KT’s Genie Music acquires Millie’s Library, planning expansion of audio content business

Genie Music became the largest stakeholder of Millie’s Library, an e-book service provider, as the KT-backed music-streaming platform looks to expand its audio content business. According to the company Friday, Genie Music acquired a 38.6 percent stake in the e-book firm for 46.4 billion won. Millie’s Library is a subscription-based e-book service startup. The platform is No. 1 in the South Korean market, boasting 3.5 million subscribers, some 100,000 e-book titles and some 3,000

IndustrySept. 10, 2021

Boston Dynamics eyes expanded partnership with Hyundai Motor

US robotics startup Boston Dynamics said Friday it will expand its partnership with South Korean automaker Hyundai Motor Group to integrate its robotics technologies in future mobility solutions and expand their applications in other industrial sectors. Boston Dynamics demonstrated its latest robotics technologies during an online media event after the automotive group in June completed the $880 million purchase of its 80 percent stake from Japanese conglomerate Softbank. Boston Dynamics, spu

IndustrySept. 10, 2021

Telcos lag in mmWave 5G equipment installation: lawmaker

South Korean telecom operators have so far installed less than 200 base stations that support millimeter wave (mmWave) 5G, data showed Friday, highlighting the lack of progress to commercialize the technology that unlocks the fastest speeds on the network. Major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- have installed just 161 mmWave 5G base stations as of the end of August, lagging far behind the government requirement of over 45,000 base stations by the end of this yea

IndustrySept. 10, 2021

[Interactive] How garbage mountains are piling up in South Korea

IndustrySept. 10, 2021

[Graphic News] Jeju golf courses log record number of visitors for 2nd year running

　Golf courses on Jeju Island appear to be an exception to the COVID-19 recession, with the southern resort island inundated with record numbers of golfers from elsewhere for the second consecutive year. 　The number of visitors to Jeju’s golf courses totaled 1.66 million in the first seven months of this year, marking an increase of 37.3 percent from 1.21 million in the same period of last year, data from the provincial government showed. 　There are 30 golf courses on Jeju, of which

BusinessSept. 10, 2021

Naver, Kakao shares plunge on moves to regulate IT platforms

With politicians and regulators joining forces to strengthen monitoring of fast-growing IT platforms, shares of South Korea’s two tech giants plummeted Thursday, losing a combined 19 trillion won ($16.2 billion) in just two days. Naver, the country’s third-largest company by market capitalization, declined 2.56 percent, or 10,500 won, to close at 399,000 won Thursday, adding to a 7.87 percent fall recorded the previous day. Kakao plummeted 7.22 percent to 128,500 won after losing 1

MarketSept. 9, 2021

SK ecoplant wins bid for $2.2b Norway expressway

SK ecoplant has won a bid to build a $2.2 billion expressway in Norway, making them the first South Korean construction company to enter the infrastructure business in the north European country. According to the construction arm of SK Group, a “Sotra Link” consortium consisting of SK ecoplant, Australia’s Macquarie Capital and Italian construction company Webuild, has been chosen for the “Rv555 The Sotra Connection” expressway construction project. SK owns a 2

IndustrySept. 9, 2021

LG Chem, Coupang to recycle 3,000 tons of packaging waste

South Korea’s leading chemical firm LG Chem has joined hands with the nation’s e-commerce giant Coupang to recycle 3,000 metric tons of plastic packaging waste and to offer a door-to-door plastic-waste retrieval system. At Coupang’s headquarters in Jamsil, southeastern Seoul, LG Chem Executive Vice President Hur Sung-woo and Coupang Vice President Ryan Brown signed an agreement to collect and recycle 3,000 tons of stretch wrap being thrown away at Coupang fulfillment centers e

IndustrySept. 9, 2021

South Korea greenlights Hanwha to utilize lunar resources

Hanwha Aerospace became the first South Korean space company to win government approval to utilize resources in space, such as on the moon and Mars, the company said Thursday. According to the defense business unit of Hanwha Group, the firm signed an in-situ resource utilization, or ISRU, agreement with six government-funded research bodies. ISRU refers to using local materials in space and producing necessary items required for space exploration on site, such as water, oxygen, solar cells

IndustrySept. 9, 2021

[Newsmaker] Wireless EV charging service and 9 others approved under regulatory sandbox

Hyundai Motor’s plans to develop a remote charging system for battery-powered electric vehicles has been given a go-ahead from the Korean government, it was announced Thursday. The wireless EV charging system is among the 10 pilot projects granted a regulatory sandbox, according to the Ministry of Science, ICT and Future Planning and the sandbox support center at the Korea Chamber of Commerce and Industry. The regulatory sandbox measure, introduced in 2019, seeks to foster new business

