Headline, June 16, 2021

Wednesday, June 16, 2021

Round-up of important news from major Korean dailies and from international media today

The Korea Post (http://www.koreapost.com/)

Bangladesh, Korea have great potentials for stronger partnership in pharmaceutical, shipbuilding, IT and innovation

Ambassador Abida Islam of the People's Republic of Bangladesh in Seoul said, "Bangladesh is one of the fastest-growing economies in the world. Though ready-made garments have been the economy's driving force, Bangladesh is diversifying its economy to pharmaceuticals, I.T., shipbuilding, and others. We applaud South Korea's world-renowned efficiency in pharmaceuticals, ICT and innovation, and I am looking forward to forging a closer partnership with Korea in these sectors in the coming years." Speaking at an exclusive interview with The Korea Post media, publisher of 3 English and 2 Korean-language news publications since 1985, Ambassador Islam said, " there are several potential areas where both Korea and Bangladesh could partner together for mutual advantage." Ambassador Islam then stated: "Bangladesh has a stable and growing market of over 160 million people with a strong pharmaceutical base. It produced the generic version of 'Remdesivir' during the pandemic, a drug used for the treatment of COVID-19, and exported quarantine products like masks and PPEs to the United States.

Will Yoon Seok-yeol join the main opposition People Power Party under young chairman?

Newly elected Chairman Lee Jun-seok of the main opposition People Power Party (PPP) on June 12 unofficially designated 58-year-old National Assemblyman Seo Bum-soo as the secretary general of the PPP and National Assemblyman Hwang Bo-seung as senior spokesman of the party. Reps. Seo and Wang are both first-time members of the National Assembly who have never been a National Assemblyman before. Reports indicate that Hwang and Seo both accepted Lee’s offer. Chief secretary is in a key position at a political party in Korea, who helps the party chairman with in a closest distance from the chairman. Reports indicate that there would be many area scenes in the future, including one where 68-year-old President Moon Jae-in would be meeting an opposition party chairman (Lee Jun-seok) who is 3 years younger even than Moon’s youngest son, Moon Joon-young.

President Moon Jae-in leaves for Britain to attend G-7 summit

President Moon Jae-in left Seoul on June 11 for Britain to attend an annual Group of Seven (G-7) summit, as part of his weeklong trip to Europe, including Austria and Spain. Moon is to return to Seoul on June 18 President Moon is scheduled to join the G-7 session as a guest invited by British Prime Minister Boris Johnson, the host of the three-day event to take place until June 13 at the Carbis Bay Hotel in Cornwall. President Moon Jae-in waves to well-wishers as he departs from Seoul Air Base, south of Seoul, on June 11, 2021. Moon is expected to have discussions on how to address such global challenges as a health crisis, climate change, and trade disputes at the international event. Moon said the G-7's invitation for South Korea to its annual summit reflects the rise of its international status to a level on par with G-7 countries.

KBS (http://world.kbs.co.kr/english/news/)

Pres. Moon Begins State Visit to Spain

President Moon Jae-in kicked off his state visit to Spain, the last leg of his three-nation tour in Europe, by attending an official welcome ceremony hosted by King Felipe the Sixth. President Moon arrived in Madrid on Tuesday after wrapping up a three-day state visit to Austria and headed to the royal palace to meet with the Spanish head of state. During their first meeting since the king’s visit to South Korea in October 2019, Moon noted the active people-to-people and cultural exchanges between the two countries, as well as expanding economic cooperation. King Felipe thanked the South Korean leader for the earlier assistance in coping with COVID-19 and expected Moon’s scheduled attendance at an annual Spanish business leaders’ forum will send a “positive message” in challenging times amid the pandemic. Later in the day, Moon visited City Hall in Madrid, where Mayor José Luis Martínez-Almeida awarded him a golden key emphasizing the importance of expanding exchanges between the two nations. The president then attended a welcome dinner hosted by the king.

