Hyundai E&C secures W870b deals from Qatar, Singapore

Hyundai Engineering and Construction Co., a major South Korean builder, said Tuesday it has clinched orders worth a combined 870 billion won ($754 million) to build office buildings in Qatar and a sports center in Singapore.Hyundai E&C said it has received a letter of award from Qatar's Lusail Real Estate Development Co. for a project to build two of four Lusail Plaza Towers, for 609 billion won.The 65-story buildings, with an additional five underground floors, are part of the Lusail City F

IndustryJan. 14, 2020

Investors turn to overseas funds amid slow growth, low interest rate

An increasing number of South Korean investors are picking foreign investment funds, seeking alternative profits amid slow growth and low interest rates here, data showed Tuesday.The total amount invested in FIFs tallied 183.7 trillion won ($159.3 billion) as of last year, accounting for 28.3 percent of total fund deposits, according to the Korea Financial Investment Association.Of them, private equity funds accounted for 79.5 percent with 146 trillion won, while public funds stood at 20.5 perce

MarketJan. 14, 2020

NH-Amundi, SSIAM partner to develop products tracking Vietnam stock indexes

Seoul-based NH-Amundi Asset Management and Ho Chi Minh City-based SSI Asset Management have agreed to partner to develop products that track benchmark indexes in the Vietnamese stock market, according to NH-Amundi on Tuesday.On Monday, they signed a memorandum of understanding guaranteeing an exclusive partnership to launch new financial instruments that track indexes of blue-chip companies, including the VN50 listed on the Hanoi Stock Exchange and VN30 that seeks listing on the Ho Chi Minh Stoc

MarketJan. 14, 2020

SKT forges 5G alliance in Asia-Pacific region

SK Telecom said Monday it has initiated a group of multinational mobile carriers to cooperate on the development of a pan-national 5G network environment in the Asia-Pacific region. The six entities joining the group -- titled Bridge Alliance -- include South Korea’s SKT, Singapore Telecommunications, Hong Kong Telecom, PCCW, Globe Telecom Philippines and Taiwan Mobile. The South Korean mobile carrier’s recent initiative comes as part of its efforts to take the lead in multiaccess ed

TechnologyJan. 14, 2020

LG joins hands with US firm for in-vehicle infotainment system

LG Electronics Inc. said Tuesday it has signed a partnership with US-based automotive voice recognition solutions provider Cerence Inc. to develop an in-vehicle infotainment system. Under the deal, which was signed on the sidelines of Consumer Electronics Show in Las Vegas, Nevada, last week, LG and Cerence will collaborate in developing a webOS Auto-based IVI system equipped with voice recognition features. WebOs Auto is a Linux-based automotive infotainment platform specially designed to provi

IndustryJan. 14, 2020

Foreign investors turn net buyers of stocks, continue bond pullout

Foreign investors turned net buyers in the South Korean stocks in December, after snapping a four-month streak of selling. However, they continued their net outflow of investment in the local fixed-income market for a third consecutive month, the financial watchdog said Monday.Foreign investors net-bought 810 billion won ($699.6 million) worth of local listed stocks during the month -- 350 billion won on Seoul’s benchmark Kospi and 460 billion won on the tech-focused secondary Kosdaq -- ac

MarketJan. 13, 2020

Samsung BioLogics’ CDO is lucrative strategy

San Francisco -- Samsung BioLogics’ newfound focus on small-scale contract development organization services will be the foundation for its plans to draw larger contract manufacturing organization deals, a top executive said Sunday.“The CDO business will bring in 30 percent of CMO clients by 2030 and 50 percent by 2035,” Yang Eun-young, head of Samsung BioLogics’ CDO business team, told reporters a day ahead of the JP Morgan Healthcare Conference slated for Monday through

IndustryJan. 13, 2020

Manila-bound flights canceled due to volcanic eruption

South Korean air carriers canceled flights connecting Incheon and Manila following a volcanic eruption that covered areas of the Philippines with ashes, industry sources said Monday.Earlier in the day, Korean Air Lines Co., South Korea's top flag carrier, canceled three flights departing from Incheon International Airport to Manila, along with three returning flights.Global flights bound for Manila have been disrupted since Sunday following the eruption of Taal Volcano, located 65 kilometers sou

IndustryJan. 13, 2020

Samsung, SK hynix hit historic highs on earnings recovery hopes

South Korea's two largest chipmakers -- Samsung Electronics Co. and SK hynix Inc. -- finished at all-time highs on Monday on expectations that the chipmaking sector is recovering after bottoming out in the fourth quarter of last year.Stocks in Samsung Electronics, the world's largest memory chipmaker, closed at a record-high of 60,000 won ($51.88), up 0.84 percent from the previous session's close. SK hynix Inc., the world's second-largest DRAM maker, finished at 100,500 won, up 1.62 percent fro

MarketJan. 13, 2020

[From the scene] LG’s large-screen OLED TVs increasingly popular in US

LAS VEGAS -- At the TV section of Best Buy Arroyo Crossing Parkway in Las Vegas -- the largest electronics retail chain in the US -- South Korea’s LG Electronics boasts its organic light-emitting diode TV lineup on its display wall next to competitors like Sony and Samsung Electronics. Among others, the latest 88-inch LG Signature OLED Real 8K model with the official 8K Ultra HD logo granted by US Consumer Technology Association stood out, capturing the attention of visitors with its stunn

