Electroacupuncture can improve sleep, study suggests

Insomnia is one of the most common sleep disorders. According to the National Health Insurance Service, some 640,000 people visited hospitals due to insomnia in 2019. The number of such visits has steadily increased over the past five years. There might be hope. A recent study has found that electroacupuncture can help people suffering from insomnia. Used often in Korean traditional medicine, electroacupuncture involves administering small electric currents using thin needles inserted into

Feb. 11, 2021

February set to be blockbuster month for IPOs

February is set to be another busy month for the South Korean stock market as a large number of companies are seeking to launch initial public offerings on retail investors’ strong appetite for direct investments, according to investment banking sources. This month alone, 12 firms are scheduled to float their shares on the stock market or hold retail subscriptions. The IPO subscriptions of five newcomers such as semiconductor equipment manufacturer Auros Technology and medical artificia

Feb. 11, 2021

ITC backs LG Energy in trade secret dispute, issues 10-year import ban on SK

A US trade panel on Wednesday ruled in favor of South Korean battery maker LG Energy Solution Ltd. in a trade secret case and issued a 10-year import ban on some lithium-ion battery products by SK Innovation. The US International Trade Commission affirmed a preliminary ruling delivered in February 2020 to support LG's claims that SK used stolen trade secrets to develop its electric vehicle batteries. The ITC issued "a limited exclusion order" for 10 years to ban import of s

Feb. 11, 2021

Microsoft CEO says big tech needs clearer laws on online speech

Microsoft Corp. Chief Executive Officer Satya Nadella said social-media services like Facebook, Twitter and YouTube need clearer laws and rules to govern whether controversial “Unilateral action by individual companies in democracies like ours is just not Microsoft doesn’t currently run a consumer social media service, but it is among cloud-computing In the past several years, antitrust regulators have ramped up investigations into the market power of large technology companies, just

Feb. 10, 2021

Kospi returns above 3,100 points ahead of Lunar New Year

South Korean benchmark Kospi bounced back after a roller coaster ride Wednesday ahead of the Lunar New Year holiday, surpassing the 3,100-point mark. The main bourse got off to a slightly strong start but fluctuated widely until the late afternoon trade. The key stock index then moved upward during the remaining trading hours to close at 3,100.58 points, 15.91 points or 0.52 percent higher from the previous session’s close. Despite a brief respite overnight on Wall Street and the local

Feb. 10, 2021

Turkey gives first approval to Korean Air-Asiana takeover

Korean Air’s plan to take over Asiana Airline has been approved by antitrust authorities in Turkey, the airline said Wednesday. The Turkish Competition Authority, a government organization dedicated to ensuring market competitiveness, gave the Korean airline the green light last Thursday, becoming the first foreign country to clear one of the hurdles facing the high-profile acquisition. Last month, the South Korean national flag carrier filed for a merger and acquisition review to the an

Feb. 10, 2021

Seoul stocks rebound on tech, auto gains

South Korean stocks snapped a two-session losing streak to end higher Wednesday, buoyed by strong gains in tech and auto stocks, ahead of the Lunar New Year holiday. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.91 points, or 0.52 percent, to close at 3,100.58 points. Trading volume was high at about 2.13 billion shares worth some 18.07 trillion won ($16.32 billion), with gainers outnumbering losers 486 to 334. Foreigners picked up

Feb. 10, 2021

Corporate rankings for 2021 reflect impact of contactless trend, M&A deals

After a year of the COVID-19 pandemic, South Korea’s conglomerates saw some fluctuations in their asset rankings, reflecting the impact from major mergers and acquisitions and from the contactless business trend, industry data showed Wednesday. While the top seven business groups remained largely unchanged, those in transportation and heavy industries expanded their assets on the back of M&A deals. Also, biopharmaceuticals and IT players climbed up the ladder on the back of social di

Feb. 10, 2021

LG-SK lawsuit poses dilemma for Biden's auto industry road map

Market tension and political pressure escalated Wednesday as South Korea’s major battery makers -- LG Energy Solution and SK Innovation -- awaited the final ruling from the US International Trade Commission regarding their yearslong trade secret battle. While the outlook has so far largely favored LG, some market observers have suggested recently that newly inaugurated US President Joe Biden might veto the final ruling to support US-made vehicles. “SK Group is sinking about $2.6

Feb. 10, 2021

[Newsmaker] South Korea approves AstraZeneca vaccine for all adults

South Korea has approved the emergency use of AstraZeneca’s adenoviral vector COVID-19 vaccine for all adults, including those aged 65 and older, the Ministry of Food and Drug Safety said Wednesday. The efficacy of the AstraZeneca vaccine for seniors had been a matter of contention, given the dearth of clinical data presented by AstraZeneca in regards to the aged cohort. Authorities here have decided to proceed with vaccination for all, on the condition that AstraZeneca follows up with fu

