After Baemin’s attempt to change commission system takes flak, watchdog checks for monopoly

Owners of large South Korean conglomerates have been buying their low-priced shares amid the stock plunge caused by the coronavirus pandemic, raising questions as to whether they are taking advantage of the situation for their succession plans. Over the past two months, Korean stocks have tumbled and major firms have lost their market value by a third. Amid the stock market crash, the repurchase of treasury stocks has been on the rise. The cumulative spending on treasury stocks amounted to aro

German companies doing business in South Korea are concerned about the impact of the COVID-19 pandemic on their business operations but are likely to retain their local workforce, a survey showed Tuesday.  The Korean-German Chamber of Commerce and Industry released the results of a survey measuring the impact of COVID-19 on its member companies. It was conducted from March 19 to April 2, and 82 companies took part.  According to the chamber, one-third of respondents said the curre

Market capitalization of the nation’s top 100 companies has fluctuated widely amid the novel coronavirus outbreak, while that of bio-related companies surged, according to a local corporate tracker Tuesday. Korea CXO Institute surveyed the market cap of more than 2,300 listed companies in the first quarter, noting that the combined market value of the top 100 companies fell 17 percent from 1,218 trillion won ($994 billion) on Jan. 2 to 1,011 trillion won on March 31. Despite the stock

South Korea received the second largest amount of new shipbuilding orders in the first quarter of the year after China, with global shipbuilding orders plunging 71 percent amid the spreading coronavirus outbreak, industry data showed Tuesday. South Korea won new shipbuilding orders totaling 360,000 compensated gross tons (CGTs) in the January-March period, accounting for 16 percent of overall orders around the globe totaling 2.33 million CGTs, according to the data from Clarkson Research Servi

Small businesses and local governments in South Korea are testing out creative ideas as they seek to overcome a slump stemming from the new coronavirus that has infected more than 10,000 here. In the southern cities of Gimhae and Seosan, farmers have set up drive-thru markets to sell vegetables and fruit, taking a cue from the government's successful drive-thru virus screening centers. A package of 11 kinds of vegetables is being sold for 20,000 won (A social media challenge aimed at helping

Kia Motors’ mid-sized sports utility vehicle Sorento means a lot to the automaker, considering that its SUV lineup ranging from Niro to Mohave has begun to receive attention with popularity of Sorento. The first Sorento was launched in 2002, with the third generation of the car released in 2014. Six years later, an all-new Sorento was unveiled on March 17. The Korea Herald had the chance to test drive the fourth-generation Sorento on March 23 on a 25 kilometer route from Yeouido in Seou

‘Economic effects of COVID-19 will rub off on profit starting Q2’

　South Korea’s car sales fell 15 percent last month from a year earlier as the spreading coronavirus outbreak affected vehicle production and sales. 　The country’s five carmakers - Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and SsangYong Motor - sold a combined 597,826 vehicles in March, down from 702,929 units a year ago, according to data from the companies. 　The lower sales largely resulted from suspended operations of Hyundai and Kia’s major overseas

South Korean hypermarket chain Homeplus said Monday it was exporting toilet paper to Singapore, which has a shortage of daily necessities as its trade partners close borders amid the COVID-19 outbreak. According to the company, it is selling 2,000 packs of its private brand product Simplus toilet paper and facial tissues to Qoo10, a Singapore-based e-commerce firm. The products departed from Busan Port for delivery to Singapore on Monday. The two types of Simplus products are to be sold on

P&G rolled out Downy Spring Garden on Monday, a new product of its fabric softener Downy Botanis Perfume collection. Downy Spring Garden boasts the delicate scent of spring, allowing customers to enjoy a spring garden from inside their homes, the company said. The product boasts a relatively gentle fragrance and is highly concentrated so users can put in a third of the normal amount for the same effect as its other fabric softeners, the company said. “Downy Botanis Perfume Colle

The number of cyberattacks in South Korea spiked in the first quarter this year, due to the number of people working remotely amid the novel coronavirus outbreak, according to SK Infosec on Monday. The nation‘s biggest data security solution provider detected 1.74 million cyberattacks in the first quarter, up 21 percent on-year -- the monthly average reached 0.58 million, up from 0.48 million last year. The company said that there has been a significant increase in hacking attempts a

Korea Aerospace Industries said Monday its plan to sell light fighter jets to Argentina has been put on hold as the coronavirus outbreak is dealing a huge blow. South Korea’s sole aircraft manufacture said its plan to export around several FA-50 light fighter jets -- a combat variant of its advanced supersonic trainer jet T-50 -- to Argentina has been delayed indefinitely. “It must have been difficult for Argentina to spend its defense budget for fighter jets when it is experien

Ivermectin, a parasiticide, could be the next breakthrough solution to the COVID-19 pandemic, according to initial reports, but further tests must prove the efficacy of the drug in living organisms, experts say. Ivermectin became the center of attention after scientists from Monash University in Melbourne, Australia found that a single dose of the parasiticide could stop the replication of the SARS-CoV-2 virus growing in a cell culture. Ivermectin effectively eradicated all genetic material of

Experts expect market to reshape when conglomerates officially enter second-hand car business