TechnologyJan. 13, 2020

Goldman Sachs, SK to jointly invest W50b in cold warehouse operator

Global investment bank Goldman Sachs and SK Holdings said Monday they plan to jointly invest 50 billion won ($43.3 million) in Belstar Superfreeze, a South Korean entity that develops and operates cold warehouses powered by liquefied natural gas.Belstar in the first tranche will raise 25 billion won funding each from Goldman Sachs and the holding company of conglomerate SK Group. The two investors may opt to invest an additional 12.5 billion won each within a year. Now controlled by US

MarketJan. 13, 2020

Mundipharma partners with Samsung Bioepis for Hong Kong, Taiwan

UK-based Mundipharma said Monday it has secured a partnership with Korea’s Samsung Bioepis to commercialize its first-wave biosimilar candidates in Taiwan and Hong Kong.The partnership covers Samsung Bioepis’ biosimilar candidates in the field of immunology and oncology, including SB5 (adalimumab), SB4 (etanercept), SB3 (trastuzumab) and SB8 (bevacizumab). Mundipharma will be the exclusive commercialization partner, while Samsung Bioepis will remain responsible for clinical developme

TechnologyJan. 13, 2020

[From the Scene] Amorepacific shines at CES 2020 with K-beauty tech

LAS VEGAS -- Throngs of visitors from global cosmetics firms flocked to a suite on the 29th floor of the Venetian, where South Korean cosmetics behemoth Amorepacific privately offered them an opportunity to check out its latest skin care technologies during the Consumer Electronics Show last week. Although the company didn’t set up an open exhibition booth to trumpet its prowess, its first participation in the world’s biggest tech show was deemed successful as its global competit

TechnologyJan. 13, 2020

McDonald’s to hire 600 permanent employees this year

McDonald’s said Monday it will hire a total of 600 permanent employees this year, the biggest number since it entered the Korean market in 1988. According to the burger chain, the figure comprises about 200 restaurant managers for duties such as customer management, quality checks and human resources management.  The remaining 400 permanent employees will be hired for McDonald’s new position of restaurant shift manager. Only temporary staff working at the company can apply for t

ConsumerJan. 13, 2020

Hyundai Heavy Industries uses AI to create ‘smart’ vessels

Hyundai Heavy Industries, South Korea’s leading shipbuilder, said Monday that it had developed an optimal vessel operation system by equipping its generator-engine model with advanced information and communication technologies. According to HHI, it utilized artificial intelligence and its own Hyundai Intelligent Equipment Management Solution to enhance its independent Hi-Touch Marine and Stationery Engine and cut fuel expenses by over 10 percent.  HiEMS and AI collect and analyze the

IndustryJan. 13, 2020

K-pop stocks likely to gain traction on improved Seoul-Beijing ties: analysts

Big-cap K-pop stocks are projected to rally again this year given positive Seoul-Beijing relations and the return of some big players, analysts here said Monday.Shares of the three biggest entertainment agencies in South Korea -- YG, S.M. and JYP -- were volatile in 2019, weighed down by a sex-bribery scandal involving Seungri, former member of K-pop boy band Big Bang. The scandal broke out early last year leading to a turmoil in the industry. Of the three, YG Entertainment is expected to see th

MarketJan. 13, 2020

[Monitor] Asset values of Samsung Electronics’ shareholders soar

Samsung Electronics’ share price has skyrocketed on the back of a rosy outlook for this year’s semiconductor business and revitalized smartphone market, giving a boost to the asset value of major shareholders, according to data from the Korea Exchange.Since December last year, the value of shares held by Chairman Lee Kun-hee and the National Pension Service rose by 2 trillion won and 6 trillion, respectively, in a month.　(khnews@heraldcorp.com)

IndustryJan. 13, 2020

Aging society drags actual interest rate down 3% over 20 years: BOK

South Korea’s growing longevity has had the effect of lowering the country’s actual interest rate by 3 percent over the past 20 years, central bank data showed Monday.According to the latest report issued by the Bank of Korea’s Economic Research Institute, Asia’s fourth-largest economy saw its ratio of senior citizens -- those aged 65 or older compared to those aged 20 to 64 -- soar to 19.4 percent in 2015 from 9.6 percent in 1995.In a causal relationship with such demogr

EconomyJan. 13, 2020

[Exclusive] Gender issues cost Deloitte Consulting place in Asia-Pacific unit: sources

Deloitte Consulting Korea has failed to join Deloitte Asia Pacific, a single business entity that combines the operations of the global consulting firm in the region, partly due to gender disparity at its Seoul office, sources told The Korea Herald.Formed in September 2018, the firm’s Asia-Pacific umbrella combines operations in China, Japan, Southeast Asia and Australia as a unified business unit. India is expected to join the alliance this year, while Korea is still excluded from th

MarketJan. 13, 2020

Visa Korea to launch new services amid changing fintech landscape

Visa Korea on Monday announced plans to launch new services this year, in an effort to grow its presence in the emerging segments of big data and contactless payment solutions.To help its corporate clients strengthen their marketing strategies, Visa Korea said it would provide marketing solutions based on big data analytics technology for a more diverse range of businesses. The global payment giant currently has a team of 500 data analysts and consultants who offer insights into data-based marke

MarketJan. 13, 2020