New forests minister pledges innovative policies

Park Chong-ho, the new minister for the state-run Korea Forest Service, vowed to drive “innovative and people-centered” forest policies in his inauguration last week, the organization said Monday. During the ceremony held Friday in Daejeon, Park emphasized the importance of all people benefiting from the full value of forests.After briefly introducing the nations’ forest policies, ranging from forest welfare to tackling fine dust pollution, over the last 10 years, Park emphasiz

EconomyDec. 16, 2019

[Monitor] Less men employed

Although the overall jobs market is showing signs of improvement, the number of men in their 30s, 40s and 50s who have jobs has been on a constant decline, data from Statistics Korea showed. The employment ratio that has reflected the drop in population is also on a decline, it said.The number of employed men in the age groups dropped for a 28th consecutive month in November, the longest duration of the decline since the agency began collecting relevant data.The jobs situation for men aged 30-59

EconomyDec. 16, 2019

Hyosung Heavy acquires Mitsubishi plant in US for $46m

In a major push to target the world’s largest power market, Hyosung Heavy Industries said Monday it has acquired Mitsubishi’s American electric power product plant in Tennessee for $46 million. The Japanese company’s Tennessee plant produces core-type ultrahigh voltage transformers used for the power generation industry. The transformers account for 95 percent of the total demand in the global transformer market, including North America, according to the company. Hyosung Heavy

IndustryDec. 16, 2019

Instant porridge market gains steam in 3 years

With home meal replacement products gaining popularity in South Korea, the instant porridge market has also grown immensely -- twofold growth since 2015, and is estimated at over 88.5 billion won ($75.5 million) last year, according to data from Korea Agro-Fisheries & Food Trade Corp. Monday. The market for instant porridge has gradually expanded from 2015, when it was valued at 41 billion won, and grew to over 70.7 billion won in 2017, the data showed. Officials said that it will grow

IndustryDec. 16, 2019

Celltrion secures rights for 11 generics in US

Celltrion, South Korea’s leading biosimilar manufacturer, announced Monday that it has acquired rights to a total of 11 generic chemical drugs in the US, the world’s biggest pharmaceutical market.The company has since early 2019 been pushing to expand its business portfolio to cover not only copies of patent-expired biologics drugs, but also generic copies of chemical drugs. Its subsidiary, Celltrion USA, has bought the rights for nine other generic copy drugs, other than the existin

IndustryDec. 16, 2019

Samil PwC publishes sustainability report

Samil PricewaterhouseCoopers, the local unit of the world’s largest accounting firm, said Monday that it has published a report on its sustainable business operations and accomplishments in 2019. While reinforcing the External Audit of Stock Companies Act and the stewardship code adopted by the National Pension Service, the firm said it would implement a business model that fulfills accounting transparency and raises environmental, social and governance levels. The report covers four

MarketDec. 16, 2019

JB Financial acquires brokerage in Vietnam, expands in ASEAN region

JB Financial Group has acquired a Vietnam-based brokerage owned by Morgan Stanley, in line with its recent moves to expand business in the Southeast Asian region, officials said Monday.The holding group of North Jeolla Province-based JB Jeonbuk Bank thereby became the first provincial banking group here to own a comprehensive overseas financial network comprising banking, capital and securities.A public announcement was made Monday that JB Financial had recently signed a sales and purchase agree

MarketDec. 16, 2019

Single-member households to become most common type in 2047

One-person families will likely become the most common household type in all South Korean cities and provinces in the next 30 years amid the country's low birthrate and rapidly aging population, data showed Monday. Households consisting of a single member are forecast to account for 37.3 percent of all family units in 2047, far outnumbering families of married couples with children, according to the data by Statistics Korea.The percentage of those living alone stood at 27.2 percent in 2015 and r

EconomyDec. 16, 2019

[News Focus] Self-employed in S. Korea face strong headwinds

SEJONG -- The sluggish domestic economy and a spike in statutory minimum wage in South Korea in recent years have dealt a severe blow to the self-employed. Most have been forced to close shop or have been saddled with huge debts amid cutthroat competition, but they are getting back on their feet by starting new microbusinesses, although not very successfully.This reflects the tough job market here, as self-employment is still considered the most viable option for many people to make a living.Acc

EconomyDec. 16, 2019

S. Korea sets aside more budget funds to fight animal diseases

South Korea set aside more state budget funds for next year to fight animal diseases, the agricultural ministry said Monday, after the deadly African swine fever hit local pig farms in northern areas this year.The National Assembly approved the budget proposal of 371.4 billion won ($315 million) for efforts to tackle a variety of animal diseases, which marks a 20 percent rise from 308 billion won allocated for this year, according to the Ministry of Agriculture, Food and Rural Affairs.The increa

