[Newsmaker] Ivermectin latest drug candidate for coronavirus

Ivermectin, a parasiticide, could be the next breakthrough solution to the COVID-19 pandemic, according to initial reports, but further tests must prove the efficacy of the drug in living organisms, experts say. Ivermectin became the center of attention after scientists from Monash University in Melbourne, Australia found that a single dose of the parasiticide could stop the replication of the SARS-CoV-2 virus growing in a cell culture. Ivermectin effectively eradicated all genetic material of

IndustryApril 6, 2020

[Feature] Used car sales become lucrative business for imported automakers

South Korea’s used car market has doubled in size over the past decade, with about 3.7 million vehicles registered for transfer last year.  With tech advancements, cars can be analyzed and auctions are made online, inviting more customers to sell and purchase secondhand cars. As the market grew, so did the market for imported cars, which are much coveted in the second-hand market. According to the country’s largest second-hand car company SK Encar, about 26 percent of used c

MobilityApril 6, 2020

Samsung Biologics strikes deal with PharmAbcine

Samsung Biologics said Monday it has signed a contract to develop PharmAbcine’s anti-cancer and angiogenesis material PMC-402. The South Korean firm will provide all-step CDO support from cell line development to clinical sample manufacturing and investigational new drug application, as well as produce preclinical and global clinical trial materials. PMC-402, according to PharmAbcine, helps normalize newly formed abnormal blood vessels that feed the growth of tumors, or the condition c

IndustryApril 6, 2020

Eastar Jet to cut 20% of workforce on virus impact

Eastar Jet Co., a South Korean low-cost carrier, said Monday it will cut one-fifth of its workforce as it strives to stay afloat amid the growing impact of the coronavirus on the airline industry, but the proposed layoffs are smaller than originally thought. The planned job cut at Eastar raises concerns over the possibility of industrywide restructuring. The airline originally planned to cut some 750 employees out of its total 1,680-person workforce. Eastar Jet said it also plans to return 1

MobilityApril 6, 2020

[Chew on IT] Tech firms mobilize AI capabilities to fight COVID-19

Artificial intelligence has a great chance to prove its worth in the ongoing global war against the novel coronavirus. From garnering data about the pandemic to analyzing transmission patterns, providing information about prevention and diagnosing contamination, a variety of AI programs are being used to contain the virus spread and related treatments. IBM, the world’s leading cloud platform and computing business, is mobilizing its AI and supercomputing capabilities to support govern

TechnologyApril 6, 2020

LG Chem CEO urges caution amid ‘abnormal’ situation

South Korean lithium-ion battery maker LG Chem’s leader on Monday highlighted the company’s efforts to preserve cash and reestablish a contingency plan to tackle the “new abnormal,” amid the global fight against the coronavirus pandemic. While the “new normal” time has been endeavored since the 2008 global financial crisis, the coronavirus pandemic has ushered in an era of “new abnormal,” Shin said citing futurists and economists warning of econ

TechnologyApril 6, 2020

Financial holding groups’ net profit jumps 31% in 2019

South Korea’s 10 financial holding groups’ combined net profit increased 31 percent last year, data showed Monday, but the upward trend is unlikely to continue next year. According to the watchdog Financial Supervisory Service, the combined net profit of Shinhan, KB, NH Nonghyup, Hana, Woori, BNK, DGB, JB, Korea Investment and Meritz came to 15.2 trillion won ($12.3 billion) in 2019. The figure was up nearly 3.6 trillion won or 31 percent on-year. The corresponding figure for 201

MarketApril 6, 2020

Financial regulator dismisses 'April crisis'

South Korea's chief financial regulator on Monday dismissed allegations that some companies are facing a looming credit crunch this month amid the spread of the novel coronavirus. Outstanding loans extended by five major banks to large companies came to 78.7 trillion won ($61.8 billion) as of March 20, up nearly 1.8 trillion won from end-February, according to the data from the banks. Loans extended to small and midsized firms jumped by more than 61 trillion won or 16 percent over the cited p

EconomyApril 6, 2020

Starbucks Korea to limit seating in social distancing efforts

Starbucks Korea said Monday that it will limit seating at its outlets across the country, joining a nationwide social distancing campaign amid the novel coronavirus outbreak. The coffee chain said tables and chairs will be placed between one and 1 1/2 meters apart to keep customers at a distance from one another. Starbucks has already adopted such a system at some of its outlets in Daegu and the surrounding North Gyeongsang Province, the epicenters of the COVID-19 outbreak here. "Socia

ConsumerApril 6, 2020

S. Korea expands free trade zones to promote exports amid virus pandemic

South Korea said Monday it will expand the size of its free-trade zones to provide more leeway to businesses in line with efforts to boost slowing exports amid the global virus pandemic. Under the plan, the size of the free trade zone of Incheon International Airport, the main gateway to South Korea, will expand around 10 percent to 3.3 square kilometers, according to the Ministry of Trade, Industry and Energy. South Korea operates free trade zones in major cities, including Incheon and Busan

