S. Korean government launches central IRB to expedite clinical trials of COVID-19 vaccines, treatments

South Korea‘s first centralized institutional review board kicked off operations Friday, amid hopes it would expedite the review of drugs and treatments used to treat serious conditions, including COVID-19. An institutional review board, or IRB, is a constituted group designated to review and monitor biomedical research involving human subjects. Many hospitals, universities and other medical institutions in South Korea have their own IRB, but there was no state-authorized central IRB. &l

July 30, 2021

Kakao founder becomes richest person in S. Korea

Kim Beom-su, the founder of the company behind South Korea’s most popular messaging app KakaoTalk, is now the richest person in the country, according to the Bloomberg Billionaires Index on Friday. Kim has seen his fortune reach $13.4 billion this year, surpassing Samsung Electronics Vice Chairman and de-facto leader Lee Jae-yong, whose net worth was estimated at $12.1 billion. Kim’s assets grew by $6 billion in 2021 alone as Kakao shares soared 91 percent, boosted by the stock m

July 30, 2021

EcoPro BM, SKIET, Kakao Games likely to join MSCI index: analysts

While South Korea’s main bourse Kospi has stayed confined in a range of around 3,200-3,300 points for a month, market watchers are paying close attention to which stocks will be added to the Morgan Stanley Capital International’s index in an upcoming announcement. The US-based finance firm is slated to announce August’s quarterly review result of the MSCI Korea Index on Aug. 12. Since foreign capital is expected to flow into listed companies that newly join the index, the for

July 30, 2021

Seoul stocks dip over 1% on China uncertainties

South Korean stocks fell more than 1 percent Friday amid rising uncertainties related to China's clampdown on its tech firms. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 40.33 points, or 1.24 percent, to close at 3,202.32 points. The figure marks the index's largest daily drop since May 13. Trading volume was moderate at about 677 million shares worth some 12.6 trillion won ($11 billion), with losers outnumbering gainers 643 to 213

July 30, 2021

N. Korea's economy suffers worst contraction since 1997 in 2020 amid pandemic: BOK

North Korea's economy is estimated to contract 4.5 percent on-year in 2020, marking the worst contraction since 1997, as Pyongyang closed its borders over the COVID-19 pandemic, South Korea's central bank said Friday. The North's economy, which has been hit by tightened UN sanctions over its nuclear and missile programs, expanded 0.4 percent in 2019, but shrank 4.1 percent in 2018 and 3.5 percent in 2017, the Bank of Korea (BOK) said in a report. Last year, North Korea suffered its biggest eco

July 30, 2021

[Newsmaker] Department stores and big supermarkets start QR code scans as cases rise

Department stores and big supermarkets will start requiring customers to scan QR codes or submit to written entry logs to shop starting from Friday in an effort to stop the spread of COVID-19. The measure was drawn up and confirmed by the Central Disaster and Safety Countermeasures Headquarters on Tuesday as a way to strengthen COVID-19 prevention efforts as cases continue to rise in South Korea. Stores that are bigger than 3,000 square meters are required to adopt a QR entry log system, while

July 30, 2021

Blue Bottle Coffee arrives in Jeju

US-based coffee roaster and retailer Blue Bottle Coffee opened a store on Jeju Island on Friday. The opening of the ninth location in South Korea also marks the first store to be located outside of Seoul. Dubbed Blue Bottle Jeju Cafe, the new outlet is located in Songdang-ri, Gujwa-eup of Jeju City, on the western side of the island. The newly opened store reflects the regional traits of the island both in the space and on the menu, opting for low walls and a minimalistic interior design with

July 30, 2021

Apartment transactions dive in June ahead of housing subscription program launch

Nationwide apartment transactions plunged in June ahead of the launch on Wednesday of a subscription program for newly built homes, which put the brakes on a buying spree in the local real estate market, data showed Friday.  According to the data from the Ministry of Land, Infrastructure and Transport, a total of 88,922 apartment units changed hands across the nation last month, down 35.8 percent from 138,578 a year earlier.  In the Greater Seoul area, the transaction volume fell 44.

July 30, 2021

Fitch raises Woori Bank’s credit rating to A

Global credit appraiser Fitch Ratings has raised Woori Bank’s long-term credit rating from A- to A in consideration of its sound business performance, the bank said Friday.  The rating agency had maintained the lender’s long-term credit rating at A- for 16 years since 2005. The latest upgrade reflects the company’s efforts to improve risk management skills, asset soundness, profitability and capital adequacy, which has led to a significant increase in earnings, it expl

July 30, 2021

Samsung retains top spot in Q2 smartphone market: report

Samsung Electronics Co. retained the top spot in the global smartphone market in the second quarter of the year, a report showed Friday, although its market share declined from the previous quarter due to fewer shipments. The South Korean giant had a market share of 18 percent in the April-June period, after shipping 58 million Galaxy smartphones, up 7 percent from a year ago, according to a report from market researcher Counterpoint Research. But compared with the first quarter, its market s

