Most Popular
-
1
NewJeans to terminate contract with Ador
-
2
Korean Air gets European nod to become Northeast Asia’s largest airline
-
3
NewJeans terminates contract with Ador, embarks on new journey
-
4
Seoul snowfall now third heaviest on record
-
5
Heavy snow of up to 40 cm blankets Seoul for 2nd day
-
6
Chaos unfolds as rare November snowstorm grips Korea for 2nd day
-
7
‘VCHA, Katseye and Dear Alice are not K-pop groups,’ industry experts say
-
8
BOK makes surprise 2nd rate cut to boost growth
-
9
Ador claims exclusive contracts with NewJeans still valid
-
10
[Graphic News] South Koreans favor Japan for repeat overseas trips
-
[COVID-19 Market Impact] IPOs, business meetings delayed, commercial banks on high alert
Local brokerages and banks in Yeouido, the country’s main investment and financial district, have allowed employees to work from home as part of efforts to contain the new coronavirus. Over 73 percent of the nation’s financial companies are reviewing telecommuting plans, according to a poll conducted by job portal Saramin. “Except IT and other core departments, many employees are working from home through the company’s intranet,” said a 35-year-old office worker a
MarketMarch 12, 2020
-
[COVID-19 Market Impact] South Korea's economic rebound loses heat
After struggling with a record-low growth pace last year, South Korea’s economy was aspiring to make a rebound in 2020, hopefully on the back of global trade improvements and a chip industry recovery -- until suffering the harsh blow of the novel coronavirus. As of December, major global organizations and policy institutes here forecast that Korea’s economic growth pace for 2020 will be in the 2.2-2.4 percent range. While the International Monetary Fund suggested a conservative 2.
EconomyMarch 12, 2020
-
[COVID-19 Market Impact] Stocks in steep decline, fear spreads to real estate, M&As
The coronavirus outbreak, now declared to be a pandemic by the World Health Organization this week, has started to send shockwaves across the global economy and markets that have prospered for years on the back of ultra-low interest rates, relatively stable energy prices and the increased productivity of the corporate sector. The economic shock of COVID-19 could be a lot like the 2008 financial meltdown, economists have warned, reminding investors of South Korea’s painful past 12 years ag
MarketMarch 12, 2020
-
Celltrion pledges clinical trial of coronavirus treatment in 6 months
Celltrion Chairman Seo Jung-jin on Thursday took to YouTube live to share the group’s ongoing efforts on coronavirus cure development, which he foresees will reach human clinical trial stage in six months’ time. “Under normal circumstances, the process takes around 18 months, but given the emergency in South Korea, we will closely communicate with the Ministry of Food and Drug Safety to initiate our antibody’s use on confirmed patients after six months,” Seo said.
IndustryMarch 12, 2020
-
[Monitor] Wage gap among Korea’s largest companies widens
Wage disparity among employees of large firms in Korea is rising as the annual salary gap between the top and bottom 50 conglomerates is widening, according to local corporate tracker CEOScore on Thursday. The firm surveyed the average annual salary of 300 companies within the nation’s top 500 companies that can compare employee wages from 2014 to 2018. The annual salary of the top 50 companies was 116.9 million won ($97,554), 69.67 million won more than 41.02 million won of the lower
IndustryMarch 12, 2020
-
US researchers use IBM supercomputer, find 77 molecules that deter COVID-19 infection
US researchers from the University of Tennessee have identified 77 molecules that show potential to impair COVID-19’s ability to infect host cells, IBM said Thursday. They made the discovery with the help of simulations using supercomputer Summit. Viruses like COVID-19 infect cells by binding to them and using “spikes” to inject their genetic material into the host cells. To understand a new microorganism, researchers grow it and test its reaction to new compounds. The proce
IndustryMarch 12, 2020
-
Seoul stocks plummet to end at lowest since Aug. 2015
The Kospi plummeted more than 5 percent during Thursday trading, which triggered the stock exchange to temporarily halt trading on Korea’s main bourse, as investor sentiments weighed on the coronavirus pandemic. The Korea Exchange activated a “sidecar,” meaning it temporarily halted the trading of shares, for five minutes around 1:04 p.m. after Kospi 200 index futures slipped over 5 percent. It was the first time the sidecar had been activated for the Kospi since Oct. 4, 201
MarketMarch 12, 2020
-
Telecom call center employees to work from home
South Korea’s three largest mobile carriers -- SK Telecom, KT and LG Uplus -- announced on Thursday that they will minimize the number of call center employees who commute to their offices, after the packed working environment was found vulnerable to the viral infection. The decision came after some 90 people at a Seoul-based call center were tested positive for COVID-19 as of Wednesday afternoon. SKT said it has currently allowed 1,500 call center employees -- about 25 percent of the w
IndustryMarch 12, 2020
-
Hyundai Steel says no US antidumping duty on its steel products
Hyundai Steel Co., South Korea's No. 2 steelmaker, said Thursday that the United States has decided not to impose an antidumping duty on its corrosion-resistant steel products. The US Department of Commerce made the final determination on Wednesday (local time) in its annual review of the case, according to Hyundai Steel. The move came after the U.S. launched an investigation into the sale of corrosion-resistant steel products from South Korea between July 2017 and June 2018. Hyundai Steel s
EconomyMarch 12, 2020
-
Tech giants put off handset debuts over pandemic
