S. Korea's drop in jobs sharpest since 1999 amid virus pandemic

SEJONG -- South Korea reported the sharpest drop in its April employment since 1999 as the coronavirus pandemic hammered job markets, data showed Wednesday. The number of employed people in South Korea stood at 26.56 million in April, 476,000 people fewer than a year ago, marking the biggest on-year decline since February 1999. The labor force participation rate, which refers to the percentage of those who are aged 15 or older and remain in the labor force by either being employed or activel

EconomyMay 13, 2020

Economic contraction accelerates as COVID-19 battle continues

Despite hopes building on a return to normal life around the world, the speed of economic contraction globally and in South Korea has been accelerating due to the pandemic over decreased spending, investment and production, casting a dark cloud over all-out efforts to contain the damages, figures by think tanks and central bank showed Tuesday.　 Korea’s economic contraction has been gaining momentum in recent months due to lackluster consumer spending and exports following risks stemming

EconomyMay 12, 2020

SillaJen CEO detained over alleged insider trading, stoking fears of delisting

The head of local biotechnology firm SillaJen was detained Tuesday for alleged involvement in insider trading, raising market fears over SillaJen’s fate as a Kosdaq-listed company. The Seoul Southern District Court issued an arrest warrant for SillaJen CEO Moon Eun-sang, citing a flight risk and the possibility that he could destroy evidence. Last week prosecutors requested a warrant for Moon’s arrest on suspicion of violating the local capital market act and dereliction of duty

MarketMay 12, 2020

NCSoft posts record quarterly results in Q1

South Korean game company NCSoft said Tuesday it posted a record quarterly revenue of 731.1 billion won ($596.1 million) owing to the strong sales of mobile games as the COVID-19 outbreak kept people indoors, driving up demand. According to its regulatory filing, the sales of mobile games in the first quarter surged 54 percent to 553.2 billion won from the previous one, accounting for 75.6 percent of the total revenue. NCSoft’s flagship mobile games Lineage M and Lineage 2M brought i

IndustryMay 12, 2020

KB Kookmin Bank to finance gas pipeline project in Canada

KB Kookmin Bank said Tuesday that it has signed a commitment of 240 million Canadian dollars ($171 million) to finance a Coastal GasLink natural gas pipeline project in Canada through a senior loan. This is part of the C$6.6 billion project financing from a syndicate of lenders, composed of KB Kookmin Bank and 26 other banks including JPMorgan Chase, Bank of Montreal and Royal Bank of Canada, it added. KB Kookmin Bank was the sole Korean participant. The loans will go to TC Energy, formerly kn

MarketMay 12, 2020

Seoul stocks down for 2nd day over renewed woes over US-China trade row

South Korean stocks closed lower Tuesday for a second straight day on renewed concerns over the trade row between the United States and China. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 13.23 points, or 0.68 percent, to finish at 1,922.17. Trading volume was moderate at 783 million shares worth 9.5 trillion won ($7.75 billion), with losers far outpacing gainers 671 to 183. US President Donald Trump insisted that he was "not int

MarketMay 12, 2020

Korea Western Power, NH-Amundi invest in Swedish wind farm project

Korea Western Power and NH-Amundi Asset Management signed a memorandum of understanding to cooperate in their co-investment in a 240-megawatt wind farm project in Sweden, according to NH-Amundi on Tuesday. The infrastructure project to build 56 wind turbines in Ange Municipality in northern Sweden is poised to be completed by the end of 2020. The facility has signed a 29-year sales contract with an undisclosed regional electricity market, promising a long-term source of stable income, NH-Amund

MarketMay 12, 2020

Korean startups consider COIVD-19 an opportunity: survey

Korean startups find the COVID-19 pandemic positive for the country’s startup ecosystem in the future, a survey by the Ministry of SMEs and Startups showed on May 12. Out of 492 respondents, 42.5 percent said the COVID-19 pandemic will bring about either a very positive or positive impact on the startup ecosystem. Almost 65 percent of them said that there will be more chances for new business ideas due to changes brought about by the pandemic, while 40 percent of the respondents also exp

IndustryMay 12, 2020

Regulatory sandbox support center launched

South Korea’s first public-private sandbox support center was launched Tuesday with the aim of removing regulatory hurdles to new innovative businesses. The regulatory sandbox system allows for the relaxation of regulations to accommodate certain innovative products and services. The government adopted it early last year in an effort to promote innovative growth in all industries. On Tuesday, the sandbox support center, set up at the Korea Chamber of Commerce and Industry in January,

IndustryMay 12, 2020

[Gadget Review] LG Velvet perfect ‘midrange’ phone for photography, binge-watching

At first sight, the 899,800 won ($740) LG Velvet looks like it could be out of Samsung’s premium Galaxy S lineup of phones, especially with its water drop shape notch for selfie camera and the 3D Arc Design on the display. While some might say the price tag is too high for a midrange phone, the LG Velvet is the tech firm’s flagship phone, pledging to provide greater affordability than Samsung and Apple’s premium phones with comparable entertainment features. What real