US Assistant Secretary Nominee Pledges to Prioritize N. Korean Threat

The nominee for U.S. assistant secretary of state for East Asian and Pacific affairs said North Korea’s nuclear and missile threats and the complete denuclearization of the Korean Peninsula will be among his top policy priorities. Daniel Kritenbrink made the remark in his confirmation hearing before the U.S. Senate Foreign Relations Committee on Tuesday. He referred to U.S. President Joe Biden’s statement that the U.S. remains committed to the complete denuclearization of the Korean Peninsula and will work with allies to address that through diplomacy and deterrence. Kritenbrink said if he is confirmed, he will work to ensure that the North and others abide by UN Security Council resolutions while also supporting a calibrated and practical diplomatic approach that prioritizes U.S. security and that of its allies and deployed military forces.

Kim Jong-un Presides over Party Plenary Session on Policy Steps

North Korean leader Kim Jong-un reportedly convened a party plenary session to decide on Pyongyang’s policy steps amid the current global political situation. The North’s official Korean Central News Agency(KCNA) said on Wednesday that the third plenary session of the Workers’ Party's Central Committee was held the previous day, presided over by Kim. During the meeting, Kim said various difficulties “currently lying ahead of his country” caused some “bias” in implementing national plans and policy tasks and mentioned food shortages, COVID-19 and anti-socialist practices, among other challenges. He noted the worsening food situation in the country due in part to last year’s typhoon damage and called for countermeasures while instructing the maintenance of a “perfect anti-epidemic state.”

Yonhap (http://english.yonhapnews.co.kr)

Moon given 'golden key' in Spain visit

South Korean President Moon Jae-in received a "golden key" from Spain on Tuesday, as he expressed hope that it would bring big luck to the Korean Peninsula. He also said that he would open the door of overcoming the COVID-19 pandemic with the key. The president was given the gift by the mayor of Madrid, Jose Luis Martínez-Almeida, during a visit to City Hall in accordance with a longtime tradition for a foreign state guest in Spain. The mayor said the key means that the door of Madrid is always open, stressing the importance of bilateral exchanges. Moon then attended a welcoming dinner hosted by King Felipe VI. He pointed out that South Korea and Spain are similar to each other in that their people have achieved economic development and democratization.

Ex-prosecutor general to announce his presidential bid soon: aide

A former South Korean top prosecutor plans to officially announce his presidential bid later this month, his spokesman said Tuesday. Yoon Seok-youl, who has been a front-runner in opinion polls, will publicly "show the result" of his contemplation later in June or early July, Yoon's spokesman Lee Dong-hoon told Yonhap News Agency. Lee said Yoon will decide whether to join the main opposition People Power Party after meeting various officials. In the latest poll conducted by the Korea Society Opinion Institute from Friday to Saturday on 1,007 voters nationwide, 35.5 percent picked Yoon as their most favored candidate for next year's presidential election, up 4.4 percentage points from a week earlier. Gyeonggi Province Gov. Lee Jae-myung of the ruling Democratic Party (DP) came in second with 27.7 percent, followed by former Prime Minister Lee Nak-yon with 12.6 percent.

N.K. leader opens key party meeting to discuss how to cope with 'current international situation'

North Korean leader Kim Jong-un opened a key Workers' Party meeting to discuss ways to deal with the "current international situation," food shortages, anti-pandemic efforts and other economic issues, state media said Wednesday. The multiday plenary meeting of the party's Central Committee was convened for "taking measures to solve the pending issues urgent for improving the economic work and the people's living and for the discussion of and decision on issues for powerfully and correctly pushing forward crucial state work under the prevailing situation," according to the Korean Central News Agency. "Saying that in particular, the people's food situation is now getting tense as the agricultural sector failed to fulfill its grain production plan due to the damage by typhoon last year, he stressed that the plenary meeting should take a positive measure for settling the problem," the KCNA quoted Kim as saying.

