SK Innovation to establish complete compliance system after battery defeat in US

SK Innovation said Thursday that its board of directors had ordered the establishment of a “complete global compliance system” in response to the ongoing battery dispute with LG Energy Solution in the US. At an audit committee meeting, held Wednesday and attended by all the company’s outside directors, board members lashed out at the management, saying the company’s “lack of experience in global disputes” had resulted in its defeat in the US’ top tra

March 11, 2021

SK Bioscience to develop vaccine for COVID-19 variants

SK Bioscience will develop an all-in-one vaccine targeting COVID-19 variants, together with the Coalition for Epidemic Preparedness Innovations, the South Korean firm said Thursday. SK Bioscience would receive funding from CEPI, worth up to $14.2 million, for the research and development. The South Korean vaccine developer could receive additional funds of as much as $12.5 million for building manufacturing facilities. For the new vaccine, the company hopes to build on its experience with n

March 11, 2021

Bitcoin trades near all-time highs

Bitcoin, the world’s most popular cryptocurrency, surpassed the 65 million won ($57,200) level once again Thursday, continuing a rally that started earlier this week. The digital coin, which has been on an upward trend since March 7, hit 65.15 million won Thursday morning, according to crypto exchange operator Upbit. It is the cryptocurrency’s second-highest level, after the historic high of 65.98 million won recorded Feb. 20. On Bithumb, a local crypto trading platform, one bi

March 11, 2021

Seoul stocks make steep rebound on massive foreign buying

South Korean stocks bounced back nearly 2 percent to recover above the 3,000-point threshold Thursday as foreign buying increased amid eased inflation concerns. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 55.58 points, or 1.88 percent, to close at 3,013.7 points. Trading volume was moderate at about 1.3 billion shares worth some 15.8 trillion won ($13.9 billion), with gainers outnumbering losers 664 to 193. Foreigners bought a ne

March 11, 2021

Coupang’s market value jumps to $63b

Coupang Inc., the parent company of South Korean e-commerce giant Coupang Corp., said it will offer shares of its US initial public offering at $35 apiece, raising its market value to around $63 billion. Based on the fixed share price, the firm will raise $4.55 billion in funding, and it would start trading from Thursday there. Coupang said it has submitted a regulatory filing to the US Securities and Exchange Commission and has received approval from the commission. The company‘s estima

March 11, 2021

[News Focus] Seoul area, Sejong, Jeju lead surge in unemployment benefits

SEJONG -- South Korea saw the number of recipients of unemployment benefits reach an all-time high of 1.78 million in 2020 in the wake of the novel coronavirus, data from a state-run agency showed. According to the Korea Employment Information Service, this marked an increase by 16.8 percent, 257,510 people, from 1.52 million a year earlier. By region, Greater Seoul -- including Gyeonggi Province and Incheon -- ranked top five, alongside Sejong and Jeju Province, among the nation’s 17 ma

March 11, 2021

Revisiting the rise of Coupang ahead of NYSE debut

Coupang has been in the headlines ever since it filed for an initial public offering on the New York Stock Exchange last month, generating speculation over its value. When it is Thursday in the US, Coupang will be listed on the New York Stock Exchange at $35 per share, the company announced Thursday (Seoul time). It is the biggest IPO debut for any foreign company since Alibaba. At home it is the second-largest e-commerce platform, trailing only Naver, the country’s internet conglomerat

March 11, 2021

WEF names Market Kurly founder and CEO of Viva Republica as Young Global Leaders

Founder of online grocery service Market Kurly Sophie Kim Seul-Ah and CEO of Viva Republica Lee Seung-gun, the company behind online bank Toss, have been named part of this year’s Young Global Leaders by the World Economic Forum. Kim and Lee are among the 112 Young Global Leaders, who received the prize in the business and banking and investments categories, respectively. Describing Kim as the South Korean entrepreneur and a former Goldman Sachs analyst, the WEF said Market Kurly has the

March 11, 2021

S. Korean health care exports hit record high in 2020 amid pandemic

South Korea's health care and cosmetics exports soared more than 38 percent to an all-time high in 2020 amid the coronavirus pandemic, industry data showed Thursday. The country's overseas shipments of pharmaceuticals, cosmetics and medical devices stood at $21.70 billion last year, up 38.3 percent from the previous year and a fresh high, according to the data from the Korea Health Industry Development Institute. The new record came as the pandemic led to a surge in exports of biopharmaceutic

March 11, 2021

Korean Air raises w3.3tr in share sale for Asiana takeover

Korean Air Lines Co., South Korea's biggest carrier, said Thursday it has raised 3.3 trillion won ($3 billion) in a share sale for its planned acquisition of smaller rival Asiana Airlines Inc. Korean Air issued 173.6 million shares at 19,100 won per share, which is lower than the closing price of 27,400 won Wednesday, the company said in a regulatory filing. The national flag carrier plans to list the shares on the Korea Exchange on March 24, it said.   Out of the rights issue pro

