Chips, displays continue to boost S. Korea's ICT exports in May

South Korea's exports of information and communication technology (ICT) products rose around 30 percent last month, data showed Monday, thanks to strong demand for semiconductors, displays and mobile phones amid signs of a global economic recovery from the pandemic-induced slump. Outbound shipments of ICT products were tallied at $17.73 billion in May, up 27.4 percent from a year earlier, according to the data from the Ministry of Science and ICT. The latest figure marked the second-largest amou

IndustryJune 14, 2021

SK's French bio subsidiary breaks ground for 2nd plant

SK Inc.'s European bio subsidiary Yposkesi has begun the construction of its second drugmaking plant in France to ramp up its manufacturing capacity, the holding firm of South Korea's No. 3 conglomerate SK Group said Monday. In March, SK acquired a 70 percent stake in Yposkesi, a France-based Contract Development and Manufacturing Organization (CDMO) specializing in cell and gene therapies, to expand its presence in the burgeoning biologic CMO market. The latest deal is SK Inc.'s third acqui

IndustryJune 14, 2021

Celltrion's COVID-19 antibody treatment shows efficacy in phase 3 trial

South Korean pharmaceutical giant Celltrion Inc. said Monday that its COVID-19 antibody treatment has sharply reduced recovery time and the chance of a severe case. Celltrion announced top-line results from a global phase three clinical study of Rekirona, a pivotal part of the study to obtain more comprehensive safety and efficacy results. Rekirona won the South Korean drug safety agency's conditional approval in February, becoming the first locally made treatment for COVID-19. Rekirona is a

IndustryJune 14, 2021

Daewoo Shipbuilding wins W1.1tr offshore facility order

Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Monday that it has signed a 1.9 trillion won ($ 1.7 billion) deal to build a hull of an offshore facility. The deal is part of a total 2.6 trillion won project to construct a floating production, storage and offloading vessel (FPSO), which was placed by Brazilian state-owned oil firm Petrobras, DSME said in an emailed statement. The deal was jointly won by Italy's oilfield services company Saipem, DSME said. The FPSO will be delive

IndustryJune 14, 2021

Nearly 16,000 enjoy 'flights to nowhere' amid pandemic

Nearly 16,000 people have used "flights to nowhere" offered by South Korean airlines since the sightseeing flights were introduced late last year, the customs office said Monday. The Korea Customs Service (KCS) said 15,983 passengers used a total of 152 international flights designed for the purpose of the air journey, not the destination, between December 2020 and May 2021. Passengers using the flights have bought duty-free products worth 22.8 billion won ($20 million) over the past

MobilityJune 14, 2021

Hyundai to temporarily halt US plant on chip shortage, maintenance

Hyundai Motor Co., South Korea's biggest carmaker by sales, said Monday it will suspend its US plant for three weeks due to lack of semiconductors and routine maintenance. Hyundai Motor will halt the Alabama plant for one week from June 14 on a chip shortage and two weeks from June 16 to July 11 for the plant's maintenance work, a company spokesman said by phone. In recent weeks, chip parts shortages continue to affect production of carmakers and other manufacturers in the United States and

IndustryJune 14, 2021

Seoul stocks open nearly flat as investors eye Fed meeting

South Korean stocks opened nearly flat Monday as investors await the upcoming US Federal Reserve meeting. The benchmark Korea Composite Stock Price Index (Kospi) edged down 1.53 points, or 0.05 percent, to reach 3,247.79 points in the first 15 minutes of trading. The Kospi got off to a muted start as investors are holding onto their cash, seeking more hints about when the world's largest economy will start tapering its asset-buying policy. In Seoul, market bellwether Samsung Electronics retr

MarketJune 14, 2021

Naver-Kakao rivalry heats up in global webtoon market

South Korean digital comics platform operator Naver faces growing competition from its crosstown rival Kakao as the latter ups investment to tap into overseas markets. A webtoon refers to a series of comic strips published online. In South Korea, Naver and Kakao are the two largest online webtoon platform providers. Earlier last month, Kakao Entertainment launched its webtoon platform, Kakao Webtoon, in Thailand and Taiwan. Last week, the firm revealed that it has taken the top spot in the Go

TechnologyJune 13, 2021

Upbit warning on digital coins sends prices diving

Digital coins that were flagged for delisting and given warnings by South Korea’s largest digital asset exchange Upbit plunged over the weekend as financial regulators tightened its grip on the cryptocurrency market. The double-digit plunge in prices came after Upbit on Friday announced that it planned to halt the trading of five digital tokens while issuing “investment warning” on 25 cryptocurrencies. Maro, Paycoin, Observer, Solve.Care and Quiztok will be delisted from th

MarketJune 13, 2021

‘Ban on multiple IPO subscriptions to have limited market impact’

A new rule banning investors from placing multiple subscriptions for popular initial public offerings is unlikely to cool off the heated market with a slew of conglomerate-affiliated firms and tech companies planning their market debut in the second half of this year, market watchers said. “A total of 37 companies submitted preliminary applications for IPOs in between April and May. Since they are highly likely to try making market debuts within this year, the latter half is expecte

