Celltrion's Avastin biosimilar listed on Ventegra's formulary

Celltrion Healthcare, Celltrion Group’s overseas sales unit, announced Tuesday that Vegzelma, Celltrion’s biosimilar referencing Roche's Avastin (bevacizumab), has been listed as a preferred drug on a formulary managed by Ventegra. “Through Ventegra's proprietary formulary program, which covers 13 million members in the US, Vegzelma will be able to increase its share in the US bevacizumab market,” an official from Celltrion Healthcare said. The latest signing be

IndustryDec. 12, 2023

BlockSquare Seoul helps crypto investors reduce risks

BlockSquare Seoul is working to strengthen its service lineup to support investors in mitigating risks and increasing profit in cryptocurrency trading. The company provides charts which show the price fluctuation of major cryptocurrencies and assess risks, bid prices and liquidation attempts. The charting service, like the cryptocurrency market, operates on a 24-hour basis. The charts further speculate future price movements by using data generated from real-time market monitoring. The chartin

CompaniesDec. 12, 2023

[Herald Interview] 'Reunification could damage S. Korea’s sovereign rating'

North Korea is the only potential trigger for a downgrade of South Korea’s current sovereign rating of AA -- the third-highest level on the S&P Global Ratings table, an expert from the credit appraiser said. If reunification of the Korean Peninsula is to happen -- though it is a very “unlikely scenario” -- South Korea’s sovereign rating could take a hit, according to Kim Eng Tan, senior director for the sovereign ratings team in Asia-Pacific. "(Reunification) i

EconomyDec. 12, 2023

[Herald Interview] BlockSquare CTO on importance of real-time data in navigating crypto market

Speed and accuracy in processing real-time data are key requisites for interpreting the volatile cryptocurrency market, said Won Hyuk, chief technical officer at BlockSquare Seoul. The crypto trading assistance company has created a charting tool for investors, which helps with trading analysis. Its AI-powered Goya algorithm suggests the best time to buy and sell, reading into the market price fluctuation of cryptocurrencies. “We convert figures from orderbook, on-chain data and liquidatio

CompaniesDec. 12, 2023

Seoul shares up for 3rd day ahead of US inflation data, Fed meeting

South Korean stocks closed higher for the third straight trading day on Tuesday amid the growing hope over a possible slowdown in US inflation and the Federal Reserve's potential signal for rate cuts next year. After choppy trading, the benchmark Korea Composite Stock Price Index added 9.91 points, or 0.39 percent, to close at 2,535.27, extending its winning streak to a third day. Trade volume was low at 365 million shares worth 7.49 trillion won ($5.7 billion), with losers outpacing winner

MarketDec. 12, 2023

[KH Explains] How Netherlands has become a top K-food destination

In a surprising but pleasant twist to the global wave of Korean cultural influence, the Netherlands has emerged as a formidable player in its love for Korean instant noodles, kimchi and K-food overall. According to customs data, the Netherlands imported $48.64 million of ramen from Korea in the January-November period this year, becoming the fourth-largest importer in the category, following China, the US and Japan. In a separate report, the country also ranked third in kimchi imports, total

IndustryDec. 12, 2023

Samsung, ASML agree to build W1tr research fab for chip equipment in Korea

Samsung Electronics and ASML, a Dutch semiconductor equipment supplier, agreed on Tuesday to jointly invest about 1 trillion won ($762 million) to build a research facility in South Korea for the development of "ultra-microscopic" level semiconductor production technology, using next-generation extreme ultraviolet photolithography equipment. SK hynix also forged an agreement with the Dutch firm to collaborate on developing an eco-friendly technology aimed at minimizing energy consumpti

IndustryDec. 12, 2023

Korea to build cold chain logistics center in Netherlands by 2027

South Korea’s Busan Port Authority will build a cold chain logistics center in the Netherlands by 2027 in order to accelerate food exports to Europe, Seoul’s presidential office said Tuesday. The Busan Port Authority and its Dutch counterpart, the Rotterdam Port Authority, plan to sign a letter of intent on the new facilities upon President Yoon Suk Yeol’s state visit to the Netherlands. Under the agreement, Busan’s port operator will lease a site within the Port of Rotte

IndustryDec. 12, 2023

Germany’s lukewarm EV sales alarm Korean battery makers

A recent report showed that Germany, the largest European automotive market, is expected to see a drop in electric vehicle sales this year for the first time in seven years, piling pressure on Korean battery makers who have operated core businesses in the all-important region. From January to November, the number of EVs sold in Germany decreased 5 percent on-year to 627,000 units, according to a report from Eugene Investment & Securities. In November alone, the country witnessed a 39 percent

MobilityDec. 12, 2023

SK C&C showcases digital net-zero solutions at COP28

SK Inc. C&C, the IT solutions unit of SK Group, attended the United Nations Climate Change Conference to showcase the South Korean industry’s efforts and technology-based solutions to achieving net-zero emissions, the company said Tuesday. COP28, an annual international conference focused on climate change, wrapped up Tuesday in Dubai, United Arab Emirates. The primary goals of the 13-day summit were to limit global warming to 1.5 degrees Celsius, help vulnerable communities adapt to c

