Creditor slams SsangYong's passive stance on HAAH deal

The Korea Development Bank, a major creditor of debt-saddled SsangYong Motor, said Monday that the commercial vehicle maker and its labor union had been “uncooperative” when dealing with the proposed acquirer led by US car retailer HAAH Automotive, which clouds prospects for the deal. Their passivity -- failing to present a reorganization plan swiftly and hinging on state financial support -- stands in contrast with the endeavors of the company’s India-based major shareholder,

MarketMarch 15, 2021

[News Focus] Proxy adviser puts NPS in dilemma ahead of Samsung shareholders vote

With de-facto chief Lee Jae-yong in jail, drama appears to be brewing ahead of Samsung Electronics’ upcoming general shareholders meeting, amid growing calls for improved checks and balances within its corporate governance system. In a new blow to the current management led by the jailed executive vice chairman and son of the late Samsung Chairman Lee Kun-hee, a proxy adviser recommended voting against the reappointment of three outside directors. But the National Pension Service, the

TechnologyMarch 15, 2021

More tax incentives set for high-tech foreign firms to boost FDI

South Korea plans to expand tax incentives for foreign companies in the digital and green industries sectors to attract foreign direct investments that have been shrinking over the past two years. “In order to strengthen foreign investment in high-tech industries such as digital and green, which have strengths, we plan to draw a roadmap for attracting high-tech foreign investment in the first half of the year,” Finance Minister Hong Nam-ki said at a meeting with economy-related m

EconomyMarch 15, 2021

Kia fully unveils design of first E-GMP-based model, EV6

Kia Corp., South Korea’s second-largest carmaker and an affiliate of Hyundai Motor Group, on Monday revealed the design of the EV6, its first all-electric model to use the group’s exclusive electric vehicle platform, ahead of the global unveiling slated for later this month. The EV6 is notable for the electric-global modular platform, or E-GMP, and will also be the first electric vehicle launched since Kia Motors changed its name to Kia Corp. The car’s defining feature, a

IndustryMarch 15, 2021

Kumho Petrochem aspires to expand ‘beyond conventional boundaries’

After posting better-than-expected business output last year despite the COVID-19 pandemic, Kumho Petrochemical is now bracing for another leap forward, seeking to gain an upper hand in the post-coronavirus industry, officials said Monday. The company’s core direction is to grow beyond the conventional petrochemical sector, to expand high value-added products, and to diversify the market use of newly growing materials. Last year, the company posted 740 billion won ($651.4 million) in o

IndustryMarch 15, 2021

Samsung Bioepis to begin local sales of Humira biosimilar with Yuhan

Samsung Bioepis said Monday that the company has signed a marketing partnership with Yuhan to launch its adalimumab biosimilar Adalloce. Adalloce is a pen type biosimilar of Humira, used in treating active autoimmune and inflammatory conditions such as rheumatism, Crohn’s disease and ulcerative colitis. The drug was launched as Imraldi in European countries in 2018 and posted a cumulative $417 million in sales as of last year. In South Korea, Samsung Bioepis will launch the adalimumab bi

TechnologyMarch 15, 2021

AIG names new CEO of Korean office

Global insurance firm American International Group said Monday that it has appointed Ramzi Toubassy, the former chief of the company’s Malaysian branch, as the head of the Korean office. Toubassy, who succeeds outgoing CEO Douglas Min, will report to Steven Barnett, CEO of AIG’s Asia-Pacific General Insurance. He will start working at the Seoul office from April 1. He has more than 24 years of experience in the industry, working at the company’s global offices in the US, Le

MarketMarch 15, 2021

Seoul stocks down after choppy trading on yield worries

South Korean stocks retreated Monday after choppy trading as rising bond yields continued to stoke concerns of earlier-than-expected post-pandemic inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.68 points, or 0.28 percent, to close at 3,045.71 points. Trading volume was moderate at about 1.1 billion shares worth some 12.4 trillion won ($10.9 billion), with gainers outnumbering losers 564 to 293. Foreigners sold a net 210 bil

MarketMarch 15, 2021

Brinkmanship on both sides as battery dispute continues

The verdict on the trade secret dispute between South Korea’s two leading battery makers came out weeks ago. But the warring rivals show no sign of ending their hostility, with both parties going to extreme lengths to woo the highest official of the US to their side. US President Joe Biden could make or break SK Innovation’s electric vehicle battery business in the states, as he has the right to overturn the US International Trade Court’s decision last month that slapped a 10

IndustryMarch 15, 2021

Toss Securities officially launches MTS

Viva Republica, South Korea’s leading fintech startup, officially launched a mobile stock trading system Monday. Toss opened the service preliminarily a month ago for 640,000 preregistered users, about 70 percent of whom are in their 20s and 30s. The stock trading service, which aims to attract young and new investors with easy-to-use interfaces, is incorporated into Viva Republica’s payment app Toss. “We aim to provide a satisfying investment experience for new investors as

