Shinsegae seeks to take on Coupang with new membership

Shinsegae Group’s new paid membership program, called Shinsegae Universe, was unveiled Thursday in an apparent move to lock in customer loyalty across all its shopping platforms and renew its competition with Coupang, the nation’s No. 1 e-commerce operator. "Shinsegae Group evolved into a multi-platform (retail system) that can meet the detailed shopping demands for diverse customers across online and offline (markets)," said Kang Heui-seok, CEO of E-mart, Shinsegae Group&#

ConsumerJune 8, 2023

[Bio USA] Who’s behind Samsung Biologics' evolving technology?

By Park Han-na Korea Herald correspondent BOSTON – Providing speedy drug-producing service with the world’s largest production capacity has been the main driving force of the rapid growth Samsung Biologics has enjoyed over the past 10 years. In the next 10 years, the company will focus on innovative technology in pursuit of becoming a global top-tier biopharmaceutical company, said Chung Nam-jin, executive vice president and head of the Bio R&D Center at Samsung Biologics. La

IndustryJune 8, 2023

Seoul shares end lower amid rate hike woes

Seoul shares finished lower Thursday, as rate hike fears resurfaced ahead of US inflation data and the Federal Reserve's rate decision next week. The Korean won rose slightly against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.75 points, or 0.18 percent, to close at 2,610.85. Trading volume was moderate at 570.8 million shares worth 11.25 trillion won ($8.63 billion), with losers outpacing gainers 503 to 369. Institutions and retail investors scooped up a net 316.1

MarketJune 8, 2023

Samsung Biologics wins record Pfizer deal

Samsung Biologics said Thursday the company won a $411.3 million contract manufacturing deal from Pfizer to produce the US-based pharmaceutical giant’s biosimilar products. Even though the company didn’t specify the product name, industry watchers predict that the deal is highly likely to involve producing Pfizer’s Abrilada, a biosimilar to the autoimmune disease drug known as Humira. In the statement, Samsung said it will produce Pfizer’s multiple biosimilar products wit

IndustryJune 8, 2023

KSOE vows to lead eco-friendly innovation at Nor-Shipping

HD Korea Shipbuilding and Offshore Engineering said Thursday it has participated in Nor-Shipping 2023, an exhibition where Norwegian and international companies showcase solutions and innovations for maritime business and sustainable ocean development. HD Hyundai President Chung Ki-sun and HD Korea Shipbuilding & Offshore Engineering Vice Chairman Ka Sam-hyun also attended the event, which was held in the Norwegian capital of Oslo from Tuesday through Friday. During their visit, the top ex

IndustryJune 8, 2023

Hyundai chief vows to learn from past

Hyundai Motor Group Executive Chair Chung Euisun highlighted the importance of learning from the past to prepare for the rapidly changing mobility industry, at the opening ceremony for an exhibition honoring the carmaker’s first mass-produced car, the Pony. “With ChatGPT now a buzzword, artificial intelligence and robotics technology are witnessing exponential growth. Under the circumstances, we need to ask what our purpose of existence and future road map are,” said Chung at t

MobilityJune 8, 2023

SK hynix begins mass production of industry's highest-layer-count NAND chips

SK hynix, the world’s second-largest memory chip maker, said Thursday it has begun mass production of its 238-layer 4D NAND Flash memory, boasting the industry's highest layer count and widening the technological gap with its rivals. The chipmaker said it has also begun product compatibility tests with a global smartphone manufacturer. When completed, it will begin supplying the 238-layer NAND product for smartphones, and expand usage across its product portfolio, such as Peripheral C

IndustryJune 8, 2023

Finance minister predicts trade surplus in Q4 on chip rebound, China reopening

Finance Minister Choo Kyung-ho on Thursday predicted South Korea’s trade balance is highly likely to turn surplus as early as in the fourth quarter, citing a rebound in chip prices and China’s reopening. "In April, the trade balance was not favorable due to overseas dividend issues, but I believe that after May, it will improve," Choo said at a press conference hosted by the Kwanhun Club, an association of Korean journalists, in Seoul. "Considering this trend of decrea

IndustryJune 8, 2023

Posco International wins new motor core deal from Hyundai Motor

Posco International announced Thursday that its subsidiary, Posco Mobility Solution, has signed a contract with Hyundai Motor Group to supply additional 2.5 million units of automotive motor cores for Hyundai's flagship electric vehicles, to be produced between 2025 and 2034. The latest deal came after two previous supply agreements Posco International signed with the Korean auto giant in November last year and January this year, under which the company would supply 3.4 million and 950,000

IndustryJune 8, 2023

[Photo News] LG StandbyMe Go preorders sell out

LG Electronics said Thursday that its new portable touch-screen OLED TV, StandbyMe Go, sold out in 10 minutes in a livestreamed preorder event for the first batch of 200 units. The latest portable TV, a new addition to the original StandbyMe TV lineup, allows users to view media content while enjoying outdoor activities like camping. It is priced at 1.17 million won ($896).t

