[Herald Interview] Software dons role of therapeutics

When talking about medical devices, conventional hardware with analytical or therapeutic functions for human health usually come to mind. But computer software that seeks to cure or alleviate symptoms in patients also falls into the medical device category, according to Article 2 of the Medical Devices Act. This new tool, after years of serving an auxiliary role for hardware devices, has recently emerged as a key player in the medical arena. LifeSemantics, a digital therapeutics company foun

IndustryFeb. 22, 2021

Antitrust watchdog’s bill aimed to regulate online platforms faces hurdles

A bill from South Korea’s antitrust regulator aimed to govern dominant e-commerce platforms is still pending in the National Assembly due to a tug of war between two government bodies -- the Fair Trade Commission and the Korea Communications Commission. In the meantime, platform operators and local customers have been raising their concerns, viewing the regulatory move as excessive market intervention. A survey conducted by Korea Startup Forum showed Monday that around 61 percent of res

TechnologyFeb. 22, 2021

Macrogen, Lifex Biolabs to research Parkinson’s treatment

Precision life science company Macrogen will collaborate with US-based Lifex Biolabs on Parkinson’s disease treatment research, Macrogen announced Monday. This is a follow-up to Macrogen’s strategic investment in Lifex in 2020. Under the joint research partnership, Macrogen will sift out biomarkers for Parkinson’s, using its DNA sequence analysis technology. Lifex will use the biomarkers identified by Macrogen to develop Parkinson’s treatments. Biomarkers are tracki

IndustryFeb. 22, 2021

Korean Air, Asiana to ground Boeing 777 after engine incident

South Korea's two biggest carriers -- Korean Air Lines Co. and Asiana Airlines Inc. -- said Monday they will ground all Boeing 777 passenger jets following a recent engine failure incident in the United States. A B777-200 plane suffered an engine failure after taking off for Honolulu on Saturday (local time), with an engine cowling and other parts from the plane found to be scattered on the ground in Denver, according to foreign media reports. The United Airlines, Inc. flight reportedly landed

MobilityFeb. 22, 2021

[News Focus] Foreign banks losing foothold in South Korea

Recent reports of Citigroup’s possible divestiture plans for its South Korean subsidiary, as well as its other Asia-Pacific consumer units, shed light on how foreign banks are losing their footing in the local market. Over the past decade, many foreign banks have already pulled out of the Korean market or scaled down their business. British investment bank Barclays pulled out after 39 years in 2017, following fellow UK-based lender HSBC’s move to halt its retail banking services he

MarketFeb. 22, 2021

Seoul to tax crypto gains, bring in more regulations

South Korean investors who make more than 2.5 million won ($2,260) from cryptocurrency trading will face a 20 percent tax starting next year, according to the Ministry of Economy and Finance on Monday. The first 2.5 million won is tax-free. For instance, if an investor makes a 10 million won profit from trading Bitcoin, 7.5 million won of that amount will be subject to the 20 percent tax. Inheritances and gifts of cryptocurrency will also be taxed. In such cases, the price of the asset wil

MarketFeb. 22, 2021

Seoul city supports flower farmers hit by COVID-19 slump

Seoul city government has launched a campaign to support flower farmers struggling to survive the impact of the coronavirus pandemic. The floral industry has been suffering from a sharp decrease in demand, with special events cancelled and scaled down, since the onset of the new coronavirus pandemic early last year. To assist growers, the city has rolled out a campaign, from promoting flower purchases to floral decoration of the city hall and the expansion of its plant donation program. "

EconomyFeb. 22, 2021

ADB appoints Korean expert as new director for first time in 15 years

The Asian Development Bank has appointed a Korean international development expert who has been working at the multilateral institution for 27 years, as managing director general, the Finance Ministry said Monday. Um Woo-chong, who has served as director general and concurrently chief compliance officer of ADB’s Sustainable Development and Climate Change Department, will assume office immediately. It is the second time that a South Korean has taken up the post since the ADB was establ

EconomyFeb. 22, 2021

P&G addresses gender equality in pandemic-hit world

P&G Korea, the local subsidiary of Procter & Gamble, has reaffirmed its commitment to gender equality, in line with its global headquarters’ continued move to propel the gender initiative, officials said. P&G last week held its third annual #WeSeeEqual summit for the Asia Pacific, the Middle East, and African regions, jointly with UN Women. This year’s event, held under the slogan “#Unsaid and #Undone,” especially sought to address women’s equality w

IndustryFeb. 22, 2021

AmorePacific adds fuel to eco-friendly packaging

South Korea’s top-tier cosmetic manufacturer AmorePacific is making efforts to reduce excessive plastic consumption, addressing the impact that the beauty industry has on the natural environment, officials said Monday. The company’s eco-friendly initiative is built on the “4R strategy” -- recycle packaging material, reduce petroleum-based plastic, reuse plastic containers, and reserve empty containers. Such moves also come in line with the Korea Cosmetics Association

