S. Korea’s first suspected MIS-C cases coronavirus-negative: KCDC

South Korean health officials are straining to contain a new flare-up of infections traced back to nightclub revelers in Itaewon, central Seoul, earlier this month. Of the 40 new patients confirmed positive Wednesday, 37 were linked to the nightclub cluster, while the other three were travelers from overseas. Since the first infected nightclub visitor was identified on May 6, an extensive testing of over 41,000 people with possible ties to the nightclubs has been carried out to find 259 positi

TechnologyMay 27, 2020

One Equity Partners to unload Celltrion Healthcare stake at discount

One Equity Partners, a spinoff of JPMorgan dedicated to middle market investment, is reportedly looking to unload part of its stake in South Korea’s drug distributor Celltrion Healthcare through a block trade for roughly 350 billion won ($283.6 million). The price of some 4 million Celltrion Healthcare shares, a 2.6 percent stake, was set at between 85,000 won and 87,000 won per share after the market closed Tuesday, according to news reports. The price was lower than the Tuesd

MarketMay 27, 2020

LS Group to respond to digital transformation by accelerating R&D

LS Group said Wednesday it is strengthening its digital capabilities by increasing research and development in automation, big data and artificial intelligence technologies in response to digital transformation amid the pandemic. “It will be difficult for the time being as uncertainties in achieving this year’s management goals have increased due to the pandemic, but I hope you will take an extraordinary step forward,” LS Group Chairman Koo Ja-yeol said in a recent message to

IndustryMay 27, 2020

Listed firms' dividends dip 1.9% in 2019

South Korean listed companies' dividend payouts slipped nearly 2 percent in 2019 from a year earlier amid a business slump, data showed Wednesday. Cash dividends paid out by 1,094 firms listed on the country's main and secondary stock markets totaled 22.6 trillion won ($18.3 billion) last year, down 1.9 percent from a year earlier, according to the data from the Korea Securities Depository. The number of dividend-paying corporations was down 12 from the previous year. The tally covers compan

EconomyMay 27, 2020

Hyundai Mobis to inject W1tr for future mobility this year

Hyundai Mobis, an auto parts making affiliate of Hyundai Motor Group, said Wednesday that it would invest 1 trillion won ($810 million) this year in some 2,000 research and development projects for future mobility, as part of its effort to secure competitiveness as a sustainable company.  Under the plan, its workforce for research and development will expand to some 5,000, the company said. Marking the 20th anniversary after changing the company name to Hyundai Mobis, the company mapped

MobilityMay 27, 2020

Kia Motors plans micro EV to replace public transport in Europe

Kia Motors’ European subsidiary said Wednesday it plans to launch a micro-size electric vehicle that can replace public transportation amid increased preference for use of private vehicles following the COVID-19 pandemic. “People want to feel safe today. We saw that very clearly from a survey that was done after the coronavirus outbreak in China. People started shifting from public transport to private vehicles. They safer in their own car compared to public transport,” KIA M

MobilityMay 27, 2020

Hanwha Techwin launches world’s first 8K CCTV

Hanwha Techwin announced Wednesday the launch of the world’s first 8K closed-circuit TVs, featuring the highest resolution. The South Korean surveillance solution provider said it will roll out the CCTVs with 8K network camera featuring 33 million pixels. The 8K CCTVs provide images that are four times clearer than those of current 4K CCTVs, the company said. It enables recognition of a person sitting about 150 meters away in a baseball stadium, the firm explained. It is possible to

TechnologyMay 27, 2020

Banks' lending rates further drop in April on aid package

Lending rates on fresh loans extended by banks in South Korea dropped sharply from a month earlier in April, central bank data showed Wednesday, apparently due to stimulus measures that supplied massive funds to businesses hit by the new coronavirus outbreak. The average interest rate on fresh bank loans came to 2.8 percent in the month, down 11 basis points from 2.91 percent the previous month, according to preliminary data from the Bank of Korea (BOK). The BOK slashed the base interest rate

MarketMay 27, 2020

S. Korean biotech firms in race for coronavirus treatment, vaccine

South Korean pharmaceutical companies have joined the global race to develop a vaccine for the novel coronavirus, but none of them have received approval for clinical trials for a vaccine or treatment candidates from the country's drug safety agency. Celltrion Inc., a major pharmaceutical giant, has announced that it plans to develop a "super antibody" candidate that can help prepare for potential future pandemics. Celltrion was earlier selected as a preferred developer for a monoc

IndustryMay 27, 2020

S. Korean duty-free operators grapple with pandemic-caused biz slump

South Korean duty-free shops are struggling to cope with an industry-wide slump as flight suspensions and a subsequent fall in the number of customers have severely dented their sales amid the new coronavirus pandemic. With no imminent signs of business turnaround, duty-free operators have called for support measures from the government, including an additional cut in airport rental fee. Duty-free stores saw their combined sales fall below 1-trillion won ($812 million) mark for the first time