MobilitySept. 9, 2021

S. Korea's mRNA vaccine consortium gets two new members

Two more local companies have newly joined the “K-mRNA vaccine consortium,” a local alliance of pharmaceutical companies dedicated to co-developing and co-producing homegrown messenger RNA vaccines. The consortium, led by Hanmi Pharmaceutical, GC Pharma and ST Pharm, on Thursday announced the participation of pharmaceuticals company Dong-A ST and medical equipment and materials maker Ecell, which it said will speed up its joint research and development of COVID-19 vaccines. Dong

TechnologySept. 9, 2021

GeneOne Life Science to begin phase 2 clinical trial of COVID-19 pill in Korea

Biotech firm GeneOne Life Science has received approval from the South Korean government to carry on with the phase 2 clinical trial of its investigational oral drug to treat COVID-19, the company said Thursday. GLS-1027 is an orally administered drug that could suppress the cytokine inflammations that lead to more serious lung diseases. Korea University Guro Hospital in Seoul will lead the administration of the drug candidate for the local study. GeneOne Life Science has been conducting p

TechnologySept. 9, 2021

[Herald Interview] KT buys UK-based Epsilon, on lookout for more

South Korea’s KT on Thursday announced the 170 billion-won ($145 million) acquisition of London-based data company Epsilon. A senior executive who led the deal told The Korea Herald that it is only the start of the telecom firm’s quest to transform into a major global “digico,” and that it is already on the prowl for another acquisition, with the target likely to be an IT solutions provider based here or elsewhere. “Epsilon is neither too large nor too small,

TechnologySept. 9, 2021

Privatization of Woori Financial back on track

The government said Thursday it will open a bidding process to sell a part of its stake in Woori Financial Holdings, owned by the Korea Deposit Insurance Corporation, to multiple buyers in a bid to complete privatization of the banking giant. The state-run deposit insurer will put a 10 percent stake out of the 15.13 percent stake it holds in Woori Financial Holdings through competitive bidding, according to Financial Services Commission. Prospective buyers can bid for between 1 percent and 10

MarketSept. 9, 2021

Seoul stocks plunge more than 1.5% amid virus woes, expiration uncertainties

South Korea's key stock index tumbled more than 1.5 percent Thursday amid virus concerns and uncertainties from the expiration of options and futures. The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dipped 48.29 points, or 1.53 percent, to close at 3,114.7 points. Trading volume was moderate at about 910 million shares worth some 17.3 trillion won ($14.8 billion), with losers outnumbering gainers 655 to 214. Foreigners sold a net 318 billio

MarketSept. 9, 2021

[Herald Interview] Edison Motors chief counters skepticism over SsangYong bid

“A shrimp trying to swallow a whale.” Critics invoked that old Korean saying when Edison Motors jumped in the race to acquire the cash-strapped SsangYong Motor. But Kang Young-kwon, the local electric bus manufacturer’s founder and CEO, is confident that his company’s expertise in electric vehicle production is enough to infuse life into SsangYong. “The days of internal combustion engine vehicles are numbered. I believe it is crucial that an electric vehicle c

MobilitySept. 9, 2021

DL Pharm donates masks to Liberia

DL Pharm Co., Ltd. donated 100,000 face masks to help Liberia overcome COVID-19. The drugmaker said it held a ceremony at the Liberian consulate in Seoul on Wednesday to mark its donation of the masks and their transportation cost to the western African country. Liberia’s honorary consul general Park Bok-woo and DL Pharm chief executive Kang Yoon-koo attended the ceremony. Liberia donated $3 million and sent medical staff to South Korea when the Korean War broke out in 1950. Starting w

IndustrySept. 9, 2021

Housing rent loan extended to young Koreans doubles in 4 years

The total loan extended to Koreans in their 20s and 30s to pay their “jeonse” rents more than doubled since President Moon Jae-in took office in 2017, data showed Thursday, reflecting the reality of young people ditching hopes to buy homes, and rent instead. Jeonse is a rental system where the tenant hands over a large lump sum to the landlord -- on average, about 65 percent of the value of the property – for usually two years and does not pay rent. The deposit is returned to

EconomySept. 9, 2021

SPC Group opens first Eggslut store in Singapore

SPC Group said on Thursday it has opened the first Eggslut store in Singapore in the busy Orchard Road shopping district. The move comes after the South Korean food company purchased the operating rights for the country for the LA-based breakfast chain restaurant focusing on egg dishes in 2020. Founded by Filipino-American chef Alvin Calian, the first store in Korea opened in June last year. Three stores are currently in operation in the country. Alongside its popular items such as egg sandw

ConsumerSept. 9, 2021

Eximbank‘s seminar discusses business opportunities in Southeast Asia

The Export-Import Bank of Korea on Thursday held a joint seminar with the Korea Institute for International Economic Policy to discuss business opportunities in Southeast and South Asia.  The event was aimed at supporting domestic companies’ entry to four major countries in the region -- Indonesia, Vietnam, India and Bangladesh -- which have come into the limelight in the wake of the government’s “New Southern Policy,” the state-run bank said in a statement. 

MarketSept. 9, 2021