NTS publishes year-end tax settlement manuals for foreigners

South Korea’s tax agency said Thursday that it has published its year-end tax settlement manuals for foreigners in English, Chinese and Vietnamese.The publication of tax manuals in foreign languages, while are available both online and offline, comes as the number of foreign employees has been growing.According to the National Tax Service data, Chinese and Vietnamese filers for the 2018 year-end tax settlement accounted for 44 percent of the total filers.  The tax agency also provides

EconomyJan. 16, 2020

[Monitor] Asset ranks of conglomerates change in decade

The ranking of fair assets held by large conglomerates in South Korea has changed over the past decade, with only seven out of 59 surveyed firms having maintained the same rank, data from corporate tracker CEOScore showed.CEOScore surveyed assets and capital of firms with assets of at least 5 trillion won ($4.3 billion) -- defined as large conglomerates by the Fair Trade Commission. Among the top six groups, Samsung, Hyundai and SK saw their assets rise rapidly by at least 100 trillion won from

IndustryJan. 16, 2020

[News Focus] South Korea’s farm population halves in 20 years

SEJONG -- Fifty years ago, the number of South Koreans engaged in agriculture accounted for more than 40 percent of the total population.But the farming population (defined by the government as people in farming households) has continued to drop. It fell to below 30 percent of the total population in 1980 and was about 15 percent in 1990, according to government data.The Ministry of Agriculture, Food and Rural Affairs noted that the farming population posted 4.4 million in 1998, accounting for 9

EconomyJan. 16, 2020

Shinhan reviews legal action against Lime Asset

Shinhan Bank is considering taking legal action against Lime Asset Management, claiming the fund operator made a unilateral decision last year to hedge its portfolio with a fund sold through the commercial lender, officials said Thursday. According to Shinhan, Lime Asset didn’t inform the lender of its plans to use Lime Credit Insurance Trade Fund assets to prevent payment delays from other funds that were facing liquidity issues at the time and that its decision amounted to a breach of tr

MarketJan. 16, 2020

Korean investor in Nasdaq-listed OncoSec seeks to thwart Chinese takeover

Alpha Holdings, the largest shareholder of Nasdaq-listed OncoSec Medical, is pinning hopes on its last-ditch efforts to prevent a takeover of the biopharmaceutical firm by Chinese entities, ahead of its special shareholders meeting on Friday.The South Korean shareholder of OncoSec proposed to have controlling stake and hold four out of seven seats on the New Jersey-based firm’s board by injecting a fresh $39.3 million funding. OncoSec is pressed to accept Alpha’s new offer by Thursda

MarketJan. 16, 2020

Foreigners ownership on Kospi hits 13-year high

Foreign stock ownership on Seoul’s benchmark Kospi bourse reached the highest level this week since 2006, industry data showed Thursday.According to the Korea Financial Investment Association, offshore investors held a net 585.98 trillion won ($431 billion) as of Tuesday -- 38.90 percent of the bourse’s market capitalization of 1,506 trillion won. The figure is the highest since Aug. 8, 2006, that accounted for 38.91 percent of Kospi’s market value. Foreign investors’ str

MarketJan. 16, 2020

Celltrion chairman floats possibility of company consolidation

SAN FRANCISCO – South Korean biopharmaceutical firm Celltrion is likely to be consolidated with two of its subsidiaries -- Celltrion Healthcare and Celltrion Pharm -- by as early as 2021, if the shareholders approve, a top executive said WednesdaySpeaking at the JP Morgan Healthcare Conference 2020 in San Francisco, Chairman Seo Jung-jin also did not rule out the consolidation of two other subsidiaries -- Celltrion Skincure and Celltrion Entertainment. Although Seo has announced his retire

IndustryJan. 16, 2020

Samsung Biologics to open first US entity by April

SAN FRANCISCO -- Samsung Biologics said Wednesday it will open a contract development (CDO) laboratory in San Francisco Bay Area by April, signaling its first expansion outside South Korea. Speaking on the company’s aggressive global expansion plans, Vice President John Rim, who accompanied CEO Kim Tae-han at the JP Morgan Healthcare Conference 2020 in San Francisco, said that the CDO lab in the US will place Samsung Biologics closer to potential partners with promising molecules. “T

IndustryJan. 16, 2020

[From the Scene] Neuroscience takes center stage at JP Morgan 2020

SAN FRANCISCO -- The key takeaways from the JP Morgan Healthcare Conference 2020 held in San Francisco this week have been the increased attention to neuroscience and cell and gene therapies among global pharmaceutical companies.Neuroscience was a recurring theme in participating firms’ research. Big pharmas Biogen, Roche, Eli Lilly, Takeda and others put forth their pipelines for Alzheimer’s disease, Huntington’s disease and Parkinson’s disease for investors to take a lo

IndustryJan. 16, 2020

Hyundai Motor Group to invest W129b in UK EV startup Arrival

Hyundai Motor Group said Thursday that it will invest 129 billion won ($111 million) in London-based EV startup Arrival, in an effort to secure electric vehicle manufacturing technology and market dominance. According to the automaker, the two firms agreed to cooperate in developing urban-type EVs, after clinching a deal at the Hyundai Motor Group headquarters on Thursday.  Established in 2015 Arrival is an EV-developing startup focused on commercial-type vehicles including vans and bu

