Economy

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  SK Plasma partners with Janssen Korea to supply cancer medication Dacogen in S. Korea SEOUL -- SK Plasma, a South Korean producer of plasma-derived blood products, will become the domestic supplier of Dacogen, a cancer medication for a group of blood cell-related disorders called "myelodysplastic syndrome," by partnering with the South Korean office of Belgium-based pharmaceutical company Janssen Pharmaceuticals. Myelodysplastic syndrome takes place when bone marrow, soft tissue found in the center of the bones, is unable to produce enough blood cells. Acc 2023-02-13
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  Pulmuone partners with eco-friendly food tech company for commercialization of cultivated meat products SEOUL -- South Korean food product maker Pulmuone has partnered with a domestic green food tech company Simple Planet in a bid to commercialize cultivated meat products targeting vegans and other consumers who do not eat meat because of ethical reasons. According to Euromonitor, a global market research firm, South Korea's alternative meat market stood at about 20 billion won ($15.6 million) in 2022, up 28 percent from 2021's 16.5 billion won. The market is projected to rea 2023-02-13
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  South Korea to invest $391 million in future car technology SEOUL -- The Ministry of Trade, Industry and Energy plans to invest 499.4 billion won ($391 million) in developing future car technology this year as part of efforts to find a new growth engine for the Korean economy. The ministry said February 9 that the investments will be injected into 311 projects ranging from research and development to infrastructure building and manpower training. About 229.3 billion won will be set aside for technology development for eco-friendly cars 2023-02-13
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  ​S. Korea can benefit from China's reopening to boost exports, economic growth: report SEOUL -- South Korea is predicted to benefit from China's reopening from COVID-19 restrictions which can boost exports and economic growth of Asia's fourth largest economy, according to a report released by the Korea International Trade Association (KITA) February 12. The report said that China's reopening is likely to increase Korea's exports by an additional 0.55 percentage point and its economic growth by 0.16 percentage point in 2023. "China's econo 2023-02-13
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  CJ Olive Young captures young Middle Eastern consumers with color cosmetics brand Wakemake SEOUL -- CJ Olive Young, the drug and beauty store franchise of South Korea's CJ Group, has expanded its sales channels for a color cosmetics brand called "Wakemake" to the United Arab Emirates targeting young female Middle Eastern consumers. The South Korean company said Wakemake's eyeliner products are gaining explosive popularity, especially among Emirati female consumers who cover their faces with head coverings and only expose their eyes. According to data r 2023-02-13
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  [Weekly Stock Market] Markets to focus on macroeconomic data, China's reopening SEOUL -- The KOSPI, South Korea’s benchmark stock price index, experienced another volatile week closing slightly lower at 2,469.73 (-0.4 percent). As investors remained focused on overall inflationary trends, the much bette 2023-02-12
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  BTS agency Hybe to emerge as largest shareholder in SM Entertainment SEOUL -- Hybe, the agency of BTS, is expected to become the largest shareholder in entertainment powerhouse SM Entertainment, by purchasing a 14.8 percent stake. The decision was made while SM's founder Lee Soo-man embarked on a legal battle with SM's executive boards for issuing new shares to sell them to Kakao Corp., the domestic internet giant. Through SM, Lee has played a crucial role in popularizing K-pop through talented artists such as Girls' Generation, Super Ju 2023-02-10
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  4 German automakers engage in collusion on emission reduction device: regulator SEOUL -- The Korea Fair Trade Commission (KFTC) has decided to issue an order on four German automakers to correct its collusive scheme that caused their diesel cars to emit more nitrogen oxide (NOx). It has also decided to impose a combined fine of 42.3 billion won ($33.5 million) on three of the carmakers operating here. On February 9, the KFTC said it has found that the German brands -- BMW, Mercedes-Benz, Audi and Volkswagen -- were engaged in the collusive scheme in which they 2023-02-10
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  Woowahan Youths to launch electric motorcycle rental business for delivery workers SEOUL -- Woowahan Yooths, a logistics service provider affiliated with Woowa Brothers, the operator of South Korea's top food delivery service Baedal Minjok, has partnered with A Rental & Service, a domestic motorcycle rental service provider, to make a foray into an electric delivery motorcycle rental business. Motorbikes capable of traveling up to 24 to 31 miles with a fully charged battery will be provided for consumers. As of 2022, some 30,000 food delivery workers rode 2023-02-10
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  NCSoft's operating profit jumps 49% to $442 million in 2022, driven by soaring mobile game sales SEOUL -- South Korea's top game publisher NCSoft Corp. enjoyed an operating profit of 559 billion won ($442 million) last year, up 49 percent from a year earlier on the back of soaring sales of mobile games, the company said February 9. NCSoft's sales rose 11.4 percent year-on-year to 2.57 trillion won in 2022 from 2021. Sales of mobile games surged 20 percent to 1.93 trillion won, accounting for 76.8 percent of the company's total sales. Its net profit jumped 14.4 perc 2023-02-09
