Korean banks flock to Myanmar for ‘next big market’

Major South Korean lenders are gearing to start business in Myanmar, hoping to sustain their momentum in the Southeast Asian region. 　Korea Development Bank, Industrial Bank of Korea and KB Kookmin Bank obtained preliminary approval from the central bank in Myanmar earlier in the week, industry sources said on April 10. 　KDB was granted preliminary approval from the Central Bank of Myanmar a day prior to open a new branch in Yangon, the country’s largest city. It marks the first time in

VIG Partners to acquire funeral service firm

South Korea’s buyout fund VIG Partners said on April 10 it plans to acquire the nation’s leading funeral service firm Preedlife. 　While neither the acquisition price nor the amount of stake were disclosed, the transaction is expected to close in the third quarter of 2020. 　This comes amid the private equity firm’s move to carry out a bolt-on strategy, under which its existing portfolio firms Jounlife and Preedlife will be combined to become the biggest funeral goods and ser

Samsung Biologics to manufacture Vir’s COVID-19 treatment starting 2021

Samsung Biologics on April 10 signed a binding letter of intent worth 440 billion won ($363 million) to manufacture US-based Vir’s COVID-19 treatment, starting 2021. 　It is the biggest single deal Samsung Biologics has taken since its 2016 initial public offering. 　Vir’s SARS-CoV-2 monoclonal antibody (mAb) candidates VIR-7831 and VIR-7832 have demonstrated high potency in neutralizing the SARS-CoV-2 in live-virus cellular assays.  　The molecules were approved for fast-tr

Businesses brace for liquidity crisis by selling assets

　Facing a looming liquidity crunch due to the coronavirus crisis, South Korean companies have sold off their assets, including real estate and equities, to keep enough cash in their vaults, according to the Korea Exchange on April 9. 　From January to April 7, 29 companies sold a combined 1.5 trillion won ($1.23 billion) worth of tangible assets, compared to 481.6 billion won worth assets sold by 18 companies during the same period last year, the bourse operator said. 　Most of the asset sales w

‘Materials key to stepping up flexible displays’

Professor expects stretchable devices to arrive in five to 10 years, forecasts skin-attachable screens in future

AleXa on becoming K-pop star, dancing in boots and cyborg aesthetic

Up-and-coming singer releases electro-pop EP after making a splash with cyberpunk concept

Young NK defectors’ school hopes dashed

Students of Yeomyung School, an alternative high school for young North Korean defectors, had high hopes for the school’s relocation plan.   　 In a new location with a new building, they would have more spacious classrooms and a real playground with enough space to kick a ball during recess.   　 But those dreams were dashed late last year.   　 Met with strong resistance from residents in Eunpyeong-gu, a largely residential district in northern Seoul where the school was

‘With fried chicken, water beats beer’

Water sommelier says demand for water quality differs among countries, awareness on premium water will increase in Korea

Seoul orders nightclubs, discos to close until April 19

The Seoul Metropolitan Government on Wednesday ordered the closure of entertainment establishments such as nightclubs and room salons until April 19, amid mounting concerns that mass infections may have occurred at a bar in the city.  　 Mayor Park Won-soon announced the measure, which bans people’s gatherings at such entertainment venues, not the business itself, to last until April 19, when the country’s social distancing measures are due to be lifted. 　 “With my autho

Bar employee tests virus positive after contact with infected K-pop singer

Night clubs and bars here were on high alert after it was revealed Tuesday that a female bar employee at one of Seoul’s biggest bar districts was confirmed with COVID-19. The employee, 36, whose test results turned out to be positive last Thursday, is believed to have contracted the COVID-19 after coming into contact with a virus patient, Yoon Hak of K-pop group Supernova, on March 26. The singer, 37, was diagnosed with the infection on April 1 and has since been in isolation at a medic

Korea’s virus fight ‘may drag on for months, years’

Health care workers see second wave of outbreak coming their way

Red Cross delivers W33.4b worth of COVID-19 relief

The Korean Red Cross said Tuesday that it had collected 53.5 billion won ($43.9 million) in donations since Feb. 27 to help fight the novel coronavirus, and spent 33.4 billion won of it on emergency relief. Masks, protective clothing and medical gloves worth 13.7 billion won have been delivered to medical institutions and staff treating COVID-19 patients. About 2.9 billion won was spent on providing masks and care packages to patients confirmed with the virus, and another 13.9 billion won wen