MarketMarch 15, 2021

Jaguar Land Rover Korea to launch 4 new models in 2021

Jaguar Land Rover Korea will launch four new models to strengthen its product portfolio and lower the prices of the cars to meet consumer demands, the company’s managing director said in a press conference on Monday. Speaking to the media here for the first time since his appointment in October 2020, Robin Colgan laid out his 4P strategy to strengthen the company’s foothold in the market, and reiterated the automotive group’s global roadmap focused on electrification. 　 Thi

MobilityMarch 15, 2021

S. Korea to reenter list of top 10 economies by GDP in 2020

Despite the prolonged economic fallout from the COVID-19 pandemic, South Korea is forecast to have reentered the list of the world’s 10 largest economies by nominal gross domestic product in 2020, data showed Monday.  Asia’s fourth-largest economy’s nominal GDP for last year was estimated at $1.624 trillion, which marked the ninth highest among 14 major countries, up two notches from the previous year, according to data from the Organization for Economic Cooperation and

EconomyMarch 15, 2021

Ikea Korea launches first Circular Hub in Goyang branch

Ikea Korea has unveiled its first “Circular Hub” in South Korea at its Goyang branch in Gyeonggi Province, where second-hand items are sold, the Swedish furniture company said Monday. The Circular Hub is a global project introduced by the Ingka Group, in its commitment to prolong the life of its products and contribute to circularity, Ikea explained. “With the launch of ‘Circular Hub,’ we are excited to support the many people with new, more inspiring ways to ea

ConsumerMarch 15, 2021

Pulmuone Foods names LG’s ex-marketing director as new CEO

Pulmuone Foods, a subsidiary of fresh food company Pulmuone, said Monday it had named the ex-vice president of LG’s Global Marketing Center as its new CEO. Kim Jin-hong, the new CEO of Pulmuone Foods, boasts some 20 years of marketing experience under his belt at home and abroad. The 55-year-old took on multiple senior roles while at LG including President of LG Electronics France and was the president of Kellogg Company’s South Korean unit between 2013 and 2014. “As the co

ConsumerMarch 15, 2021

Investigation launched after Jeju Air flies with a damaged winglet

Low cost carrier Jeju Air is under investigation by the Transport Ministry after it was found to have flown one of its planes with a damaged winglet last week. The airline’s 7C264 flight, which left Gimpo Airport on Wednesday morning, attempted landing on the runway at Gimhae International Airport in the afternoon. During the landing, the plane tilted to one side and the plane appears to have damaged its winglet during its second attempt at landing, sources close to the matter said on Mo

MobilityMarch 15, 2021

Woori to compensate victims of Lime misselling

South Korea’s Woori Bank on Monday has decided to heed to the financial watchdog’s recommendation to compensate to end-investors who dealt with heavy losses due to the lender’s selling of funds tied to 1.7 trillion won ($1.5 billion) misselling scandal involving now-defunct hedge fund Lime Asset Management. The nation’s fourth-largest commercial lender by total assets will provide 78 percent of total investments made by an 82-year old man -- whose investment had been fr

MarketMarch 15, 2021

Tax agency cracks down on use of cryptocurrencies to hide assets

South Korea’s tax agency said Monday that it had caught more than 2,400 individuals who hid assets in virtual currencies to avoid taxation. The National Tax Service collected data from digital currency exchanges and caught 2,416 tax delinquents who had concealed assets through cryptocurrencies such as Bitcoin, Ethereum and Ripple. The concealed assets totaled 36.6 billion won ($32.24 million), the officials said. The probe targeted people with over 10 million won in delinquent taxes, a

EconomyMarch 15, 2021

Netflix's mobile active users top 10m in Feb.: data

Active users of video streaming apps by Netflix Inc. on their mobile devices topped 10 million in South Korea last month, more than doubling from the start of last year, data showed Monday. The video streaming platform recorded 10.01 million Android and iOS users in the country in February, compared with 4.7 million in January last year, according to mobile data tracker IGAWorks. Monthly active users refer to unique users who interacted with a service at least once a month. Netflix was the mo

TechnologyMarch 15, 2021

Schroders Korea raises W100b for global sustainable growth fund

Schroders Korea said Monday it had pooled over 100 billion won ($88 million) from South Korean end-investors earlier this month through its fund product that is designed to hold a portfolio of its flagship global sustainable equity fund. This is the first to reach the milestone among Korean funds dedicated to foreign equities while taking environmental, social and governance factors into account, according to Schroders Korea. Schroders Korea has raised Koreans’ capital for th

MarketMarch 15, 2021

Brokerages' 2020 profit jumps 20.8% on stock rally

South Korean brokerage firms saw their combined net profit jump 20.8 percent last year, thanks to a stock rally that helped them earn higher commission fees, data showed Monday. The combined net profit of 57 brokerages stood at 5.91 trillion won ($5.2 billion) in 2020, compared with a profit of 4.89 trillion won in 2019, according to the data from the Financial Supervisory Service. The combined brokerage fees stood at 13.6 trillion won in 2020, up 43.8 percent from a year ago. The brokerages

MarketMarch 15, 2021