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  About 70% of S. Korean teenage moviegoers visit theaters twice every month: survey SEOUL -- About 70 percent of teenage moviegoers visit theaters at least twice a month, a survey showed. Young movie enthusiasts also said that their favorite media channel they use to watch films is cinemas. Over-the-top services like Netflix and Disney Plus were their second-favorite media. South Korea's cinema industry was devastated in early 2020 when the first wave of the COVID-19 pandemic hit the country with a monthly average number of moviegoers of about 9.6 million in 2 2023-02-09
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  South Korea to invest $41.6 million in developing technologies for materials, parts, equipment SEOUL -- The South Korean Ministry of Trade, Industry and Energy has decided to invest 52.5 billion won ($41.6 million) in developing technologies in key materials, parts and equipment. The ministry said on February 7 that companies can apply for 96 technology development projects between February 8 and March 9 to get state R&D money. The planned investment is part of this year's state budget worth 937.6 billion won set aside for the technology development of materials, 2023-02-08
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  Kakao to emerge as second largest shareholder in SM Entertainment SEOUL -- South Korea's internet giant Kakao Corp. is expected to become the second largest shareholder in SM Entertainment, a domestic entertainment powerhouse, by purchasing a 9.05 percent stake in the agency, to secure a foothold in the music and content market. Lee Soo-man, the founder of SM credited with pioneering K-pop, heralded a legal battle against SM's executive boards for issuing new shares to sell them to Kakao. Kakao said in a statement on February 7 that the c 2023-02-08
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  ​Apple to release long-awaited digital payment service in S. Korea SEOUL -- American tech company Apple, famous for its iPhone and iPad models, will release its digital payment service in South Korea, about eight years after it was first released in the United States in October 2014. Apple is the last mover in South Korea where digital payment services including Samsung Pay have become part of people's everyday lives. The rumor about Apple Pay coming to South Korea has been around for years and the unproven story became real in early February 2023-02-08
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  7-Eleven's non-face-to-face offline secondhand trading service gains popularity among women SEOUL -- Convenience store franchise 7-Eleven's offline non-face-to-face secondhand item trading service is gaining popularity among women, which accounts for about 70 percent of total users. The convenience store operator said that women who are likely to be sensitive to safety issues favored non-face-to-face transactions. In most cases, secondhand trades in South Korea are done by selecting a place to meet and trade between a seller and buyer. Remote trading using local parce 2023-02-08
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  Current account swings back to surplus in December, helped by growing dividend income SEOUL -- South Korea's current account returned to a surplus in December on the back of growing dividend income after recording a deficit in November, according to data released by the Bank of Korea (BOK) on February 8. The country posted a $2.68 billion surplus in the current account in December, marking a reversal from a deficit of $220 million a month earlier. The sum, however, plunged 57.9 percent from $6.37 billion a year earlier. The current account is a broad measure o 2023-02-08
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  ​Cosmax develops texture perception solution capable of predicting cosmetic usability SEOUL -- Cosmax, a cosmetics original development manufacturer in South Korea, developed texture perception technology capable of predicting the performance of cosmetic products without actually using them. The solution can be used to create personalized products as it evaluates beauty products' spreadability through quantified values without involving subjective opinions. It's been difficult to evaluate the degree of spreadability and moisture as the usability of cosmetic 2023-02-07
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  Simens Gamesa partners with Doosan Enerbility for offshore wind power projects in S. Korea SEOUL -- Doosan Enerbility, a key player in South Korea's power industry, teamed up with Siemens Gamesa, a Spanish-German wind power solution producer, to carry out various offshore wind projects in South Korea. The South Korean manufacturer will adopt the Spanish-German company's offshore direct drive nacelle technology. A nacelle is a component of a wind turbine that houses various equipment including a shaft, gearbox, and generator. Although most wind turbines use a gear 2023-02-07
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  S. Korean firms concerned about possible deterioration in business environment in Vietnam: survey SEOUL -- South Korean companies doing business in Vietnam have concerns about a potential deterioration in the business environment in the Southeast Asian country, according to a recent survey conducted by the Korea Institute for Industrial Economics and Trade (KIET) and the Korea Chamber of Business in Vietnam (Kocham). Out of 326 surveyed Korean firms, 49.7 percent said they predict that the business environment there will get worse down the road. And 38 percent of them cited t 2023-02-06
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  India to benefit from US-China great power rivalry: BOK SEOUL -- The Bank of Korea (BOK) said February 5 that India is likely to benefit from the ongoing great power competition between the United States and China. The central bank said in a report that if China's role is reduced in the global supply chains due to conflicts between the U.S.-led Western democracies and authoritarian countries such as China and Russia, India could emerge as a beneficiary of the rivalry. The BOK took an example of Taiwan's Foxconn, the world 2023-02-06