MarketJune 13, 2021

GS25 to expand AI robot delivery service

South Korean convenience store GS25 said Sunday that it has recently launched a delivery service using an artificial intelligence-based robot at a second location in southern Seoul. The second AI-powered robot dispatched at its GS Tower branch in Yeoksam-dong in the Gangnam area comes after the company first unveiled the service last year. Customers can place an order via KakaoTalk to have staff load the items onto the robot, which then brings it to the customer’s doorstep using wireles

ConsumerJune 13, 2021

Race to take over eBay nears end, as delivery app Yogiyo seeks buyer

The new owner of eBay Korea, the third-largest e-commerce operator in the country, is expected to be announced this week after a monthslong bidding process draws to a close, industry sources said. The race is between two retail giants Shinsegae and Lotte Shopping. Both operate a wide range of businesses in the retail sector, including supermarkets and department stores, and have submitted their letters of intent for the Korean unit of eBay during the final round of bidding on June 7. Whoever w

ConsumerJune 13, 2021

Will BOK hike rate before US Fed?

With South Korea’s central bank chief continuing to adopt a more hawkish tone on monetary policy, anticipation is growing for an earlier-than-expected interest rate hike. The US Federal Reserve, meanwhile, has officially expressed its commitment to maintaining its interest rate near zero, with experts projecting no rate hikes until after the first half of next year. This could mean that the Bank of Korea raises its key rate ahead of the US Fed, a rare occurrence that hasn’t happene

EconomyJune 13, 2021

[Contribution] Innovative financing mechanisms to drive a circular economy

PET, or polyethylene terephthalate, is the inexpensive, versatile plastic used to make bottles, food containers and other modern conveniences. Even though PET is a highly valuable and readily recyclable material, there is not enough waste collection and recycling capacity in many countries in South and Southeast Asia. PET and other plastics stay in the environment for hundreds of years, and when exposed to sunlight and seawater, they fragment into microplastics that are consumed by marine life a

MarketJune 13, 2021

Auto exports up 58% in May on EVs, premium models

South Korea's exports of automobiles jumped nearly 58 percent in May on the back of strong demand for eco-friendly cars and SUVs, data showed Sunday. Outbound shipments of automobiles reached 150,894 units in May, according to the Ministry of Trade, Industry and Energy. In terms of value, exports nearly doubled to reach $3.49 billion. The ministry attributed the growth to the strong performance of electric cars, along with Hyundai Motor Co.'s independent Genesis brand. The rebound also came o

EconomyJune 13, 2021

S. Korean insects industry grows 2% in 2020

South Korea's insects industry grew 2 percent in 2020 from a year earlier, data showed Sunday, amid growing popularity of insects-based foodstuffs. The combined sales of local insect-related companies reached 41.4 billion won ($37.1 million) in 2020, up from 40.5 billion won a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Around half of them were used to produce insects-based foodstuffs for people, and 10 percent of them were raised as pet

IndustryJune 13, 2021

Race to buy eBay Korea tipped to finalize this week

The race to take over eBay Korea, the third-largest e-commerce operator, is expected to come to an end this week, in a deal that will shake up the country's e-commerce retail segment, retail industry sources said Sunday. According to the sources, two retail behemoths -- Shinsegae and Lotte Shopping -- submitted their letters of intent (LOIs) for the Korean unit of eBay. EBay may decide to pick a preferred bidder this week. The bidding marks the second attempt by eBay to sell off its Korean uni

IndustryJune 13, 2021

Eastar may pick preferred bidder next week

Budget carrier Eastar Jet Co. may pick a preferred bidder next week after reviewing plans from several investors to take over the financially troubled company, industry sources said Sunday. Easter Jet, currently under a court-led rehabilitation scheme, has received letters of intent from several companies, including a consortium led by Kanglim, a local equipment maker under underwear company Ssang Bang Wool, and other private equity funds, according to industry sources. Several companies have

MobilityJune 13, 2021

EU still not resuming review of Hyundai Heavy-Daewoo Shipbuilding merger

The European Union's (EU) antitrust regulator has not yet resumed its review of the proposed merger between South Korea's two leading shipbuilders, putting its decision on hold for nearly a year. The EU Competition Commission has stopped the clock in its in-depth investigation into the $1.8 billion acquisition of Daewoo Shipbuilding & Marine Engineering Co. (DSME) by Hyundai Heavy Industries Holdings Co. (HHIH) since July 3, 2020. "The clock is still stopped," Maria Tsoni, a spo

IndustryJune 13, 2021

P&G Korea publishes two children’s books on environment

Procter and Gamble Korea published two children’s books about the importance of protecting the environment, as part of its efforts to raise consumer awareness on the idea of sustainability, the company said Sunday. P&G Korea said the two books, titled “My House is Flooded” and “I’m not Buying Things That I Already Have,” had been written so that children can easily understand the importance of the environment and take actions with their families to benef

IndustryJune 13, 2021