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Companies

LG monitoring Tesla's plan to manufacture batteries

The gigafactory of electric carmaker Tesla is seen in Shanghai, China, in this file photo, Tuesday. Reuters-YonhapBy Kim Yoo-chulLG Chem said Tuesday it was “closely monitoring” activities by “a number of companies” including Tesla, which aim to develop their own batteries, as this would impact the firm's battery business.“As demand for batteries for electric vehicles (EVs) is rising, some companies inside the battery industry are aiming to develop their own batteries. LG Chem is closely monitoring updates, activities and looming trends in the market we are deeply involved in,” the company told investors upon announcing its first-quarter earnings results. LG is the global leader in battery cells and packs, supplying them to the world's leading carmakers. While LG Chem is leading the global EV market, Tesla's entry, if it actually happens, will have a greater impact on the overall battery supply chain management (SCM) given Tesla's ongoing and expected outperformance in terms of profits and sales, in addition to the growing reflection of the change

Apr 28, 2020By Kim Yoo-chul
LG monitoring Tesla's plan to manufacture batteries
Companies

Gov't to offer W1.2 tril. to Korean Air

A Boeing 747-8F Korean Air Cargo jet taxis past other waiting aircraft to take-off at Seattle-Tacoma International Airport, Thursday (KST) in SeaTac, Wash. AP-YonhapBy Kim Yoo-chulThe government has decided to give 1.2 trillion won in emergency financial assistance to the severely-ailing Korean Air to help it cope with the fallout from the coronavirus pandemic. This comes as the country's flagship carrier was already experiencing tough times prior to COVID-19, which could deal it a final blow.In a joint announcement released Friday afternoon, the carrier's main creditors ― the Korea Development Bank (KDB) and the Export-Import Bank of Korea (Eximbank) ― said Korean Air will receive 1.2 trillion won from them in addition to their buying its corporate bonds which many believe could help the country's top airliner avoid financial ruin.“The KDB and Eximbank jointly plan to offer 1.2 trillion won in cash to Korean Air as the carrier is suffering from a liquidity crunch amid a frozen financial market and the aviation industry being hit hard by the COVID-19 pandemic,” the statem

Apr 24, 2020By Kim Yoo-chul
Gov't to offer W1.2 tril. to Korean Air
  • Number of travelers nosedives amid COVID-19 outbreak
Companies

Doosan aims to raise W2 tril. from new share sale

Unnamed pedestrians pass by the logo of Doosan Group, downtown Seoul, Wednesday. YonhapBy Kim Yoo-chulIn an equity financing move, Doosan Group will offer new shares at the earliest possible date in the third quarter to pay off the debt of its ailing construction affiliate, two official sources familiar with the issue said Wednesday.“Details of Doosan Group's self-restructuring plans will be finalized early next month. After fixing specifics aimed at saving the group including the sale of some of the group's core assets, Doosan Group will offer new shares and use the money raised to aid Doosan Heavy,” one official said.Regarding how much liquidity Doosan is hoping to raise from the equity financing initiative, the official said, “Doosan wants to raise at least 2 trillion won.” The group's creditors ― the Korea Development Bank and the Export-Import Bank of Korea (Eximbank) ― recently approved the group's request to convert a $500 million foreign currency bond issued by Doosan Heavy Industries and Construction into a loan with a due date of one year.But the eme

Apr 22, 2020By Kim Yoo-chul
Doosan aims to raise W2 tril. from new share sale
Companies

Korea vows to provide 'sufficient liquidity' to auto industry

Unsold vehicles at a Hyundai dealership in Colorado, U.S. / AP-YonhapBy Kim Yoo-chulThe government has vowed to provide “sufficient liquidity” to the ailing auto industry. With ongoing production shutdowns taking effect, the country's automotive companies are seeking to navigate the coronavirus pandemic.“Production problems in one or two suppliers, if any, would hit the overall production mechanism in the automotive industry,” Industry and Trade Minister Sung Yoon-mo said at a meeting with executives of the country's top-tier automotive companies and their parts suppliers, in Seoul, on Tuesday afternoon.“The government is going to provide sufficient liquidity for auto parts suppliers and the overall industry to help them navigate the pandemic.” The ministry did not give details about the “new liquidity support” or what specific forms it might take. The assistance is part of 29.6 trillion won additional financing announced on April. 8 to help the ailing local automotive parts suppliers and the overall industry as COVID-19 spreads.As the

Apr 21, 2020By Kim Yoo-chul
Korea vows to provide 'sufficient liquidity' to auto industry
Companies

Ex-SsangYong exec to lead KAIDA

By Kim Yoo-chulA former SsangYong Motor executive was appointed chief of the Korea Automobile Importers and Distributors Association (KAIDA), the association said.In a statement, KAIDA said it has appointed Daniel Rim, ex-executive managing director of SsangYong Motor, as its vice chairman. He will serve a two-year term starting May 2020.KAIDA Vice Chairman Daniel Rim“I feel a heavy responsibility to be appointed as vice chairman of KAIDA,” Rim said in the press release. “With the chairman and board of directors, I will lead the association to ensure member companies' voices are harmonized with related organizations and offer automotive consumers access to exciting and wider choices.”Rim, who completed his undergraduate program with a major in electrical engineering from the University of Michigan, earned MBA from Wayne State University located in the same state. He started his career with General Motors as an engineer back in 1986 and extended his experience in Ford Motor, Visteon, Parker Hannifin and Doosan Infracore, in addition to SsangYong.“Given Ri