TechnologyMay 12, 2020

SK hynix taps into AI to improve manufacturing processes

SK hynix, the world’s second-largest memory provider, said Tuesday that the company will start using artificial intelligence-based solutions to improve its manufacturing process for memory chips. Under a memorandum of understanding with the Korea Advanced Institute of Technology, SK hynix will provide KAIST with data collected during the chip manufacturing process in its clean rooms in real time through a cloud system. KAIST will analyze the data using AI-based models and come up with

TechnologyMay 12, 2020

Posco to launch new logistics unit this year

South Korea’s largest steelmaker Posco said Tuesday it is set to launch a new logistics corporation by the end of this year to integrate logistics capabilities within the group. The new corporation, tentatively named Global Smart Platform, plans to enhance logistics efficiency by taking charge of integrated contract and operation management of the transportation volume of Posco and its affiliates. It will also seek to support logistics partners to build smart and eco-friendly infrastr

IndustryMay 12, 2020

Brokerages downgrade CJ CGV over capital increase plan

South Korea’s securities firms on Tuesday cut their target price for CJ CGV, raising concerns that the company’s decision to issue new shares worth 250 billion won ($203.66 million) could dilute the stock value. Hit by the pandemic, the cinema chain recorded a net loss of 118.6 billion won in the January-March period, compared with a net loss of 8.6 billion won a year earlier. It may have been inevitable for the firm to go ahead with the massive capital increase, said Meritz Securi

MarketMay 12, 2020

SK Biopharmaceutical launches Xcopri in US

SK Biopharmaceutical is tapping the 4 trillion won ($3.2 billion) US antiepileptic drug market with Xcopri, the company said Tuesday. Xcopri, the company’s brand of cenobamate tablets, is the product of SK Biopharmaceutical CEO Cho Jeong-woo‘s 15-year research and development drive. The drug is an alternative treatment for adults with partial-onset seizures. “Patients can have different responses to the various seizure medicines that are available. (Xcopri) provides an ad

IndustryMay 12, 2020

Finance minister to donate relief handout

SEJONG -- Finance Minister Hong Nam-ki said Tuesday he will donate his coronavirus relief handout, joining other senior officials in donating their handouts to benefit others. South Korea has begin providing relief handouts to every household to ease the economic fallout from the coronavirus pandemic. For a household with four or more people, 1 million won ($815) will be given. In a Facebook posting, Hong said such a donation will become an "asset of hope" as the world is fighting

EconomyMay 12, 2020

Hyundai Motor to establish hydrogen bus charging station at Incheon airport

Hyundai Motor Group said Tuesday it will establish a hydrogen bus charging station inside the country’s gateway Incheon International Airport by March next year.  The carmaker will sign an agreement with Incheon International Airport Corp., Air Liquid Korea and Hydrogen Energy Network Corp. to boost hydrogen economy and establish low-carbon, eco-friendly airport environment. The agreement comes as part of the Environment Ministry’s project to support establishment of charging

MobilityMay 12, 2020

[Monitor] Tesla becomes 3rd most popular imported brand in Korea

US electric carmaker Tesla Motors sold 4,070 vehicles in South Korea in the first three months this year, becoming the third most sold imported auto brand here, data by the Trade Ministry and the Korea Automobile Manufacturers Association showed. Tesla’s sales jumped to 2,499 units in March from 1,433 in February and 138 in January, boosted by the sales of the Model 3, data showed. Tesla, who is not a member of the Korea Automobile Importers and Distributors Association, reports its sa

TechnologyMay 12, 2020

Boryung acquires rights in Korea for Eli Lilly’s Gemzar

Boryung Pharmaceutical has acquired all rights to Eli Lilly’s anti-cancer drug Gemzar in South Korea, the company said Monday. “We have strengthened our anti-cancer treatment portfolio through Gemzar. With continuing investments, we will grow the anti-cancer department as one of Boryung’s representative business areas,” said CEO Ahn Jae-hyun. Gemzar (gemcitabine) is a nucleoside metabolic inhibitor indicated for pancreatic cancer and, in combination with other drugs, i

IndustryMay 12, 2020

Deloitte Korea to join APAC regional entity

Deloitte Korea said Monday it will be joining Deloitte Asia Pacific, a central business entity that combines regional operations. “Based on a partner-level vote conducted in April, we will officially join as member of Deloitte AP, starting June 1,” the local subsidiary of the New York-based accounting firm said in a release. Seeking to improve the level of services and to attract talent, Deloitte Korea will invest $22 million into the regional entity over the next four years, part

MarketMay 12, 2020

Oil refiners face dim outlook after record Q1 losses

South Korean oil refiners' earnings are unlikely to bounce back in the second quarter of the year following record losses three months earlier, industry sources said Tuesday. Pounded by the triple whammy of the coronavirus pandemic, tumbling oil prices and sluggish refining margins, industry leader SK Innovation Co. and three other players posted a combined operating loss of 4.38 trillion won ($3.57 billion) in the January-March period. The first-quarter red ink represented their worst quarte

EconomyMay 12, 2020