Celltrion's Zymfentra secures more insurance coverage in US

Celltrion has secured contracts to list its Zymfentra — the world’s only subcutaneous injection formulation of its infliximab Remsima — across all public and private insurance sectors managed by the top three US pharmacy benefit managers. Celltrion announced Tuesday that it had recently finalized an agreement with a pharmaceutical group purchasing organization representing one of these major pharmacy benefit managers to secure the listing of Zymfentra in private insurance formu

IndustryOct. 29, 2024

Posco, JSW team up to build integrated steel facility in India

South Korean steelmaker Posco Group said Tuesday it plans to establish a comprehensive steel manufacturing facility in India in partnership with Indian steel giant JSW Group. The facility will incorporate core processes -- ironmaking, steelmaking and rolling -- aiming for an annual production capacity of 5 million tons. Odisha, located on India’s eastern coast, is currently being considered as the site for the facility, with plans for future capacity expansion, the company said. The joint

CompaniesOct. 29, 2024

[Photo News] Gimjang in US

South Korea's leading kimchi maker Daesang said Tuesday it hosted the 2024 Jongga Kimchi Blast, an annual event dedicated to promoting kimchi in the US. The event featured a kimchi cooking contest and a "gimjang" experience, where around 200 residents tried traditional kimchi-making at a local mall in New Jersey. In New York, the cooking contest drew 381 contestants, including chefs, teachers and accountants, each crafting unique kimchi-based dishes. California-based food styl

IndustryOct. 29, 2024

Seoul shares open lower despite US gains

South Korean stocks started lower Tuesday despite overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) lost 12.01 points, or 0.46 percent, to 2,600.42 in the first 15 minutes of trading. U.S. stocks finished higher ahead of earnings reports of major tech firms. The Dow Jones Industrial Average rose 0.65 percent, and the Nasdaq Composite added 0.26 percent. In Seoul, market bellwether Samsung Electronics fell 0.69 percent and its chipmaking rival SK hynix went d

MarketOct. 29, 2024

After 3-year hiatus, JTI Korea reenters e-cigarette market

Japan's JTI is reentering South Korea's heated tobacco market with a new product, Ploom X Advanced, in a renewed growth push. "We understand Korea's market is highly competitive, but we believe now is the ideal time to introduce our product," JTI Korea general manager David Wheeler said at the launch of the new product at a Seoul hotel on Monday. "As we are standing in a rapidly evolving market, it's crucial to develop products to an advanced level with top qua

IndustryOct. 28, 2024

Leadership reshuffle looms as Samsung struggles to remain atop

Samsung Electronics, facing challenges from its smaller rivals, is expected to carry out a major personnel reshuffle later this year, according to industry sources Monday. The world’s largest maker of memory chips and smartphones has been battling growing competition at home and abroad. When it comes to artificial intelligence chips, for instance, it has been outpaced by its crosstown rival SK hynix, as it failed to secure an earlier edge. “Samsung’s losses in HBM and foundry a

IndustryOct. 28, 2024

Seoul shares rise over 1% on strong Samsung Electronics

South Korean stocks rose more than 1 percent to hit a two-week high Monday led by a sharp rebound in top-cap Samsung Electronics shares. The Korean won gained against the US dollar. The benchmark Korea Composite Stock Price Index rose 29.16 points, or 1.13 percent, to 2,612.43, marking the highest closing price since Oct. 15 when the bourse finished at 2,633.45. Trade volume was slim at 327.6 million shares worth 9 trillion won ($6.5 billion), with winners outnumbering losers 615 to 271. Institu

MarketOct. 28, 2024

Korea Zinc dispute to drag on without clear winner

The first round of the power struggle over the world’s largest zinc smelter, Korea Zinc, has wrapped up without a solid winner, the results of a tender offer launched by the company's management showed Monday. The dispute is expected to continue as both sides have failed to secure a majority stake in the company. The current management of Korea Zinc, represented by Chairman Choi Yun-beom, secured an additional 2.33 million shares in the company through a tender offer that closed Wedne

IndustryOct. 28, 2024

[Exclusive] Thailand's No. 1 food delivery platform to set up R&D center in Korea

Line Man Wongnai, Thailand's leading food delivery app and digital solutions platform, is expected to open a research and development center in Korea in December in a move to tap into the nation’s deep pool of tech talent ahead of its planned stock debut next year. In an exclusive interview with The Korea Herald on Friday, the company’s Chief Financial Officer Chung In-young revealed that the company is actively recruiting Korean talent particularly in three sectors -- fintech

IndustryOct. 28, 2024

LG Energy Solution to cut down investment next year

LG Energy Solution will tighten its belt next year to cope with uncertain market conditions due to the slowing growth of the electric vehicle sector, the Korean battery maker said Monday as it announced its third-quarter earnings. The company posted 6.88 trillion won ($4.97 billion) in sales in the third quarter of this year, down 16.4 percent on year. Its operating profit was 448.3 billion won, down 38.7 percent on year. The company would have logged a quarterly operating loss of 17.7 billion

