Yuhan’s lung cancer treatment lazertinib wins approval

The title for Korea’s 31st homegrown novel drug goes to Yuhan’s lung cancer treatment, Leclaza. On Monday, the Ministry of Food and Drug Safety announced its approval for the third-generation non-small cell lung cancer treatment, bringing relief to some 100,000 lung cancer patients in the country. Leclaza is a swallowable tablet that can be taken at a fixed time every day, regardless of meals. In clinical trials, the drug has shown an overall response rate of 58 percent and a pro

IndustryJan. 18, 2021

Singapore’s Prestige Biopharma eyes Feb. IPO on Kospi

Prestige Biopharma, a Singapore biopharmaceutical firm dedicated to biosimilars and new antibody therapeutic developments, said Monday it is looking to raise as much as 490.9 billion won ($444.5 million) in an initial public offering on the Korean main bourse early next month. It plans to issue some 15.34 million depository receipts in a price band of 25,000-32,000 won. The exact share price will be set through the two-day book building that is set to wrap up Wednesday. Retail investors’

MarketJan. 18, 2021

Residents' foreign currency deposits touch new high in December last year

Foreign currency deposits at banks in South Korea hit a new high in December last year on increased retail holdings of the US dollar deposits, central bank data showed Monday. Outstanding foreign currency-denominated deposits held by residents amounted to $94.2 billion as of end-December, up $590 million from the previous month, according to the data from the Bank of Korea (BOK). Residents' foreign currency deposits renewed their record for the third consecutive month after plunging by $3.1 bi

EconomyJan. 18, 2021

S. Korea requires Google, Facebook and 4 others to provide stable online services

South Korea's ICT ministry said Monday it has required global tech giants Google, Facebook and Netflix as well as local rivals Naver, Kakao and Wavve, to comply with the country's new law under which large data-hungry online companies must provide stable services. Last year, South Korea passed a law revision holding online content service providers accountable if they fail to maintain stable services amid growing complaints against streaming giants Netflix and Google, which operates YouTube, af

TechnologyJan. 18, 2021

Doosan Infracore's sales up 18% in S. Korea in 2020

South Korea's top construction equipment maker Doosan Infracore Co. said Monday that the number of its construction equipment sold here rose 18 percent last year from a year ago on increased demand. "Despite the coronavirus pandemic, demand for high-end excavators increased last year here on the back of enhanced safety regulations and increased use of excavators in construction sites," a company official said over the phone on condition of anonymity. Doosan Infracore said it sold ove

IndustryJan. 18, 2021

[Graphic News] Exports of OLED displays forecast to hit new high this year

　South Korea’s exports of organic light-emitting diode displays are expected to jump nearly 20 percent on-year to an all-time high in 2021 on growing global demand, sources said. 　Overseas shipments of OLED panels are projected to soar 19.6 percent on-year to $13 billion this year, accounting for more than 70 percent of overall display exports, according to the Industry Ministry and the Korea Display Industry Association. 　Bolstered by the sharp increase, South Korea’s overall

BusinessJan. 18, 2021

Seoul stocks open sharply lower on profit-taking

South Korean stocks opened steeply lower Monday as foreign and retail investors sold local stocks to take profits. The benchmark Korea Composite Stock Price Index lost 42.26 points, or 1.37 percent, to 3,043.64 points in the first 15 minutes of trading. Samsung Electronics shed 1.93 percent, and No. 2 chipmaker SK hynix retreated 1.18 percent. Leading chemical firm LG Chem dipped 2.25 percent, and rechargeable battery maker Samsung SDI slumped 2.99 percent. Internet portal operator Naver fel

MarketJan. 18, 2021

S. Korea's rechargeable battery exports gain for 5th year in 2020

South Korea's exports of rechargeable batteries rose for the fifth consecutive year in 2020 despite the coronavirus impact, data showed Monday. Overseas shipments of rechargeable batteries came to 7.2 trillion won ($6.6 billion) last year, up 2.9 percent from the previous year, according to the data from the industry ministry and the Korea Battery Industry Association. Exports of rechargeable batteries expanded for five years running in 2020, setting a new record. Rechargeable battery product

IndustryJan. 18, 2021

Robo-advisers thrust in spotlight amid coronavirus pandemic

The amount of funds entrusted to South Korea’s three leading robo-adviser firms exceeded 1 trillion won ($906 million), highlighting the fast growth of non-face-to-face investment services during the coronavirus crisis, according to market data on Sunday. Robo-adviser or automated asset management companies Fount, AIM and December & Company currently manage a total of 1.25 trillion won, up 402.9 percent from 247.9 billion won a year ago. Robo-advisers offer highly tailored asset mana

MarketJan. 17, 2021

S. Korea’s economy anticipates synergy with ‘Bidenomics’

As the United States is set to inaugurate Joe Biden as president this week, South Korea’s economy is expected to gain momentum from the upcoming US administration’s pump-priming programs and trade multilateralism, phasing out the uncertainties under Donald Trump. But the enhanced environment-related regulations may pose challenges to Korean companies and the persisting US-China trade conflict will continue to weigh upon Korea’s trade-reliant economy, according to market obse