EconomyDec. 16, 2019

Listed firms' share buybacks top W19tr in 3-year period

South Korean listed companies bought back their own shares worth almost 20 trillion won ($17 billion) in total in the past three years, with Samsung Electronics buying back the most, data showed Monday. A stock buyback occurs when a company seeks to increase its stock price and consolidate ownership, which benefits the shareholders with larger dividends.From January 2017 through August 2019, a total of 676 listed firms here bought back 19.6 trillion won worth of their own shares, according to th

MarketDec. 16, 2019

S. Korea, Japan begin high-level talks over trade war

South Korea and Japan started high-level talks in Tokyo on Monday as the first step to seek a breakthrough in settling their monthslong trade row that undermines bilateral economic ties and potentially disturbs international supply chains.The meeting marks the first of its kind since June 2016 and is crucial for dealing with their trade conflict. It is also the first official gathering of trade officials between the two Asian neighbors after Seoul conditionally suspended the termination of the G

IndustryDec. 16, 2019

Korean panel makers tipped to log improved earnings next year

South Korea's display panel makers are expected to see improved earnings next year, with liquid crystal display panel prices likely to rebound and the companies' organic light-emitting diode display production capacity set to expand, analysts here said Monday. South Korea's two major display makers -- LG Display Co. and Samsung Display Co. -- have been struggling to make a profit this year due to falling LCD panel prices stemming from sluggish demand and a supply glut.LG Display posted an operat

IndustryDec. 16, 2019

Finance ministry sets up task force on digital tax

South Korea's finance ministry said Monday it established a task force to consider a digital tax on advertising by global internet giants like Google and Facebook.The task force is manned by officials from the ministry as well as experts on the international tax system, according to the Ministry of Economy and Finance. The task force will join international discussions on the digital tax and map out South Korea's measures to levy the tax, according to the statement. South Korea has taken st

IndustryDec. 16, 2019

Furniture retailers eye online biz amid consumer pattern change

Visiting traditional brick-and-mortar stores for furnishing shopping still remains mainstream as consumers tend to prefer a tactile experience when purchasing big furniture.As an increasing number of people are making purchases using the internet and mobile devices, furniture retailers have beefed up their e-commerce businesses so that customers can enjoy seamless experiences online and offline.According to data by Statistics Korea, an accumulated 2.45 trillion won ($2.06 billion) worth of purch

IndustryDec. 16, 2019

Socially responsible investments grow rapidly in S. Korea

South Korea is catching on to the global trend of socially conscious investments. There are currently seven listed funds in the country categorized as ESG funds, standing for environmental, social, and governance. Among them, five were launched this year by local asset management companies, including Korea Investment Management, KTB Asset Management, Koreit Asset Management, KB Asset Management and Kiwoom Asset Management.Last month, Samsung Asset Management also launched KODEX 200ESG -- an ETF

MarketDec. 15, 2019

Posco's reform tasks save W1.2tr so far

Posco has saved 1.2 trillion won ($1 billion) so far in the process of achieving 100 reform tasks highlighted by the firm’s chairman in November last year, the steelmaker said Sunday. The reform tasks included reinforcing premium steel product sales, enhancing cost competitiveness, establishing a growth foundation for energy materials and building a shared growth ecosystem based on fairness, transparency and ethics. The project was shared publicly in time for the 100-day anniversary o

IndustryDec. 15, 2019

Diabetes association urges authorities to test metformin drugs for cancer-causing contaminant

Metformin, a drug used to treat Type 2 diabetes, was once heralded as a first-in-class treatment for which there was no substitute. Now it is sparking international concerns over a contaminant that may cause cancer.The debate has taken off in South Korea as well, and on Friday the Korean Diabetes Association urged the nation’s drug safety authority to test every drug containing metformin. The potentially carcinogenic impurity, called N-nitrosodimethylamine or NDMA, had previously been dete

IndustryDec. 15, 2019

[Monitor] One-person households in Korea suffer from low income

About 36 percent of one-person households earn less than 2 million won per month, data from Statistics Korea showed last week.One-person households, which take up one-third of all households in South Korea, tended to show low satisfaction in their type of residence with only 23.3 percent answering they were content, compared to 30.8 percent of those in multiple-households that said the same.The Seoul Institute, a research center, said that while 1 in 3 households in the country were one-person h

EconomyDec. 15, 2019

LG Group mourns death of honorary chairman

South Korea’s business world, government and the families over the weekend mourned the death of LG Group Honorary Chairman Koo Cha-kyung, who as the second-generation leader of the conglomerate, had led the rise of the group’s global expansion. Koo was 94 when he passed away from an illness on Saturday.At a funeral altar set up at an undisclosed hospital in Seoul, Koo’s second son Bon-neung, the chairman of Heesung Group, greeted mourners. The deceased’s fourth son, grand

IndustryDec. 15, 2019