Apr 20, 2020By Kim Yoo-chul
Ex-SsangYong exec to lead KAIDA
Economy

Moon set to help aviation, tourism, car industries

A currency trader gestures at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, last week. AP-YonhapBy Kim Yoo-chulThe landslide election victory for the Democratic Party of Korea (DPK) was mostly driven by public approval of the party's partnership with the government and Cheong Wa Dae for its competent handling of the COVID-19 pandemic in addition to President Moon Jae-in's focus on low-income households and small- and medium-sized enterprises (SMEs) in stimulus aid packages.With the DPK's solid majority that clearly strengthens the party's presence in the National Assembly, Moon is expected to push his administration's plan to regain economic momentum after the virus-hit economic crisis.“Top priority will be placed on passing additional policies through the National Assembly aimed at minimizing the negative impact of the pandemic and facilitating a rapid economic rebound. Given popular support for these initiatives, the ruling party will face limited obstacles in fast-tracking its approval despite opposition from the fiscally more conservativ

Apr 19, 2020By Kim Yoo-chul
Moon set to help aviation, tourism, car industries
  • Gov't urged to bail out virus-hit airline industry
Politics

Moon set to push for post-virus economic rebound

Lee Nak-yon, center bottom, a former prime minister and a candidate of the ruling Democratic Party, watches TVs broadcasting results of exit polls for the parliamentary election at the National Assembly in Seoul, Wednesday. AP-YonhapBy Kim Yoo-chulPresident Moon Jae-in, the ruling Democratic Party of Korea (DPK) and the Cheong Wa Dae economic team are expected to talk up the prospects of a rapid economic rebound from the COVID-19 pandemic as the results of the general election are expected to bolster his position, presidential aides and political analysts said Wednesday.As the Korean president serves a single five-year term with no possibility of re-election, the results were “considered” crucial for Moon and the ruling DPK. Accordingly Moon doesn't appear to need to worry about entering “lame-duck” status for now as they will clearly give him a fresh impetus in pushing forward his economic agenda which had been stalled by the pandemic.With the DPK retaining control of the National Assembly, Moon is expected to continue to try and narrow the widening gap betwe

Apr 15, 2020By Kim Yoo-chul
Moon set to push for post-virus economic rebound
  • Moon likely to have steady state management in remaining term
Companies

Celltrion's Remsima SC scores 'off-label' prescription success in UK

This undated photo, provided by Celltrion Inc., shows its drug Remsima SC. Korea Times fileBy Kim Yoo-chulCelltrion Healthcare's Remsima SC has been prescribed “off-label” to IBD patients with success in the United Kingdom, according to industry officials, Tuesday.“Off-label” use means the medication is being used for a medical condition, age group, dosage or route of administration not officially approved by a drug regulatory agency. The approval had originally been expected sometime in mid-2020. “Celltrion Healthcare-developed Remsima SC was successfully prescribed for six patients with inflammatory bowel disease (IBD) in the U.K. for the first time in the industry,” one industry official said.The achievement came after health officials are advising people to stay at home amid the spread of COVID-19, raising some worries over patients who have autoimmune diseases and receive proper and on-time medical treatment via infusions. Because of the pandemic, there are some cases in which physicians prescribe medicines off-label.As at-risk IBD patients ma

Apr 14, 2020By Kim Yoo-chul
Celltrion's Remsima SC scores 'off-label' prescription success in UK
Companies

Samsung wins contract to produce COVID-19 treatments

Samsung Biologics' plant 3 in Incheon is seen in this file photo. Courtesy of Samsung BioLogicsPact comes day after President Moon asks South Korea's expanded role to develop COVID-19 vaccines By Kim Yoo-chulSamsung Biologics has won $360 million worth of orders for contract production of biopharmaceutical products from a San Francisco-based startup. Under the agreement, the South Korean company will start producing COVID-19 treatment drugs once the U.S. firm completes the development of the drugs.“Samsung Biologics agreed with Nasdaq-listed Vir Biotechnology to perform large-scale manufacturing services for Vir's SARS-CoV-2 monoclonal antibody (mAb) program. The estimate monetary value of the contract is about $360 million, which is 63 percent out of the total revenue Samsung Biologics reported last year. By volume, the contract is the largest ever since Samsung went public,” company spokesman Seo Hae-su said on Friday.Under the agreement, Samsung Biologics is expected to commence its manufacturing from October this year, at the earliest possible date with the first

Apr 10, 2020By Kim Yoo-chul
Samsung wins contract to produce COVID-19 treatments
Tech & Science

Samsung expects 'fair' Q1 profit on chips

A Samsung phones shop is closed during a government-imposed nationwide lockdown as a preventive measure against the COVID-19 coronavirus, in New Delhi, India, on April 3. AFP-YonhapBy Kim Yoo-chulDespite the spread of COVID-19, Samsung Electronics said its operating profit for the first quarter of 2020 will rise, year-on-year.In a statement Tuesday, the tech giant said it was expecting to report 6.4 trillion won during the first three months of the year, up 2.73 percent from the same period last year. Quarterly sales reached 55 trillion won, up 5 percent, year-on-year.Samsung Electronics didn't announce the performance of each of its divisions as it plans to detail the specifics of the earnings later this month.Local brokerages estimated earlier that Samsung's operating profit for the quarter would be around 6.09 trillion won.The “fair” first quarter results come as Samsung has been impacted to various degrees on multiple fronts by the coronavirus pandemic as it also sells home appliances, including televisions, as well as smartphones. Officials said the pandemic had forc

Apr 7, 2020By Kim Yoo-chul
Samsung expects 'fair' Q1 profit on chips
  • LG Electronics expects 'impressive' Q1 profit
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