[Herald Interview] ABL Bio moves up the ranks with $1b Sanofi deal

SAN DIEGO -- Over 250 Korean companies participated in this year’s BIO International Convention, the world’s largest biotechnology industry gathering that took place in person for the first time in three years. Except in the cases of big companies such as Celltrion and Samsung Biologics, most of the small biotech companies were scrapping to present their pipelines and technologies to the global market in hopes that investors and global big pharmaceutical companies will take notice.

TechnologyJune 19, 2022

SK chairman calls for evaluation system for corporate value

SK Chairman Chey Tae-won called on group executives to revamp a corporate valuation tool to better communicate with shareholders against the backdrop of global supply chain disruptions and monetary tightening, the company said Sunday. In an extended management meeting held Friday, Chey stressed how the new corporate valuation tool -- designed to incorporate nonfinancial elements into financial performance measurement -- can reflect the business status of an SK Group affiliate with higher accura

TechnologyJune 19, 2022

KT, Hanmi invest in developer of digital therapeutics

KT and Hanmi Pharmaceutical have jointly invested in digital therapeutics developer Digital Pharm, officials said Sunday. With the investment, KT will be in charge of developing platforms for digital therapeutics, drafting business strategies and providing pipelines. Meanwhile, Hanmi plans to maximize synergetic impact through hospital-specialized marketing and supporting the authorization of digital medical devices. Digital Pharm’s first projects are in digital therapeutics and electro

TechnologyJune 19, 2022

Hyundai, Kia's total sales of eco-friendly cars top 3m units

Hyundai Motor Co. and Kia Corp. saw the total sales of their eco-friendly cars exceed 3 million units, industry data showed Sunday, 13 years after they began rolling out hybrid vehicles. South Korea's top automaker and its affiliate sold 393,509 eco-friendly cars, including plug-in hybrid and all-electric vehicles, in the January-May period of this year, raising their accumulative sales to 3.01 million units, according to the data. Demand for eco-friendly cars remained solid despite global

IndustryJune 19, 2022

Govt. considers expanding fuel tax cuts amid surging prices

The government has been considering expanding fuel tax cuts, as part of efforts to ease inflation pressure that has been building up amid surging energy prices, according to officials at the finance ministry Saturday. The government has been mulling expanding fuel tax cuts from the current 30 percent to a legal cap of 37 percent, according to ministry officials. Finance Minister Choo Kyung-ho plans to preside over an emergency meeting with economy-related ministers Sunday, when the expansion

EconomyJune 18, 2022

Auto biz in focus as Samsung's Lee returns to Seoul

Samsung Electronics Vice Chairman Lee Jae-yong returned to South Korea Saturday, with a renewed focus on the auto parts business. As the de facto leader of Korea‘s largest conglomerate arrived at Seoul Gimpo Business Aviation Center at around 9:40 a.m., Saturday, he told reporters that he “could feel drastic changes in the auto industry.” The remark came as he met German carmaker BMW, a key battery client of Samsung’s secondary battery arm Samsung SDI, and visited Samsu

TechnologyJune 18, 2022

[Interactive] Number of executives at major firms rises 4.5% in Q1

　The number of executives at South Korea’s major firms expanded 4.5 percent on-year in the first quarter of the year despite the coronavirus pandemic, a corporate tracker said. 　A total of 353 leading companies in Asia’s fourth-largest economy had a combined 14,418 executives as of end-March this year, up from 13,803 a year earlier, according to the Leaders Index. 　The figure covers companies out of the country’s top 500 corporations by sales that have disclosed their first-

BusinessJune 18, 2022

Repaired rocket Nuri to launch Tuesday

South Korea’s homegrown rocket Nuri is all set for liftoff on Tuesday, six days after a last-minute technical glitch was found.　 The Ministry of Science and ICT said Friday the Korea Aerospace Research Institute has identified the problem in one of the electric components of the sensor in the oxidizer tank and replaced it with a new one. After changing the 1.2-meter-long core component of the sensor, the KARI carried out a series of tests on the rocket and concluded that it is ready for

TechnologyJune 17, 2022

Samsung Electronics shares plummet to 52-week low

Samsung Electronics shares, which account for some 18 percent of South Korea’s benchmark Kospi’s market capitalization, closed at a 52-week low on Friday hit by the prolonged global memory chip supply shortage coupled with concerns of an economic slowdown. The market bellwether closed at its lowest price since Nov. 4, 2020 and 1.81 percent lower from the previous day’s trading at 59,800 won ($46.30). This also marks the first time it closed below the 60,000-won threshold sin

MarketJune 17, 2022

Rising ‘lunchflation’ drives Korean workers to look for cheaper options

For Kim Sang-ji, a 28-year-old white-collar employee working at a trading company in Seoul, healthy lunch meals had been her usual choice -- until recently. Now, she heads to a convenience store nearby. When picking up a 5,000 won ($3.80) lunchbox or a 2,000 won gimbap roll, she feels unsatisfied. But when thinking about the cost of eating out these days -- particularly in the business district of Gwanghwamun, where her office is located -- plus the extra cost of coffee, she has decided to go o