July 30, 2021

Auto exports jump 71.9% in Q2 on robust demand

South Korea's exports of autos jumped 71.9 percent on-year in the second quarter on the back of robust demand for sedans and eco-friendly vehicles, data showed Friday. The country's outbound shipments of cars came to $10.7 billion in the April-June period, compared with $6.25 billion the previous year, according to the data compiled by the Korea Customs Service. Autos accounted for some 7 percent of South Korea's exports. Imports of autos rose 38.3 percent on-year to $4.1 billion in the cited

July 30, 2021

Samsung maintains 2nd spot in tablet market in Q2: report

Samsung Electronics Co. stayed on as the world's second-largest tablet computer vendor in the second quarter of the year, a report showed Friday, as it strives to catch up with industry leader Apple Inc. The South Korean giant logged a market share of 18 percent in the April-June period, after shipping 8.2 million Galaxy Tab tablets, up 19 percent from a year ago, according to market researcher Strategy Analytics. "The Android tablet market is undergoing big changes as vendors retool th

July 30, 2021

Manufacturers' biz sentiment drops for August

South Korean manufacturers' business sentiment dropped for August amid a recent spike in COVID-19 infections, central bank data showed Friday. The business sentiment index (BSI) for local manufacturers came to 92 for August, down from 99 for July, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumber optimists. The nation's daily new infections have exceeded 1

July 30, 2021

Industrial output, retail sales grow in June amid economic recovery

South Korea's industrial output and retail sales increased in June from the previous month in the latest sign that Asia's fourth-largest economy is on a solid recovery track, data showed Friday. But the fourth wave of the pandemic is posing a threat to the country's economic recovery as the toughest-ever virus curbs may dampen improving domestic demand. Industrial output rose 1.6 percent in June from the previous month, after stayed flat in May, according to the data compiled by Statistics Kor

July 30, 2021

LG at top of its game in global home appliance market

Not long ago, bulky refrigerators with the logos of Whirlpool of the United States or Miele of Germany were the symbols of well-off families in South Korea. Now, a neat collection of appliances from local brands that boast sleek designs, delicate colors and high-tech functions have become a self-esteem booster for many Koreans. Behind this shift, which is by no means driven by old-fashioned patriotism, is LG Electronics, dubbed by many locals as the king of white appliances. Proving itsel

July 30, 2021

Seoul stocks open lower on profit-taking

South Korean stocks opened lower Friday as investors attempted to cash in recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.74 points, or 0.36 percent, to 3,230.91 points in the first 15 minutes of trading. The KOSPI got off to a lackluster start amid sell-offs on the auto, bio and tech large caps. Overnight, the Dow Jones Industrial Average gained 0.44 percent, with the tech-heavy Nasdaq composite and the S&P 500 advancing 0.11 percent and 0.42 percent, respec

July 30, 2021

Krafton IPO price set at 498,000 won apiece

Krafton has priced its initial public offering at 498,000 won ($434.5) a share, at the top end of its indicative price range of 400,000-498,000 won, the South Korean game maker said in a regulatory filing Thursday. The game developer behind shooting game PlayerUnknown’s Battlegrounds wrapped up its book-building process Tuesday. While institutional investors placed their bids to obtain new shares for the IPO, a total of 621 domestic and overseas institutions participated. Competition amo

July 29, 2021

Hyundai, LG collaborate to build EV battery plant in Indonesia

South Korea’s leading automaker Hyundai Motor Group and battery producer LG Energy Solution are joining forces to establish a $1.1 billion electric vehicle battery plant in Indonesia, the companies said Thursday. The two companies signed a memorandum of understanding with the Indonesian government for the plant, which would produce 10 gigawatt-hours worth of NCMA (nickel, cobalt, manganese, aluminum) lithium-ion battery cells annually, enough for 150,000 electric vehicles, the firms sai

July 29, 2021

LG Chem acquires LG Electronics’ battery separator biz for W525b

LG Chem said Thursday it has acquired separator business from LG Electronics for 525 billion won ($458.5 million) to target the fast-growing global electric vehicle battery materials market. According to South Korea’s leading chemical firm, the company took over chemical electronic material business under LG Electronics’ business solutions division. The acquisition includes all tangible and intangible assets of the business including its production facilities and personnel. The

July 29, 2021

Samsung profit hits 3-year high on chip boom

Samsung Electronics’ operating profit in the second quarter soared 54.3 percent on-year to reach 12.5 trillion won ($10.9 billion), its best quarterly performance since the third quarter of 2018. According to the firm’s earnings report on Thursday, sales in the April-June period increased 20.2 percent to 63.67 trillion won, the highest for any second quarter to date. The robust performance was largely driven by the semiconductor business. When broken down, the semiconductor busi

July 29, 2021