[Herald Interview] ‘All consumer decisions to soon depend on genomic data’

Personal computers have become ubiquitous in daily life since they were popularized in the late 1970s. “It’s now unimaginable to work or live without computers. Soon, the same will be said about genomic data and consumer behavior,” said Hwang Tae-soon, CEO of genome analysis company Theragen Etex, in an interview with The Korea Herald at his office in Suwon, Gyeonggi Province. Hwang foresees that in less than a decade, genomic logic will be applied to all commercial areas. A

IndustryMarch 8, 2020

Korea's geostationary environmental monitoring satellite in orbit

South Korea's geostationary environmental monitoring satellite has successfully reached its designated orbit around the Earth, the science ministry said Sunday. The Chollian-2B that blasted off atop the Ariane-5 rocket from French Guiana on Feb. 18 (local time) is now in fixed orbit some 35,786 kilometers above the equator, according to the Ministry of Science and ICT. The 3.4-ton satellite stationed at 128.25 degrees longitude will undergo a full systems optimization process in the coming mo

TechnologyMarch 8, 2020

Samsung temporarily shuts down Gumi smartphone factory again over virus case

Samsung temporarily moves smartphone production to Vietnam over virus case Samsung Electronics Co. said Friday it will temporarily move some of its smartphone production to Vietnam, after shutting down a local factory following a positive coronavirus test there. Samsung shut down the factory in the southeastern city of Gumi after a worker tested positive for the new coronavirus. Samsung said the plant will be closed through Saturday, while the floor where the employee worked will be shuttered

IndustryMarch 6, 2020

Asiana suspends all Japanese routes, first in 30 years

Asiana Airlines said it will suspend all flights to Japan until the end of this month, the first in 30 years since it started services amid Japan’s new entry restrictions against South Koreans. The airliner, which had downsized its Japanese routes to eight routes, six cities, said it will stop flying to Japan starting Monday through March. 31 in the aftermath of the COVID-19 outbreak shock. This is the first time the airliner has halted every routes to Japan since it initiated flight

IndustryMarch 6, 2020

NPS likely to intervene in Hanjin KAL’s governance issues

South Korea’s state pension fund said Friday that it would exercise its voting rights at Hanjin KAL, the holding firm of logistics conglomerate Hanjin Group, an apparent move to intervene in an ongoing leadership feud among the founding family members. “The National Pension Service has decided to exercise its voting rights at Hanjin KAL and GIIR on its own after retrieving them from its proxy agents,” said the state-run pension fund operator after a meeting among its commit

MarketMarch 6, 2020

Coronavirus outbreak boosts gold transactions

As the deadly coronavirus outbreak (COVID-19) is sparking fears of a global pandemic, investors in South Korea are flocking to safe haven assets, gold in particular, according to data Friday. The accumulative transactions of gold in the first two months of this year at the Korea Gold Exchange, a private gold exchange here, stood at 27,243, up 192 percent from the same period last year. The exchange said investors’ increasing preference toward safe haven assets is behind the drastic gro

MarketMarch 6, 2020

Samsung’s compliance committee to address corporate succession, labor issues

Samsung Group’s seven-member compliance committee on Thursday announced three major agendas after its first meeting. The newly established committee addressed issues related to corporate succession, labor unions and communication with the local society. The committee said it will deliver detailed proposals to Samsung’s de facto leader Lee Jae-yong, all Samsung affiliates and press outlets as soon as possible. Led by former Supreme Court Justice Kim Ji-hyung, the committee added

IndustryMarch 6, 2020

Japan's entry restrictions deal bigger blow to airlines, travel agencies

Japan's entry restrictions for visitors from South Korea are dealing another blow to airlines and travel agencies already hit by the fast-spreading coronavirus outbreak, the companies said Friday. Local airlines and travel agencies have been struggling with a sharp decline in air travel demand for more than a month after South Korea's first confirmed COVID-19 case was reported on Jan. 20. Adding to their woes, Japan announced Thursday that visitors from South Korea and China will have to stay

MobilityMarch 6, 2020

Samsung releases Galaxy S20 worldwide

Samsung Electronics on Friday launched its flagship smartphone Galaxy S20 models in 20 nations, including the US, Canada, Singapore, Vietnam, Puerto Rico and others -- with plans to release them in 130 nations by end-March. The new smartphone model comes in three types: 6.2-inch Galaxy S20, 6.7-inch S20 Plus and the 6.9-inch S20 Ultra. All the three variants support 5G network and camera system that utilizes artificial intelligence technology and the company’s high-end image sensor. Ho

TechnologyMarch 6, 2020

Theaters screen past hit films amid coronavirus struggle

South Korean movie theater chains are screening past blockbusters and classics as the spreading coronavirus has been keeping people from local cinemas. The 2004 fantasy film "Harry Potter and the Prisoner of Azkaban" made a return to the South Korean silver screen in 4DX on Feb. 26. The 4DX version of part three of the tale of teenage wizardry is popular among long-time "Harry Potter" fans, who enjoy the physical effects such as sprays of wind and water and chair movements

