Mirae Asset Capital to buy W40b worth of brokerage unit’s stocks

South Korea’s Mirae Asset Capital, the parent company and largest shareholder of Mirae Asset Daewoo, agreed to buy its brokerage unit’s stocks for 40 billion won ($33.8 million), officials said Thursday. According to DART -- the Financial Supervisory Service’s electronic disclosure board -- Mirae Asset Capital decided to purchase some 570 common shares of Mirae Asset Daewoo during the local stock trading sessions. The financial consulting and corporate financing company will

MarketFeb. 13, 2020

Lotteria rolls out first veggie burger from burger chain in South Korea

Lotteria, retail giant Lotte’s fast-food chain, rolled out its “Miracle Burger,” the first veggie burger from a burger chain in South Korea, Thursday. According to the burger chain, the new burger, introduced under the slogan “Not beef, but veef,” features a plant-based patty with a meat-like texture that comes from a combination of proteins from wheat and beans. The company said it used soybeans instead of eggs for the taste of the Korean-style barbecue rib sa

ConsumerFeb. 13, 2020

KNF sets up booth at Singapore Airshow 2020

Aluminum supplier Korea Non-Ferrous Metals said Thursday it is participating in the Singapore Airshow 2020 to promote its high-tech metal processing and service of materials. The show held through Sunday at Changi Exhibition Centre is considered the biggest airshow in Asia, providing a venue for aerospace companies to expand their networks and market entries. “The Singapore Airshow is a good way to promote KNF to global markets. The KNF team will continue to plan our future together un

TechnologyFeb. 13, 2020

SK E&C inks $750m deal, set to begin beltway construction in Kazakhstan

SK Engineering and Construction said Thursday it has inked a financial agreement with Kazakhstan and will start the construction of a beltway in the country, marking the first public-private partnership infrastructure project there. According to the company, it signed the agreement to furnish the construction fund for Almaty Ring Road with a group of creditors consisting of multilateral development banks, including the European Bank for Reconstruction and Development, in Kazakhstan’s ca

IndustryFeb. 13, 2020

Hanwha Q Cells rolls out solar power solutions for Bundesliga club

Korean solar panel maker Hanwha Q Cells has provided a solar power system to one of the top-tier football league Bundesliga clubs in Germany. The company said Thursday that it has installed solar power solutions with a maximum output capacity of 102.3 kilowatt-peak for RB Leipzig’s Red Bull Arena stadium and the club’s training center Red Bull Academy. The company’s Q.Peak Duo solar modules and Q.Flat roof mounting system were used. For the stadium, a solar power solutio

IndustryFeb. 13, 2020

With MWC 2020 canceled, Korean firms put plans on hold

The Barcelona-based Mobile World Congress has withstood a bevy of bad news in its 33-year history, including the global financial crisis of 2007-2008 and the severe acute respiratory syndrome epidemic of 2002-2003, but it has now failed to survive the most recent viral outbreak from China. MWC 2020 has been completely off called, according to the announcement on Thursday made by the GSMA, the organizer of the world’s largest wireless show. It is the first time for the annual show to be c

IndustryFeb. 13, 2020

FSS to request probe on Woori’s alleged information-theft case

The nation’s financial watchdog plans to refer Woori Bank’s alleged information-theft case to the prosecution for investigation, according to internal documents acquired by a lawmaker Thursday. The bank’s employees allegedly changed passwords of around 40,000 customers without permission to improve its balance sheet. According to Financial Supervisory Service documents acquired by a lawmaker, the watchdog plans to send the case to “investigative authorities later on.&r

MarketFeb. 13, 2020

Korean Air to expand in-flight entertainment with more Korean contents

The country’s national flag carrier Korean Air said Thursday it will update its audio-video on demand inventory to meet the growing preference of passengers for Korean Wave contents. The airliner said Thursday it will add a new batch of K-dramas and entertainment contents to its library in response to the global Hallyu fever. The number of miniseries contents -- currently about 80 -- will be expanded to around 260. The AVOD update will commence in September and be completed by the en

IndustryFeb. 13, 2020

Genesis replaces Lexus as most reliable auto brand in US

Hyundai Motor’s premium brand Genesis ranked No. 1 in overall vehicle dependability among all brands in the US, industry data showed Thursday. According to the “Vehicle Dependability Study” announced by annual ranking researcher J.D. Power, Genesis ranked the highest with the score of 89 problems per 100 vehicles in its first year of eligibility. The study measured the number of problems per 100 vehicles (PP100) experienced during the past 12 months by original owners of

MobilityFeb. 13, 2020

S. Korea steps up efforts to stabilize supply of face masks

SEJONG -- South Korea said Thursday it will step up efforts to stabilize supplies of face masks, as demand has soared over the spread of the novel coronavirus. Vice Finance Minister Kim Yong-beom told a meeting with relevant officials that the government will also take stern measures against those who hoard face masks or illegally ship them overseas. Currently, South Korean firms have enough materials to make about 10 million masks per day, Kim said. Earlier this month, the government app