The Korea Herald (http://www.koreaherald.com)

Korea meets first vaccine target: 13 million people get one dose

Korea reached its COVID-19 vaccine target for the first half of the year on Tuesday, with 13 million adults inoculated with at least one dose, according to Korea Disease Control and Prevention Agency statistics, more than three months since its vaccination campaign kicked off on Feb. 26. “About a quarter of Koreans had one dose of a vaccine as of today,” the agency’s senior official Kim Ki-nam told a news briefing. Tuesday’s feat brings Korea closer to the goal of having 70 percent of its population vaccinated with at least one shot by the end of September, and eventually to herd immunity later in the winter, he added. Having cleared the vaccination goal, the Ministry of Health and Welfare also announced further relaxations in the country’s COVID-19 measures within the country and at the border from July, the details of which will be unveiled on Sunday. But as variant-driven outbreaks trouble countries with higher vaccination rates, some experts disapprove of easing restriction too early.

Interim report on sex crime probe expected soon: official

An interim report on the suicide of an Air Force master sergeant who took her life after being sexually assaulted is coming out as early as next week, a senior official at the Ministry of National Defense said Tuesday. The master sergeant died by suicide in late May after a complaint she filed in early March went unanswered. The Defense Ministry is leading a full investigation into her death and the alleged cover-ups. “Given everything going on, we could release an interim report on the probe next week or the week after,” the official said, referring to the fact that the ministry would have to report it first to an independent committee comprising civilian expert advisers. The panel, set up by the ministry to ensure military prosecution teams carry out a thorough probe to identify those involved in the cover-up, meets weekly to oversee the military investigation, the official said, adding that the investigation is as transparent as it could possibly be.

Moon, CureVac CEO agree on vaccine partnership

President Moon Jae-in and German pharmaceutical company CureVac’s CEO Franz-Werner Hass agreed to form a new vaccine partnership during a virtual meeting Tuesday. No new deal was immediately disclosed. Their 20-minute videoconference came on the heels of Moon’s summit talks with German Chancellor Angela Merkel at the G-7 gathering in Cornwall, England on Saturday, during which the leaders agreed to seek synergy between Korea, the world’s second-largest manufacturer of biomedicines, and Germany, one of the leading vaccine developers. Moon held the video call from Vienna where he is currently on a state visit. With an aim to host a global vaccine production hub in Korea, Moon has been holding a series of meetings with CEOs of global vaccine makers over the past weeks. He met with Novavax CEO Stanley Erck and Moderna CEO Stephane Bancel during his visit to the US last month, and Pascal Soriot, CEO of AstraZeneca, last week at the G-7.

The Korea Times (http://www.koreatimes.co.kr)

Korea sees advantages, challenges with Moderna

President Moon Jae-in's goal is to help South Korea become a global vaccine hub, and given the country's strengths in manufacturing, his ambition is, in theory, achievable and deliverable. South Korea is home to the world's two-largest memory chipmakers: Samsung and SK hynix. Because of the similarities in the complexities of semiconductor production and contract development and manufacturing (CDM) in the biologics oriented sector, a growing number of domestic companies are jumping into the CDM(O) organization market. Specifically, both the semiconductor and CDMO industries are required to have high-quality manufacturing capabilities and maintain long-term partnerships with clients. Plus, customers are always welcoming new entrants as they explore alternative suppliers, mostly because of "cost." Also, the United States and Europe are the leaders in the biopharmaceutical industry, with South Korea and China taking roles as CDMO suppliers.

Under young leader, main opposition party to choose spokesmen through debate tournament

Under the leadership of young new leader Lee Jun-seok, the main opposition People Power Party (PPP) will set out this week to pick its new team of spokespeople through a rare debate tournament, party officials said Wednesday. The party will conduct a three-week-long public audition to recruit two chief and two other deputy spokespersons, starting with an official notification of the audition Friday, according to the officials. It is part of a series of sensational campaign promises Lee made running for the party leadership. He has touted the new method of picking party spokespeople as a means to facilitate a change of culture in the conservative party and to give fair opportunities to party members, as opposed to the usual handpicking of spokespeople by a party leader. The biggest conservative party has never before opted for a public audition to choose party spokespeople, except for the selection of a deputy spokesperson slot reserved for young party members.