IndustryDec. 12, 2023

[Photo News] Warmth for foreign workers

Hanwha Ocean said Tuesday that it has handed out neck warmers and earmuffs to some 3,000 foreign employees working at its Geoje shipyard in South Gyeongsang Province. The South Korean shipbuilder has come up with various support measures for its foreign workers, including offering daily guidance books in seven languages and hiring global coordinators to help shipyard workers with everyday communication and safety training. (Hanwha Ocean)

IndustryDec. 12, 2023

Posco Future M joins top ESG performers in Asia Pacific

Posco Future M, a South Korean producer of battery materials, has newly joined the 2023 Dow Jones Sustainability Indices Asia Pacific Index in recognition of its commitment to sustainability and responsible business practices, the company said Tuesday. The DJSI, published annually by S&P Global, serves as a benchmark for investors globally, evaluating companies based on their economic, environmental, social and governance performance. The inclusion in the Asia Pacific Index positions Posco

IndustryDec. 12, 2023

Korea Forest Service vows to join global reforestration efforts at COP28

South Korea’s forest agency said Tuesday that it attended the United Nations Climate Change Conference held in the United Arab Emirates, to discuss various ways to ramp up global cooperation on reforestation and carbon reduction. An annual multilateral decision-making forum on climate change marking its 28th edition, this year’s COP28 forum was held in Dubai from Nov. 30 through Tuesday under the theme of “Unite. Act. Deliver.” During the event, the Korea Forest Service

IndustryDec. 12, 2023

SK donates W12b in year-end charity giving

SK Group, the country's second-largest conglomerate, has donated 12 billion won ($9.11 million) to the Community Chest of Korea in a gesture to help underprivileged people, the group said Tuesday. Despite the challenging economic environment, the conglomerate has maintained its annual tradition of giving that started in 1999. SK’s cumulative donation amount to the local charity organization came in at 234.5 billion won to date. SK Supex Council’s Social Value Committee President

IndustryDec. 12, 2023

Seoul shares open higher ahead of US inflation data, Fed meeting

South Korean stocks opened higher Tuesday as investors awaited this week's US inflation data, as well as the Federal Reserve's rate-setting meeting. The benchmark Korea Composite Stock Price Index added 12.57 points, or 0.5 percent, to 2,537.93 in the first 15 minutes of trading. The United States is set to release its consumer price index Tuesday, with investors also closely eyeing the future monetary policy direction from the Federal Open Market Committee meeting. In Seoul, tech shar

MarketDec. 12, 2023

Daewoong, Zydus ink $92m deal to develop generic drug in US

Daewoong Pharmaceutical announced Monday that the company has signed an exclusive licensing agreement with Zydus Worldwide DMCC to co-develop leuprolide acetate for depot suspension, DWJ108U, a generic of AbbVie’s prostate cancer, endometriosis and uterine fibroids treatment, Lupron Depot. Based in the UAE, Zydus Worldwide DMCC is a wholly-owned subsidiary of Zydus Lifesciences, which was also formerly known as Cadila Healthcare Limited. “Together with Zydus, Daewoong Pharmaceutical

IndustryDec. 11, 2023

China’s Alipay+ posts whopping 700% growth in Korea this year

Alipay+, the cross-border payments solutions run by China's Ant Group, saw phenomenal growth in its usage in Korea this year -- almost a 700 percent jump in the monthly numbers -- with the return of foreign tourists and the expansion of its service among the local stores. Danny Chung, the general manager of Ant Group in Korea, Australia, New Zealand and Mongolia, shared the performance and the company's plans Monday during a roundtable meeting with local journalists held in Seoul. Duri

IndustryDec. 11, 2023

Korea to set up commission to combat supply chain disruptions

The government said Monday it would establish a commission to coordinate and oversee the country’s policies on critical industrial supply chains by June next year. Together with the Ministry of Foreign Affairs, the Korea Customs Service and the Public Procurement Service, authorities will work to identify risks to supply chains that are highly dependent on specific countries. Each related ministry will operate a supply chain early warning system for materials essential to economic activi

IndustryDec. 11, 2023

Daewoo E&C chief visits Cambodia for new business opportunities

Daewoo Engineering & Construction said Monday that Chairman Jung Won-ju met with Say Sam Al, the Cambodian minister of land management, to discuss new business opportunities in the Southeast Asian country. Cambodia was the last destination of Jung’s overseas business trip that started last month. During his trip, Jung visited Nigeria, Malaysia, Singapore and Indonesia. “(Daewoo E&C) wants to take the lead in contributing to the betterment of Cambodian people through introduci

IndustryDec. 11, 2023

[From the scene] Convenience store chain riding high on ramen boom

Convenience stores have been emerging as popular lunch spots among office workers in South Korea amid the ever-rising costs of dining out, a trend many in Korea call "lunchflation." Riding high on upbeat sales, convenience store chain CU recently launched a new store specializing in instant ramen products in the bustling Hongdae district in western Seoul. Not only does the store offer a wide variety of ramen products, but it also has an area where customers can prepare and enjoy ramen,

CompaniesDec. 11, 2023