Solus Advanced Materials to build new factory in Quebec

Solus Advanced Materials, which supplies electric vehicle battery materials to Tesla, will break ground on a new factory in Quebec, Canada, in July, the company said Monday. Once completed, the Quebec facility will begin the mass production of copper foils of up to 17,000 tons starting the second half of 2024. The annual production capacity could potentially expand up to 60,000 tons. Formerly known as Doosan Solus, the South Korean company manufactures copper foils that go inside EV batter

IndustryFeb. 22, 2022

[MWC 2022] Korean telcos set sight on groundbreaking 5G network tech

The chiefs of all three major telecommunication firms in South Korea -- KT, SK Telecom and LG Uplus -- are poised to attend the forthcoming tech event Mobile World Congress 2022 onsite in Barcelona, Spain, where next-generation network technologies are set to take center stage. At the MWC 2022, which runs from Feb. 28 to March 3, Korean telcos will showcase how they have shifted gears in their radio access network technology. This shift has enabled mobile handsets to be connected with a core n

TechnologyFeb. 22, 2022

Celltrion's autoimmune disease biosimilar wins further approval in Europe

South Korean pharmaceutical giant Celltrion Inc. said Tuesday that a high-concentration version of its autoimmune disease biosimilar Yuflyma has won approval from European drug authorities. The European Medicines Agency (EMA) gave the green light to Celltrion's application to sell Yuflyma -- a biosimilar referencing blockbuster drug Humira by AbbVie Inc. The drug is used to treat patients with multiple chronic inflammatory diseases, such as rheumatoid arthritis and psoriasis, according to Celltr

IndustryFeb. 22, 2022

Household debt hits fresh high in Q4, but growth slows

South Korea's household debt reached a fresh high in the fourth quarter of last year, but it grew at a slower pace from the three months earlier amid tightened lending rules, central bank data showed Tuesday. Household credit came to 1,862.1 trillion won ($1.56 trillion) as of end-December, up 1 percent, or 19.1 trillion won, from three months earlier, according to the data from the Bank of Korea (BOK). The gain slowed from a 1.9 percent on-quarter increase in the third quarter. Household credit

EconomyFeb. 22, 2022

Hugel's botulinum toxin wins approval in Austria

South Korea's leading botox maker Hugel Inc. said Tuesday its botulinum toxin product, Letybo, has won approval from Austrian drug authorities. The Austrian Federal Office for Safety in Health Care granted the use of Letybo for the treatment of frown lines in adult patients. It marks the first time for a homegrown botulinum toxin product to win marketing approval from European authorities. The approval comes after Letybo received a positive recommendation from the Heads of Medicines Agencies for

IndustryFeb. 22, 2022

LG's OLED TV shipments double in 2021: report

LG Electronics Inc. shipped more than four million units of premium OLED TVs last year, double the volume from a year earlier, on steady demand for premium TVs, a report showed Tuesday. The South Korean consumer electronics giant shipped a total of 4.04 million OLED TVs last year, with record quarterly sales of more than 1.41 million units in the fourth quarter, market researcher Omdia said. Last year, the global OLED TV sector grew a whopping 80 percent on-year to hit sales of more than 6.5 mil

TechnologyFeb. 22, 2022

Instant noodles rank 1st in food output in 2020 amid pandemic

Instant noodles captured the top spot in production among food products in South Korea in 2020 on a surge in exports amid the coronavirus pandemic, data showed Tuesday. The output of instant noodles, or "ramyeon" in Korean, stood at 1.93 million tons in 2020, up a whopping 231 percent from a year earlier, according to the data from the Ministry of Food and Drug Safety. Ramyeon's ranking in terms of production was up 12 notches from the previous year. Strong exports were cited as the ma

IndustryFeb. 22, 2022

Seoul stocks open sharply lower over escalating Ukraine tensions

South Korean stocks opened sharply lower Tuesday as Russia sent in forces to parts of Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) lost 42.05 points, or 1.53 percent, to 2,701.75 points as of 9:15 a.m. Investors dumped local stocks following reports that Russian dispatched what it called "peacekeeping forces" to eastern Ukraine. Most large caps slumped in Seoul, led by foreign sell-offs. Market bellwether Samsung Electronics decreased 1.89 percent, and No. 2 chipmak

MarketFeb. 22, 2022

Biz sentiment improves for March on eased anti-pandemic rules abroad: poll

South Korea's business sentiment improved for March to exceed the benchmark level for the first time in three months amid relaxed anti-coronavirus measures in major economies, a poll showed Tuesday. The business survey index (BSI) of the country's top 600 companies by sales stood at 102.1 for next month, up 2.4 points from February, the Federation of Korean Industries (FKI) said. It represents the first time since December that the monthly yardstick of business sentiment has been above the bench

IndustryFeb. 22, 2022

Market volatility intensifies over Ukraine crisis

Mounting concerns over Russia’s possible invasion of Ukraine are increasingly weighing on an already jumpy local stock market, as investors price in a full-blown geopolitical crisis that could send foreigners holding Korean shares fleeing back home. The benchmark Kospi tumbled to 2,743.80, down 0.03 percent or 0.72 points from Friday’s closing. Foreigners, whose holdings account for a little over 30 percent of all Korean stocks, and institutions were net sellers, offloading 64 billi