EconomyFeb. 13, 2020

Barings Korea names CIO as co-head

Barings Asset Management Korea has named its Chief Investment Officer John Park as its joint head in a revamp to pursue efficiencies in management. Park will serve as one of BAMK’s two representative directors along with the incumbent CEO Ike Bae, as the firm adopts a multiple representative director system. The board approved the plan Wednesday. Park will lead investment management and support client relationships, while Bae will continue to lead the overall corporate management, inclu

MarketFeb. 13, 2020

Buyers of expensive homes face probe over alleged tax evasion

SEJONG -- South Korea's tax agency said Thursday that it will launch an investigation into buyers of expensive homes over alleged tax evasion. The National Tax Service said it will start the probe into 361 people who are suspected of evading taxes or illegitimately raising money to buy homes. For instance, a 30-something person, who recently purchased a home in Seoul's affluent Gangnam district, is suspected of illegally receiving money from his or her mother. In the toughest steps ever to

EconomyFeb. 13, 2020

S. Korea to speed up private sector infrastructure projects

SEJONG -- South Korea will speed up its implementation of privately funded infrastructure projects this year in a bid to spur economic recovery through investment, the finance ministry said Thursday. Vice Finance Minister Koo Yun-cheol made the remarks at a meeting on infrastructure projects with relevant officials earlier in the day. A total of 62 infrastructure projects worth 5.2 trillion won ($4.4 billion) will be implemented this year. The government aims to start 50 percent of the pro

EconomyFeb. 13, 2020

S. Korea to expand support for floriculturists amid new coronavirus spread

SEJONG -- South Korea said Thursday it will roll out a set of measures to support flower farmers who have been facing falling demand, as the spread of the new coronavirus has led to the cancellation of outdoor ceremonies such as graduations. Flower farms facing financial troubles due to the novel virus are eligible to apply to a business rehabilitation fund of 30 billion won ($25.4 million) designed to help farmers facing unexpected events in the market, according to the Ministry of Agricultur

IndustryFeb. 13, 2020

Coronavirus hits mobile carriers' launch ceremonies for Galaxy S20

South Korean mobile carriers are moving to cancel launch ceremonies for Samsung Electronics Co.'s new Galaxy S20 smartphone amid the coronavirus scare, industry sources said Thursday. South Korea's top mobile phone operator SK Telecom Co. and No. 2 industry player KT Corp. had originally planned to hold launch ceremonies for Samsung's new flagship smartphone on Feb. 27. According to the sources, SK Telecom, the crown jewel of South Korea's third-largest conglomerate SK Group, will not hold a

IndustryFeb. 13, 2020

JB Financial logs record-high net profit in 2019

JB Financial Group, the holding group of North Jeolla Province-based Jeonbuk Bank, posted a record-high net profit in 2019 on the back of its balanced business portfolio and overseas expansion. The banking group recorded 341.9 billion won ($290 million) in net profit last year, up 41.6 percent from a year earlier and hitting an all-time high, officials said Wednesday. Its BIS capital adequacy ratio -- barometer established by the Switzerland-based Bank for International Settlements to meas

MarketFeb. 12, 2020

Hyundai Motor Group to adopt e-voting system at all subsidiaries

All of Hyundai Motor Group’s listed subsidiaries will introduce an electronic voting system, with the aim of shareholder friendly management, the group said Wednesday. Until last year, Hyundai Glovis, Hyundai Bng Steel and Hyundai Motor Securities had preemptively introduced the e-voting system to allow wider participation from shareholders. This year, the remaining nine listed subsidiaries decided to adopt the electronic voting. The units are Hyundai Motor, Kia Motors, Hyundai Ste

MobilityFeb. 12, 2020

SK Plasma taps Middle East through Egypt’s ACDIMA

SK Plasma said Wednesday that it has signed a memorandum of understanding worth $330 million with Egypt’s state-run pharmaceutical company ACDIMA. Under the memorandum, SK Plasma will now contract manufacture plasma-derived medical products using 1 million liters of Egyptian plasma at its facility in Andong, North Gyeongsang Province, which has an annual capacity of 600,000 liters. It will also transfer plasma fractionation technology to ACDIMA and construct a plasma fractionation plant

IndustryFeb. 12, 2020

NCSoft draws bow for W2tr revenue in 2020

NCSoft is set to break through the 2 trillion won ($1.7 billion) annual revenue mark this year, on the back of Lineage2M and upcoming titles Aion 2 and Blade & Soul 2M. The company’s 2019 fiscal report released Wednesday showed that it earned 1.7 trillion won last year, down 1 percent from the previous year. While NCSoft shouldered a 22 percent on-year operating loss due to decreased royalties, in the fourth quarter alone, after the launch of new mobile game Lineage2M, the company r

IndustryFeb. 12, 2020

S. Korea’s job indexes progress in Jan., likely to falter in Feb.

South Korea saw its jobless rate fall with job additions hitting the highest level in more than five years in January, on the back of the government’s continued fiscal efforts to expand the job market for the elderly, data showed Wednesday. But as the improved figures did not properly reflect the latest impact of the new coronavirus COVID-19, the government suggested a pessimistic outlook for this month. The nation’s unemployment rate fell 0.4 percentage point on-year to 4.1 pe

EconomyFeb. 12, 2020