Moon to invest W50m in Korean New Deal funds: Cheong Wa Dae

President Moon Jae-in will invest a total of 50 million won ($45,600) into new major funds intended to support the government's Korean-version New Deal project, his office said Wednesday. The president plans to sign up on Friday for five funds to be operated by as many local asset managers, according to Cheong Wa Dae spokesman Kang Min-seok. Moon will use profits from his investment in a separate fund that was created in 2019 to foster South Korea's parts and materials production industry agai

Jan. 13, 2021

S. Korea to allow commercial breaks for terrestrial broadcasters

South Korea's media regulator said Wednesday it will ease rules to allow commercial breaks during TV programs for terrestrial broadcasters in a move to boost the country's slumping broadcast industry. Local terrestrial broadcasters are currently prohibited from airing commercial breaks to ensure viewer rights. Broadcasters, however, have skirted rules by dividing programs in two parts and airing commercials in between amid declining sales. The Korea Communications Commission said it will chan

Jan. 13, 2021

Eastar to file for court receivership this month

Financially troubled budget carrier Eastar Jet said Wednesday it plans to file for court receivership this month to find a new investor amid the COVID-19 pandemic. Eastar Jet has had difficulties in finding a strategic investor since July when Jeju Air scrapped its plan to acquire the low-cost carrier. In the same month, Eastar's creditor banks withdrew their plan to extend loans to Jeju Air to help it take over Eastar. "Eastar aims to find a new investor through a court-led rehabilit

Jan. 13, 2021

Celltrion's COVID-19 treatment reports clinical improvement of 54%

A coronavirus antibody treatment under development by local drugmaker Celltrion has shown a clinical improvement rate of 54 percent among mild and moderate COVID-19 cases, the company announced Wednesday. The immediate reaction from the industry was that a 54 percent improvement rate is too low to be considered a treatment. However, antibody treatments are meant to only alleviate, not cure, some were quick to add. Celltrion's treatment will require early detection of an infection. If found ea

Jan. 13, 2021

[CES 2021] Tech boundaries crushed as innovations rush in

A notable trend at this year’s CES is that the boundaries between different sectors of technology are not just being blurred, but crushed, as the pandemic accelerates the pace of innovation. With the all-digital CES 2021 heading into its third day, many viewers have been taken by surprise by unexpected presentations from major companies, such as conventional automaker General Motors, auto parts maker Bosch and camera company Canon. GM Chairman and CEO Mary Barra proclaimed during her

Jan. 13, 2021

Netherlands-based brokerage to start business in S. Korea

South Korea‘s top financial regulator said Wednesday it has granted preliminary approval for Netherlands-based brokerage house IMC to operate its financial investment and brokerage business in the country.  The move came after the Dutch firm had requested the Financial Services Commission’s approval in June last year. The brokerage obtained the authority‘s final nod on the condition that its Seoul-based subsidiary serves as a market maker -- a member of an exchange comm

Jan. 13, 2021

7 injured by chemical leak at LG Display plant

A toxic chemical leak at LG Display Co.'s plant in South Korea left seven workers injured, local authorities said Wednesday. An ammonium-type chemical substance was leaked at around 2:20 p.m. at LG Display's factory in Paju, just north of Seoul, according to them. Of the injured workers, two received cardiopulmonary resuscitation after they collapsed, the authorities said. The leaked chemical is believed to be tetra methyl ammonium hydroxide (TMAH) that is known to be used as a solvent in chi

Jan. 13, 2021

Retail traders hold record-high deposits of W72tr: data

Retail investors’ deposits for stock investments reached a record 72.3 trillion won ($66 billion) as of Monday, according to the Korea Financial Investment Association, a self-regulatory organization for the financial sector, Wednesday. It is the first time that the outstanding deposits for stock investment crossed the 70 trillion won mark since related data started to be compiled in 1998. The outstanding balance, which came in at 67.5 trillion won last Friday, added a whopping 4.8 tril

Jan. 13, 2021

South Korean job losses hit 22-year high amid pandemic

South Korea’s economy last year suffered its worst year for job losses in 22 years, as companies of all sizes struggled to keep employees in the face of the prolonged pandemic, data showed Wednesday. According to Statistics Korea, the number of employed people here came to 26.9 million last year, down 218,000 from a year earlier, as hotels and restaurants slashed employment. The largest annual job loss on record was 1.27 million jobs in 1998, when the 1997-98 Asian financial crisis took

Jan. 13, 2021

Chaebol kids reach C-suite within 5 years: data

Family members of chaebol owners are climbing the corporate ladder visibly faster than their peers, reaching the C-suite within a mere five years, industry data showed Wednesday. According to an analysis by corporate tracker CEO Score, it took an average of 4.8 years for chaebol owner family members to be promoted to executive positions. The study was based on 43 family-controlled conglomerates in which both the owner parents and children participated in management. The chaebol offspring join

