Hancom acquires local firm to tap into drone, aerospace biz

Hancom Group, South Korea's leading office software developer, said Wednesday it has acquired a local firm as part of efforts to tap deeper into the aerospace and drone businesses. Hancom took over InSpace Co., which develops satellite ground station solutions and drone technologies. The group did not reveal the value of the deal. Hancom said it plans to combine its internet of Things (IoT) and autonomous driving solutions with InSpace's drone technology to launch a drone service platform an

Sept. 9, 2020

Seoul stocks dip over 1% on Wall Street-triggered sell-offs

South Korean shares dipped more than 1 percent Wednesday, as investors dumped market heavyweights following a plunge in the US stock market. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 26.1 points, or 1.09 percent, to close at 2,375.81. Trading volume was moderate at about 929 million shares worth some 15.2 trillion won ($12.8 billion), with losers outnumbering gainers 618 to 240. Foreigners sold a net 117 billion won, extending the

Sept. 9, 2020

KITA establishes testbed in US to support Korean startups

The Korea International Trade Association said Wednesday it has partnered with Startup Junkie, a US-based venture catalyst and entrepreneurial support organization, to help Korean startups test their technologies and products overseas. According to KITA, it signed a memorandum of understanding Friday with Gangnam-gu Office, Korea Venture Business Association and Startup Junkie that will allow consumer goods companies in the US to test and verify technologies and products of Korean startups.

Sept. 9, 2020

KCCI chief helps AI drones fly over regulatory hurdles

Korea Chamber of Commerce and Industry Chairman Park Yong-maan said Wednesday that the organization has managed to receive a greenlight from the government to test artificial intelligence-based drones in the skies above Busan and Daegu. The chairman on Wednesday uploaded a video to his Facebook account, explaining that the KCCI has won a regulatory sandbox approval for AI drones to inspect the safety of bridges and tall buildings in the two cities after a three-month long negotiation between

Sept. 9, 2020

KDB chief likely to take second term

Lee Dong-gull, chairman of South Korea’s largest state-run lender the Korea Development Bank, has de facto clinched his second term in office, officials said Wednesday. Once the presidential office Cheong Wa Dae makes it official, Lee is to become the first KDB leader in 26 years to serve two consecutive terms and the fourth to do so in the state-run bank’s 65-year history. Speculation about the KDB’s leadership had been rampant as no plausible candidates were in sight wh

Sept. 9, 2020

KDB finalizes acquisition of Indonesian financial firm Tifa Finance

The state-run Korea Development Bank said on Wednesday that it has recently completed the process to acquire the Indonesian company Tifa Finance. The latest takeover, which is in line with the government’s drive to beef up economic and geopolitical relations with countries in Southeast Asia, is aimed at expanding operations in the local market. In December, the Korean bank signed a contract to acquire an 80.65 percent stake in the Indonesian financial company from DSU Group, a manufact

Sept. 9, 2020

Samsung's 5G Verizon deal hailed as example of Korean firms' tech prowess

SEJONG -- South Korea's vice finance minister on Wednesday hailed a multibillion-dollar order won by Samsung Electronics Co. to supply fifth-generation (5G) network equipment to Verizon Communications of the United States. The deal showed how South Korea's industrial sectors navigate through global technology rivalries, Vice Finance Minister Kim Yong-beom said in a meeting with experts, according to the ministry. Companies must step up their investment into new technologies, including next-g

Sept. 9, 2020

S. Korea loses 274,000 jobs in August

South Korea lost 274,000 jobs last month, continuing the downward trend for a sixth consecutive month -- the longest period since the aftermath of the 2008 global financial crisis -- data showed Wednesday. Hit by coronavirus woes, Asia’s fourth-largest economy’s jobless rate inched up 0.1 percentage point on-year to 3.1 percent in August and the number of unemployed surged to 27.08 million, data compiled by Statistics Korea showed. It is the most protracted downturn in employment

Sept. 9, 2020

More than 230,000 join online draw of Galaxy Z Fold 2 limited edition sales

More than 230,000 people in South Korea have entered a draw to buy Samsung Electronics Co.'s limited edition of the Galaxy Z Fold 2, company officials said Wednesday, as the South Korean tech giant tries to boost sales of its foldable devices. Those selected from the two-day online draw for a chance to purchase the Galaxy Z Fold 2 Thom Browne Edition will receive the product from Sept. 25. Only 5,000 units of the Galaxy Z Fold 2 Thom Browne Edition will be released globally. Industry insiders

Sept. 9, 2020

Mirae Asset Daewoo’s customer assets surpass W300tr amid stock investment boom

Korean brokerage firm Mirae Asset Daewoo said Wednesday that its customer deposits exceeded 300 trillion won ($252 billion) as of end-August, amid growing interest in stock investments in times of ultralow interest rates. At the end of last month, the securities firm’s customer deposits neared 301 trillion won, up more than 60 trillion won from the 239 trillion won recorded at the end of last year. The customer deposits include retail and corporate investors’ money put in their s

