Finance groups pledge multitrillion won investment for 'New Deal' projects

South Korea’s major banking groups have recently outlined long-term plans for multitrillion won investments in “green” and “digital” projects -- the two key pillars of the “Korean New Deal.” Staying true to its identity, agricultural NH NongHyup Bank said Wednesday that it would commit 8 trillion won ($6.7 billion) over five years to support new energy projects and loans for smart farms, which would enable greater use of information and communication te

Aug. 26, 2020

Krafton to make PUBG into movie, TV series

PUBG Corp.’s eponymous game PlayerUnknown’s Battlegrounds will be made into a movie and TV series, Krafton said Wednesday. According to PUBG’s parent company, it has made a strategic investment in a domestic production firm “Hidden Sequence” to expand its business to entertainment business. “The investment is aimed at expanding (the application) of Krafton’s intellectual property. We will utilize our IP including PUBG to make TV series, movies and v

Aug. 26, 2020

S. Korea to inject W20tr more into ‘New Deal’ budget

South Korea’s government and ruling party have agreed to allocate more than 20 trillion won ($16.85 billion) of the 2021 state budget to financing the “Korean New Deal” stimulus package, party officials said Wednesday. They also vowed to keep up the current expansionary fiscal policy tone throughout next year, bracing for a prolonged economic downturn. The decision came during a meeting held at the National Assembly between the government and the ruling Democratic Party o

Aug. 26, 2020

Koscom acquires HSBC-owned IT asset management business

South Korean firm Koscom disclosed Wednesday that it plans to acquire HSBC Fund Services Korea, to dive into the asset management sector. After a year of preparation for the takeover, the company has signed an agreement with the United Kingdom-based HSBC to acquire a 92.66 percent stake in the fund administration services firm. The latest deal marks the first acquisition project for the Korean company since it was founded in September 1977. Koscom seeks to expand its business into the IT as

Aug. 26, 2020

Ministry to review Google and Apple’s in-app payment systems

The Ministry of Science and ICT said Wednesday that it will look into Google and Apple‘s in-app payment systems over claims that they apply excessive commssions to app developers using their platforms. Local app developers and businesses earlier this month asked the government to look into their in-app payment systems and see if the US tech giants are violating local laws that prohibit telecommunications service operators from obstructing users in choosing services. Local developers argu

Aug. 26, 2020

Samsung donates over $4m in US to support fight against COVID-19

South Korean tech giant Samsung Electronics is continuing to help various communities hit by the COVID-19 pandemic worldwide, with its latest donation worth $4 million going to nonprofit organizations in the United States, according to the company on Wednesday. The donation was announced through its Samsung America newsroom homepage, which highlighted Samsung’s commitment to the local communities in the countries where it does business. According to the announcement, Samsung has pr

Aug. 26, 2020

EV fires with Chinese batteries expose technology gap

A series of fires in electric vehicles in China recently has raised concerns over the batteries they are equipped with. According to local media reports, three Aion S sedans -- Chinese automaker GAC’s first pure EV model -- went up in flames on May 18, Aug. 12 and Aug. 23. Though GAC hasn’t disclosed an official cause for the cases, the most recent fire reportedly started from batteries manufactured by China’s leading battery maker CATL. GAC’s Aion S sedans are pow

Aug. 26, 2020

Hanwha General Chemical gears up for IPO

Hanwha General Chemical is preparing to go public by April 2021 with its value estimated between 4 trillion won ($3.3 billion) and 5 trillion won. The initial public offering is expected to facilitate Hanwha Group’s succession process. According to Hanwha and industry sources Tuesday, the chemical unit of Hanwha Group is thinking of going public either on Korea’s main bourse, Kospi, or on the US Nasdaq. After selecting an underwriter next month, it is expected to begin the IPO pr

Aug. 26, 2020

[Advertorial] LG Chem stands as world’s 4th most valued chemical company

South Korean chemical giant LG Chem’s brand value has surpassed the 4 trillion won mark ($3.3 billion) for the first time, according to a recent report. Based on the Brand Finance Chemicals 25 2020 report, LG Chem’s brand value is estimated at $3.5 billion or 4.1 trillion won, about a 10 percent growth from $3.2 billion last year, allowing the company to maintain its position in fourth place for a second year running. “As a chemical company representing Korea, LG Chem aims

Aug. 26, 2020

Hyundai Steel finds new uses for coffee waste

A Hyundai Steel social contribution project is finding ways to repurpose coffee waste and create jobs along the way. When someone brews a cup of coffee, only 0.2 percent of the coffee grounds ends up in the final product. The other 99.8 percent is discarded as waste. According to Hyundai Steel, about 150,000 tons of coffee waste are either buried or incinerated in South Korea. To find new uses for used coffee grounds, the steelmaker teamed with the Korea Productivity Center and Korea Green

