Celltrion’s COVID-19 antibody gets temporary Swiss approval

Celltrion’s COVID-19 antibody treatment Regkirona has received temporary approval in Switzerland, the Korean biopharmaceutical company said Friday. Celltrion submitted the results from its global third-phase clinical trial and all clinical data on virus variants including the delta variant, according to the company. Swissmedic, which is responsible for the authorization and supervision of therapeutic products in Switzerland, gave the temporary nod Wednesday. The approval is for use Reg

IndustryJan. 14, 2022

Solus Advanced Materials wins incentives for Hungary plant

South Korean materials producer Solus Advanced Materials said Friday it has won incentives worth 24 million euros ($27.5 million) from the Hungarian government for facility expansion in the Central European country. The funds will be granted in cash by 2023. The firm said the funds will be used for the expansion of its plant No. 2 in Hungary that manufactures copper foil for batteries used in electric vehicles. The new incentives come after the Hungarian government provided cash incentives w

IndustryJan. 14, 2022

LG Energy Solution, Honda in talks to set up US joint venture

South Korean electric vehicle battery giant LG Energy Solution and Japanese automaker Honda are in talks to form a joint venture in the US in a rare partnership between Korean and Japanese companies, according to industry sources Friday. The two companies are reportedly in the early stage of discussions to set up a 4 trillion-won ($3.3 billion) EV battery factory in the US with an annual production capacity of 40 gigawatt-hours, which is enough to power 600,000 EVs. Details such as establish

IndustryJan. 14, 2022

Samsung's new portable projector ready for smooth launch with preorders sold out

Samsung Electronics Co.'s all-new portable projector, unveiled at the Consumer Electronics Show (CES) last week, has gotten off to a good start, as preorders were sold out at home and abroad, the company said Friday. The new product, The Freestyle, is a light, portable screen and entertainment device, especially aimed at Generation Z and millennials, with no separate screen required and the cradle rotating up to 180 degrees to enable users to see video anywhere from tables to ceilings. It was

IndustryJan. 14, 2022

SK Networks invests $20m in US vegan leather maker

SK Networks Co., the general trading arm of South Korean conglomerate SK Group, said Friday it has invested $20 million in a US biotech startup specializing in making alternative leather. SK Networks took part in a round of $126 million funding for MycoWorks, a Silicon Valley-based biomaterials company, and it is the largest amount among the strategic investors, SK said in a press release. MycoWorks owns technologies that produce leather-like fabric from engineered mycelium, a biomaterial made

IndustryJan. 14, 2022

Tighter virus curbs to hamper recovery in domestic demand: finance ministry

The South Korean economy is on a recovery track on robust exports, but the spike in COVID-19 cases and strengthened social distancing rules are feared to hurt domestic demand, the finance ministry said Friday. Amid the fast spread of the omicron COVID-19 variant, external economic uncertainty has persisted as global supply chain bottlenecks have deepened and the Federal Reserve is ramping up a shift in its monetary policy, the ministry said in its monthly economic assessment report, called the

EconomyJan. 14, 2022

[Graphic News] S. Korean webtoon market jumps to top W1tr in sales

　The South Korean webtoon industry saw its combined sales top 1 trillion won ($843.6 million) for the first time in 2020, government data showed. 　The total sales of the local web-based comic market amounted to 1.05 trillion won in 2020, up 64.6 percent from a year earlier, according to the data by the Culture Ministry and the Korea Creative Content Agency. 　It is the first time that the annual industrywide sales surpassed the 1 trillion-won threshold since 2017, when the ministry started to

BusinessJan. 14, 2022

Seoul stocks open lower on US tech fall

South Korean stocks opened steeply lower Friday, tracking an overnight stock plunge on Wall Street as US Federal Reserve officials signaled aggressive policies to rein in the rising inflation pressure. The benchmark Korea Composite Stock Price Index (Kospi) declined 26.43 points, or 0.89 percent, to 2,935.66 points in the first 15 minutes of trading. The retreat was led by losses in tech stocks, usually more sensitive to rate hikes compared with other sectors. The tech-heavy Nasdaq composite

MarketJan. 14, 2022

Gov’t plays down EU decision to block Korean shipbuilders’ merger

The South Korean government said Thursday that a decision by the European Union to block the merger between the two local shipbuilders – Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering – may have a limited impact, citing a recovery in global ship orders. “The industry is seeing much better conditions than in 2019 and we will continue searching for the right ‘civilian’ operator for DSME,” the government said in a statement jointl

IndustryJan. 13, 2022

Kakao forbids stock option exercises by CEOs, executives

Korea’s IT giant Kakao said Thursday it will ban CEOs and executives representing its subsidiaries from selling company shares shortly after their market debuts in an apparent move to quell public criticism over their management ethics.　 According to Kakao’s Corporate Alignment Center, the new control tower that oversees Kakao affiliates, CEOs and executives will be prohibited from exercising stock options within two years and one year after the listing day, respectively. In partic

