South Korea’s antitrust watchdog has approved low-cost airline Jeju Air’s takeover of the management of struggling Eastar Jet, officials said Thursday. Early last month, Jeju Air signed a deal with Eastar Holdings, the largest shareholder of Eastar Jet, to acquire the airline for 54.5 billion won ($45 million). The firm acquired 4,971,000 common shares for a 51.17 percent stake. “The Fair Trade Commission conducted the review as promptly as possible, considering the circu

South Korea said Thursday it will inject 1.25 trillion won ($1 billion) to help cash-strapped shipping firms hurt by the global new coronavirus pandemic, which has been disrupting business activities and trade of goods. "The shipping firms are expected to suffer more serious damage after the second quarter, considering the time lapse between the global economic turmoil and the decline in their performances," Oceans Minister Moon Seong-hyeok said. "Thus, South Korea plans to pro

Samsung C&T, a construction affiliate of Samsung Group, said Wednesday its first-quarter net profit jumped 55.8 percent from a year earlier due to profitable overseas projects and shareholding gains from its affiliate. Net profit for the three months ending March 31 stood at 346.5 billion won ($281 million) from 222.4 billion won a year earlier, the company said in a regulatory filing. "Increased equity gains from Samsung Biologics and profitable overseas projects boosted the first

Seegene said Wednesday it real-time PCR test kits were granted the US Food and Drug Administration’s emergency use authorization for COVID-19 testing. The company’s Allplex 2019-nCoV Assay has already sold over 10 million tests globally in over 60 countries. Allplex can identify three different target genes -- E, RdRP and N genes -- in a single reaction tube, which maximizes throughput for high volume testing. Seegene is now exporting 3 million test kits every week, and plans to e

Medytox’s claims that its botulinum toxin product Meditoxin presents no safety issues is drawing ire from shareholders and skepticism from the Drug Ministry. The Korean Drug Ministry suspended the manufacturing and sale of Meditoxin on April 17 due to concerns that the product was made using unapproved materials between 2012 and 2015. On Tuesday, Medytox released a statement saying it had filed an administrative complaint with the ministry, asking it to reverse the suspension order on t

Governmental organizations and the pharma industry are of the same mind in South Korea when it comes to the urgency of the need to fight COVID-19. The Korea Pharmaceutical and Bio-Pharma Manufacturers Association said Wednesday it will push for members to make joint investments for co-developing vaccines and treatments for the global virus pandemic. This will involve establishing a joint venture, and a combined fund from both the industry and government bodies, with further details to be alig

Samsung C&T proposed Wednesday a construction plan in which all its affiliates participate to create a “landmark” apartment complex in Banpo, Seoul, as part of an all-out effort as it seeks to win the contract in the area designated for redevelopment. Reconstruction bids are currently being accepted for the new Banpo 15-apartment unit in Gangnam, and Samsung C&T, Daelim Industrial and Hoban Construction are competing. The result is due to be announced Thursday. Sansumg C

Hanjin Group said Wednesday that it has sold a rent-a-car unit to Lotte Rental to focus on strengthening its core business in logistics and parcel services.  According to the company, it has clinched a deal to transfer 60 billion won ($48 million) of assets to Lotte Rental, which also runs a rent-a-car business. Hanjin also handed over some 3,000 vehicles. The deal was discussed in mid-February, while the finalization process is to take place by May, Hanjin Group said.  “We w

Stefan Krapp, head of Volkswagen Korea, poses with the automaker’s brand new logo and design unveiled on Wednesday.  According to VW Korea, the new logo indicates the company’s goal to become “New Volkswagen,” under its core brand values: human-focused and digital-centered.  Krapp said during the logo unveiling ceremony that the company will make VW become “a more friendly brand that anyone can have access to.”  The new logo will be applied

Korean Air, the main cash cow for the transport and logistics company Hanjin Group, has sold a housing complex it built for its employees on Jeju Island, industry sources said Wednesday. The move was seen as a way to secure capital amid a liquidity crisis stemming from the COVID-19 pandemic.  The airline reportedly clinched a contract worth 40 billion won ($32 million) for the complex, which comprises 22 two-story houses on 9,450.9 square meters in the Yeon-dong neighborhood. The buyer&rs

Amorepacific Group, a leading cosmetics company here, announced a plan on Wednesday to use less plastic to safeguard health and the environment. Wednesday was Earth Day. The company’s “less plastic” campaign consists of three actions: to reduce the use of plastic packaging for its products, to recycle more of its plastic packaging and to increase the use of upcycled materials to produce its products. “We will continue to stand up front in creating a happier, more beau

Boost driven by sales of instant noodles amid pandemic

Hanjin Heavy up for sale, but few companies likely to be interested

Anticipating lower demand on COVID-19 impact, Apple, Samsung, LG offer less expensive devices with high specs

A recent survey showed that two thirds of companies in South Korea have canceled their plans to recruit since the new coronavirus pandemic. To a question whether their hiring plans changed upon the pandemic, 84.9 percent answered yes, according to the survey conducted by job portal Incruit. Among the 262 firms, 60.7 percent said they had recruitment plans prior to the pandemic but only 21.1 percent said they will maintain their hiring plans. Among the firms that said they would continue to hi