MobilityJan. 16, 2020

Qatar Airways introduces Qsuite on flights from Incheon

Qatar Airways said Thursday that its new business class Qsuite will be introduced in all its flights departing Incheon International Airport. Qsuite is the airway’s business class, considered as one of the most luxurious business classes, offering customized suite room environment. It was first introduced for the Doha-London route in June 2017. All Qsuite seats can be customized. By using privacy panel, passengers can create their own room. When traveling with friends or family, the T

MobilityJan. 16, 2020

[Weekender] Korea’s obsession with tallness

“I’m a 12-year-old girl and 158 centimeters tall. All my best friends are at least 160 centimeters in height. My goal is to eventually reach 180 centimeters. Please advise how I can grow taller.” The anonymous writer of the post on web portal Naver speaks for many others -- children and parents alike -- in their quest to stand above others, literally.The average height of Koreans was 170 centimeters for men and 157 centimeters for women in 2017, according to the national statis

IndustryJan. 16, 2020

SK E&C to produce solid oxide fuel cells in Korea with Bloom Energy

SK Engineering & Construction said Thursday that it had formed a joint venture with Bloom Energy, a US-based energy firm, to produce solid oxide fuel cells from this year, a first in South Korea. According to SK E&C, it inked a joint venture agreement with Bloom Energy in September last year, cementing their plans to distribute the fuel cells and build factories in Korea.  A manufacturing facility is under construction in Gumi, North Gyeongsang Province, and the companies will start

IndustryJan. 16, 2020

Samsung Biologics readies for potential Alzheimer’s deals

SAN FRANCISCO -- Kim Tae-han, the CEO of Samsung Biologics, said Wednesday that he expects to take on contract manufacturing deals for Alzheimer’s disease treatments, and that the company will be ready when the opportunity arises. Kim, speaking to investors at JP Morgan Healthcare Conference 2020 in San Francisco, said Biogen’s Alzheimer’s pipeline aducanumab has proven its efficacy through data. The only hurdle to US Food and Drug Administration approval, Kim said, was the com

IndustryJan. 16, 2020

[Photo News] Top Korean biopharma rivals boast friendship

Celltrion Chairman Seo Jung-jin (left) and Samsung Biologics CEO Kim Tae-han were locked in a warm embrace in front of reporters at the JP Morgan Healthcare Conference 2020 on Wednesday at Westin St. Francis Hotel in San Francisco. Seo and Kim, the heads of Korea’s leading biopharmaceuticals firms, said that despite the aura of competition that is often portrayed, they are actually close friends. Their relationship dates back to the early days when both of them were working at Samsung Elec

IndustryJan. 16, 2020

Top Mahindra exec visits Korea to seek support for SsangYong Motor

A top executive of Mahindra & Mahindra, the Indian auto giant that acquired SsangYong Motor in 2010, is in town to seek support for its ailing South Korean subsidiary, according to industry sources Thursday. M&M’s Managing Director Pawan Goenka’s visit to Seoul comes ahead of Ssangyong Motor’s board meeting slated for Jan. 30. He currently serves as chairman of SsangYong Motor’s board.A SsangYong Motor official told The Korea Herald that the company 

MobilityJan. 16, 2020

Hyundai Motor aims to sell 10,100 units of Nexo this year

Hyundai Motor Group said Thursday that it aims to sell 10,100 units of the hydrogen-powered sport utility vehicle Nexo in Korea this year, with the goal of cementing its dominance in the eco-friendly vehicle market here.The Nexo sold 727 units in 2018, the year it was launched, but the number skyrocketed to 4,194 units last year. Its price begins from 68.9 million won ($59,402) in Korea.  Combined with Hyundai Motor’s first commercial hydrogen fuel cell vehicle Tucson ix, accumulated

MobilityJan. 16, 2020

Exports of processed rice goods up 20% in 2019

South Korea's outbound shipments of processed rice products shot up last year amid the booming popularity of Korean dramas, K-pop and other cultural assets abroad, data showed Thursday.Exports of these products reached $106 million in 2019, marking a sharp rise from $89 million posted a year earlier, according to the Ministry of Agriculture, Food and Rural Affairs.It also nearly doubled from $55 million posted in 2015. These products cover a wide range of foodstuff, such as snacks, noodles, drin

IndustryJan. 16, 2020

Kora's auto exports down 1.9% in 2019 amid slowdown

South Korea's auto exports moved down 1.9 percent in 2019 from a year earlier amid a global economic slowdown and a lack of new models from local producers, data showed Friday. South Korean carmakers shipped a combined 2.4 million units overseas last year, compared with 2.45 million units a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, auto exports moved up 5.3 percent on increasing popularity of high-end cars, including eco-friend

IndustryJan. 16, 2020

GM Korea launches Trailblazer SUV to revive sales

GM Korea Co., the South Korean unit of General Motors Co., on Thursday launched the Trailblazer sport utility vehicle as it strives to revive sales amid labor woes and weak demand.The Trailblazer comes in two versions -- a front-wheel drive version with a 1.2-liter gasoline e-turbo engine and a continuously variable transmission, and another with a 1.35-liter gasoline e-turbo engine -- GM Korea said in a statement.The 1.35 gasoline model is equipped with an all-wheel drive powertrain and a nine-

MobilityJan. 16, 2020