IndustryMarch 6, 2020

S. Korea urges mask filter makers to speed up production amid virus spread

South Korea said Friday it will provide any necessary support to local producers of fabric filters to help boost the production of face masks amid the spread of the new coronavirus. The COVID-19 epidemic has caused severe shortages of face masks, prompting the government to introduce a de facto distribution system for protective masks. Under the measure set to take effect Monday, people can purchase only two face masks per week from pharmacies on designated days of the week depending on thei

IndustryMarch 6, 2020

[Weekender] How coronavirus has changed way Koreans exercise

As the new coronavirus spreads throughout the nation, more and more people are reluctant to go to the gym for a workout. The situation worsened Thursday, when the city of Cheonan, South Chungcheong Province, said 80 people had tested positive for the virus after taking Zumba classes at local fitness centers or coming into contact with people who took those classes. “I used to take Zumba lessons at a fitness center near my home. Since last week, the center temporarily closed down and I

TechnologyMarch 6, 2020

Parliament rejects revision bill on internet-only banks

The National Assembly on Thursday voted down a bill intended to loosen the eligibility requirement for the largest shareholder of an internet-only bank. A revision of the Act on Special Cases Concerning Establishment and Operation of Internet-only Banks failed to pass in parliament, as 82 of 184 lawmakers on hand in the plenary session voted against it. Only 75 lawmakers voted for the bill while 27 abstained. The revision bill calls for removing a record of antitrust and taxation law violatio

TechnologyMarch 5, 2020

Citibank, KDB reject watchdog’s compensation plan over KIKO

Citibank Korea and Korea Development Bank will not accomodate financial authorities’ earlier arbitrary recommendation concerning compensation for disputed currency-linked derivatives sold several years ago, officials of the respective banks said Thursday. “After extensive internal discussions and consultations with the board of directors, Citibank does not propose to proceed as recommended (by the FSS),” the Korean subsidiary of the New York-based bank said in a release. &

MarketMarch 5, 2020

[Monitor] Online sales of masks up, cosmetics down

The coronavirus spread has impacted online transactions since January, with the sales of masks surging while purchases of cosmetics dropped, data by Statistics Korea showed. Weather also played a part, with the warmer temperatures discouraging people from buying clothing. The shorter delivery days due to the Lunar New Year holiday also affecting the growth in online transactions. Upon the COVID-19 outbreak in South Korea as of Jan. 20, purchases of masks surged 57 percent from a year ago, and

ConsumerMarch 5, 2020

LG CNS spins off AI-based customs solution developer

LG CNS said Thursday that its in-house unit Hempking -- launched in 2018 -- has been spun off after the success of its customs service system that utilizes artificial intelligence and robotic process automation technologies. The newly developed solution can reduce the time required for customs clearance. Instead of the five hours it takes for a single item cargo the time can be cut down to five minutes, according to the company. The AI-based computer program uses optical character reader to r

TechnologyMarch 5, 2020

[Exclusive] Lutronic faces lawsuit in US for alleged trade secrets theft

The US subsidiary of South Korea’s Lutronic is facing a lawsuit for allegedly misappropriating trade secrets through former employees of Cutera it hired recently, according to documents reviewed by The Korea Herald. Aesthetic laser equipment maker Cutera -- listed on Nasdaq -- claimed that forensic research results showed that Lutronic Aesthetic had poached 13 employees, encouraging them to steal trade secrets and destroy evidence until February. In return, they were rewarded with stock o

MarketMarch 5, 2020

‘Health functional foods’ see boom in wake of virus outbreak

For Hwangbo Kyung-sun, a 29 year-old office worker in Seoul, it has become a routine to take omega-3 supplements or krill oil pills along with bringing a face mask and hand sanitizer to protect herself against the fast-spreading COVID-19. “It is basically the most I can do to not get infected from the coronavirus,” Hwangbo told The Korea Herald. Like Hwangbo, more people in South Korea are buying health functional foods, also known as nutraceuticals, which are not pharmaceu

IndustryMarch 5, 2020

[News Analysis] BOK weighed by US rate cut, raising growth pessimism

Following the United States’ abrupt rate cut action and the escalating pessimism of global investors, South Korea finds itself with little choice but to bend prudence and lower its policy rate as soon as possible, according to market observers. Concerns are mounting, however, that Asia’s fourth-largest economy may already have missed the chance to take relevant monetary moves, considering the prolonged impact of the globally spreading COVID-19. The key agenda for Korea’s

EconomyMarch 5, 2020

SK Networks shares spike on W1.3tr fuel retailer sell-off

SK Networks shares rose sharply Thursday on anticipations that its decision to divest its energy retailer unit for 1.3 trillion won ($1.1 billion) would improve the balance sheet. Its shares closed 14.5 percent higher on Kospi bourse compared to the previous session. Analysts said the price was buoyed by expectations that SK Networks would mitigate its debt burden from its acquisition of AJ Rent A Car in December 2019, carry out a 100 billion won share buyback and overhaul the trading firm&rsq

MarketMarch 5, 2020