[Contribution] Uniting for safer food: enhancing global cooperation in food safety systems

By Tom Heilandt Codex Alimentarius Commission Secretary The demise of Alexander the Great, valiant conqueror of Persia and Egypt and monarch of the ancient Greek kingdom of Macedon, is not one that history books typically associate with a foodborne illness. However, a recent review suggests that it was Salmonella typhimurium enteritis that ultimately brought him down. Similarly, there is one theory that the musical genius, Wolfgang Amadeus Mozart, is thought to have succumbed to trichinosis, w

ConsumerJune 6, 2023

Samsung’s iconic Frankfurt declaration marks 30th anniversary

Samsung Electronics, the world’s leading smartphone and chip maker, on Wednesday marks the 30th anniversary of the late former chairman’s iconic New Management Initiative, which is widely considered to have led the then consumer appliance firm towards becoming a global tech powerhouse. Three decades ago, Samsung late former Chairman Lee Kun-hee convened an executive meeting in Frankfurt, Germany for three days, during which he urged a drastic change in management. "If you are to

IndustryJune 6, 2023

Export dependency on China wanes

China, which has been South Korea's dominant export destination for almost two decades, is currently facing a challenge to its longstanding position. According to a report by the Korea International Trade Association, Korea's reliance on exports to China has steadily declined from 26.8 percent in 2018 to 22.8 percent last year. In the first quarter of this year, it dropped even further to 19.5 percent. The Ministry of Trade, Industry and Energy report on Tuesday also showed that the decline in e

IndustryJune 6, 2023

Airplane's exit door should not be difficult to open: survey

Despite the recent incident during which a passenger opened the emergency exit door of an Asiana Airlines aircraft before landing, most South Koreans think an airplane's emergency exit should not be difficult to open, a survey found Tuesday. According to a survey of 21,000 respondents by online poll platform Thepol, 44.8 percent (9,500 people) of the respondents said "An airplane's emergency exit door should be able to open quickly and easily during an emergency." Meanwhile,

MobilityJune 6, 2023

JPMorgan CEO meets financial leaders in Seoul

JPMorgan Chase CEO and Chairman Jamie Dimon reportedly met with the heads of the nation’s top four financial groups and Bank of Korea Gov. Rhee Chang-yong in Seoul during his two-day visit to Korea in five years, according to industry sources on Tuesday. Upon his arrival at a Seoul hotel on Monday, he met with the nation’s financial leaders, including Shinhan Financial Group Chairman Jin Ok-dong, Hana Financial Group Chairman Ham Young-joo, Woori Financial Group Chairman Lim Jong-r

IndustryJune 6, 2023

Evacuation shelter to be built under reconstructed Gangnam apartment site

A large-scale construction project is underway for the establishment of an evacuation shelter in Seoul's Gangnam district amid growing interest for such facilities following the warning alarm sent out earlier in the week, according to industry sources Tuesday. According to Hyundai Engineering & Construction, a South Korean builder in charge of reconstructing Banpo Jugong apartment complex 1 in Seocho-gu, southern Seoul, an extensive underground evacuation shelter is planned to be constr

IndustryJune 6, 2023

S. Korean stock market's turnover falls sharply in May amid Ponzi scheme

Turnover of South Korea's main and secondary bourses dropped sharply last month as investor sentiment was dampened by a recent Ponzi scheme that has rocked the local financial market, data showed Tuesday. The average daily turnover of the main Kospi and tech-heavy Kosdaq markets stood at 18 trillion won ($13.8 billion) in May, down 31.7 percent from the previous month's 26.4 trillion won, according to the data from the Korea Stock Exchange. The average daily transactions of the Kospi m

MarketJune 6, 2023

S. Korea's 5G users top 30m in April: data

The number of smartphone users on 5G mobile networks had topped 30 million as of April for the first time since the service was commercialized in 2019, data showed Tuesday. The total number of 5G users reached 30.02 million in April, accounting for 38.1 percent of the total 78.79 million mobile subscriptions in the country, according to the data from the Ministry of Science and ICT. SK Telecom Co., the country's largest mobile carrier by subscriptions, had the most 5G users at 14.35 million

TechnologyJune 6, 2023

Lotte sets up future growth task force in Korea, Japan

Lotte Group, the nation’s fifth-largest conglomerate, said Monday it has recently set up a future growth task force at its Korean and Japanese headquarters in an apparent move to accelerate the retail giant’s “One Lotte” strategy. The team, consisting of four members, aims to shape Lotte’s long-term strategy and nurture future growth drivers as well as seek business synergies with Lotte Japan. The team is also expected to function as a communication channel between

IndustryJune 5, 2023

Celltrion, Rani team up to develop oral Humira biosimilar for arthritis

South Korea's biopharmaceutical company Celltrion announced Monday that the company will cooperate with the US biotech firm Rani Therapeutics to develop an oral version of the Humira biosimilar CT-P17. CT-P17, also known as Yuflyma, is a high-concentration, low-volume and citrate-free biosimilar of Humira, an injectable treatment for rheumatoid arthritis and other autoimmune conditions, developed by AbbVie. Celltrion received the US Food and Drug Administration's approval for the injec