IndustryFeb. 22, 2021

[Contribution] The SsangYong Motor tragedy and the opportunities that it offers

When governments interfere in markets, the result is often questionable. This happened in Korea in the late 1990s when a decision in favor of “Korea Inc.” was driven, instead of allowing foreign original equipment manufacturers to come to Korea. The industry is still suffering from this decision, now culminating in the third insolvency of SsangYong Motor since 1997. The suppliers again will have to pay the bill. Even though the Korean government is offering generous loan propos

IndustryFeb. 22, 2021

'Partnership with Naver might work on raising Mirae Asset's stock price'

Local brokerage Mirae Asset Daewoo could see a boost in stock price in a partnership with Naver which runs fintech and artificial intelligence businesses, a report said on Monday. Mirae Asset Daewoo has been maintaining a partnership with the online platform company since it created a fund with the internet firm in December 2016. In line with the partnership, the two companies made an investment of 500 billion won ($451.4 million), respectively, to buy each other’s shares and run joint

MarketFeb. 22, 2021

Posco CEO apologizes for accidents at steel mills

Posco Chairman Choi Jung-woo apologized for not being able to put a stop to accidents at the company’s steel mills and reiterated his vow of making them “zero hazard” plants during a parliamentary committee hearing on Monday. “I am deeply sorry for having caused worries to people and the bereaved families. We have put safety as the utmost priority and made various efforts under such context but fell under expectations,” Choi said during the hearing. The parliamen

IndustryFeb. 22, 2021

Seoul stocks retreat despite sound economic data

South Korean stocks retreated below the 3,100-point mark Monday, erasing morning gains despite strong export data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 27.87 points, or 0.9 percent, to close at 3,079.75 points. Trading volume was moderate at about 1.8 billion shares worth some 18 trillion won ($16.2 billion), with losers outnumbering gainers 510 to 339. Foreigners sold a net 316 billion won, and institutions offloaded a net

MarketFeb. 22, 2021

Asiana converts two more passenger planes to carry cargo

Asiana Airlines said on Monday it has converted two of its Airbus A350-900 passenger aircrafts to cargo planes as it seeks to expand its freight business. The move will give the airline an additional 23 tons of space to carry cargo per plane, bringing its air cargo fleet to a total of four. Two other passenger planes were converted last year. In a statement, the airline boasted last year’s record breaking sales from its cargo business reached 2.14 trillion won ($1.9 billion), up 64 perce

MobilityFeb. 22, 2021

US-based NeoImmuneTech eyes W96b IPO in Korea

NeoImmuneTech, a US immunotherapy drug development company, said Monday that it was looking to raise as much as 96 billion won ($86.9 million) in fresh funds via an initial public offering on the South Korean bourse next month. Under the plan to be listed on Korea’s tech-heavy Kosdaq, NeoImmuneTech seeks to issue 15 million depository receipts in a price band between 5,400 won and 6,400 won. The exact share price will be determined through a book-building process for institutional investo

MarketFeb. 22, 2021

LG may ditch plan for rollable smartphone upon biz restructuring

LG Electronics Inc., a South Korean tech firm, may scrap a plan to develop a smartphone with a rollable display, industry observers here said Monday, amid growing speculation that the South Korean tech giant will ditch its money-losing mobile business. LG reportedly told its parts suppliers, including Chinese display maker BOE, to put the rollable smartphone development project on hold, according to industry sources. The parts makers may request compensation from LG in the future for their deve

TechnologyFeb. 22, 2021

NPS beefs up US equities exposure to $43.9b

South Korea‘s public pension fund, the National Pension Service, has boosted its United States stock exposure to $43.9 billion in the fourth quarter of 2020, a US filing showed Monday. The world’s third-largest pension fund, which was managing 807.3 trillion won ($729 billion) of assets as of November, saw its US stock exposure rise by $5.8 billion over the October-December period of 2020, according to its filing to the US Securities and Exchange Commission. The filing also showe

MarketFeb. 22, 2021

Watchdog to step up supervision of insurers' overseas alternative investments

South Korea's financial watchdog said Monday it will keep closer tabs on local insurance companies' overseas alternative investments amid the fallout from the coronavirus pandemic. The move comes as insurers suffered losses from some overseas alternative investments last year in the wake of the prolonged coronavirus outbreak. South Korea's life and non-life insurance firms have been rapidly expanding their investments in overseas alternative investments in a bid to cope with low interest rates

BusinessFeb. 22, 2021

BOK likely to freeze key rate at record low: experts

South Korea’s central bank is widely expected to freeze its base rate at a record low of 0.5 percent this week over lingering economic uncertainty with a flare-up in new coronavirus cases, experts said Monday. The Bank of Korea is slated to hold its monetary policy board meeting slated for Thursday. “Affected by the virus resurgence, the nation’s job market and private spending have remained sluggish. So, there’s a high chance for the central bank to maintain its base r

EconomyFeb. 22, 2021