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08 Aug

Samsung BioLogics to begin IPO process this week

Samsung BioLogics, a contract manufacturer of biologic drugs under Samsung Group, will apply for preliminary approval to begin its initial public offering process this week, the Korea Exchange said Monday. The South Korean drugmaker plans to submit its application to pursue am IPO on the country’s main bourse KOSPI on Thursday, the KRX said. Under this timeline, Samsung BioLogics will likely complete its public listing by November as scheduled. Samsung BioLogics declined to comment on the potential size of the IPO. [...]

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08 Aug

First gold comes from men's archery; Judoka takes surprise silver

South Korea wasted little time picking up its first gold of the Rio de Janeiro Olympics, as the men’s archery team came out on top on the first day of the competition Saturday. The trio of Kim Woo-jin, Ku Bon-chan and Lee Seung-yun defeated the United States team of Brady Ellison, Zach Garrett and Jake Kaminski by the set score of 6-0 at Sambodromo. It was South Korea’s fifth Olympic gold in the men’s team archery event and avenged its loss [...]

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03 Aug

Korean exporters still face growing protectionism

South Korean companies are confronted with growing trade barriers in overseas markets as major economies toughen import rules amid a protracted economic slowdown, industry sources said Wednesday. As of the end of July, South Korean products were affected by 179 anti-dumping measures, safeguards and other import regulations worldwide, according to the sources and the state-run Korea Trade-Investment Promotion Agency. In the first seven months of this year alone, 24 new complaints involving import regulations were filed against South Korean products, but [...]

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03 Aug

Korea's e-commerce exports up 83% in Q2

South Koreans’ direct purchases from foreign countries edged up in the second quarter of this year, with online purchases of Korean products by overseas shoppers nearly doubling, government data showed Wednesday. Koreans’ direct purchases of foreign goods via overseas online shopping malls reached 411.8 billion won ($369.3 million) during the April-June period, up 5 percent from 392 billion won a year ago, according to the data compiled by Statistics Korea. At the same time, internet-based direct sales made by overseas shoppers [...]

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03 Aug

Seoul city starts providing allowances to young job seekers

The Seoul city government started a controversial program that provides allowances to thousands of young job seekers Wednesday, which it said aims to help people maintain basic living standards while they try to find work. The Seoul Metropolitan Government said it has selected a total of 3,000 applicants and will provide them with 500,000 won ($448) per month, for up to six months. The plan, which has been opposed by the central government, is designed to support people from ages 19 [...]

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03 Aug

Korea's homegrown drug set to post record sales

Annual sales of a diabetes drug manufactured by LG Life Sciences Ltd., the pharmaceuticals unit of South Korea’s LG Group, are likely to exceed 50 billion won ($44.9 million) this year, the drug firm said Wednesday. It would mark the first time for the annual sales of a single homegrown drug to breach the 50 billion-won mark. The combined sales of Zemiglo , which was approved as the nation’s 19th new drug in 2012, and its composite drug Zemimet came to [...]

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02 Aug

Korea faces rising protectionism

In a meeting of government officials and corporate executives convened last week to discuss how to boost exports, Trade Minister Joo Hyung-hwan called for strengthened efforts to put an end to a record streak of on-year monthly declines in Korea’s outbound shipments since the start of last year. He saw August as a crucial period to test whether the country could make a turnaround in exports, noting the pace of decrease has been decelerating in recent months. As adverse factors that [...]

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02 Aug

Seoul shares open higher on Wall Street gains

South Korean stocks opened higher Monday, taking its cue from gains in Wall Street. The benchmark Korea Composite Stock Price Index added 10.32 points, or 0.51 percent, to 2,026.51 in the first 15 minutes of trading. Tech shares led the gains. Market kingpin Samsung Electronics surged 2.14 percent, continuing its rally after posting robust second-quarter earnings, and chip giant SK hynix advanced 1.74 percent. Auto shares were in the positive terrain. Industry leader Hyundai Motor increased 1.14 percent, and its sister company Kia Motors [...]

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02 Aug

Korean shares up in late morning trading

South Korean shares traded 0.67 percent up in late Monday morning as strong foreign buying boosted local shares. The benchmark Korea Composite Stock Price Index scored 13.43 points to 2,029.62 as of 11:20 a.m. Tech shares led the gains. Market kingpin Samsung Electronics surged 2.14 percent, continuing its rally after posting robust second-quarter earnings, and chip giant SK hynix advanced 1.31 percent. Auto shares were in the positive terrain. Industry leader Hyundai Motor increased 1.89 percent, and its sister company Kia Motors rose 1.3 [...]

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02 Aug

Purchase limits at tax-free shops dampen cosmetics sales outlook

The recent decision by the South Korean customs agency to impose a purchase limit at the country’s tax-free outlets is dampening the sales outlook for local cosmetics firms which generate a major part of their sales via duty-free channels. On July 11, the Korea Customs Service notified all Korean duty-free operators — including Lotte, Shilla and Shinsegae — to limit the number of purchases made by each customer to 50 cosmetics and perfume products, and 10 bags and watches at each [...]

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