Aug. 26, 2020

Hedge fund sells off stake in local builder Taeyoung E&C

South Korean hedge fund Must Asset Management is moving to divest its stake in domestic builder Taeyoung Engineering & Construction, a month after it declared an end to its shareholder engagement, according to a disclosurce Wednesday. The news comes after yearlong efforts by Must to shake up the governance structure of Taeyoung E&C, which led to spinoffs of the builder’s businesses outside the construction sector. Since July 20, Must had offloaded a 4.61 percent stake in Taeyou

Aug. 26, 2020

Seoul stocks close nearly flat on virus resurgence

South Korean shares closed nearly flat on Wednesday, as investor sentiment was spooked by increasing new COVID-19 cases in the country. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.59 points, or 0.11 percent, to close at 2,369.32. Trading volume was high at about 941 million shares worth some 14.3 trillion won ($12 billion), with losers outnumbering gainers 522 to 324. Foreigners purchased a net 190 billion won, extending thei

Aug. 26, 2020

Samsung smart TVs recognized by UK institute

Samsung Electronics said Wednesday that its 2020 smart TV lineup has been certified by the Royal National Institute of Blind People in the United Kingdom. The organization offers a platform design and app services that increase access to TV for people with impaired vision. The RNIB has granted Samsung its Tried and Tested Accreditation for the smart TVs launched this year. It is the first time it has granted accreditation to a TV maker. The institute awards accreditation to products, webs

Aug. 26, 2020

Kakao Games aims to raise up to W384b on stock market debut

Kakao Games, the gaming arm of local mobile messenger giant Kakao, said Wednesday it was looking to raise as much as 384 billion won ($298 million) in its initial public offering on the nation’s tech-heavy Kosdaq in September. The game developer is offering around 16 million new common shares in the price band of 20,000-24,000 won, CEO Namkoong Whon said in an online press conference. Targeting institutional investors, book building is to take place Wednesday and Thursday to determine t

Aug. 26, 2020

Celltrion moves on to phase 1 trial on mild case COVID-19 patients

Celltrion will carry out another clinical phase 1 trial of its COVID-19 antibody treatment CT-P59 in South Korea, this time targeting confirmed patients showing mild symptoms, the company said Wednesday. A day ahead of this announcement, the company’s Senior Managing Director Kwon Ki-sung said at the Bio Incheon Global Conference held in Songdo, Incheon, that the previously ongoing clinical phase 1 trial of CT-P59 in healthy people has wrapped up with confirmation of the drug’s safe

Aug. 26, 2020

LG’s twisting dual screen phone image goes viral

A video clip showing a potentially new dual screen smartphone model by LG Electronics is going viral online. According to a post made on technology blog Android Authority Wednesday, a near-final version of the temporarily-named “LG Wing” phone was spotted in action. The video shows that the Wing’s secondary screen can be rotated, making a T-shape formation. In the clip, navigation was running on the full-screen main display without a notch, while the second screen sho

Aug. 26, 2020

Posco International joins campaign to thank medical workers

Posco International said Wednesday its CEO Joo Si-bo and employees have joined the Thank You Challenge campaign to express gratitude to medical staff during the COVID-19 pandemic. The public campaign was launched by the Central Disaster Safety and Countermeasure Headquarters with the aim of encouraging medical workers struggling to prevent the spread of coronavirus. Anyone can participate in the campaign by posting a picture of sign language with gratitude on social media and naming the next p

Aug. 26, 2020

[News Focus] Struggling tire makers face bumpy road ahead

South Korea’s major tire makers -- Hankook Tire, Kumho Tire and Nexen Tire -- have been smacked with a triple whammy. Local automakers are increasingly adopting imported brand tires, while the US antidumping probe on Korean tires is raising uncertainty in the global market. Internally, they face family feuds and labor-management conflicts. In the second quarter, the three tire makers posted dismal earnings amid the economic slowdown due to the pandemic. Hankook Tire’s sales

Aug. 26, 2020

S. Korea, Indonesia eye broader ties to overcome pandemic fallout

South Korea and Indonesia on Wednesday agreed to expand their economic ties to overcome the economic fallout from the new coronavirus pandemic. Trade officials from Seoul and Jakarta held a two-day virtual meeting to discuss ways to bolster the two countries' economic ties and overcome economic jitters of the COVID-19 pandemic, according to the Ministry of Trade, Industry and Energy. During the meeting, the two countries vowed to expand cooperation in the e-commerce segment, which is especial

Aug. 26, 2020

Apartment prices in Seoul show signs of stabilizing: finance minister

Apartment prices in Seoul have shown signs of stabilizing since the government unveiled a set of measures to cool prices and supply more homes, Finance Minister Hong Nam-ki said Wednesday. Hong also vowed to take stern measures against speculative home transactions, saying that the government found a total 811 home transactions that might have violated laws. This month, apartment prices in Seoul largely remained flat, Hong said, citing data released by KB Kookmin Bank. Apartment prices in S

Aug. 26, 2020