March 11, 2021

Foreigners remain net sellers of S. Korean stocks in February

Foreign investors remained net sellers of South Korean equities in February, extending their selling spree for a third consecutive month, the central bank said Thursday. Foreigners sold a net $2.86 billion worth of local stocks last month, compared with net selling of $2.39 billion in January, according to the Bank of Korea (BOK).   Offshore investors, however, remained net buyers of Korean bonds worth $8.99 billion last month, the BOK said. Meanwhile, volatility in South Korea's

March 11, 2021

S. Korea's economy to show modest recovery: BOK

South Korea's economy is expected to stage a modest recovery from the coronavirus pandemic and the Bank of Korea (BOK) will continue monetary easing to prop up an economic recovery, the BOK said Thursday. In a regular monetary report, the BOK said it will pay close attention to household debts and financial imbalances as companies and households take advantage of cheap credit. "As the pace of the local economic recovery is expected to be modest, (the BOK) will keep monetary easing,"

March 11, 2021

KAIST finds new treatment for dystonia

The Korea Advanced Institute of Science and Technology’s research team has discovered a new way of treating the movement disorder dystonia, it announced Wednesday. Patients with dystonia suffer from involuntary muscle spasms or contractions, resulting in repetitive movements and abnormal body posture. Led by Professor Kim Dae-so, the research team has found that volinanserin, or MDL100907, has the potential to treat dystonia as an antagonist to 5-HT2AR, a serotonin receptor. According

March 11, 2021

Home meal replacement market valued at w4.2tr in 2019

South Korea's home-meal replacement product market was estimated at 4.2 trillion won ($3.68 billion) in 2019, data showed Thursday, with the sector expected to continue to grow down the road on the growing number of single-member households. The annual average growth of the segment was 16 percent since 2010, according to the Korea Rural Economic Institute (KREI). The proportion of single-member households in South Korea surpassed 30 percent of the total for the first time in 2019. (Yonhap)

March 11, 2021

[Graphic News] iPhone 12 sales propel Apple to top of smartphone market

　Strong sales of iPhone 12 models lifted Apple to the top of the global smartphone market in the fourth quarter, a survey showed. 　The report by market tracker Gartner showed Apple sold some 79.9 million iPhones in the final three months of the year - a 15 percent surge from a year earlier - to leapfrog Samsung in sales in a global smartphone market which shrank by some 5.4 percent. 　The California giant captured 20.8 percent of the market to take the top spot for the first time since the

March 11, 2021

Hyundai teases all-new minivan Staria

Hyundai Motor Co. on Thursday released a teaser for the all-new minivan Staria ahead of its domestic launch in the first half of this year. The seven-seat multipurpose vehicle will replace the Starex minivan, a company spokesman said. Hyundai expects the Staria will help boost sales due to increasing outdoor activities amid the extended coronavirus pandemic. Prices and other details about the new Staria will be released later, he said. (Yonhap)

March 11, 2021

Seoul stocks open higher on eased inflation woes

South Korean stocks opened higher Thursday on eased inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 0.91 percent, to 2,985.05 points in the first 15 minutes of trading. The KOSPI rebounded after losing ground for the fifth session in a row as foreigners and individuals bought on bottom fishing. The yields of the benchmark 10-year US Treasury stabilized just above the 1.5 percent mark, soothing investor concerns over fast post-pandemic inflat

March 11, 2021

S. Korea's exports jump 25.2% in first 10 days of March

South Korea's exports jumped 25.2 percent on-year in the first 10 days of March despite the new coronavirus pandemic on strong shipments of chips, customs data showed Thursday. The country's outbound shipments stood at $16.3 billion in the March 1-10 period, compared with $13 billion a year earlier, according to the data from the Korea Customs Service. Imports climbed 31.4 percent over the period to reach $17.4 billion, resulting in a trade deficit of $1.1 billion. By segment, exports of ch

March 11, 2021

Household spending on food, hospitality services dips in Q4 amid pandemic

South Korean households' spending on restaurants and hotels dropped in the fourth quarter of last year amid a resurge of coronavirus infections, central bank data showed Thursday. Household spending on eating out and hospitality services came to 18.9 trillion won ($16.6 billion) in the October-December period, dropping below the 20 trillion-won mark for the first time in five years, according to the data from the Bank of Korea. The corresponding figure amounted to 19.9 trillion won in the firs

March 11, 2021

Imports of Japanese beer rise for 5th month in Jan.

South Korea's imports of Japanese beer climbed for the fifth straight month in January, data showed Thursday, amid signs of a weaker local boycott of goods from the neighboring country. Asia's fourth-largest economy brought in 1,072 tons of Japanese beer in January, up a whopping 670.3 percent from the same month last year, according to the data from the Korea Customs Service and the liquor industry. Industry watchers said the consecutive increase is due to weakening anti-Japan sentiment in So

March 11, 2021