Moon expedites bid to turn Korea into global vaccine hub

President Moon Jae-in is expediting his bid to turn Korea into a global vaccine manufacturing hub by seeking to form a partnership with CureVac for the production of the German drug maker's next-generation COVID-19 vaccine. Moon, who is on a trip to Austria, had a videoconference with CureVac CEO Franz-Werner Haas, Tuesday (local time), and asked him to cooperate with Korean firms. This follows Moon's meeting with German Chancellor Angela Merkel on the sidelines of the Group of Seven (G7) Summit in the United Kingdom last week, where the two leaders shared their opinions on potential partnerships between German vaccine companies with messenger RNA (mRNA) technology and Korean vaccine contract manufacturers. During the videoconference, Moon cited the meeting with Merkel and explained Korea's bid to become a global vaccine production hub. According to Cheong Wa Dae, Haas agreed to look at Korea's prowess in manufacturing vaccines and expressed support for Moon's vaccine hub initiative.

Chosun Ilbo (http://english.chosun.com)
Dozens Given Wrong Vaccine
There have been 105 mistaken coronavirus vaccine injections in hospitals so far, the Korea Disease Control and Prevention Agency said on Monday. Ninety of them involved being given the wrong vaccine, mostly people under 30 who were given the AstraZeneca vaccine, which has been banned for the group due to the risk of blood clots. Ten were given the first and second jab at the wrong interval and five were given the wrong dosage. Six soldiers in a military hospital in Daegu were injected with mostly saline solution with just a minuscule amount of vaccine after a health worker mixed up the bottles, according to the Defense Ministry. The rate of vaccine injections is rising, but Jeong Eun-kyeong, chief of the KDCA said, "Most of the vaccinated people are senior citizens, medical workers, firefighters and police, which is not yet enough for herd immunity. Up to 70 percent of the population must have received at least their first vaccine injection before we can talk about it."

Opposition Overtakes Ruling Party in Approval Rating

The main opposition People Power Party is enjoying a 10-percentage-point lead over the ruling Minjoo Party in approval ratings after electing 36-year-old Lee Jun-seok as its leader, according to a poll. But half of the respondents said they will wait and see if the PPP is embracing genuine change.

In the poll of 2,512 people by pollster Realmeter last week, 39.1 percent supported the PPP, while only 29.2 percent backed the MP. The PPP's approval rose 1.1 percentage points from the previous week, while the MP's fell another 0.5 percentage points. The minor People Party had 6.7 percent support, the Open Democratic Party six percent and the Justice Party 3.9 percent. By age group, people in their 20s, 50s and 60s tended to support the PPP while those in their 30s and 40s still backed the MP. But the PPP saw a 4.4-percentage-point rise in the supporters in their 40s to 30.7 percent, while the MP suffered an 11.1-percent drop among voters in that age group to 36.7 percent.

Kim Jong-un's Weight Loss Prompts Health Speculation

North Korean leader Kim Jong-un appears to have lost weight in the first public photos published by state media last week after about a month's absence. The Seoul-based NK News website on Tuesday said Kim is visibly thinner in the photos compared to late April, when he presided over a Workers Party meeting. He seems to have been tightened the strap on his Swiss IWC watch on his left wrist since March, and NK News said his drastic weight loss could signify health problems. "On the surface, noticeable weight loss may not mean much, but it can provide clues to other information that intelligence collectors look for," it quoted Mike Brodka, a U.S. intelligence officer in South Korea, as saying. peculation has it that Kim suffers from diabetes, high blood pressure and heart problems due to his obesity. His grandfather Kim Il-sung and his father Kim Jong-il both died of a stroke. The National Intelligence Service here told lawmakers in November last year that Kim's weight had increased by 6 to 7 kg each year since he took power.

