiliate to introduce the remote working system, after Lotte Holdings, which initiated the system from May 25. Lotte Department Store, Lotte Supermarket and the e-commerce branch introduced the system from Monday, while Lotte Mart is due to start beginning this month. Lohbs, its h

ConsumerJune 2, 2020