CompaniesOct. 28, 2024

[Herald Interivew] Mercedes stands by Farasis batteries in EV fire scrutiny

STUTTGART, Germany -- Following a fire involving a Mercedes-Benz EQE electric vehicle in South Korea in August, executives are defending their use of batteries from Chinese supplier Farasis Energy, even as investigations continue to probe the cause of the incident. The August fire, which occurred in the basement of an apartment building in Incheon, has raised questions around the safety of the vehicle's battery cells and the automaker’s quality control practices. During an Oct. 21 med

MobilityOct. 28, 2024

Mercedes-Benz raises Drive Pilot speed limit

Mercedes-Benz announced Monday that it is upgrading its automated driving system, Drive Pilot, allowing it to operate at speeds of up to 95 kilometers per hour on German motorways. The upgrade is expected to be available in early 2025, following this year’s anticipated approval from Germany’s Federal Motor Transport Authority. With this update, Drive Pilot will become the fastest Level 3 automated driving system in a production vehicle. The enhanced system will allow drivers to hand

MobilityOct. 28, 2024

Posco earns top marks for shared growth with SMEs

South Korean steel giant Posco Group said Monday that it has received the highest grade in the 2023 Shared Growth Index Evaluation for five consecutive years. Earlier this month, the 80th Korea Commission for Corporate Partnership released the win-win index for 218 large-sized companies. The index encourages shared growth within the industry by measuring large enterprises’ efforts to make room for small and medium-sized enterprises. Posco scored highly for its clear and fair transaction pr

IndustryOct. 28, 2024

Subsidies for kimchi-making? Napa cabbage's importance in Korea

South Korea has unveiled a series of measures to stabilize the market for napa cabbage and daikon radishes, aiming to support preparations for "gimjang" -- the traditional process of preparing kimchi for winter -- as demand for these key ingredients is expected to rise during the peak gimjang season. This initiative includes expanding supplies of key gimjang ingredients through government-contracted cultivation and additional reserve stock distribution, as well as offering price subsid

IndustryOct. 28, 2024

Finance minister vows swift response to 'unwarranted' volatility amid global uncertainties

Finance Minister Choi Sang-mok vowed Monday to enhance market monitoring and to swiftly respond to excessive volatility under contingency plans amid weaker growth data and global uncertainties, his office said. Choi made the remarks during an economy-related ministers' meeting in Seoul after the gross domestic product expanded 0.1 percent on-quarter in the July-September period, lower than market expectations. "The government will pay extra attention to signs of economic uncertainties

EconomyOct. 28, 2024

S. Korea to utilize up to W16t of state funds amid massive tax revenue shortfall

The finance ministry said Monday that the government will utilize foreign exchange equalization funds and other resources available while slashing local subsidies to deal with the expected massive tax revenue shortfall this year. The government is projected to collect 337.7 trillion won ($253.41 billion) in taxes in 2024, an 8.1 percent, or 29.6 trillion won, fall from its forecast made in the 2024 budget planning due mainly to weak corporate activities amid an economic slowdown last year, accor

EconomyOct. 28, 2024

Seoul shares open higher on tech, battery gains

South Korean stocks started higher Monday on gains from semiconductor and battery shares. The benchmark Korea Composite Stock Price Index rose 14.75 points, or 0.57 percent, to 2,598.02 in the first 15 minutes of trading. Market bellwether Samsung Electronics added 1.61 percent, and its chipmaking rival SK hynix gained 0.75 percent. Leading EV battery maker LG Energy Solution increased 0.86 percent, while Posco Future M surged 3.74 percent. Top carmaker Hyundai Motor went up 0.67 percent, and it

MarketOct. 28, 2024

SK chief assumes leadership of APEC CEO Summit

SK Group Chairman Chey Tae-won, who doubles as chair of the Korea Chamber of Commerce and Industry, will preside over the Asia-Pacific Economic Cooperation Summit, the largest gathering of business leaders in the region which is to be held next year in Korea, the business lobby said Sunday, upon the launch of the preparatory committee of the upcoming event. The APEC CEO Summit will be held on the sidelines of the annual APEC Summit, where 21 heads of state and some 1,000 businesspeople join. Gye

IndustryOct. 27, 2024

[From the scene] KGC's ginseng harvest season in full swing

ICHEON, Gyeonggi Province/WONJU, Gangwon Province – On an autumn morning in October, a bustling ginseng harvest was underway in the ginseng fields of Icheon, Gyeonggi Province. Workers were busy sorting ginseng unearthed by tractors, as roots that had been buried for years finally surfaced, ready for the season’s harvest, which is between September and November. Kim Il-bong, 65, whose family has managed these ginseng fields for three generations, said he has been exclusively partnere

IndustryOct. 27, 2024

[Photo News] Passion for motorsports

Hyundai Motor and Toyota -- two of the world's largest automakers -- organized the Hyundai N x Toyota Gazoo Racing Festival at the Everland Speedway in Yongin, Gyeonggi Province, Sunday. The two companies said they aimed to offer an event to delight motorsports fans. The event featured driving performances by professional racers, an exhibition of high-performance vehicles from the two brands and opportunities to ride along on the racing track. In this photo, Hyundai Motor Group Executive Ch

MobilityOct. 27, 2024