South Korea will e-connect for New Year celebrations

New Year’s events are no exception to social distancing rules against COVID-19. People in South Korea will have to “e-connect” for the upcoming New Year’s celebrations, as the government maintains strict antivirus measures that include a ban on large gatherings. The annual bell-ringing ceremony on New Year‘s eve at the Bosingak Pavilion in Jongno in central Seoul will go virtual, as the Seoul Metropolitan Government officially canceled the in-person event for t

Dec. 30, 2020

Cloud of uncertainty over Samsung as chief Lee faces possible jail time

The country’s largest conglomerate Samsung has been left unsure of what its future holds as its de facto chief faces possible jail time for corruption. Whether or not Lee Jae-yong will be put behind bars again in the finale of a three-year court saga, leaving a void at the top of the world’s No. 1 chipmaker, will be decided by a Seoul court in January. Samsung Electronics on Wednesday appeared calm, at least on the surface, after local prosecutors demanded nine years in prison fo

Dec. 30, 2020

[News Focus] COVID-19 vaccines: What’s coming and when?

South Korea’s COVID-19 vaccine plans are slowly taking shape. Once shrouded in secrecy, the government is no longer holding back in sharing the outcomes of negotiations with individual vaccine firms in securing the doses necessary for the country. As of Wednesday, Korea has signed deals with AstraZeneca, Janssen and Pfizer-BioNTech, and is in close talks with Moderna, on top of the vaccines it is to receive through the global nonprofit COVAX facility. According to what is known through

Dec. 30, 2020

Kospi hits another fresh high on final trading session of 2020

South Korea’s stock market ended its final trading session of the year on Wednesday, hitting another fresh high on market expectations for the chip industry. After a roller-coaster ride this year, the Kospi closed at 2,873.47, up 52.96 points or 1.88 percent from the previous session’s close. It began trading slightly lower at 2,820.36, but the index began moving in afternoon trading. Both foreign and institutional investors became buyers, scooping up a net 249 billion won ($229.

Dec. 30, 2020

[Best Brand] Lotte leads digital transformation of duty-free stores

The COVID-19 pandemic has decimated international travel, and duty-free stores have bore a large portion of the brunt. Lotte Duty Free, the No. 1 player in the local market, looked beyond present troubles and embraced contactless and smart shopping as the new normal for the duty-free industry. In an industry first, the company introduced a “smart store” that incorporates digital technologies and minimizes face-to-face contacts between shoppers and clerks.  Located on the fi

Dec. 30, 2020

[Best Brand] GeniRobot’s coding education robot goes global

South Korean education technology company GeniRobot is targeting the global education robot market with its all-in-one coding robot Genibot. Despite growing demand for coding education, the global education robot market -- estimated at $60 billion with a projected annual growth of 24 percent -- lacks suitable products.  In just six months after its launch, GeniRobot’s Genibot recorded sales of more than 20,000 units at home and abroad. “GeniRobot is planning an expansion t

Dec. 30, 2020

[Best Brand] aT adapts to contactless era for global K-Food boom

Even during the COVID-19 pandemic, Korean food continued to captivate the palates of global consumers. As of end-November, exports of Korean agricultural and food products, including kimchi and instant noodles, rose 6.84 percent on-year to $6.8 billion. Behind the growth is the Korea Agro-Fisheries & Food Trade Corp, frequently referred to as aT, a state-run agency tasked with promoting Korean food overseas. With major international food fairs canceled, the company organized online event

Dec. 30, 2020

[Best Brand] Lemonex recognized for innovative drug delivery tech

Global biotherapeutics and bioengineering firm Lemonex won a ministerial award for its innovative next-generation drug delivery technology called DegradaBALL. At the 12th Innobiz Company Award held Dec. 17 -- sponsored by the Ministry of SMEs and Startups and hosted by The Korea Herald and the Herald Business -- Lemonex received an Industry and Energy Ministerial prize for the innovative technology. DegradaBALL is Lemonex’s original technology that delivers novel drug candidates to topi

Dec. 30, 2020

South Korea’s 5G network slightly improves, LTE downgraded

South Korea‘s 5G quality and coverage have slightly improved in the second half of the year, said the Ministry of Science and ICT on Wednesday. The overall quality of Long-Term Evolution networks here, however, have degraded, it said in a report. SK Telecom’s 5G network showed the fastest average download speed at 795.57 megabits per second. KT followed at 667.48 Mbps, with LG U+ at 608.49 Mbps. SKT is the country‘s largest mobile carrier in terms of subscribers, followed by

Dec. 30, 2020

[Best Brand] Lotte Card appeals to customers with diversified benefits

Credit card provider Lotte Card has recently rolled out a new reward system that covers all of its LOCA branded credit cards. The new reward system offers convenience for credit card subscribers, as they don’t need to spend time working out which credit card offers the most benefits for each purchase. It automatically sets rewards for subscribers of one of eight LOCA credit cards. The LOCA brand consists of three LOCA plastic cards that offer general benefits, and another five, named &l