HanKyoReh Shinmun (http://english.hani.co.kr)
S. Korea is open to sharing COVID-19 vaccines with N. Korea, Moon says

South Korean President Moon Jae-in, who is currently visiting Austria as a guest of the state, said Monday that he intends to supply COVID-19 vaccines to North Korea if the government there agrees to it. Many are watching to see how Pyongyang responds to Moon’s messages signaling his commitment to using pandemic control efforts as a means of resuming dialogue. His latest remarks come after he raised the possibility last month that the scale of South Korea’s joint military exercises with the US could be adjusted. During a joint press conference following his summit with Austrian President Alexander Van der Bellen at the Hofburg in Vienna that day, Moon was asked whether he had any intention of providing vaccines to North Korea. “If North Korea agrees to it, we will actively pursue cooperation toward supplying vaccines to North Korea,” he said, adding that North Korea would “obviously become a focus of cooperation if South Korea plays the role of a global vaccine hub.”

Japan cancels meeting between Moon, Suga at G7 without prior notification

The leaders of South Korea and Japan had been planning to meet briefly in Cornwall, England, on the sidelines of the G7 summit, but Japan reportedly canceled the plan without prior notification, the Hankyoreh has confirmed. There are concerns that Japan’s actions will further complicate the two countries’ efforts to improve relations. There was an agreement in place for the two leaders to hold a brief meeting in Cornwall, and both leaders were aware of that,” a senior official in the South Korean government said Monday. The timing was flexible, but we were planning to meet briefly as we did with the French president. But the Japanese unilaterally broke their word.” This official was referring to the “pull aside” meeting between South Korean President Moon Jae-in and French President Emmanuel Macron held in the lounge at the summit venue for about 10 minutes on Sunday.

Moon pledges to stand against racial extremism, calls for cooperation on free trade at G7

South Korean President Moon Jae-in stressed the importance of responding forcefully to racism and extremism and cooperating internationally to expand free trade and economic openness while attending the G7 summit in the British county of Cornwall. On Sunday, Moon attended the summit’s second expanded meeting on “open societies and economies,” where he joined in the adoption of an “Open Societies Statement.” Resolving to protect and promote the open society values shared by the participating countries, including human rights, democracy and the rule of law, the G7 leaders issued a statement that proposed cooperating to expand those values and allowing the benefits of open societies to be enjoyed in more inclusive ways. “We [. . . ] face threats to our social fabric from persistent inequalities and discrimination,” the statement said. “In the midst of these threats we will work together to create an open and inclusive rules-based international order for the future that promotes universal human rights and equal opportunities for all,” it continued.

The Dong-A Ilbo (http://english.donga.com/)

NATO calls for ‘complete, verifiable, irreversible’ denuclearization of N. Korea

Members of the North Atlantic Treaty Organization (NATO) urged the resumption of U.S.-North Korea negotiations for “complete, verifiable, and irreversible denuclearization” of North Korea in a joint statement issued on Monday during a summit in Brussels. The re-emergence of the concept CVID in a NATO joint statement joined for the first time by the U.S. President Joe Biden has drawn the international attention as North Korea had strongly objected that the term is a concept forced upon a “defeated nation.” It clearly stated their goal of dismantling North Korea’s nuclear weapons at a higher level than the goal of achieving “complete denuclearization of the Korean Peninsula” agreed between President Moon Jae-in and President Joe Biden during their summit last month. “We reiterate the Alliance’s full support to the goal of the CVID,” the NATO said in its joint statement issued after a summit in Brussels, calling on North Korea to engage in meaningful denuclearization negotiations with the U.S. to achieve the goal.