Sept. 9, 2020

Mirae Asset set to acquire Amazon logistics centers in US: sources

Mirae Asset Global Investments, the asset management arm of South Korean financial group Mirae Asset, was selected as a preferred bidder to acquire Amazon’s logistics centers in the US for $17 million, according to local industry sources Wednesday. The three logistics centers, located in Indiana, Ohio and North Carolina, have been put on sale by Scannell Properties, a US real estate development firm, they said. The centers handle Amazon’s last-mile delivery. While Amazon is set to

Sept. 9, 2020

Philip Morris aims to acquire ‘risk modification’ nod from FDA

Philip Morris Korea on Wednesday called on the government to introduce separate regulations for heat-not-burn cigarettes, as it touted the latest authorization by the US Food and Drug Administration of its Iqos brand.　 The FDA decided in July to authorize the marketing of the company’s electronically heated tobacco system as a type of modified risk tobacco product in an industry first. There are two types of MRTP orders the FDA may issue: a “risk modification” order or an &ldq

Sept. 9, 2020

GC Pharma’s Hunterase approved in China

GC Pharma’s Hunter syndrome treatment Hunterase has been approved by the Chinese drug authority, the company said Wednesday. Hunterase is indicated for long-term treatment for Hunter syndrome, and is the first of its kind to be officially approved for use by China’s National Medical Products Administration. CANBridge Pharmaceuticals is responsible for the distribution of Hunterase in China, and is expected to gradually widen the scope to Taiwan, Hong Kong and adjacent regions. Hu

Sept. 9, 2020

FSC to provide safeguards for heavy debtors

To help delinquent debtors get back on their feet, Korean authorities plan to draft new legislation that enables them to request a debt restructuring program to financial institutions and have a mediator in the process, the Financial Services Commission said Wednesday. The “consumer credit bill” can force local lenders to cease debt collection activities, upon the debtor‘s request, and offer a revised version of a repayment program within 10 working days. Currently, borrowe

Sept. 9, 2020

S. Korean bond sales dip 7.2% in Aug.

Bond sales in South Korea dropped more than 7 percent in August from the previous month amid rising interest rates, data showed Wednesday. The value of bonds issued in the country came to 67.7 trillion won ($56.9 billion) last month, down 7.2 percent from a month earlier, according to the data from the Korea Financial Investment Association. Sales of state bonds climbed 6.8 percent, but the issuance of financial and corporate bonds sank 10 percent and 33.9 percent, respectively. The decline

Sept. 9, 2020

S. Korean stock investors swoop on Tesla in H2

Electric vehicle leader Tesla Motors Inc. has been South Korean investors' most-bought issue among foreign shares since July amid an overseas stock buying craze here, data showed Wednesday. Domestic investors bought a net $1.56 trillion won worth of Tesla shares between July 1 and Tuesday, according to the data from the Korea Securities Depository. Their net buying peaked at $761 million in July before declining to $471 million in August and rising again to $489 million this month. Market w

Sept. 9, 2020

[Gadget Review] How to use $2,000 Galaxy Z Fold2 productively

As a Galaxy Z Flip user, the technological improvement of the Galaxy Z Fold2 looks to be short of jaw-dropping. But the 7.6-inch main screen, supported by the highly touted Hideaway Hinge and flexible ultrathin glass technologies, definitely felt different. When unfolded, the Galaxy Z Fold2 worked more like a tablet PC than a smartphone. It seemed to have come a long way since the first Galaxy Fold, since the Fold2 is almost bezel-less. With no interruption from a notch, except for a tiny

Sept. 9, 2020

Doosan Bobcat releases new mowers in N. American market

Construction equipment maker Doosan Bobcat Co. said Wednesday it has launched new mowers in the North American market. Doosan Bobcat aims to increase its sales to 100 billion won ($84 million) this year and double the sales by 2024 in the landscape equipment market in the region, the company said in an emailed statement. Doosan Bobcat bought the zero-turn mower business division from US landscape gear company Schiller Grounds Care last year. The zero-turn mower market in North America is es

Sept. 9, 2020

Banks' household loans increase by record amount in August

South Korean banks' household loans increased by the largest amount on record in August amid rising home prices and a rally in the stock market, central bank data showed Wednesday. Outstanding bank loans to local households came to 948.2 trillion won ($796.9 billion) as of end-August, up 11.7 trillion won from the previous month, according to the data from the Bank of Korea (BOK). It marked the largest monthly gain since 2004 when the BOK began compiling related data. In July, such lending gre

Sept. 9, 2020

Initial volume of Galaxy Z Fold2 to grow threefold

The initial volume of the Galaxy Z Fold2, the third foldable device by Samsung Electronics, is estimated to grow at least threefold from its predecessor, owing to positive market reaction, according to telecom industry sources Wednesday. Around 10,000 units of the Galaxy Z Fold2 will be allotted for the three mobile carriers in South Korea and independent stores, the sources say. Compared to the first Galaxy Fold edition, that marks three times the volume. “Samsung’s productio

Sept. 9, 2020