Today

Incheon airport’s duty-free store license auction falls flat for first time

The bidding for duty-free store licenses at Incheon International Airport failed to attract tenders to fill all of the cosmetics and apparel sections, the airport operator said Friday, the first time . According to Incheon International Airport Corporation, the operation licenses for two of the eight airside sections in the airport’s Terminal 1, DF2 and DF6, failed to attract bids. DF2 is designated for perfumes and cosmetics, and DF6 for apparel. IIAC opened the bidding on Wednesday,

Today

Samsung apologizes for unauthorized access to employees’ donation records

Samsung Electronics and its 16 affiliates on Friday apologized for accessing employees’ records of donations to civil organizations without their permission. In a statement, they said the former control tower of Samsung Group -- called the Future Strategy Office -- had unauthorized access to the records of Samsung executives and employees regarding donations to 10 civic groups in May 2013. “The office defined the 10 civic groups as ‘rebellious’ and browsed employees&r

Today

Initial sales of Galaxy S20 series downbeat amid virus fears

Sales of Samsung Electronics Co.'s Galaxy S20 smartphones were lackluster on their first day, 50 percent lower than their predecessors, amid the spreading coronavirus outbreak, industry sources said Friday. Samsung Electronics sold an estimated 70,800 units of the latest smartphone series in the domestic market on Thursday, sharply lower than first-day figures for the previous series, the Galaxy S10 phones, launched in March last year, according to industry insiders. The Galaxy S10 series s

Today

LG, Woowa Brothers to collaborate on food robotics

Robots delivering food to doorsteps and serving tables at restaurants may not be that far in the future. LG Electronics and Woowa Brothers said Friday they will jointly develop food delivery-and-serving robots, combining LG’s artificial intelligence and automated indoor driving technologies with Woowa Brothers’ food delivery know-how. Woowa Brothers operates Baedal Minjok, Korea’s biggest food delivery app by market share. The unicorn was acquired by Germany’s Deliver

Today

Celltrion begins research for coronavirus vaccine

Celltrion said Friday it has begun research for a drug candidate to fight the new coronavirus. The company has obtained a blood sample from a patient confirmed with COVID-19. Having discovered a drug candidate for the Middle East respiratory syndrome, the company will search for a new potential molecule that can help prevent the spread of the coronavirus. “We’re in the initial phase. It will take time for any results,” said a Celltrion official. “Since viruses mut

Today

Korean companies join virus fight with relief goods

  South Korean companies, although they are also feeling the pinch of the fast-spreading coronavirus, are rushing to join the nationwide virus fight with relief efforts, industry sources said Friday. South Korea has so far reported more than 1,700 COVID-19 cases, with most of them identified in the southeastern city of Daegu and surrounding North Gyeongsang Province. Samsung Group, the country's largest conglomerate, on Wednesday decided to donate 30 billion won (US$24.7 million) to the

Today

[Weekender] Survival diary of Korean internet cafes

PC rooms, almost solely dependent on gaming contents, seek ways to stay relevant

Today

Korea's Jan. industrial output edges up, virus fallout in store to hit hard

South Korea's overall industrial output rose in January, but the rapid spread of the new coronavirus is widely expected to have an impact on industrial activities this month, data showed on Friday. The country's overall industrial output continued to rise for a fourth straight month, posting a 0.1 percent gain in January from a month earlier, according to the data compiled by Statistics Korea. But production in the mining, manufacturing, gas and electricity industries fell 1.3 percent from a

Feb 27, 2020

GS Group donates W1b to fight spread of coronavirus

GS Group said Thursday it has donated 1 billion won ($820,000) to the Community Chest of Korea to prevent and deal with the spread of COVID-19 outbreak. “We hope that the donation will help the medical staff and victims who are struggling under difficult circumstances,” said Chairman Huh Tae-soo. “We will continue to do our best to support those vulnerable to the virus, especially in Daegu and low-income people who suffered from the contraction due to economic activities,&r

Feb 27, 2020

Co-working spaces could get unexpected boost from coronavirus outbreak

The ongoing coronavirus outbreak has created a new demand for global shared workspace provider WeWork in Korea, despite initial fears the outbreak would spook potential customers. WeWork, which currently operates 19 locations in Korea, told The Korea Herald on Thursday that Korean companies mindful of the COVID-19 epidemic are reaching out to WeWork for an alternative workspace. “Companies of all sizes and industries in the region -- members and nonmembers - have been reaching

Feb 27, 2020

Non face-to-face service spikes as coronavirus spreads

Hypermarkets increase delivery capacities, use of apps related to public transport drop

Feb 27, 2020

Rents, commissions lowered as virus rages through economy

Large firms, building owners volunteer to share burden as vendors suffer, Finance Ministry pledges to reimburse

Feb 27, 2020

Naver grants incentive stock options to employees

Korean internet and search giant Naver said it will grant stock options to its employees to purchase up to a total of 1.06 million stocks, the company said in its regulatory filing issued Wednesday late afternoon. The stocks that will go to the company’s employees account for 0.65 percent of Naver’s stocks, the company added. The stocks will be provided to 3,084 workers at a price of 186,000 ($153) won per share. The options are exercisable for a period of five years starting in

Feb 27, 2020

Komipharm stocks soar upon news of clinical trial application for coronavirus

Komipharm stocks hit the ceiling on Korea’s secondary bourse Kosdaq early Thursday, after the company said it applied for phase 2 and 3 clinical trials of its Panaphix drug for coronavirus as a potential treatment. The company said it will issue further notice if it gains the Ministry of Food and Drug Safety’s approval for final phase clinical trials targeting 100 coronavirus-confirmed patients. Investors should be aware that the possibility of any drug winning final commercializat