Dec. 30, 2020

[Best Brand] Hyundai Mobis strives for sustainable management

Hyundai Mobis, an auto parts arm of Hyundai Motor Group, has been recognized for its continued efforts for sustainable corporate management. The Seoul-based company on Dec. 4 was awarded with the Prime Minister’s prize for striving for inclusive growth across the ecosystem of the local auto parts industry. In April, when the country was in the midst of the first wave of the COVID-19 outbreak, the firm offered a helping hand to its partners, endorsing a three-month rollover on receivabl

Dec. 30, 2020

Coupang to be led by two directors instead of current four

Coupang will reorganize its top leadership so that it has two representative directors instead of the current four, the e-commerce platform said Wednesday. Two incumbent directors, Kang Han-seung and Park Dae-jun, will retain their posts, while the others will no longer hold the title. 　 Kim Bom-seok, the company’s chief executive and one of its outgoing directors, will serve as the chair of its board and will focus on establishing its strategic direction, Coupang said. The other outgo

Dec. 30, 2020

After a year of COVID-19, who are the market winners and losers?

Amid the worldwide crisis known as COVID-19, South Korea’s industries have faced mixed fates this year, with some riding on the effects of the pandemic, strict social distancing rules and accompanying market turbulence and others succumbing. On momentum from the contactless consumer trend, the information technology sector has thrived, apparently ending years of sluggish semiconductor sales. The biotechnology industry has basked in the spotlight as companies raced to develop diagnostic

Dec. 30, 2020

Hyundai Motor Group lists nine car-related products in 2020 Good Design Awards

Hyundai Motor Group said Wednesday that nine products from its three auto brands have won prizes for transportation design at the 2020 Good Design Awards. The All-New Avante (launched in the US under the name Elantra), Concept Car 45, Prophecy, Hi-Charger, K5, Sorento, G80, GV80, Genesis Copper Design Theme were all selected, South Korea’s second-largest conglomerate said in a release. The three car models by Hyundai Motor -- All-New Avante, Concept Car 45, and Prophecy -- were all mark

Dec. 30, 2020

Daewoo Shipbuilding cancels W891b deal

Daewoo Shipbuilding & Marine Engineering Co. said Wednesday that it has canceled an 891 billion-won ($820 million) container ship deal due to a shipper's failure to comply with contract terms. The unidentified African company signed the deal with Daewoo Shipbuilding in December last year, but it has since not carried out conditions necessary for the deal to take effect, Daewoo Shipbuilding said in a regulatory filing. Daewoo Shipbuilding said the deal cancellation did not cause financial l

Dec. 30, 2020

Samsung heir becomes Korea's richest man in stock value

Samsung Electronics Vice Chairman Lee Jae-yong has become South Korea’s richest stakeholder, replacing his father’s name that held the title for decades, data showed Wednesday. The vice chairman’s stock value stood at 9.07 trillion won ($8.35 billion) as of Tuesday, nearly 2 trillion won more than last year, according to CEO Score, a local corporate researcher. Stock ownership of the 49-year-old heir to the world‘s largest chipmaker is set to grow, as he and his famil

Dec. 30, 2020

S. Korea-Britain FTA to be launched this week

South Korea and Britain plan to kick off their bilateral free trade agreement this week to maintain the continuity of trade activities in line with London's departure from the European Union, the trade ministry said Wednesday. South Korea has been closely monitoring London's divorce with the EU, as the separation would mean that its existing pact with the world's largest economic bloc will no longer be valid for Britain. To avoid a possible hard landing, South Korea and Britain signed a free t

Dec. 30, 2020

COVID-19 to worsen S. Korea’s falling birthrate, marriage rate

The COVID-19 pandemic is projected to add fuel to South Korea’s low birthrate, marriage rate and rapidly increase the nation’s aging population, the central bank said Wednesday. “The pandemic will have a negative impact on the nation’s marriage and birthrate, leading to an acceleration of aging in the population,” the Bank of Korea said in its regular report on economic issues. The total fertility rate for 2022 may even become lower than the Statistics Korea&rsq

Dec. 30, 2020

Food delivery order via bank apps to begin next year

South Korea’s top financial regulator said Wednesday it will clear regulatory hurdles in the new year to foster convergence between finance and new technologies. According to the Financial Services Commission’s key policy tasks for the financial sector in 2021, the authority will revise its financial regulatory system in July next year to allow local banks to operate nonfinancial services like food delivery via their mobile applications.  “Discussions and research are un

Dec. 30, 2020

Online lender Kakao Bank conducts W1tr rights issue

Kakao Bank, South Korea's top internet-only lender, said Wednesday it has recently completed a capital increase of 1 trillion won ($920 million) to improve its loss-absorbing ability and provide more loans for low- and mid-credit borrowers. TPG Capital of the United States and Anchor Equity Partners of Hong Kong have newly bought shares worth 250 billion won, or a 2.61 percent stake, respectively, the lender said. An additional 500 billion won worth of shares have been sold to existing shareho

Dec. 30, 2020