EconomyApril 6, 2020

No. of small biz owners in default rose 7.5% from Q2 to Q4 last year

The number of small business owners who were unable to repay credit loans prolonged an upward trend last year and remains likely to expand further this year, due to the novel coronavirus spread, data showed Sunday. The number of small business owners who are in default came in at 35,806 in the fourth quarter last year, up from 35,567 in the third quarter and 33,292 in the second quarter, according to data compiled by credit rating firm NICE Credit Information Service. Given that some 2.09 mi

MarketApril 6, 2020

Korean hand sanitizer exports increase 12-fold amid pandemic

The COVID-19 pandemic has fueled trade in Korean personal health and hygiene products. According to the South Korean Ministry of Trade, Industry and Energy on Sunday, exports of hand sanitizers in March reached $5.69 million, a steep climb of more than 600 percent, or 12 times the volume, from the same month a year before. This one-month figure is equal to 84 percent of hand sanitizer exports for the whole of 2019. The spread of COVID-19 has led to explosive in international demand for Kore

IndustryApril 6, 2020

Korea lifts ban on online liquor sales

As of Friday, South Korean consumers can freely order alcoholic drinks online and pay via internet or with a mobile app. With a ban on online purchases of liquor lifted, convenience stores and hypermarket chains stand to benefit, according to the industry. Changes to the Liquor Tax Act came into effect Friday allowing retailers, including restaurants, hypermarkets and convenience stores, to sell alcoholic beverages on mobile apps and on the internet. But delivery is still banned, so custome

ConsumerApril 6, 2020

Seoul stocks open higher amid virus woes

South Korean shares opened higher Monday amid hopes of a potential treatment for the new coronavirus that has infected more than 1.2 million people around the world. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.56 points, or 1.19 percent, to 1,746.00 in the first 15 minutes of trading. Seo Sang-young, a researcher at Kiwoom Securities Co., said the main index received a boost amid positive news about Gilead Sciences' remdesivir against COVID-19. Daniel O'Day, chairman and

MarketApril 6, 2020

Baedal Minjok’s new fee system faces dispute

Baedal Minjok’s recently restructured fee system, which involves charging restaurant owners a fixed-rate commission of 5.8 percent, is now facing criticism from restaurants that say it imposes a higher cost burden, industry sources said Sunday. The country’s No. 1 delivery app has expanded its fixed-rate system Open Service by lowering the rate from 6.8 percent to 5.8 percent per order starting Wednesday, while scaling back the other optional flat-sum system, Ultra Call. This

IndustryApril 5, 2020

Calls grow for BOK intervention amid COVID-19 crisis

Increasingly pressed to play a more active role in the coronavirus-hit financial market, South Korea’s central bank is considering exceptional measures to provide liquidity, such as purchasing corporate bonds and corporate bills. The Bank of Korea is slated to hold its decision-making Monetary Policy Board meeting Thursday to review the necessity of base rate adjustments and other key monetary actions, officials said. Despite the prolonged economic fallout from the COVID-19 pandemic an

EconomyApril 5, 2020

S. Korea to post negative GDP growth due to coronavirus: reports

South Korea is likely to post negative economic growth this year due to the novel coronavirus pandemic, data showed Sunday. The average estimate of the nation’s gross domestic product growth for this year recently came to negative 0.9 percent, drastically down from the previous suggestion of around 2 percent. The forecasts were tallied from 11 global financial services firms, including Standard Chartered, UBS, Morgan Stanley, Nomura Holdings and Credit Suisse. The plunge is attributed

MarketApril 5, 2020

Korea’s listed firms’ earnings to shrink 17% in Q1 amid coronavirus pandemic

South Korea’s listed companies are likely to post poor earnings results for the first quarter due to the escalating fallout from the novel coronavirus pandemic, a financial market tracker said Sunday. The combined operating profits of 141 listed companies are expected to mark 16.79 trillion won ($13.6 billion) in the January-March period this year, down 20.22 trillion won, or 16.92 percent, from a year ago, according to data compiled by FN Guide. If the projection turns out to be roughl

MarketApril 5, 2020

Online payments rise amid coronavirus spread: data

Under the prolonged impact of the COVID-19 pandemic, major economies around the world have seen a visible decrease in cash transactions and an equivalent rise in online payments, data showed Sunday. According to a report issued by the Bank of Korea, major e-commercial platforms here saw their sales climb in the January-February period this year. Asia’s fourth-largest economy reported its first confirmed case of the new coronavirus on Jan. 20 and faced a rapid rise of patients in mid-Feb

EconomyApril 5, 2020

KT signs W24b deal to supply IPTV solutions to Thai firm

KT Corp., South Korea's leading telecommunications firm, said Sunday it has signed a 24 billion-won ($19.4 million) deal to supply internet protocol television (IPTV) solutions to a Thai firm. Under the deal with 3BB TV Co.., an affiliate of Thailand's telecommunications giant Jasmine Group, KT will provide its various IPTV-related solutions, including content delivery network technology and set-top box management ideas, to help the Thai IPTV operator start its commercial service in the second

TechnologyApril 5, 2020