ConsumerJune 17, 2022

Korea far outpaces OECD average in inheritance tax: report

SEJONG -- South Korea far outstripped the average of the Organization for Economic Cooperation and Development in the ratio of inheritance and gift tax revenues to gross domestic product, a local think tank said Friday. In a report, the Korea Economic Research Institute said Korea posted 0.5 percent in the ratio of revenue from inheritance and gift tax to GDP, which placed the nation at No. 3 among the OECD members as of 2020. While the institute said the level was higher by 0.3 percentage poi

EconomyJune 17, 2022

Kospi slumps to sub-2,400 points in 19 months on US inflation woes

South Korea’s key stock index plunged below the 2,400-point threshold for the first time in 19 months on Friday, weighed down by risks stemming from the US Federal Reserve’s boldest rate hike in nearly two decades. The benchmark Kospi opened 1.7 percent lower from its previous closing of 2,409.72, but fell to 2,396.47 at one point in early morning trade. This marked the first time the index fell below the 2,400-point threshold since Nov. 5, 2020. Early in the morning, foreign in

MarketJune 17, 2022

Overseas direct investment more than doubles in Q1 amid post-pandemic recovery

South Korea's overseas direct investment more than doubled on-year in the first quarter of this year amid an economic recovery from the COVID-19 pandemic, the finance ministry said Friday. The value of investments made overseas by South Korean companies reached $25.4 billion in the January-March period, up from $11.34 billion a year earlier, according to the data by the Ministry of Economy and Finance. The net amount went up nearly threefold to $21.5 billion in the first quarter from the pr

EconomyJune 17, 2022

S. Korean economy feared to lose steam amid external uncertainty: govt.

SEJONG -- The South Korean economy is at the risk of losing steam as deteriorating external economic conditions are feared to dent investment and export growth amid high inflation, the finance ministry said Friday. Market volatility and global economic downside risks further expanded due to the Federal Reserve's accelerating monetary tightening and global supply chain disruptions, the ministry said in its monthly economic assessment report, called the Green Book. "Amid a continued buil

EconomyJune 17, 2022

Seoul shares open sharply lower on recession worries

Seoul shares opened sharply lower Friday, tracking big losses on Wall Street, as investors worried that the US Federal Reserve's aggressive monetary tightening could cause a global economic recession. The Korea Composite Stock Price Index (KOSPI) lost 39.79 points, or 1.62 percent, to 2,411.62 points in the first 15 minutes of trading. Overnight, US shares tumbled, following rallies the previous session, on concerns over the possible impact of the Fed's monetary tightening on global ec

MarketJune 17, 2022

Elon Musk’s mother hired as face of Ceragem

Ceragem, a South Korean medical appliance company, said Thursday that it has hired Maye Musk, mother of Tesla CEO Elon Musk, as a global ambassador for the brand. Ceragem manufactures and sells back warmers inspired by the traditional Korean floor heating system, known as “ondol.” With the product, which is certified by the US Food and Drug Administration, Ceragem aims to expand into the global market by working with Musk, a renowned model and nutritionist. The 74-year-old model, w

IndustryJune 16, 2022

S. Korea engulfed by rising stagflation fears

Fears over rapid inflation and sluggish growth are gripping South Korea, with indicators pointing to a gloomy outlook and authorities conceding that Asia’s fourth-largest economy is facing a “full-blown crisis.” The Finance Ministry on Thursday revised up its inflation forecast for this year to 4.7 percent from 2.2 percent, with the estimate surpassing 4 percent for the first time in 11 years. Import prices jumped 36.3 percent in May from the same period a year ago on soaring

EconomyJune 16, 2022

E-scooter rental service Lime Korea suspends operations amid changing laws

Lime, the world’s leading operator of rented electric scooters and bikes, said in a statement on Wednesday that it will be withdrawing its operations from South Korea on June 30. Constant traffic law revisions and differing local government policies were named by the company as the primary reasons behind this “tentative suspension” of operations. Lime saw a sharp drop in its customers in 2021, when a law that made wearing helmets mandatory for people riding electric scooters

MobilityJune 16, 2022

Raw, edgy and…under construction?

On a weekday evening, one cafe in western Seoul is about to close for the day while customers are still chatting away and enjoying their coffee. Repurposed from a shoe factory, this cafe is one of several trendy spots across the city that attract coffee drinkers and cafe enthusiasts alike, as numerous Instagram posts tagging the location show. “Industrial interior designs display the appeal of raw materials. Since it can give off a vintage or clean feel depending on the finish, demand i

ConsumerJune 16, 2022

W Concept kicks off global campaign for local fashion brands

W Concept, a South Korean online fashion platform under retail giant Shinsegae, said Thursday that it has started its first global campaign to support the overseas business of the country’s fashion brands. From Friday to June 24, the company will release a series of fashion photo shoots featuring Leandra Medine, a global fashion influencer, wearing items from Korean fashion brand Eenk. The items are from Eenk’s Spring/Summer 2022 collection, which includes patterned tops, dresses,

ConsumerJune 16, 2022