IndustryJan. 13, 2022

[Market Eye] Why Samsung, LG hold on to LCD panels despite slowing profitability

It appears too soon to say that Samsung Display and LG Display, the nation’s top display makers, will exit from the less lucrative LCD market amid a cutthroat competition with Chinese rivals with cheaper pricing. Until a few years ago, the two firms had hinted at retiring from the old-school LCD business to focus on more advanced technologies such as upgraded LCDs or OLEDs to widen the gap with Chinese runner-ups. But experts here say there has been a sign of change in the attitudes mor

TechnologyJan. 13, 2022

Gov't vows to support digital transformation of auto industry

The South Korean government said on Thursday it will standardize automotive data and promote intelligent manufacturing by carmakers and parts makers as part of efforts to support digital transformation of the auto industry. The aim is to turn 1,200 automotive component makers into future car companies by 2030, the Ministry of Trade, Industry and Energy said in a statement. The ministry said it will secure eight petabytes of automotive data, which is more than 10 times what is currently in stor

TechnologyJan. 13, 2022

Posco, Adani join hands to build steel mill in India

South Korea’s top steel maker Posco said Thursday that it will be working with the Indian conglomerate Adani Group to build a reduced-emissions integrated steel mill in India and carry out other projects to reduce carbon emissions. The firm said the two are currently reviewing the western state of Gujarat as the potential site for the new steel mill, with an estimated investment worth about $5 billion. “Under the latest deal, Posco’s strength in steel making technology and

IndustryJan. 13, 2022

Daewoo E&C partners Vietnam’s NBX Green Park for industrial zone development

South Korean builder Daewoo Engineering & Construction and Vietnam’s NBX Green Park, an affiliate of YSL Group, signed a memorandum of understanding to jointly develop the Nam Binh Xuyen Green Park Industrial Zone located in Vinh Phuc, Vietnam, the companies said Thursday. The NBX Green Park Industrial zone is a large-scale real estate development project authorized by the Vietnamese government last year. The plot of land of nearly 300 hectares will include industrial and commercial

IndustryJan. 13, 2022

Young Koreans may be left with no pension

South Koreans born after 1990 will not be able to claim their state pension if an overhaul of the current pension system is not carried out swiftly, a Seoul-based think tank said Thursday. With the nation’s state pension age remaining relatively low compared to other major economies and the lackluster amount of money being funneled into the fund, those set to receive the pension from 2055 will likely fail in claiming their contributions, a report by the Korea Economic Research Institute s

EconomyJan. 13, 2022

Seoul stocks snap 2-day winning streak on US inflation woes

South Korean stocks retreated after a two-day increase Thursday, as investors worry rising inflation in the United States could hasten the Federal Reserve's tapering move. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.39 points, or 0.35 percent, to close at 2,962.09 points. Trading volume was moderate at about 597 million shares worth some 11.3 trillion won ($9.5 billion), with losers outnumbering gainers 449 to 412. Institutions so

MarketJan. 13, 2022

Korea ranks 32nd of 38 OECD members in Q3 growth

SEJONG -- South Korea was found to have lagged far behind major countries in the latest economic growth, data from the Organization for Economic Cooperation and Development showed Thursday. According to the French-based organization, Korea’s gross domestic product grew 0.3 percent -- as a provisional figure -- in the third quarter of 2021, compared to the previous quarter. This placed Asia’s fourth largest-economy at No. 32 of the total 38 OECD members in the quarterly GDP growth,

EconomyJan. 13, 2022

Samsung Biologics to start up Plant 4 early to cement leadership

To solidify its No. 1 position in terms of production capacity, Samsung Biologics, a contract development and manufacturing organization under the Samsung empire, will begin partial operation of its fourth plant in Songdo, west of Seoul, this year, six months earlier than previously scheduled, the company’s CEO said Thursday. Touting its manufacturing capability, John Rim, CEO of Samsung Biologics, said the planned partial operation will add fresh new capacity of 60,000 liters in October

IndustryJan. 13, 2022

[Herald Interview] Want a job? Tech skills are a must

The ongoing pandemic has brought a significant change in South Korea’s job market where technology skills such as data visualization and coding -- not necessarily academic background -- have become prime qualities that businesses look for from job seekers. “The COVID-19 pandemic has indeed brought about huge polarization in the local job market. Job seekers who majored in liberal arts or business are having hard time finding job openings, whereas IT majors get hired easily,”

IndustryJan. 13, 2022

Gwangju seeks to exclude HDC from construction projects

The Gwangju Metropolitan Government will review legal measures to restrict Hyundai Development Company from participating in building projects in Gwangju, the city mayor said Thursday. “If legal measures allow, we will exclude HDC from participating in construction projects in the city for a fixed period,” Gwangju City Mayor Lee Yong-seop said during a briefing held on Thursday. Lee added that authorities are also reviewing whether to order HDC to demolish the collapsed apartment b

IndustryJan. 13, 2022