Jan. 13, 2021

Hyundai unveils teaser of BEV Ioniq 5

Hyundai Motor on Wednesday released the teaser for the upcoming Ioniq 5, the first purely electric model based on its electric vehicle platform. The Ioniq 5 mid-sized crossover vehicle is marked with the electric-global modular platform, or E-GMP, which offers a driving range of up to 500 kilometers on a single charge, as well as an ultrahigh-speed 800-volt charger that can charge 80 percent of battery capacity within 18 minutes. The model’s key design features include the Parametric Pi

Jan. 13, 2021

Kia, Kakao Mobility sign MOU to expand electric taxis here

Kia and Kakao Mobility have established a partnership to expand the supply of eco-friendly electric vehicles here, officials said Wednesday. Officials of both companies met Tuesday at Kia’s headquarters in southern Seoul’s Apgujeong-dong and signed a memorandum of understanding to promote electric vehicle supplies. The strategic orientation of the MOU is to combine Kia’s automobile infrastructure and Kakao’s mobility platform, seeking to advance the convenience of both

Jan. 13, 2021

[CES 2021] Auto parts players aim high for future mobility

  As the auto industry shifts to electric and self-driving cars, auto parts makers are no longer mere suppliers. They have become a key driving force behind market innovations. In this transition, South Korean companies are coming out of the shadows of compatriot brands Hyundai and Kia to become global players, taking aim at the worldwide automotive parts and components market which is expected to reach $2.4 trillion in 2024 from last year’s $1.9 trillion. This year’s all-d

Jan. 13, 2021

LG Energy Solution batteries set to power Amazon cargo trucks

Some of Amazon’s planned 100,000-strong fleet of electric delivery vehicles will likely be powered by LG Energy Solution batteries, according to a recently-revealed deal between the US e-commerce giant and a Canadian EV maker. In its recent filing with the US Securities and Exchange Commission, Lion Electric said it has a framework agreement with Amazon Logistics in place since summer last year to reserve production facilities for 500 Lion 6 and 8 electric trucks per year from 2021 and 20

Jan. 13, 2021

[CES 2021] More Robots and AI from South Korean tech giants at CES 2021

At the ongoing Consumer Electronics Show, South Korean companies have presented more robots and artificial intelligence-based products and solutions that promise to make our daily lives easier in the near future. LG Electronics brought its AI-based virtual human character Reah Keem to the fore, who unveiled the company’s latest line of LG CLoi UV-C robots. The robot, designed to use ultraviolet radiation to reduce harmful germs in public and personal areas, was presented for the first ti

Jan. 13, 2021

Ford Korea to introduce six new cars in 2021

Ford Sales and Service Korea will release six new vehicles to gain an edge in the South Korean market, the automaker said Wednesday. Revealing the company’s business plan for 2021 in an online media conference, Ford Korea’s Managing Director David Jeffrey said the company aims to achieve strong growth in 2021 by focusing on the sport utility vehicle segment. “We approach 2021 full of energy, with a strong plan to launch relevant and exciting new vehicles that will ensure t

Jan. 13, 2021

Seoul stocks snap two-day losing streak on investors' bottom-fishing

South Korean stocks snapped a two-session losing streak Wednesday as investors scooped up top caps that recently suffered heavy losses. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.34 points, or 0.71 percent, to 3,148.29. Trading volume was high at about 1.56 billion shares worth around 24 trillion won ($21.9 billion), with gainers outnumbering losers 626 to 225. Retail investors purchased a net 171 billion won, while foreigners pi

Jan. 13, 2021

Telegram, Signal user numbers soar after WhatsApp’s controversial privacy update

Messaging apps Telegram and Signal saw a surge in the number of app downloads and active users amid a backlash over competitor WhatsApp’s new privacy policy. Telegram added 25 million new users in the last 72 hours to reach the 500 million active users milestone, according to the messaging app’s official Twitter account on Wednesday. Signal collected 7.5 million downloads from Apple’s App Store and Google Play period from Wednesday through Sunday, an equivalent to a 4,200 p

Jan. 13, 2021

CheongKwanJang’s red ginseng gains spotlight amid pandemic

As people looked for ways to enhance their immune system amid the coronavirus pandemic, red ginseng is enjoying a surge in popularity both in Korea and elsewhere, according to Korea‘s leading red ginseng brand CheongKwanJang. “Since the coronavirus outbreak, consumption of red ginseng in Korea has risen for its immune-boosting and other health benefits,” one official at Korea Ginseng Corp. said on Wednesday. “Korean Red Ginseng Concentrated Extract, made of 100 percent

Jan. 13, 2021

SoluM, LG Chem’s battery split-off eye IPOs

Amid continuous stock markets rallies and investors’ growing interest in initial public offerings, SoluM, a spin-off from Samsung Electro-Mechanics, and LG Energy Solution, a battery split-off from LG Chem, are eyeing market debuts. Electronic components maker SoluM is looking to raise as much as 99.2 billion won ($90.60 million) from its IPO early next month, becoming the first firm to be listed on the nation’s benchmark Kospi this year, its chief executive officer said Wednesday

Jan. 13, 2021