IndustryMay 27, 2020

Doosan likely to finalize self-rescue package next month

South Korea's cash-strapped Doosan Group is likely to finalize its self-rescue plan next month, as creditors have yet to vet the books of the group's affiliates, industry sources said Wednesday. The country's 15th-largest conglomerate last month submitted to creditors, including the Korea Development Bank (KDB) and the Export-Import Bank of Korea (Eximbank), a plan to sell shares and non-core assets in a bid to secure more than 3 trillion won ($2.4 billion) in liquidity. Its creditors funnel

IndustryMay 27, 2020

Size of S. Korean insects industry up 8% in 2019

The size of South Korea's insects industry rose 8 percent in 2019 from a year earlier, data showed Wednesday, as a growing number of companies raise or process insects for foodstuffs, pets and other purposes. The combined sales of local insect-related companies reached 40.5 billion won ($32.9 million) in 2019, up from 37.5 billion won a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. The number of such businesses reached 2,535 in 2019, up 9

IndustryMay 27, 2020

[Monitor] New house supply to rise 22% in H2

Supply of new apartments across the country will increase by about 22 percent to 148,239 in the second half of this year compared to the first, according to real estate app company Jikbang. The figure amounts to 55 percent of the total supply of new houses this year, and is 7 percent more than that of last year, the company said. By region, 80,712 houses will be available in 85 apartment complexes in the metropolitan areas of Gyeonggi Province and Incheon, up 30 percent from the first half

IndustryMay 27, 2020

[Graphic News] Tesla 3rd highest-selling imported auto brand in Korea

　US electric carmaker Tesla Motors ranked third in first-quarter sales in South Korea’s imported passenger vehicle market on strong demand for the Model 3, an industry association said. 　In the January-March period, Tesla sold a total of 4,070 vehicles in the Korean imported car market, following Mercedes-Benz (15,400) and BMW (11,331), according to data from the Ministry of Trade, Industry and Energy. 　Tesla’s sales jumped to 2,499 units in March from 1,433 in February and 138

IndustryMay 27, 2020

Coronavirus dents major business sectors' Q1 output

More than half of South Korea's 29 major business sectors suffered setbacks in output in the first quarter due to the new coronavirus outbreak, boding ill for their second-quarter earnings, a market tracker said Wednesday. CEO Score said aviation, smartphone, display and 14 other industrial sectors saw their production shrink in the January-March period from a year earlier. The aviation sector was hit hardest with a 35.9 percent tumble as travel demand tanked following lockdowns and business

EconomyMay 27, 2020

Seoul stocks open slightly lower on escalating US-China tensions

South Korean stocks opened lower Wednesday on souring Sino-American relations, bucking overnight gains on Wall Street amid hopes of economic reopening. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.49 points, or 0.32 percent, to 2,023.29 in the first 15 minutes of trading. The weak start came after a news report suggested the US Treasury Department could freeze assets of Chinese officials and businesses in retaliation for China's new national security law. The US and China a

MarketMay 27, 2020

Samsung to sponsor esports company with gaming monitors

Samsung Electronics Co. said Wednesday it has signed a partnership with a global esports organization to boost its presence in the gaming monitor market. Samsung said it will sponsor its latest display products at T1 Entertainment & Sports (T1), a joint venture between South Korea's leading mobile carrier SK Telecom Co. and US entertainment firm Comcast Spectacor LLC. Under the partnership, T1 players will practice using Samsung's curved gaming monitors, the Odyssey G9 and G7, at their

IndustryMay 27, 2020

Korea's May exports tipped to dip 22.5% on pandemic: poll

South Korea's exports are expected to dip nearly 23 percent in May from a year earlier and post a trade deficit for the second consecutive month, a poll showed Wednesday, as the new coronavirus continued to disrupt global supply chains. The country's outbound shipments are estimated at $35.4 billion this month, falling sharply from $45.9 billion posted a year earlier, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was carried out on eight loca

EconomyMay 27, 2020

Coupang closes Bucheon logistics center over COVID-19 cases

E-commerce platform giant Coupang said Tuesday it has closed its Bucheon logistics center in Gyeonggi Province and conducted disinfection of the facility after at least 10 COVID-19 cases are confirmed to be linked with its employees there. According to the company, it will take additional fumigation measures at the center and also check on around 3,700 employees, which includes workers at the center and also those who visited the center from May 12 to Monday. “We sterilize the products

ConsumerMay 26, 2020

Shinhan, KB Kookmin Card handle nearly half of relief funds

Nearly half of the South Korean government’s emergency disaster relief funds were distributed by two major credit card issuers, Shinhan Card and KB Kookmin Card, according to news reports on Tuesday. The government started receiving applications for the relief program from May 11, doling out the funds from May 13, in the form of cash, prepaid cards or money-like points that can be used with credit or debit cards. The total relief funds provided to coronavirus-hit households exceeded 12

MarketMay 26, 2020