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Delivery discounts offered to support restaurants, social distancing
Consumers who order more than 20,000 won ($18.30) on designated delivery apps with a credit card will get 10,000 won as a cash back reward or discount, the government said on Dec. 29. Currently, seven delivery apps including Baedal Minjok, Yogiyo, Payco and Coupang Eats are participating, and four more apps are expected to join as soon as they complete system maintenance. Payments have to be made on the delivery apps with credit cards issued by nine card companies -- KB Kookmin, N
E-commerce giant launches video streaming service Coupang Play
Coupang, one of Asia’s largest eCommerce companies, on Dec. 28 said that it added video streaming as its latest offering to WOW members with the launch of Coupang&
Vice minister warns against market overheating during crisis management
South Korea’s Finance Vice Minister Kim Yong-beom warned on Dec. 8 that the ample liquidity level that arose during the COVID-19 crisis management procedure may trigger an overheating phenomenon in the assets market. He especially urged real estate market participants not to get carried away by the current uptrend, pointing out that the country will phase out the current expansionary economic policies once the ongoing epidemic crisis dies down. “Lately, leading economies have see
Posco International invests in local laser cutting application firm
Posco International, South Korea’s largest trading company, said on Dec. 8 that it has invested in local laser cutting applications developer Innovated Technology. The two firms partnered through an acquisition of shares in Innovated Technology by Posco International. The details were not disclosed. Innovated Technology currently has a wide range of laser cut solutions used in making tempered glass, as well as those used to protect displays. The firm currently processes ultrathin
SK sets up hydrogen business group
SK Group is poised to make a big bet on the rising hydrogen market, seeing the fuel as a next-generation eco-friendly energy source. SK Holdings said on Dec. 1 that it established a hydrogen business promotion group, an organization dedicated to the hydrogen project consisting of about 20 experts from related companies such as SK Innovation and SK E&S. The holding firm said it has been reviewing the feasibility of the hydrogen project and establishing strategies since early this year. I
Naver Cloud, GS Global join hands for overseas market
Naver Cloud and GS Global will collaborate on their overseas services, the companies said on Dec. 1. The new alliance with GS Global gives Naver Cloud a channel to liaise with large-scale corporate clients in target countries, while GS Global will gain an opportunity to expand into the information technology business, they said. “Naver Cloud has the most global region services among cloud platforms developed by Korean firms,” said Park Won-ki, CEO of Naver Cloud. “It h
Korean Air to sell Incheon yacht marina
Korean Air Lines is inching closer to selling its yacht marina operation in Incheon to a new Korean buyer for roughly 130 billion won ($117 million). The investor group of Consus Asset Management and Mirae Asset Daewoo said on Nov. 30 it has signed a memorandum of understanding as a preferred bidder to buy 100 percent stake in Wangsan Leisure Development, operator of Wangsan Marina, which is wholly controlled by the nation’s No. 1 flag carrier. Wangsan Marina was built in 2016. Par
Apple to make harder push in Korea with 2nd Apple Store
Apple Korea announced on Nov. 30 that it would open its second South Korean store in Yeouido, the financial district in northwestern Seoul, as part of a strategy to expand its sales and services in the country. Although the Seoul branch didn’t reveal an official date for the opening of the new Apple Store, the second shop is likely to open within the year. The second Apple Store of the global tech giant will be located in the first basement floor of the IFC Mall in Yeouido. Apple
Warren Buffett’s favorite market indicator suggests Kospi may be overvalued
While South Korea’s benchmark index hit an all-time record of 2,633.45 on Friday, a global market gauge also reached a new high, suggesting the country’s stock market may be overvalued. The Buffett indicator -- US investor Warren Buffett’s preferred market indicator -- marked 112.7 percent as of Friday, according to data from the Bank of Korea and Korea Exchange on Monday. The indicator is calculated by dividing combined listed stocks’ market capitalization by the coun
Federation of Korean banks appoints NH Financial chief as new head
NH Financial Group Chairman Kim Kwang-soo has officially been tapped to lead the Korea Federation of Banks, a representative body of commercial banks, officials said on Nov. 27. The KFB board of directors unanimously approved Kim’s nomination as its 14th chairman during a general meeting held early in the morning. The appointment came after Kim was picked as the sole candidate to be KFB chief Tuesday, among seven candidates initially recommended for the post. Kim’s t
News of potential deal with Tesla boosts Doosan Solus stocks
Doosan Solus stocks rose to 49,400 won ($44.70) on Friday, a 6.7 percent increase from a day prior, following a local news report that the company is in talks with Tesla to supply electric copper foil for vehicles in Europe. According to the news report, the material solutions unit of Doosan Group is expected to sign an agreement on general terms and conditions to provide copper foil for Tesla electric vehicles in Europe. The exact size and the length of the contract will be decided after the
Hanwha Systems wins $40m space radar development deal
Hanwha Systems said on Nov. 27 that it has won a deal worth 45 billion won ($40.7 million) to develop a next-generation space radar that can detect and track space objects with precision. According to the defense and information technology service unit of Hanwha Group, it has won the Defense Industry Technology Center’s research and development project for the space radar worth 45 billion won. For the next five years, Hanwha Systems will develop three core technologies includ
Business groups seek next leaders as terms end soon
South Korea’s major business organizations will see the terms of their incumbent chiefs end early next year, with attention being paid to who their successors will be. The term of Korea Chamber of Commerce and Industry Chairman Park Yong-maan, Korea International Trade Association Chairman Kim Young-ju and Federation of Korean Industries Chairman Huh Chang-soo will end in March. Each business group plans to hold a general meeting early next year to elect its next leader. For the KC
Netmarble seeks turnaround with newly released Seven Knights 2
Kakao sets new standards for digital wallet
Kakao posts record earnings in Q3
Kakao to raise $300m in Singapore to muster up M&A dry powder
Mirae Asset’s ETF listed on Vietnamese stock market
Shinhan Financial to gain full ownership of Neoplux
Mirae Asset wins lawsuit over $5.8b US hotel deal
South Korean supplier to Tesla eyes December IPO on Kospi
SkyLabs, Chong Kun Dang team up for heart-monitoring ring
USITC postpones final ruling on Medytox, Daewoong’s BTX trade secret suit
Hanjin chief defends merger amid criticism
KCGI criticizes Hanjin KAL chief over merger plan
Korean venture capital E& leads merger of clinical stage biotech firms
Fintech startup Qarasoft raises $3M in series A funding
Home interior platform Ohouse raises $70m
Toss to launch brokerage unit next year, targeting 20s, 30s
[Second Opinion] Conversation with Tada driver, before service is disbanded
[Second Opinion] Holistic approach needed to fight pandemic
Why governance reform is key to make chaebol accountable
Why birth order is a big deal at LG