The value of stocks owned by both former and current entertainment agency owners in South Korea have dropped nearly 30 percent compared to last year, data showed Sunday, as the industry struggles to cope with a slew of scandals as well as trade tensions between Korea and Japan, a key market. According to conglomerate research firm Chaebul.com, the combined value of stocks held by seven most stock-rich entertainment agency owners fell 28.7 percent to 512 billion won ($435.5 million) as of Fr

Market July 21, 2019

LG Chem, the chemical and biopharma business unit of South Korea’s LG Group, has been contributing to social welfare by carrying out a slew of projects supporting education and green energy in line with the United Nation’s Sustainable Development Goals. The firm has been especially focusing on developing its program for elementary and middle school students, utilizing its expertise.  It runs an experience center where students can participate in various science experiments categ

Industry July 21, 2019

Financial Services Commission Chairman Choi Jong-ku said Thursday he has offered to resign, to give President Moon Jae-in a wider range of options in the upcoming Cabinet reshuffle. “The term of office for a Financial Services Commission chairman is three years, but I have tendered my resignation to give (President Moon) a wider option in the reshuffle under the current situation, where Cheong Wa Dae is considering a Cabinet reshuffle,” Choi told reporters during a briefing held at t

Market July 18, 2019

Ten suspects behind the illegal manufacturing and distribution of counterfeit facial masks, which used pictures of actor Song Joong-ki without permission, were arrested on charges of trademark infringement, the Korean Intellectual Property Office said Thursday.The suspects had distributed more than 6 million sheets of counterfeit facial masks worth 20 billion won ($17.29 million) since April 2017, according to the Special Judicial Police under KIPO. All the products were seized upon their arrest

Industry July 18, 2019

A 15-member economic mission from Israel visited Hyundai Card’s headquarters Wednesday, amid Israeli President Reuven Rivlin’s state visit to South Korea, the firm said Thursday. The delegation, which consisted of Israeli government officials and heads of startups in the auto-tech and ICT sector, met with Hyundai Card CEO Chung Tae-young at the firm’s headquarters in Yeouido, western Seoul.  Chung joined the tour of the office, explaining the firm’s key design projec

Market July 18, 2019

With mounting anti-Japanese sentiment, financial institutions in South Korea, especially lenders, are closely monitoring how it could affect them, according to sources Wednesday. Tokyo’s decision to tighten controls on exports of key materials needed for the Korean tech industry, coupled with mounting tensions over Japan’s wartime forced labor has fueled strong anti-Japanese sentiment here in recent weeks. Of the four major commercial banks in Korea, Shinhan is known to have a s

Market July 17, 2019

Japan’s latest moves to curb exports of key materials used in South Korea’s high-tech industry is to be an agenda at the World Trade Organization’s General Council meeting next week amid mixed forecasts about the results. The Moon Jae-in administration announced Sunday that it planned to use the upcoming meeting to explain its stance on Tokyo’s decision to apply stricter export rules for three materials used for producing chips and displays, and to remove South Korea from

Industry July 16, 2019

NEW YORK -- Located a few blocks north of the bustling Times Square on 7th Avenue Manhattan, a South Korean brokerage is standing its ground and making inroads in the bustling financial sector.“It’s been nearly 25 years since our foray on Wall Street,” Mirae Asset Securities New York Office CEO Jae Ryu told The Korea Herald recently. “The significance of having a foothold in New York is that the office helps us expand globally and build our brand image.” But the fic

Market July 14, 2019

Kakao Bank, one of the first internet-only banks launched in South Korea nearly 2 years ago, said Friday that its customer count surpassed 10 million the previous day. Launched in July, 2017, the online bank owned by Kakao Corp. has been outperforming its industry rival K-Bank in terms of popularity and users. Kakao and K-Bank are the nation’s only internet banks at the moment, with financial authorities currently mulling the approval of the nation’s third and fourth candidates. 

Market July 12, 2019

Shares of Lotte Group subsidiaries continued to stagger Wednesday following anti-Japanese sentiments due to trade restrictions on exports of key raw materials to local tech conglomerates. The retail giant with its owner family’s roots in Japan is in hot water due to its association with popular Japanese brands including Uniqlo and Asahi.Shares of Lotte Corp., holding company of Lotte Group, closed nearly 1.5 percent lower from the previous session at 40,400 won ($34.19). Lotte Shopping, wh

Market July 10, 2019

South Korean stocks suffered extended losses Tuesday, likely the result of Japan’s decision to place export restrictions on key semiconductor materials along with the growing possibility that the US Federal Reserve will leave interest rates unchanged this month. The benchmark Kospi closed 0.59 percent lower from the previous trading at 2,052.03, despite opening higher. It fell more than 2 percent Monday, the worst decline in two months, amid a strong mood of lowered anticipation of an aggr

Market July 9, 2019

Philips Korea, the local unit of Dutch health care giant Philips, said Monday it has been providing a digital pathology system that aids diagnosis of cancer for the Catholic University of Korea’s St. Mary’s Hospital since last month. The system, dubbed “Philips IntelliSite Pathology Solution,” allows the hospital’s pathology team to obtain accurate diagnosis results through a digitalized method. The team is able to manage patients’ tissue slides in the fo

Industry July 8, 2019

Japan’s decision to restrict key supplies for South Korea’s semiconductor industry has shed light on the considerable size of Japanese investment in the nation’s financial market, stoking concerns over its impact on the nation’s economy if political bickering spreads to the capital market.According to data from the Korea Center for International Finance on Sunday, Japanese banks held nearly 21 trillion won ($17.6 billion) worth of outstanding loans in Korea. The instituti

Market July 7, 2019

South Korea and ASEAN have agreed to establish a center for science and technology partnership to promote exchanges and policy sharing programs, the Ministry of Science and ICT said Friday.  The agreement was made at the fourth meeting of the Korea-ASEAN Joint Science and Technology Committee in Indonesia. Around 30 officials in charge of S&T policies from the 10-member ASEAN nations attended the biennial event.Alongside establishing a new S&T center, they also agreed to launch an e

Economy June 28, 2019

Entertainment shares and others related to “Descendants of the Sun” power couple, Song Joong-ki and Song hye-kyo, displayed a weak performance Thursday following the surprise announcement of their divorce filing. Studio Dragon, the main production studio behind “Arthdal Chronicles,” closed 1.29 percent lower from the previous day’s trading at 68,800 won ($59.40).  “Arthdal Chronicles” is a blockbuster historical-fantasy series starring Song Joong-ki

Market June 27, 2019