[THE INVESTOR]  Shares of AmorePacific, the nation’s largest beauty company, were undeterred by a recall of its toothpaste products containing toxic chemicals on Sept. 27. The stock price tumbled once in the earlier trading on the day but it recovered in the afternoon to close at 400,000 won (US$364), up 1,000 won or 0.25 percent, from the previous session. Earlier in the day, the Korea Food and Drug Administration said it has found toxic chemicals -- chloro-methylisothiazolinone and methylisoth

Sept. 27, 2016

[THE INVESTOR] South Korean beauty giant AmorePacific is recalling 11 toothpaste products containing toxic chemicals that have been blamed for more than 100 deaths here after being used in Oxy’s humidifier sterilizers. The Korea Food and Drug Administration on Sept. 27 said it has found the chemicals -- chloro-methylisothiazolinone and methylisothiazolinone -- in a preservative, called sodium lauryl sulfate, used in the AmorePacific products. Except one, all the products are sold in the market u

Sept. 27, 2016

[THE INVESTOR] A top Korean hacker who has been working at Samsung SDS over the past year is likely to leave for Google, Chosun Ilbo, a local newspaper, reported on Sept. 27. The 23-year-old Lee Jeong-hoon is considered one of the best white hat hackers, or ethical hackers, in Korea. A team led by him won a social engineering contest at the Defcon security conference held in Las Vegas last year. It was the first time that an Asian team has won the world’s biggest hacking competition. He then joi

Sept. 27, 2016

[THE INVESTOR]  South Korea’s No. 1 mobile game developer Netmarble Games said on Sept. 26 it will apply for a regulatory review on Sept. 30 before its planned stock debut on the main bourse KOSPI in the coming months. When the company passes the review session that usually takes 45 days, industry watchers predict, its initial public offering could be made in January next year. The market value is priced at about 10 trillion won (US$9 billion). The company has long gauged a stock debut in Korea

Sept. 27, 2016

[THE INVESTOR] Swedish carmaker Volvo said on Sept. 26 that it will be selling about 5,200 vehicles this year in Korea, a record figure since its entry into the market. Volvo Korea CEO Lee Yoon-mo unveiled the rosy sales outlook during a launch event for the new S90, the carmaker’s flagship sedan, on the day in Incheon. “The XC90, launched in March, is enjoying popularity, selling some 750 units. With the launch of our flagship S90 sedan, we aim to sell about 5,200 vehicles this year,” he told r

Sept. 26, 2016

[THE INVESTOR] LG Electronics’ sluggish smartphone sales are dragging down growth potential of other parts sister firms, including LG Display and LG Innotek, NICE Investors Service, one of the nation’s three credit rating agencies, said in a recent report. According to the agency, LG Electronics made up the largest 59 percent of LG Group’s electronics-related revenue, followed by LG Display (33 percent), LG Innotek (7 percent) and LG Siltron (1 percent). “The earnings of electronics and parts bu

Sept. 26, 2016

[THE INVESTOR] Samsung Bioepis is seeking regulatory approval to sell its biosimilar drug referencing AbbVie’s top-selling rheumatoid drug Humira in South Korea. According to industry sources on Sept. 26, the biopharma development unit of Samsung Group has recently submitted its application to the Korean authorities for the sales approval of its Humira biosimilar, called SB5. Sources said the final approval could be granted in the first half of next year. A researcher works at a lab of Samsung B

Sept. 26, 2016

[THE INVESTOR] South Korean regulators are scrutinizing new imported vehicles, especially those running on diesel engines, more closely after the revelation that Volkswagen and Audi cheated on emissions and noise level tests. The certification process used to take about 10 days but it is taking months in the aftermath of Volkswagen’s emissions-rigging scandal that led to a sales ban on some 80 models in August. It took 11 months for Fiat Chrysler Automobiles to get regulatory approval for the la

Sept. 26, 2016

[THE INVESTOR] Prosecutors on Sept. 26 requested an arrest warrant for Lotte Group Chairman Shin Dong-bin in their ongoing probe into the retail giant’s mounting corruption scandal. The Lotte chief, 61, is facing embezzlement and breach of trust charges worth 200 billion won (US$180 million). Sources say his detainment will be decided on Sept. 28, adding that other owner family members -- Lotte Group founder and the chairman’s father Shin Kyuk-ho, his common-wife Seo Mi-kyung and elder son Shin

Sept. 26, 2016