Yoon Seok-youl says he will keep in mind lessons of Kim Dae-jung who forgave all political enemies

Former Prosecutor General Yoon Seok-youl visited the Kim Dae-jung Library in Donggyo-dong, Mapu-go, Seoul to commemorate the 21st anniversary of the June 15th North–South Joint Declaration. Yoon who said he is open to all options regarding joining the People Power Party seems to continue to work with both the conservative and the progressive in order to secure his own independent broad base. “Former Prosecutor General Yoon visited the Kim Dae-jung Library of Yonsei University on Friday. The visit was initiated by Yoon contacting Kim Sung-jae, the executive director of the Kim Dae-jung Peace Center, and Kim welcoming the visit,” said Lee Dong-hoon, the spokesperson of Yoon’s presidential camp. “He forgave and reconciled with all of his political enemies and moved forward for better South Korea even after many sufferings and time in prison,” said Yoon of late President Kim Dae-jung, according to Kim Sung-jae.

Private gatherings of up to six people to be allowed starting July

The South Korean government plans to begin a new social distancing scheme starting July while considering easing the current restrictions on private gatherings in stages. According to the Central Disaster Safety and Countermeasure Headquarters on Tuesday, the government is considering revamping the social distancing rules, limiting private gatherings to six people. If the government adopts a new four-tier social distancing scheme, gatherings of up to eight people will be allowed in the Seoul metropolitan area and the restrictions on gatherings will be lifted in non-capital areas.

Prior to a full-scale implementation of the new social distancing rules, however, the government is considering running a pilot program for three weeks from July 7 to July 25, limiting private gatherings to no more than six people in the Seoul metropolitan area and to eight people in non-capital areas. According to the new social distancing scheme, entertainment establishments can operate until midnight in the Seoul metropolitan area but the government is reviewing plans to maintain the current curfew at 10 p.m.

TheKyungHyangShinmun (http://english.khan.co.kr/)
President of the National Health Insurance Service Goes on a Hunger Strike in Response to Conflicts Between Labor Unions

Kim Yong-ik, president of the National Health Insurance Service (NHIS) launched a hunger strike calling for workers to resolve conflicts through dialogue after non-regular workers at the NHIS Customer Services Center started an indefinite strike demanding the Service to directly hire the workers. Indeed, it is very unusual for the head of a public agency to engage in a hunger strike against a labor union. Kim argued that he had no choice but to go on a hunger strike because the government policy to have public agencies directly hire all its workers triggered conflicts between labor unions, but he came under attack for making a bad move just to evade responsibility. As the director of the Institute for Democracy, Kim was President Moon Jae-in’s aid who established the president’s campaign pledges in the last presidential election. On June 14, Kim released a statement and said, “The Customer Services Union should end the strike and the National Health Insurance Service Union should take part in the council for discussions on outsourced customer service tasks.” He also announced, “I will go on a hunger strike and wait until the two unions reach such decisions.” He further explained, “I am well aware of the various criticism on the unprecedented hunger strike by the NHIS president against the unions,” and added, “Due to my limited ability, I could not find any other way. I apologize to the people.”

Number of High School Seniors Who Entered College Fell Below 300,000 for the First Time in the New Millennium

Last year, the number of high school seniors who entered college dropped below 300,000 for the first time in the new millennium. The number of school-age children has decreased significantly and the number of students who opted to give it another try after failing to enter a university of their choice jumped in the Seoul Gangnam region, which may have contributed to the latest drop.

Jongro Haneul Education analyzed the status of high school graduates released on the School Info website last month, and announced on June 14 that according to their results, the percentage of students from 1,815 general high schools advancing to college increased slightly from last year (78.9%) to 79.2% in 2021, but the number of students who entered college dropped by 40,459 to 285,487. This is the first time in the 2000s that the number of high school seniors who entered college fell below 300,000. The drop in the number of school-age children led to the drop in college admissions. Last year, the number of high school seniors dropped 12.7% from the previous year. According to the Status of Unfilled College Admissions Nationwide in 2021, released by the Ministry of Education last month, the number of students who entered college was 40,586 fewer than the number of admissions available.