MarketFeb. 21, 2022

Budget airlines turn to cargo shipping, long-haul flights for breakthrough

The nation’s low-cost carriers facing financial difficulties caused by the prolonged COVID-19 pandemic are bringing in cargo planes and planes for long-haul flights to diversify their source of revenue. T’way Air, for instance, will introduce on Thursday Airbus A330-300 planes that can cover long-haul distances for more than 300 passengers. The plane will begin to operate within the country in March and then be used for longer routes to Singapore, Australia, Croatia, and Kyrgyzstan

MobilityFeb. 21, 2022

Average monthly wage climbs to W3.2m in 2020

SEJONG -- The average monthly salary for Korean employees climbed to 3.2 million won ($2,680) as of 2020 on the back of drastic hikes in the statutory minimum wage between 2018 and 2020, state data showed Monday. According to Statistics Korea, the average monthly wage for salaried workers rose by 430,000 won, or 15.5 percent, in just four years -- from 2.77 million won in 2016. During the period of 2016-2020, the minimum wage per hour surged by 42.4 percent from 6,030 won to 8,590 won, with th

EconomyFeb. 21, 2022

Seoul stocks end nearly flat amid hopes of US-Russia summit over Ukraine

South Korean stocks closed almost unchanged Monday after paring most of its earlier heavy losses due to hopes of a summit between the United States and Russia over the Ukraine crisis. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 0.72 points, or 0.03 percent, to close at 2,743.8 points. Trading volume was moderate at about 484 million shares worth some 7.8 trillion won ($6.5 billion), with losers outnumbering gainers 430 to 399. Instit

MarketFeb. 21, 2022

British fashion brand unveils bags inspired by South Korean anime series ‘Run Hany’

British fashion label JW Anderson has unveiled new bags inspired by South Korean anime series “Run Hany.” The accessories, which appear to be a collaboration project as part of the brand’s new season collection, come in at least three colors -- blue, orange and white -- according to a recent post on Instagram. In another photo, one bag has a picture of the face of the series’ main character Hany, along with the JW logo in orange. “Not long till the show,” t

ConsumerFeb. 21, 2022

South Korean medalists to get chicken ‘pension’

South Korean medalists have shown excitement at not only winning medals, but also free chicken for the rest of their lives. The so-called “chicken pension” is backed by Yoon Hong-geun, CEO of Korea’s fried chicken franchise Genesis BBQ, and also the chief of South Korea’s athletic mission at the Beijing Olympic Games. Yoon promised to give free chicken for the country’s short track speedskating medalists Hwang Dae-heon and Choi Min-jeong at their requests. &ldquo

ConsumerFeb. 21, 2022

[KH Explains] Why is the auto industry still short on chips?

For automakers in Korea, there is no sign the prolonged automotive semiconductor shortage will abate this year. Those who have purchased a new Genesis, for instance, have been notified that the car will take six to 12 months to be delivered –- if they are lucky. GM Korea’s second Buypeong plant in Incheon cut production volume by half earlier this month. And according to the market, this delay in car production due to the chip shortage may continue in the next year or even the year

MobilityFeb. 21, 2022

Posco to launch holding firm in March

Posco Group said Monday that it will launch a new holding firm in March with an aim to improve the sustainability of its core steelmaking business amid the global transition to a low-carbon economy. Following shareholders’ approval of the holding company structure plans, the group will be split off into two entities -- Posco Holdings, the new holding company, and Posco, the steelmaking unit wholly owned by the holding firm. The holding company will nurture new growth engine businesses a

IndustryFeb. 21, 2022

[Herald Interview] ‘Korea needs financial backing to become pharmaceutical powerhouse’

The year 2021 was monumental for South Korea’s pharmaceutical and biopharmaceutical industries, as they set a number of records. The country rolled out four new drugs, the most in a year since the first domestically-developed new drug came to light in 1999. Companies also licensed out technologies worth 13 trillion won ($10.9 billion) and exported drugs worth over 10 trillion won. Big firms such as Samsung Biologics, SK bioscience and Celltrion are taking the lead in making the country&r

IndustryFeb. 21, 2022

SK chief assumes chairman role at SK Telecom

SK Group said Monday Chairman Chey Tae-won will assume the chairman title of its telecom unit SK Telecom to boost the group’s burgeoning artificial intelligence business. SK said the chairman will play a supporting role as he serves as an unregistered director on the board rather than participating in the daily operations directly. Chey has served as the chairman of SK Inc., the holding unit, as a board member, while taking the chairman post of SK Innovation, the chemicals and energy u

TechnologyFeb. 21, 2022

Korea Shipbuilding wins LNG carrier worth W260b

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has received an order for a liquefied natural gas (LNG) carrier worth 260 billion won ($217 million). A 174,000-cubit meter LNG carrier will be constructed by Hyundai Samho Heavy Industries Co. in Yeongam, South Jeolla Province, and will be delivered to an unidentified client in the second half of 2024, the company said. Korea Shipbuilding has won 37 ship orders so far this year, valued at a combined $4.37 billion, accomplis

IndustryFeb. 21, 2022