Hanmi Pharmaceutical to make Indian COVID-19 vaccine

Hanmi Pharmaceutical will begin producing ZyCoV-D, the plasmid DNA COVID-19 vaccine developed by India’s pharmaceutical firm Zydus Cadila, starting in the second quarter of this year, the company said Tuesday. Hanmi Pharmaceutical on Friday signed a contract with local biotech company Enzychem Lifesciences for a consignment manufacturing agreement of the Indian vaccine. Previously, Enzychem Lifesciences signed a license-out deal with Zydus Cailda at the end of last year. The two Korean

IndustryJan. 11, 2022

SK Pharmteco to push for pre-IPO this year

SK Pharmteco, SK Inc.’s subsidiary of contract development and manufacturing organization, is planning for a pre-initial public offering this year, the group’s holding company SK Inc. said Tuesday.  "SK Pharmteco will hold an advantage in the global industry with its high-quality manufacturing capacity within the leading countries," said Lee Dong-hoon, SK Inc.'s executive vice president and head of the Bio Investment Center. "SK Inc. will be supporting th

IndustryJan. 11, 2022

Corporate reshoring hits all-time high in 2021

The number of South Korean companies that returned home from their offshore operations and their investment at home hit an all-time high last year, the industry ministry said Tuesday. A total of 26 firms relocated their factories from overseas in 2021, compared with 24 the previous year, and their combined investment grew 22 percent on-year to 681.5 billon won ($570.63 million), according to the Ministry of Trade, Industry and Energy. The 2021 figures marked the largest since the ministry bega

EconomyJan. 11, 2022

LG Chem to build new high-nickel cathode factory in S. Korea

LG Chem Ltd., South Korea's leading chemical materials producer, said Tuesday it will build a new factory in South Korea to produce high-nickel cathode materials for electric vehicle (EV) batteries as it further pushes to upgrade the key battery component materials. The construction for the new cathode plant broke ground on the 60,000-square-meter site in Gumi, an industrial city located about 260 kilometers southeast of Seoul, the company said. Cathode is a key component that determines the

IndustryJan. 11, 2022

Insurers' risk-based capital ratio down in Q3

Insurance firms in South Korea saw their risk-based capital ratio fall in the third quarter of last year amid rising market interest rates, data showed Tuesday. The risk-based capital (RBC) ratio of local insurance firms stood at 254.5 percent as of end-September, down 6.4 percentage points from three months earlier, according to the data from the Financial Supervisory Service (FSS). The fall came as a rise in market interest rates and stock market declines caused losses from their asset holdi

EconomyJan. 11, 2022

Apple to allow alternative payment system for 1st time in S. Korea

Apple will allow alternative payment systems in South Korea in compliance with a new local law that bans app store operators from forcing their own in-app payment systems, the country's telecommunications regulator said Tuesday. The move came as a new law went into effect in the country in September last year, restricting app store operators, such as Google and Apple, from forcing their in-app payment systems on developers. In November, Google pledged to provide an alternative payment system o

TechnologyJan. 11, 2022

Korea Customs Service offers support on RCEP

As the Regional Comprehensive Economic Partnership takes effect in February, the Korea Customs Service has come up with a set of measures to help exporters and importers make use of the world’s largest trade agreement among 15 Asia-Pacific nations. Only exporters who have been certified by the KCS for having the ability to manage and prove their products’ country of origin can get certificates of origin under the RCEP. Therefore, the KCS has begun accepting applications for certific

EconomyJan. 11, 2022

[Herald Interview] Korea Customs Service champions big data analysis

At the Korea Customs Service, all administrative work is done through a massive computerized system. An average of 118,000 export and import reports are handled every day, and the accumulation of vast data allows KCS to make good use of big data analysis and artificial intelligence. “We plan to open a KCS big data portal for the public late this year, which will offer customized services for businesses through AI analysis of exporter and importer data as well as business support record

EconomyJan. 11, 2022

Hyundai Engineering wins US plant deal to build micro modular nuclear reactors

Hyundai Engineering Co., a plant engineering affiliate of Hyundai Motor Group, said Tuesday it has secured a deal to construct micro modular nuclear reactors (MMR) for a US developer of the next-generation nuclear energy. Hyundai Engineering said it has agreed to invest $30 million in Ultra Safe Nuclear Corporation for an undisclosed stake. The deal gives the South Korean company the exclusive rights to the engineering, procurement and construction for all MMR projects of the Seattle-based co

IndustryJan. 11, 2022

Bond issuance in S. Korea down 1.8% in 2021

Bond issuance in South Korea fell 1.8 percent in 2021 from a year earlier due to decreased debt sales by the government, data showed Tuesday. The value of bonds sold in Asia's fourth-largest economy came to 829 trillion won ($693 billion) last year, down 15.3 trillion won from 2020, according to the data from the Korea Financial Investment Association. State-bond issuance shrank 4 percent on-year to 228.4 trillion won, while sales of financial bonds surged 23 percent to 252.2 trillion won. Cor