Seventy Years of the Korean War Amidst Inter-Korean Confrontation: Time to Strengthen Our Will for a New Start Toward Peace

North Korean leader Kim Jong-un held a preliminary meeting of the Central Military Commission of the Workers’ Party of Korea on June 23 and deferred plans to take military action against the South. According to the decision made this day, on June 24, the North Korean military removed most of the facilities for loudspeaker broadcasts that it had installed in the forefront. It is unclear as to why North Korea suddenly decided to pause and catch its breath while heightening its level of pressure on the South this month--cutting off all lines of communication between the two Koreas and blasting the North-South Korea Joint Liaison Office. The North may have determined that it has achieved its purpose of uniting the people and warning the South or it could have decided that rising tensions could trigger a counterattack from South Korea and the United States. Rising tension on the Korean Peninsula is never a good sign, so we welcome Chairman Kim’s decision to “stop for now” this day. June 25 marks seventy years since the outbreak of the Korean War. The terrible battle between the North and the South, triggered just five years after the nation was liberated from colonial rule under Japan, was an explosion of a global Cold War, but it was also the most painful tragedy for our people. Seventy years could have been enough to resolve any tragedy or catastrophe, no matter how big, and to get over any regrets, but we have yet to put an end to war on this land. After three years of fierce battle, North and South Korea spent that long time repeatedly engaging in confrontation, enmity, and intermittent military clashes.

Maeil Business News Korea (http://www.pulsenews.co.kr/)

H2 IPO pipeline brims with heavyweights LG Energy Solution, Krafton and Kakao units

The second-half IPO pipeline from South Korea is packed with heavyweights including game powerhouse Krafton, global EV battery No.2 LG Energy Solution and financial units of Korea’s fast-sprawling Kakao, to name a few. Krafton Inc., label behind popular shooting game PlayerUnknown’s Battlegrounds, on Friday received the nod for its IPO in the Kospi market from stock exchange operator Korea Exchange (KRX). Analysts estimate Krafton’s enterprise value to reach up to 30 trillion won ($26.8 billion) after listing. It also would be the last to benefit from the country’s IPO rule that allows public subscription at multiple brokerage houses if it files a stock registration statement with KRX within this week. In this case, Krafton could set a new record in subscription. Krafton’s IPO would be followed by Kakao Bank and Kakao Pay, respectively internet-only lending unit and mobile payment platform affiliate of Korea’s dominant chat app operator Kakao Corp.

Hyundai Motor envisions blending Korea’s chip and automaking supremacy

Hyundai Motor Group has turned inwardly for a solution to chip supply disruption as a solid chip value chain is essential for competiveness in future mobility that largely relies on electrification and would likely have strong national backing to reinforce chip and automaking supremacy. It plans to make Hyundai Mobis central in localizing chip parts. Hyundai Mobis acquired the semiconductor business from family unit Hyundai Autron in December last year. It then formed a new chip designing team under the research and development division for own designing and development early this year.

The first targets for localization are power management integrated circuits (PMICs) and microcontroller units (MCUs). In the longer run, it will seek to localize advanced driver assistance systems (ADAS) for autonomous driving and system on chips for infotainment system.

Shares jump as Celltrion’s phase 3 trial shows efficiency in Covid-19 recovery

Topline results from Celltrion Inc.’s phase 3 trial revealed Monday show that its Covid-19 monoclonal antibody treatment, Rekirona (CT-P59, regdanvimab), significantly reduced viral load of SARS-CoV-2 and shortened time to recovery, further supporting the Korean company`s plans to file for formal marketing authorization in the U.S. and Europe. The pivotal phase 3 study was completed in April with 1,315 people with mild to moderate Covid-19 symptoms enrolled in 13 countries. In the results obtained after a 28-day treatment period, Rekirona achieved a statistically significant difference from placebo in all four previously defined criteria related to severe exacerbation rate and time to clinical improvement. Celltrion shares jumped 5.08 percent to 279,000 won ($249.69), while its drug developing unit Celltrion Pharm surged 12.54 percent to 156,200 won, and marketing unit Celltrion Healthcare climbed 5.02 percent to 123,500 won on high expectations for enhanced revenue from global sales.

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