IndustryJan. 17, 2021

S. Korea to end 2G network services by June

LG U+ said Sunday that the company would terminate its 2G network services by the end of June this year, which would mark the end of the aging network in the country. LG U+, currently the only company that operates 2G services, has reported its plan to the Ministry of Science and ICT, the company said, adding that a detailed schedule is yet to be finalized. LG U+ is the last mobile carrier here to terminate the aging network. SK Telecom ended its 2G services last July, and KT shut down 2G se

TechnologyJan. 17, 2021

Samsung offers free 3-day trial of Galaxy S21

Samsung Electronics announced Sunday that the company would allow customers to rent its new flagship smartphone Galaxy S21 models for up to three days. The promotional event for the company’s new smartphone models will run through March 14, the company added. Those who want to test out the smartphones can make a reservation on the company’s official website or visit Samsung Digital Plaza branches across the country. Those who purchase after renting will be provided with Samsung E

TechnologyJan. 17, 2021

Myeong-dong: Korea’s largest shopping street faces extended crisis

Bustling, noisy and lively -- it is how Myeong-dong used to be described as Seoul’s premier shopping district. Packed with tourists, food stands and long lines of shops, it is one of the most expensive shopping streets in the world, according to global property firm Cushman & Wakefield’s annual Main Streets Across the World report. But a quick walk around the shopping district nowadays makes it clear that things have drastically changed -- and for the worse. With many shoppe

ConsumerJan. 17, 2021

Industrial shift to heat up Korea’s M&A market: experts

Brisk merger and acquisition activity is expected this year in an ongoing industrial shift that is being accelerated by the pandemic, according to outlooks from investment banks Sunday. While the aviation industry has taken the hardest blow from the pandemic, Korean Air is speeding up the process of taking over Asiana Airlines. On Thursday it submitted stock acquisition documents to antitrust authorities in nine regions where the carrier flies for a merger review. The countries include South Ko

MarketJan. 17, 2021

Woori Financial chief pledges to innovate like Amazon, Google

Woori Financial Group Chairman Sohn Tae-seung has urged the group‘s subsidiaries to gear up for business innovation this year by benchmarking global tech giants Amazon and Google, officials said Sunday.  “Just as the innovative tech behemoths Amazon and Google did, let’s seek innovation with a mindset like it’s always day one, to get back to the basics and start work with a renewed mind and to surprise the market by achieving a groundbreaking performance,” s

MarketJan. 17, 2021

[Herald Interview] Oral health care in the hands of consumers

“Health is not about something that is in hospital. In fact, it is something that could be addressed earlier. One‘s health has much to do with lifestyle choices,” said Deeptha Khanna, head of personal health at multinational health care solution provider Royal Philips, in an interview with The Korea Herald. Presenting at this year’s CES 2021, Philips' personal health products and solutions put an emphasis on prevention, connectedness and a safe home -- especially in bath

IndustryJan. 17, 2021

Biz outlook for refiners, chipmakers bright this year: poll

A majority of South Korean manufacturing companies expect their business conditions to stay in positive terrain this year, led by a recovery in the refining, chipmaking and bio sectors amid the virus pandemic, a poll showed Sunday. According to the survey of 1,009 manufacturers conducted by the Korea Institute for Industrial Economics and Trade (KIET), the manufacturing sector's business survey index (BSI) stood at 103 for the year. A BSI reading below 100 means pessimists outnumber optimists.

EconomyJan. 17, 2021

Retail investors emerge as big players in stock markets

South Korean retail investors have emerged as deep pockets in the stock market, pouring in more than 100 trillion won ($90.6 billion) since early last year, data showed Sunday. Individual investors net bought a combined 102.2 trillion won in local and overseas stocks from Jan. 2, 2019, to Friday, according to data from the Korea Securities Depository (KSD). During the cited period, individuals bought a net 77.8 trillion won worth of local stocks. They bought 59 trillion won worth of stocks tra

MarketJan. 17, 2021

Hyundai Motor Group's eco-friendly car sales jump 36% in 2020

Hyundai Motor Group's environment-friendly vehicle sales in the global market jumped 36 percent to over 500,000 units in 2020 from a year earlier, industry data showed Sunday. Hyundai Motor Co., South Korea's top automaker, and its affiliate Kia Motors Corp. sold a total of 501,487 units of eco-friendly models, including electric vehicles (EVs), hybrid models and fuel-cell EVs, worldwide last year, according to their sales data. By type, gasoline hybrid models accounted for 52 percent of the t

IndustryJan. 17, 2021

S. Korean carmakers sold over 600,000 SUVs in 2020

Sport utility vehicles (SUVs) sold by South Korean automakers sharply rose to exceed 600,000 units for the first time in 2020 on the back of the rising popularity of car camping and new lineups, industry data showed Sunday. Five companies -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- sold a combined 615,982 units last year, a 15.3 percent surge from a year earlier, the Korea Automobile Manufacturers Association (KAMA) said. SUV sa

MobilityJan. 17, 2021