Major tech giants have postponed the launch of their latest smartphone models as the global novel coronavirus outbreak has been classified as a pandemic, according to industry sources Thursday. China’s Huawei Technologies was scheduled to announce its flagship P40 in Paris on March 26, but has decided to cancel the event as the World Health Organization has now labeled the fast spread of the virus as a pandemic. As of Thursday morning, France reported 2,281 COVID-19 infections and 48 d
TechnologyMarch 12, 2020
-
Netmarble launches MMORPG-battle royal cross-genre game A3: Still Alive
South Korea’s mobile game powerhouse Netmarble is betting on a new genre that crosses massively multiplayer online role-playing and battle royal. The experimental product A3: Still Alive was launched on Thursday to a fervent response from domestic game enthusiasts. In January, Netmarble’s CEO Kwon Young-sig made a rare attendance at a press event to express deep expectations on this new game, saying that the convergence of MMORPRG -- a genre popular among Korean players -- and ba
IndustryMarch 12, 2020
-
Foreign pharmas join efforts to tackle coronavirus
Foreign pharmaceutical companies operating in Korea are reaching out to those needing most help amid the coronavirus spread here. Medical device company GE Healthcare Korea said Thursday it will donate ultrasound and patient monitoring equipment worth 210 million won ($174,000) to the doctors in North Gyeongsang Province, while Novartis Korea has donated 30,000 masks for low-income households. GE Healthcare will donate GE Venue Go, an artificial intelligence-enabled ultrasound machine, and p
IndustryMarch 12, 2020
-
LG Display continues to expand presence in smartphone OLED panel market
LG Display Co., a major display panel maker in South Korea, has continued to expand its presence in the global smartphone OLED panel market, industry data showed Thursday, as the company strives to improve its earnings. LG Display had a 10.8 percent share in the global smartphone OLED panel market in the fourth quarter of 2019, up from 2.1 percent in the third quarter, according to data from industry researcher IHS Markit. It marked the first time that LG Display's quarterly market share ha
IndustryMarch 12, 2020
-
[Photo News] Disinfection at BMW showroom
Officials disinfect BMW Group Korea’s showroom in Seoul on Thursday. The German automaker’s Korean unit said it has been emphasizing contactless customer service and strengthening disinfection at its showrooms to prevent the spread of COVID-19. BMW Group Korea has donated 800 million won ($664,000) to the Community Chest of Korea to help fight the coronavirus. By Kim Da-sol (ddd@heraldcorp.com)
MobilityMarch 12, 2020
-
Tada to end van-hailing service in April
After the National Assembly passed a controversial bill last week that dealt a severe blow to ride-hailing service Tada, service operator VCNC has decided to “indefinitely terminate” the service on April 10, according to the company on Thursday. VCNC said that it has requested 30 percent of its 20 employees resign, following the company’s plan to downsize the workforce due to the suspension of the service. On Friday last week, Korean lawmakers voted to pass the r
MobilityMarch 12, 2020
-
Airlines halt more flights on increased entry restrictions
South Korean airlines are halting more flights as countries around the world increasingly imposed entry restrictions in their fight against the rapidly spreading coronavirus outbreak. Asiana Airlines Inc. said Thursday it will suspend all of its flights to Thailand beginning Saturday through the end of this month as travel demand dried up amid virus fears. It is the first time for the country's second-biggest airline to suspend the route to the Southeast Asian country since it began s
MobilityMarch 12, 2020
-
Genesis G90 rated safest sedan in US crash tests
The Genesis G90, a luxury flagship sedan from Hyundai Motor, has been picked as the safest sedan by the US institute that evaluates vehicle safety, the automaker said Thursday. According to the US Insurance Institute for Highway Safety, the G90 was designated the Top Safety Pick+, the highest possible honor, becoming the third and last Genesis sedan to earn the designation. In February, the Genesis G70 and G80 were also named the Top Safety Pick+. Established in 1959, the US inst
MobilityMarch 12, 2020
-
Coronavirus to have bigger, longer impact on economy than past epidemics: BOK
The ongoing spread of the new coronavirus is expected to have a greater and longer-lasting impact on the local economy than past epidemics, partly due to its impact on China, now one of the world's largest suppliers and buyers, a central bank report said Thursday. "The ongoing crisis is expected to have a greater impact than in the past in that COVID-19 is spreading to other countries while China currently is the world's largest trading and tourism exchange country and plays a critical rol
EconomyMarch 12, 2020
-
Lotte Duty Free closes store at Gimpo airport
Lotte Duty Free, South Korea’s biggest duty-free retailer by sales, said Thursday it will temporarily close its store at Gimpo International Airport amid a rapid decline in number of passengers over COVID-19 spread. The outlet at Gimpo airport is largely used by passengers who travel on short-distance routes to Japan, China and Taiwan. But due to the suspension of such routes over coronavirus concerns, the number of flights plummeted to one to two flights per day as of Monda
IndustryMarch 12, 2020
-
Seoul stocks open lower on US losses, WHO declaration
Seoul stocks opened lower Thursday, tracking renewed market turmoil on Wall Street, sparked by the UN health body's declaration that the new coronavirus is a pandemic. The benchmark Korea Composite Stock Price Index fell 19.70 points, or 1.03 percent, to 1,8888.57 in the first 15 minutes of trading. On Wednesday, the KOSPI plunged nearly 3 percent to 1,908.27 points, the lowest level since Feb. 17, 2016. The plunge was driven by lack of clarity from the planned US measures to cushion the econ
MarketMarch 12, 2020