EconomyJan. 11, 2022

[Graphic News] S. Korea‘s e-commerce imports hit new high amid pandemic

　South Korea’s imports via e-commerce reached a new all-time high in 2021 as more people purchased foreign goods online, government data showed. 　The country’s e-commerce imports stood at $4.15 billion in the first 11 months of last year, up 25.7 percent from a year earlier, according to the data from the Korea Customs Service. 　The amount for the 11-month period surpasses the full-year figure for 2020. 　The number of e-commerce transactions came to 79 million during the period,

BusinessJan. 11, 2022

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Tuesday as investors sought to buy oversold stocks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.44 points, or 0.43 percent, to 2,939.16 in the first 15 minutes of trading. Stocks started solid after the KOSPI's recent slump, which stemmed from worries that the US Federal Reserve may push harsher-than-expected tapering and rate hikes. Most large caps rebounded in Seoul, led by foreign buying. Top cap Samsung Electronics added 0.64 perce

MarketJan. 11, 2022

S. Korea logs current account surplus for 19th straight month in November

South Korea logged a current account surplus for the 19th straight month in November, but the surplus was much smaller than a year earlier due to increased imports driven by high energy and raw material prices, central bank data showed Tuesday. The current account surplus amounted to $7.16 billion in November, down from a surplus of $9.18 billion tallied a year earlier, according to the preliminary data by the Bank of Korea (BOK). The reading marked the 19th straight month that the current ac

EconomyJan. 11, 2022

Shinsegae shares plunge on vice chief’s anti-communist remarks

Retail giant Shinsegae Group saw its shares plunge on Monday as a controversial social media post from the group’s heir and Vice Chairman Chung Yong-jin sparked investor jitters. The company’s stocks shed 6.8 percent to close at 233,000 won ($196.23) Monday against the benchmark KOSPI’s 0.95 percent decline. The plunge in stock value comes after Chung made several politically charged remarks in recent months criticizing communism alongside pictures of Chinese President Xi Ji

ConsumerJan. 10, 2022

LG battery arm vows to edge past Chinese rival

LG Energy Solution said Monday that it would soon outcompete its bigger Chinese rival in the global race to develop electric vehicle batteries, amid market anticipation that the South Korean battery maker’s market debut will set a record later this month. “We’ve received more orders. We'll be overtaking our rival. And the market capitalization gap between us -- LG Energy Solution and CATL -- will also shrink. I certainly see opportunities,” LG Energy

MarketJan. 10, 2022

Samsung Fire & Marine, Lotte Homeshopping, Yakult, Korea Post, gain customer satisfaction

  The year 2021 was a prolonged tug of war between struggles in our daily lives brought upon by the COVID-19 pandemic and efforts to return to pre-coronavirus life. But many Korean companies managed to enhance customer satisfaction amid the unprecedented pandemic situation, according to an annual survey by the Korea Productivity Center on Monday. The KPC’s National Customer Satisfaction Index, or NCSI, for 2021 logged 78.1 points, up 1.1 points from 2020 and the highest since th

IndustryJan. 10, 2022

Edison steps closer to SsangYong takeover with court’s approval

South Korean electric carmaker Edison Motors stepped closer to acquiring major stakes in debt-laden SsangYong Motor on Monday, after the two firms clinched a deal following the court’s approval on the same day.  What remains for Edison is the agreement from the two-thirds of SsangYong’s creditors on the financially troubled SUV maker’s rehabilitation plan, undergoing the same process as a decade earlier.  The carmaker has been under court receivership for the secon

IndustryJan. 10, 2022

Former Samsung patent head turns against tech giant

A former Samsung Electronics executive, who led patent prosecutions and litigations representing South Korea-based technology giant, was found to have turned against his previous employer with a patent suit. Synergy IP, founded by Samsung’s former vice president Ahn Seung-ho in 2020, was one of the plaintiffs that filed patent suits with the United States District Court for the Eastern District of Texas since November last year, according to a report by local media outlet Electronic Times

TechnologyJan. 10, 2022

[CES 2022] First Hyundai-Boston Dynamics joint project to come by 2024

LAS VEGAS – Hyundai Motor’s first collaboration project with Boston Dynamics is expected to come by 2024, according to their executives, under the South Korean auto giant’s ambitious goal of creating a better future for humans. At the Consumer Electronics Show last week, Hyundai presented its vision for future mobility, with robots, not cars, taking center stage. Now keen attention is being paid to its collaboration work with Boston Dynamics, the robotics startup it acquired

IndustryJan. 10, 2022

Instant noodle exports break records again

  Korean instant noodle exports in the first 11 months of last year set a new record amid the prolonged pandemic and the popularity of “chapaguri,” a mix of two different instant noodle products featured in the Oscar-winning film “Parasite.” Exports of ramen, known locally as “ramyeon,” in January-November 2021 hit $607.9 million, up 10.6 percent from the same period a year prior. The 2020 total, which was then the highest ever annual figure, was $603.6

EconomyJan. 10, 2022