Feb. 10, 2021

Foreigners remain net sellers of S. Korean stocks in January

Foreign investors remained net sellers of South Korean equities in January, extending their selling spree for a second straight month, the central bank said Wednesday. Foreigners sold a net $1.07 billion worth of local stocks last month, compared with a net selling of $2.36 billion in December last year, according to the Bank of Korea (BOK). Offshore investors turned net buyers of Korean bonds worth $1.32 billion last month, the BOK said. Meanwhile, volatility in South Korea's currency slight

Feb. 10, 2021

Banks' household loan growth quickens in January

South Korean banks' household loans continued to grow at a faster pace in January, driven by the strong growth of mortgage loans, central bank data showed Wednesday. The value of outstanding bank loans to local households came to 996.4 trillion won ($892.8 billion) as of end-January, up 7.6 trillion won from the previous month, according to the data from the Bank of Korea (BOK). The January reading compares to a 6.7 trillion-won gain in December last year. The BOK said the rise in lending was

Feb. 10, 2021

New law to allow reversal of fat-finger transactions via Kakao Pay, Toss

Mistaken transactions made through mobile payment apps will be subject to aid from a state-run deposit insurer after a revision of a depositor protection legislation takes effect later this year. Starting on July 6, the Korea Deposit Insurance Corporation will help reverse error remittances that have occurred not only in accounts of financial institutions but also in mobile payment services such as Toss and Kakao Pay, according to amendments to the Depositor Protection Act. However, transact

Feb. 10, 2021

Korea open to Russian vaccine, GC Pharma rumored as CMO

GC Pharma has once again risen as a potential contract manufacturer to a foreign vaccine, this time for Russia’s Sputnik V. Company officials, however, refrained from commenting, citing the sensitivity of the issue. The interest for Sputnik V in South Korea was ignited after Jeong Eun-kyung, head of Korea Disease Control and Prevention Agency, said Monday that the country was open to considering the Russian vaccine, citing uncertainties over virus variants and the supply of vaccines. &l

Feb. 10, 2021

Cafe24 to hosts webinar on global sales strategy for social media

E-commerce platform Cafe24 will host a webinar on global sales strategy for Facebook and Instagram next week, the company said on Wednesday. The platform said the event will provide viewers with strategic help in reaching over three billion online users on Facebook-owned apps using Facebook Shops. Dubbed “Facebook‘s Global Commerce Success Strategies Using Shops,” the occasion is scheduled to take place at 2 p.m. on Feb. 17, and will be offered for free to those who sign up

Feb. 10, 2021

Samsung Heavy to demonstrate remote ship control system for large vessel

Samsung Heavy Industries Co. said Wednesday that it will demonstrate whether its remote autonomous navigation system can autonomously steer a large ship in August. A 9,200-ton ship will be used to demonstrate the shipbuilder's remote autonomous navigation system known as Samsung Autonomous Ship, or SAS, the company said. Mokpo National Maritime University will assess whether the system helps the ship navigate autonomously under remote control, Samsung Heavy said. If Samsung Heavy succeeds in

Feb. 10, 2021

ICT exports up 22% in January on chips, displays

South Korea's exports of information and communication technology (ICT) products shot up a whopping 21.7 percent on-year in January on the back of strong overseas demands for chips, data showed Wednesday. Outbound shipments of ICT goods came to $16.3 billion in January, which marked the second-largest amount ever for any January, according to the data compiled by the Ministry of Science and ICT. The country posted record high ICT exports of $17.6 billion in 2018 for January. Imports came to $1

Feb. 10, 2021

Apple, Samsung extend lead as top semiconductor buyers in 2020: survey

Reflecting the increased demand for telecommunications amid the COVID-19 pandemic, Apple remained the world’s largest buyer of semiconductor chips in 2020 for the second year straight, industry data showed Wednesday. According to global research and consulting firm Gartner, Apple spent $53.6 billion on chips, up 24 percent from a year earlier, and thus accounted for 11.9 percent of the worldwide market. Next was South Korea’s Samsung Electronics, which spent $36.4 billion, up 20.4

Feb. 10, 2021

Hyundai Motor unveils unmanned mobility vehicle concept

Hyundai Motor Group on Wednesday unveiled its first "uncrewed" mobility vehicle concept as it strives to morph into a future mobility solutions provider. The TIGER robot, which stands for Transforming Intelligent Ground Excursion Robot, is designed to operate as a four-wheel drive vehicle or a four-legged walking machine to conduct scientific exploration activities, carry emergency medical kits and deliver products to inaccessible areas, Hyundai said in a statement. The vehicle with

Feb. 10, 2021

Regulator OKs taxi-hailing joint venture with Uber

South Korea's corporate watchdog said Wednesday it has approved a move by SK Telecom Co.'s mobility spinoff to launch a taxi-hailing joint venture with Uber Technologies Inc. T Map Mobility, wholly owned by SK Telecom, the country's biggest mobile carrier, plans to set up a taxi-hailing joint venture with US ride-hailing company Uber in April, as it seeks to strengthen its business in the connected mobility sector. The Korea Fair Trade Commission (KFTC) said it has given the green light to the

Feb. 10, 2021