IndustryJune 8, 2023

[Bio USA] Yposkesi’s 2nd plant to be in full swing in 2025: VP

BOSTON -- Yposkesi, the French contract development and manufacturing arm of Korean biopharmaceutical firm SK pharmteco, expects that its second plant will be at full capacity as the cell and gene therapy market is rapidly evolving, the firm’s executive said. The SK’s clinical and commercial viral vector manufacturing arm for cell and gene therapies is seeking to capitalize on the growing cell and gene therapy market with its new manufacturing plant, which is under construction nea

IndustryJune 8, 2023

[Exclusive] SKC joins hands with Indonesia’s Chandra Asri to boost biodegradable business

SKC, the chemical unit of SK Group, has joined hands with Indonesia’s leading petrochemical producer, Chandra Asri, to expand its burgeoning eco-friendly materials business in Southeast Asia, according to an industry source familiar with the matter on Thursday. According to the source, Ecovance, a subsidiary of SKC, inked a memorandum of understanding with the Indonesian firm on their business partnership last month. Under the agreement, the two companies plan to develop products using Eco

IndustryJune 8, 2023

Samsung Heavy wins certification for design of LCO2 carrier

South Korean shipyard Samsung Heavy Industries Co. said Thursday it has won an approval in principle for the conceptual design of a liquefied carbon dioxide carrier from a local certification agency. The AIP from the Korean Register means that Samsung Heavy Industries' conceptual design of the storage tank of a 40,000-cubic-meter LCO2 carrier has been confirmed to meet the agency's technical requirements and standards for safety, the shipbuilder said. Samsung Heavy Industries said it h

EconomyJune 8, 2023

S. Korea to end consumption tax cut on passenger cars after 5 years

South Korea will terminate the cut in the consumption tax on passenger cars starting next month, the finance ministry said Thursday, in an apparent move to make up for a recent decrease in tax revenue. In July 2018, the government slashed the auto consumption tax to 3.5 percent from 5 percent and had extended the measure in an effort to boost domestic demand amid the COVID-19 pandemic. The tax cut is supposed to expire at the end of June and the government decided not to extend it anymore "

EconomyJune 8, 2023

GM Korea to launch all-electric Cadillac Lyriq SUV in H2

GM Korea Co., the South Korean unit of General Motors Co., said Thursday it will launch the all-electric Cadillac LYRIQ SUV later this year in line with its parent firm's electrification plan. Lyriq is GM's luxury Cadillac brand's first electric model and is powered by GM's Ultium EV battery platform. It is one of 10 electric vehicle models to be released in the South Korean market by the US carmaker by 2025, the company said in a statement. Starting with the Cadillac Lyriq,

MobilityJune 8, 2023

Seoul shares open lower amid rate hike woes

Seoul shares opened lower Thursday as investors await key US inflation data and the Federal Reserve's rate decision next week. The benchmark Korea Composite Stock Price Index ticked down 11.02 points, or 0.42 percent, to 2,604.58 in the first 15 minutes of trading. Overnight, Wall Street closed mixed, as recent market rally, driven by an artificial intelligence boom, paused. The Dow Jones Industrial Average added 0.27 percent, while the S&P 500 shed 0.38 percent and the Nasdaq Composite

MarketJune 8, 2023

SK Signet ready for EV charger production in US

SK Signet, the electric vehicle charger maker affiliated with SK Group, said Wednesday it will start production of EV chargers in the US next month with the completion of its new plant in Texas. The new plant will be producing 10,000 units of its 400-kilowatt EV charger per year. It aims to double production capacity to an annual 20,000 units in phases. “By 2025, we look to boost our global sales to 1 trillion won ($768.3 million), compared to last year’s 160 billion won. Our goal is

MobilityJune 7, 2023

Hyundai to produce Ioniq 5 with Indonesia’s batik design

Hyundai Motor Company will produce limited editions of its popular electric vehicle Ioniq 5 featuring designs of batik, a traditional Indonesian dyeing technique, according to Indonesia’s top envoy in Seoul on Wednesday. Gandi Sulistiyanto, Indonesian ambassador to South Korea, said Indonesia and Hyundai Motor will work together to create an Ioniq 5 embodying the batik design, a UNESCO cultural heritage that has inherited generations of Indonesian culture. According to UNESCO, batik is dye

MobilityJune 7, 2023

[Photo News] Hanwha Ocean makes debut

Hanwha Group Vice Chairman Kim Dong-kwan (second from left) on Wednesday visited Hanwha Ocean's exhibition booth at the International Maritime Defense Industry Exhibition, or MADEX 2023, held at the Busan Exhibition and Convention Center. The exhibition marked Hanwha Ocean's official debut after Hanwha completed the takeover of Daewoo Shipbuilding and Maritime Engineering last month and rebranded DSME to Hanwha Ocean. According to Hanwha, Kim underscored the importance of quickly norma

IndustryJune 7, 2023

KB chief stresses role of finance in net-zero transition

KB Financial Group said Wednesday that Chairman Yoon Jong-kyoo stressed the role of finance in achieving a net-zero transition at a meeting of the Asia-Pacific Advisory Board of the Glasgow Financial Alliance for Net Zero, or GFANZ, held in Singapore on Monday. The GFANZ is an alliance of over 550 financial institutions from 50 countries. Established in April 2021, the coalition aims to promote a net-zero economy and tackle climate change. Its Asian advisory committee was also set up in June las

EconomyJune 7, 2023