Celltrion clinches W110b drug substance supply deal from Teva

Celltrion Inc., a major South Korean biopharmaceutical firm, said Friday it has secured a 110 billion-won ($83 million) drug substance supply deal from Teva Pharmaceutical Industries Ltd. for use in producing the Israel-based generic drugmaker's migraine medicine. Under the contract manufacturing organization (CMO) deal, Celltrion will provide drug substance material for Ajovy, Teva's prescription medicine used for the preventive treatment of migraine in adults. The deal is approximate

IndustryAug. 19, 2022

S. Korea to preemptively deal with short-term foreign debt, capital flows

South Korea said Friday it plans to preemptively tackle a rise in the short-term foreign debt and volatility of cross-border capital flows as heightened external economic uncertainty could pose risks to its external soundness. The government also said the pace of the South Korean currency's weakness against the US dollar is not steep, compared with other major currencies such as the yen and the euro. "South Korea's external soundness remains relatively good even in the midst of he

EconomyAug. 19, 2022

S. Korean economy likely to slow down amid high inflation: ministry

South Korea's economy is feared to lose growth momentum as the country is grappling with high inflation and export growth could slow down amid heightened external economic uncertainty, the finance ministry said Friday. The Federal Reserve's fast rate hikes, China's economic slowdown, and the protracted war between Russia and Ukraine have increased downside risks to the global economy, the ministry said in its monthly economic assessment report, called the Green Book. "Domesti

EconomyAug. 19, 2022

Seoul shares open lower amid uncertainty over Fed's rate hikes

Seoul shares opened lower Friday amid uncertainty over the US Federal Reserve's future rate hikes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.53 points, or 0.42 percent, to trade at 2,497.52 points as of 9:15 a.m. Stocks came off to a lackluster start in the face of overnight gains on Wall Street. The Fed's latest minutes hinted at a possible slowdown in inflation growth. In July, the Fed raised its benchmark interest rate by 75 basis points for a second straight t

MarketAug. 19, 2022

Facebook sees over 25% drop in MAU in S. Korea since 2020: report

Facebook, the US social media network operated by Meta Platforms Inc., has seen an over 25 percent decline in the number of monthly active users (MAU) in South Korea across the past two years, an industry analysis report showed Friday. According to Mobile Index, the big data analysis unit of local data tracker IGAworks, the South Korean MAU tally for Facebook reached 11.09 million as of last month, compared with 14.87 million in May 2020, when the company started compiling related data. Mobile

IndustryAug. 19, 2022

FSC issues warning over unregistered crypto firms

Investors are being discouraged from using 16 cryptocurrency services companies operating in South Korea without registration from the Financial Services Commission, the top financial regulator said Thursday. The firms, all foreign, are KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex and Pionex. The firms are expected to face police probes for having failed to report to the agency their plans to engage in business with Kor

MarketAug. 19, 2022

Law professor named head of antitrust watchdog

President Yoon Seok-yeol has appointed a professor who specializes in insurance law and investor protection to lead the Fair Trade Commission, the presidential office said Thursday in a statement. Han Ki-jeong, who teaches commercial law at Seoul National University and led the private Korea Insurance Research Institute between 2016 and 2019, will help revitalize a free market economy the Yoon government seeks, according to the statement. “Han has long studied what consumers need and kno

IndustryAug. 18, 2022

No. of state-run agencies to be reduced for better efficiency

SEJONG -- The number of state-run agencies are expected to be reduced substantially under a government plan to streamline efficiency and performance.  The Ministry of Economy and Finance on Thursday proposed a total of 42 institutions, or 32 percent of the nation’s 130 government-affiliated institutions, to be converted into “a third group” public agencies with more autonomy and responsibility. 　 Currently, those with assets worth 1 billion won ($757,000), a yearly earnin

EconomyAug. 18, 2022

Coway’s ice-making water purifier sales jump 30% in July

Coway Co., South Korea’s leading water purifier maker, said it began full operation of its production plant in Gongju, South Chungcheong Province, to meet high demand for its new ice-making water purifier. Sales of Coway’s Icon ice-making water purifier jumped 30 percent on-year in July as frequent heat waves sizzled the nation. The new product’s inventory for August was sold out in the beginning of the month, and orders continue to flood in, according to a Coway official.

