March 23, 2019

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Yanolja seeks talents for global biz expansion

Accommodation booking platform Yanolja said on March 22 that it will hire more than 400 skilled people this year, including 200 for research and development projects.The new employment plan is aimed at attracting global talents to increase its presence in the accommodation and leisure sectors. Yanolja CEO Lee Soo-jinThe Seoul-headquartered firm hired 400 new employees and executives last year, surpassing its initial target of 300 with its operations, ranging from motel booking to leisure activit

WeMakePrice to start food delivery service

South Korean e-commerce company WeMakePrice will start operating a food delivery platform from April, according to sources on March 22.The company aims to take around 5 percent sales as commission, which is lower than the 7 percent charged by top operator Woowa Brothers. Advertising fees will be charged separately. The e-commerce company will also allow customers to place their orders through its app and pick up their food.Currently, the leading food delivery app in Korea’s 15 trillion won marke

Hotel Shilla hit by drug scandal

Hotel Shilla CEO Lee Boo-jin has been embroiled in a scandal involving the illegal use of propofol, a highly addictive anesthetic drug which could be lethal when overdosed.The latest scandal involving the eldest daughter of bedridden Samsung Group Chairman Lee Kun-hee is likely to become a great risk for the largest hotel chain in South Korea.Upon news of the scandal, Hotel Shilla stocks dipped 4.83 percent to 90,700 won ($80.5) during intraday trading, and closed down 3.04 percent at 92,400 won

NPS to oppose Samsung Biologics’ proposals for shareholders meeting

National Pension Service has decided to oppose key proposals by Samsung Biologics ahead of the company’s scheduled shareholders meeting on March 22. The key proposals include approval of the financial statement and appointment of inside and outside executives. After having a meeting on March 20, NPS’s Global Responsible Investment & Governance Division, which is responsible for the pension fund’s stewardship code, decided to turn down all the company’s proposals citing the Financial Services Com

Samsung develops next-gen DRAM chip

Semiconductor powerhouse Samsung Electronics said March 21 that it has developed a third-generation 10-nanometer-class Double Data Rate 4 DRAM chip for the first time in the world. The announcement came 16 months after the firm started mass-production of the second-gen mid-10 nm, or 1y nm, DRAM chip.The development of the DRAM chip based on low-10 nm, or 1z nm, semiconductor fabrication technology was achieved without using extreme ultraviolet processing, a type of advanced lithography technolog

QARAsoft launches official version of robo advisor app Kosho

South Korea’s fintech startup QARAsoft on March 21 announced the launch of its official version of robo advisor investing app Kosho.  QARAsoft co-CEOs Byun Chang-hwan (left) and Son Bo-miQARAsoftRelated:[INTERVIEW] QARASoft eyes overseas launch with robo adviserFintech startup Qarasoft launches AI-based financial forecasting app KOSHOThe mobile app features financial forecasts of stocks in Korea and the US for up to three months based on its artificial intelligence technology. It also allows use

S. Korean VC Atinum joins remittance startup InstaReM’s $41m series C round

South Korean venture capital Atinum Investment has joined the $41 million second tranche of a series C round investment in Singaporean digital cross-border money transfer startup InstaReM, according to industry sources on March 20.The series C funding was closed with the second tranche also joined by Singapore-based existing investor Vertex Growth Fund. This adds to the first tranche of over $20 million in investment in November last year from corporate-owned VCs -- MDI Ventures in Indonesia and

How did local coffee chain Terarosa secure impact investment?

Terarosa, a coffee chain based in Gangneung,a city in the province of Gangwon, on the east coast of South Korea, has secured investment from the country’s leading impact venture fund that invest in companies creating soical innovations. The joint fund set up by Crevisse Partners and Lime Asset Management called Crevisse-Lime Impact Venture Fund decided to invest in the 15-year-old coffee chain that has 14 outlets around the country, an official at Crevisse told The Investor on March 20. The amou

Kakao acquires 28.9% stake in Tidesquare

South Korea’s top mobile messenger operator Kakao has acquired a 28.9 percent stake in travel agency Tidesquare for 34.7 billion won ($30.70 million), it said on March 19. Established in 2009, Tidesquare provides online hotel and flight booking services. The company grew through a partnership with Hyundai Card in 2010. Its sales last year reached 37.9 billion won while its operating profit stood at 4.8 billion won. By acquiring the stake, Kakao has become the travel agency’s second-biggest share

SillaJen to secure additional funds worth W110b

South Korea’s biotherapeutics firm SillaJen announced on March 20 that it has decided to secure additional funds worth 110 billion won ($97.31 million) through issuing convertible bonds.The company said that the funds will mainly be used for developing its drug candidate Pexa-Vec, an oncolytic virus vaccine designed to kill cancer cells, which is currently undergoing phase 3 clinical trials, and new pipelines.SillaJen originally planned to secure around 300 billion won but adjusted the amount to

Kakao Ventures joins $3.4m investment round for US startup Restream

Kakao Ventures said on March 20 it has joined a seed investment round worth $3.37 million in US cloud multi-streaming service provider Restream. The venture capital arm of mobile giant Kakao is the only South Korean entity to join the investment round. Other investors included US early-stage venture capital firm Silverton Partners and US online payment system operator PayPal.The funding will be used to advance its service that connects content creators with live-streaming platforms, according to

WeWork announces plan for 19th location in Seoul next year

Coworking space giant WeWork said on March 20 that it will launch its 19th office in South Korea in March next year, which will enable the company to build a community of 25,000 members in here.Nestling in the Sinnonhyeon district in southern Seoul, the planned office will be within walking distance of Sinnonhyeon Station and Gangnam Station, both of which have great access to nearby business districts in the Gangnam area.Along with 12 other WeWork offices in Gangnam, the new Sinnonhyeon office

YG Entertainment shares plunge amid tax probe

Hotel Shilla hit by drug scandal

WeMakePrice to start food delivery service

Woori Financial to acquire two Anbang-owned AMCs

Samsung to launch first 5G smartphone on April 5

NPS to oppose Samsung Biologics’ proposals for shareholders meeting

Spotify poised to enter S. Korea

S. Korea to return about W63b won to Qualcomm

LG G8 ThinQ goes on sale in S. Korea on March 22

Samsung vows to expand investments in AI, 5G

FTC launches probe into LG for alleged unfair biz practices

BNP Paribas striving to promote sustainable finance in S. Korea

S. Korea to foster robot industry, aims to become No. 4 player in 2023

ICT exports fall for 4th consecutive month in Feb.

Shinhan Financial withdraws bid for 3rd internet-only bank

E-Land Retail to delay IPO plan, go for share buyback

SK Innovation to spin off electronic materials unit

SK Biopharmaceuticals’ narcolepsy drug to hit US market

Kia mulls EV production in China

Tera Funding becomes 1st Korean P2P lender with over 100 employees

Kickboards to be allowed to run on bike roads

Regional venture support centers in S. Korea woo startups

Top foreign companies to work for in S. Korea

Why birth order is a big deal at LG

New thinking needed on GM Korea

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