A South Korean court on Friday ruled against a request of Volkswagen and its affiliate Audi that a hefty fine, imposed on the local unit of the German automakers two years ago for false advertisements on its fabricated emissions results, be canceled.The Seoul High Court ruled that there was no problem with the Fair Trade Commission's imposition of a record 37.3 billion won ($33 million) fine in 2016 on Audi Volkswagen Korea, the local unit of the German carmakers, for producing false advertiseme
South Korea’s Hanmi Pharmaceutical said Friday that Sanofi has signaled the start of two new phase 3 clinical studies of the Type 2 diabetes drug candidate efpeglenatide by officially listing the plans on ClinicalTrials.gov, a US-based clinical trials registry site.By doing so, Sanofi has officially executed all five of its planned phase 3 clinical trial agenda for efpeglenatide, which Hanmi licensed out to Sanofi in 2015, according to the Korean drugmaker.So far, Sanofi has been carrying out th
Sales by the South Korean defense industry dropped 13.9 percent from a year ago to 12.76 trillion won (around $11.35 billion) last year, partly due to decreased exports and increased costs for research and development, an industry body said Friday.According to the Korea Defense Industry Association, an umbrella body of 93 defense-related companies, it marked the first time that the industry saw its sale fall since it began to compile related data in 1983.During the reported year, the industry's
South Korea's government aims to create 55,000 new jobs in the healthcare services sector by 2022 and the plan includes the hiring of 9,300 nurses to help upgrade quality of medical services, officials said Friday.The Presidential Committee on Job Creation finalized the new policy goal, saying demand for healthcare workers will steadily rise due to population aging and greater public attention to health. (Yonhap)The committee said the healthcare industry has a great deal of job creation potentia
Foreign currency deposits at South Korean banks rose at the fastest pace in 12 months in November as people increased holdings of the weakening US dollar, central bank data showed Friday.The balance of foreign currency deposits held by local lenders reached $75.05 billion at the end of last month, up $6.94 billion from a month earlier, according to the data by the Bank of Korea. (Yonhap)The on-month gain marked the largest since November last year, when foreign savings rose $7.13 billion from th
The International Air Transport Association (IATA) forecast that airlines in the Asia-Pacific region will post higher net profits next year on a rise in the number of travelers and lower oil prices, Korean Air Lines Co. said Thursday. While expecting the global airline industry to post a net profit of $35.5 billion in 2019, up 4 percent from $32.3 illion a year earlier, IATA Director General and CEO Alexandre de Juniac said airlines in the Asia-Pacific region will report a net income of $10.
GM Korea, the local unit of the US automaker, said Thursday that the state-run Korea Development Bank has completed recapitalization of $375 million as part of the rescue plan signed in late April, raising prospects of the automaker and its second-largest shareholder narrowing their differences on GM’s spinoff plan.This is the latest development amid ongoing talks between related parties after a Seoul court approved an injunction against the process related to GM Korea’s spinoff of GM Technical
Prosecutors raided the main offices of Samsung BioLogics Co. and its accounting firms on Thursday as part of a probe into alleged accounting fraud. The raids come about a month after the Financial Services Commission (FSC) ruled that Samsung BioLogics intentionally violated accounting rules ahead of its initial public offering in 2016. The case has been referred to the prosecution. The regulatory review centers on questions about the loss-making Samsung BioLogics’ reporting of sudden profits i
Kakao Mobility said Thursday that it will delay the formal launch of its carpool service that was initially slated for Monday, citing a need to engage in continued discussions with taxi drivers, the government and other industry stakeholders on the issue.The move came after a 57-year-old taxi driver burned himself to death in protest of Kakao’s carpool service plans Monday, shocking the public and driving up tensions between the company and taxi unions that have been staging fierce protests agai
Air Busan Co., a low-cost carrier in South Korea, said Thursday it will expand its market presence and boost its image by making full use of funds generated by its planned listing in the country's stock market this month.In November, the budget carrier won approval from the Korea Exchange for the initial public offering on the KOSPI. (Yonhap)The company is to raise up to 20.8 billion won ($18.51 million), with the price per share being set at between 3,600 won and 4,000 won. "Through this listi
South Korea’s tax agency has launched an investigation into the local branch of US technology giant Google over allegations of tax evasion on the part of some local YouTubers, a move that signals stepped up government efforts to crack down on foreign tech firms long accused of taking a free ride on lax regulations. The National Tax Service on Wednesday sent its auditors and investigators to the headquarters of Google Korea in Seoul to secure the company’s financial and accounting records.The NTS
South Korea’s stock market benchmark indexes were moderately higher Thursday on signs of abating trade strife between the United States and China. The top-tier benchmark Kospi inched up 0.6 percent higher than the previous trading day’s close, while the second-tier Kosdaq ticked up 0.8 percent. On the main bourse, foreign investors net purchased shares worth 484.4 billion won ($431.3 million). Domestic institutional investors net sold stocks worth 311.7 billion won, ending a net buying trend of
Woori Bank said Thursday it will set up a fund of 300 billion won ($266.5 million) to help channel more money to innovative firms. The bank will launch the fund next year and it will be expanded to 3 trillion won over the next three years, Woori Bank said. (Yonhap)Woori Bank said it will invest 150 billion won into the fund and the bank's affiliates will invest the remaining 150 billion won into the fund. So far this year, Woori Bank, South Korea's third-largest commercial lender, has invested
Dec 13, 2018Economy
KT signed an agreement with the United Nations Environment Program to provide consultations on uses of information communications technology with a view to resolving global environmental issues such as fine dust, the mobile carrier said Thursday.Under the agreement, KT will support UNEP in establishing an integrated platform for handling global environmental issues, data analysis on activities to reduce fine dust, and measures to help vulnerable groups of people to combat fine dust in developing
LG Electronics announced Thursday it will launch a 100-kilowatt energy storage system for solar power plants featuring LG Chem’s battery in an effort to expand into the ESS market. Named All-in-one ESS, the system is equipped with power-condition and power-management systems that increase efficiency and convenience for users, the company said. (LG Electronics)Adopting LG Chem’s 274-kilowatt per hour battery, the ESS is capable of storing electricity for one full day for 25 households in Seoul.