IndustryAug. 18, 2022

Buyers beware of flooded cars on used market: experts

A Lamborghini Aventador, the Italian supercar whose price tag is more than 500 million won ($400,000) here, was recently put up for sale on Danggeun Market -- a popular online flea market platform -- for just 1 million won. The owner claimed that the car was submerged during the heavy rainfall last week in Seoul, and that he cannot start the car any longer -- but the interior remains clean, and other features like air conditioning and lighting still work. “The car will become a luxurio

MobilityAug. 18, 2022

Seoul shares down amid Fed rate hike woes; Korean won sharply down

Seoul shares closed lower Thursday as investors digested the Federal Reserve's minutes that hinted at more aggressive interest rate hikes to temper inflation. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.42 points, or 0.33 percent, to close at 2,508.05 points. Trading volume was moderate at about 370.84 million shares worth some 6.98 trillion won ($5.3 billion), with losers outnumbering gainers 542 to 301. Institutions sol

MarketAug. 18, 2022

Hyundai Mobis to set up parts, module arms

Hyundai Mobis, an auto parts affiliate of Hyundai Motor Group, said Thursday it will set up two manufacturing subsidiaries -- one in charge of modules and the other for auto parts -- that will be wholly owned by the company. Its current module manufacturing units located in Ulsan, Gwangju and Hwaseong, Gyeonggi Province, will come under the module subsidiary, while the auto parts manufacturing units in charge of air bags, lamps, brakes, steering and electrification will come under the au

MobilityAug. 18, 2022

Kakao ditches plan for stake sale in ride-hailing arm

South Korean tech giant Kakao Corp. has decided to scrap its plan to sell some 10 percent of its ride-hailing arm to a private equity fund, the firm said Thursday. It currently holds a 57.5 percent stake. The latest decision comes as the result of a monthslong tug-of-war between the company and the firm’s union. The union has repeatedly asked the firm to halt the plan after Kakao in June announced the plan to sell “some 10 percent,” or as much as 19 percent, of Kakao Mobility

IndustryAug. 18, 2022

SK buys $150m stake in US energy solution firm Atom Power

SK Group, South Korea‘s second-largest conglomerate by assets, has completed a $150 million deal to buy a stake in US energy solution firm Atom Power, according to the group Thursday. The group’s affiliates, holding company SK Inc. and oil refinery SK Energy, have purchased the undisclosed amount of the controlling stake. Atom Power, based in Huntersville, North Carolina, is dedicated to semiconductor chip-powered solid-state digital circuit breakers for customized control of ele

TechnologyAug. 18, 2022

Eurocell to build $800m battery plant in Netherlands

A next-generation secondary battery joint venture backed by South Korean manufacturers including Eurocell has been in talks with the Netherlands authorities to pick the nation as the site for its first European gigafactory, according to the company Thursday. The Anglo-Korean joint venture Eurocell EMEA, based in Birmingham, the United Kingdom, is expected to build the new facility in two phases following a total of $800 million investment by 2025. “With rapid expansion plans in Europe,

TechnologyAug. 18, 2022

LX Semicon eyes Kospi listing

South Korean chip design house LX Semicon is seeking shareholder approval for a delisting from the stock market’s Kosdaq development board and a listing on the main board Kospi, filings showed Thursday. LX Semicon, a chipmaker dedicated to display driver integrated circuits for TVs and mobile phones, is scheduled to hold an extraordinary shareholder meeting on Sept. 23 at its headquarters in Daejeon. The listing change earned board approval Wednesday, 13 years after the listing on the Ko

TechnologyAug. 18, 2022

AMCHAM delegation discusses economic partnership, IPEF with Biden officials, lawmakers

An American Chamber of Commerce in Korea (AMCHAM) delegation has discussed economic security and partnerships, including the new US-led Indo-Pacific Economic Framework (IPEF), with US government officials and lawmakers during their recent visit to Washington, AMCHAM said Thursday. The 14-member delegation made the three-day trip to the United States starting July 27 as part of its annual business-promoting program that resumed after a two-year hiatus over COVID-19. They met with senior officials

EconomyAug. 18, 2022

S. Korea's fiscal deficit widens W22tr in H1

South Korea's fiscal deficit increased 22.2 trillion won ($16.9 billion) in the first six months of this year from a year ago as the government revved up spending to tackle the fallout of the pandemic, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 101.9 trillion won in the January-June period, larger than a shortfall of 79.7 trillion won a year earlier, according to the finance ministry. The increased defici

MarketAug. 18, 2022

Seoul shares open lower on Fed's minutes

Seoul shares opened lower Thursday, tracking losses on Wall Street, as the US Federal Reserve may keep up its aggressive monetary tightening amid global recession woes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 24.69 points, or 0.98 percent, to trade at 2,491.78 points as of 9:15 a.m. In the Fed's latest minutes, released Wednesday (US time), policymakers expected the economy to expand in the second half of 2022 and made it clear that they intend to continue raising rates

MarketAug. 18, 2022

Merck to acquire Mecaro’s chemical biz for 110m euros

German electronics technology firm Merck announced Wednesday that it has signed a deal to acquire the semiconductor-grade industrial gas and chemical operation of Korea-based listed company Mecaro for 110 million euros ($111.9 million). The transaction will involve business assets dedicated to chemical precursors used in thin film deposition for semiconductors, as well as some 100 employees. Mecaro is expected to split off the chemical business for the deal. The cash deal is expected to be clo

IndustryAug. 17, 2022