TechnologyJune 5, 2023

Daewoong seeks global expansion of Fexuprazan

South Korean drugmaker Daewoong Pharmaceutical said Monday that it is in talks with multinational pharmaceutical companies to carry out clinical trials of Fexuprazan, its new gastroesophageal reflux disease treatment, in key markets such as the US, Europe and Japan. The announcement comes after Daewoong ended its partnership with US biotech firm Neurogastrx on the same day. Earlier in June 2021, Daewoong signed an agreement to license out Fexuprazan to the US biotech firm. Under the contract wor

TechnologyJune 5, 2023

Seoul shares end higher on Fed's rate-hike pause hopes

Seoul shares ended higher Monday amid hopes that the US Federal Reserve may not raise interest rates this month due to signs of slackening in the US labor market. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.05 points, or 0.54 percent, to close at 2,615.41. The main index continued to close at above 2,600 after surpassing the 2,600 level on Friday for the first time since June 9, 2022. Trading volume was moderate at 537.16 million sha

MarketJune 5, 2023

LG Electronics joins RE100 to go net zero by 2050

LG Electronics announced Monday it has joined RE100 initiative to go net zero by 2050. The RE100 initiative, introduced by The Climate Group in partnership with the Carbon Disclosure Project in 2014, sets a 2050 target for using 100 percent renewable electricity. Global tech giants such as Samsung Electronics, Apple, TSMC and Sony have already joined the initiative. LG Electronics said it will gradually increase the percentage of renewable electricity usage to 60 percent by 2030, and then to 90

IndustryJune 5, 2023

Foreign investor registration system abolished after 30 years

After more than 30 years, the requirement for foreigners to register in advance with the Financial Services Commission before investing in listed stocks and bonds in Korea has been abolished. The Financial Services Commission made the announcement Monday, revealing that it has successfully made changes to the Capital Market Act, with the amendment officially approved during a Cabinet meeting. After a proclamation on June 13, the new law will come into effect from Dec. 14. The revision is part of

IndustryJune 5, 2023

Toyota seeks to win back Korean customers with hybrid Crown

With improved bilateral relations between Korea and Japan, Toyota is seeking a turnaround here with the launch of the Crown Hybrid crossover utility vehicle, an upgraded version of its long-loved flagship sedan. “The Korean market is both worthy of investment and challenging because many customers are car enthusiasts who have high standards,” said Toyota Korea CEO Konyama Manabu, during a press conference on Monday in Gangnam-gu, Seoul. “Compared to 2022, the situation has

MobilityJune 5, 2023

Hanwha Ocean, HD Hyundai set for showdown at defense exhibition

South Korea’s maritime defense industry leaders, Hanwha Ocean and HD Hyundai Heavy Industries, are bracing to face off at the upcoming International Maritime Defense Industry Exhibition, or MADEX 2023, in Busan later this week. The biannual event will begin its three-day journey at the Busan Exhibition and Convention Center on Wednesday. According to the floor plan, the exhibition booths of Hanwha Ocean and HD Hyundai Heavy Industries will be next to each other, located in the center of th

IndustryJune 5, 2023

Ex-BMW designer joins Kia as exterior styling chief

South Korea’s second-biggest carmaker Kia said Monday it has appointed John Buckingham, a UK veteran automotive designer, as the exterior design chief of its next design group. Buckingham has worked in the automotive industry since 2005 when he joined BMW as an exterior designer. While working at the BMW Designworks studio in Los Angeles, he also led the design of the 8 Series concept. Then, he moved to UK luxury carmaker Bentley in 2018 and to Faraday Future, the US-based electric vehicle

MobilityJune 5, 2023

RNR Inc. spurs innovation in film distribution

South Korean cinema platform provider RNR Inc. is seeking to spur innovation in the nation’s film distribution industry by offering a unique business model based on a bespoke theater experience under the brand name, “Monoplex.” In a recent tech conference held in Seoul, its CEO, Ray Seok, stressed that the company’s theater business focuses on distributing content rather than operating large multiplex cinemas with multiple screens. The core of this business model is the

IndustryJune 5, 2023

Imported car sales fall 9.2% in May on lack of supply volumes

Sales of imported vehicles in South Korea fell 9.2 percent last month from a year earlier due mainly to lack of supplies in some brands, an industry association said Monday. The number of newly registered imported vehicles came to 21,339 units in May, down from 23,512 units a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were BMW's 520 sedan, Lexus' ES300h sedan, and Mercedes-Benz's E 35

MarketJune 5, 2023

Seoul shares open higher amid Fed's rate pause hopes

Seoul shares opened higher Monday, tracking Wall Street gains, as investors expect the US Federal Reserve will not raise interest rates this month due to signs of US labor market slackening. The benchmark Korea Composite Stock Price Index rose 13.34 points, or 0.51 percent, to 2,614.70 in the first 15 minutes of trading. On June 2, the Dow Jones Industrial Average jumped 2.1 percent to 33,762.76, and the Nasdaq Composite gained 1 percent to 13,240.77. The May US jobs report cemented bets for the

MarketJune 5, 2023