Most Popular
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S. Korea, Singapore seal supply chain agreement
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Netflix, streaming platforms come under fire for loose ratings
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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20 minors registered as CEOs making over 100 million won
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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K-pop CEOs sidestep key issues at National Assembly audit
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Who is pollster roiling politics with claims of government string-pulling?
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Man killed by fellow hunter who mistook him for wild boar
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Seoul stocks down for 3rd day amid Ukraine risk
South Korean stocks extended their losing streak to a third session Tuesday, as investors' appetite for risky assets weakened amid heightening US-Russia tensions over Moscow's potential invasion of Ukraine. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 27.94 points, or 1.03 percent, to close at 2,676.54 points. Trading volume was moderate at about 575 million shares worth some 9.2 trillion won ($7.7 billion), with losers outnumb
Feb. 15, 2022
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Posco Chemical offers EV experience program for children
Posco Chemical said Tuesday it ran an experience program where children can make miniature electric vehicles and charging stations and learn about their eco-friendliness. According to the refractory and secondary battery materials arm of South Korean steel giant Posco, it opened “Green Dream Class” at four children’s culture centers from Jan. 24 to Feb. 11 where Posco Chemical staff and executives participated as instructors and assembled miniature EVs and charging stations t
Feb. 15, 2022
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Sales of luxury goods surge 23% during pandemic: Lotte Members
Lotte Members, the membership service for Lotte Group companies, said Tuesday it has seen a 23 percent surge in transactions for luxury goods since the onset of the coronavirus pandemic. According to a study based on transaction data of its L.Pay mobile payment system and L.Point membership points, sales of luxury goods in 2020 and 2021 increased 23 percent compared to the same figures from 2018 ad 2019. Among age groups, consumers in their 20s showed the highest 70.1 percent increase in lux
Feb. 15, 2022
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Hanwha Systems partners with Israel Aerospace for naval platform marketing
Hanwha Systems, a global defense electronics and smart ICT solutions provider, said Tuesday it has joined hands with Israel Aerospace Industries to globally promote combat solutions and technology for naval platforms. Under an agreement for mutual marketing, the two firms will collaborate on expanding their presence in Asia where Hanwha Systems has built its sales network for years. IAI, with more than 50 years of experience cooperating with the world’s navies, is a customer-tailo
Feb. 15, 2022
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Volvo launches all-electric C40 Recharge SUV in S. Korea
Volvo Car Korea Co. on Tuesday launched the Volvo brand's first pure electric model, the C40 Recharge SUV, as part of the Swedish carmaker's electrification push. The C40 Recharge is one of seven all-electric models to be released by Volvo Cars by 2030. The Swedish carmaker aims to become fully electric by 2030. The coupe-styled electric SUV is equipped with a 78kWh battery and a front and rear dual-motor system, which allows it to go from zero to 100 kilometers in 4.9 seconds. It can travel u
Feb. 15, 2022
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Possibility of strike looms at Samsung as gov't wage arbitration fails
The state labor relations commission decided Monday to stop mediating wage negotiations between management and unionists at Samsung Electronics Co., raising the possibility of a walkout for the first time at the nation's largest conglomerate. The National Labor Relations Commission failed to successfully bring the two parties to an agreement following two arbitration efforts in less than a week. With the decision, the unions can go ahead with a walkout if their members vote for it. If that h
Feb. 14, 2022
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Chemical firms on high alert for toughened safety law
South Korean petrochemical firms are bolstering safety measures to avoid violating a new workplace disaster law, which sends CEOs to prison in case of fatal accidents. According to industry sources Monday, petrochemical firms are on edge after an explosion killed four workers and injured four others at Yeochun NCC’s factory in Yeosu, South Jeolla Province on Friday. Due to the accident, Yeochun NCC is likely to become the first petrochemical firm to be punished by the controversial w
Feb. 14, 2022
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SK Bioscience secures $31m chickenpox vaccine deal with Pan-America
SK Bioscience has signed a $31 million (37 billion won) order to ship out its chickenpox vaccine Sky Varicella to the Pan American Health Organization, the company said Monday. The PAHO, along with the UNICEF, has one of the largest demand for vaccines in the world as it is responsible for supplying mass-scale vaccines on behalf of countries in the central and southern American regions. According to SK Bioscience, the order marked the first time the company succeeded in winning a bid with PAHO
Feb. 14, 2022
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Celltrion's Remsima logs record high sales in US in 2021
Sales of the biosimilar Remsima by Celltrion Inc. reached an all-time high last year in the United States, the company said Monday. Sales of the biosimilar drug to treat autoimmune diseases jumped 13 percent on-year to $385 million in 2021, Celltrion Healthcare said, citing industry data. Remsima references Janssen Biotech Inc.'s Remicade and is effective in treating various diseases, from rheumatoid arthritis to Crohn's disease. Pharmaceutical giant Pfizer Inc. is responsible for sales of the b
Feb. 14, 2022
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[Market Eye] SoftBank-backed Naver, Coupang sparkle in Japan
Japan has long remained an untapped market for Korean firms, where even the likes of Samsung Electronics and Hyundai Motor have almost no presence. Currently, Samsung, the world’s largest smartphone maker, has a tiny 5 percent market share there. Not to mention the soured relationship between Seoul and Tokyo over wartime history and trade disputes in recent years. Japanese consumers have remained loyal to local brands such as Sony and Toyota that compete head-on with their Korean rivals
Feb. 13, 2022
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Emro’s profit soars 39.1% in 2021
South Korean supply chain management solution provider Emro said Sunday its net income surged 39.1 percent for 2021 compared to the previous year thanks to a high demand for its software. The company recorded 5.2 billion won ($4.3 million) in net profit, a consolidated preliminary financial statement showed. The company’s annual revenue came to 47 billion won, up 4.8 percent from a year prior, while its operating profit stood at 6.7 billion won, up 4.1 percent. Emro attributed the perf
Feb. 13, 2022
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Celltrion’s Remsima records all-time high US sales
Korea’s pharmaceutical giant Celltrion’s Remsima, a biosimilar of autoimmune treatment drug Remicade, has set an all-time high record in sales revenue in the US market, taking a half of the original drug’s share, market insiders said Sunday. Remsima’s sales revenue in the US surged on-year by 13 percent to $385 million as of last year, according to industry sources. Samsung Securities said Remsima’s market shares have increased from 15 percent to 33.7 percent, whi
Feb. 13, 2022
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Jeju Air to introduce cargo plane in first half amid prolonged pandemic
Jeju Air Co., South Korea's biggest low-cost carrier, said Sunday it will bring in a cargo plane in the first half of this year to ride out the prolonged COVID-19 pandemic. Jeju Air signed a lease agreement to begin operating a cargo plane for the first time among local LCCs, the company said in a statement, amid efforts to offset a sharply reduced passenger travel demand amid the pandemic. "We plan to expand our business in cargo transportation to diversify our source of revenue," a
Feb. 13, 2022
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Google, Netflix and 3 other streaming platforms fined over unfair biz activity
South Korea's antitrust regulator said Sunday it has decided to impose a fine of a combined 19.5 million won ($16,300) on Google, Netflix and three other video streaming services for their unfair business activity over paid subscription. Five over-the-top (OTT) media service providers -- Google, Netflix, KT, LG Uplus and Content Wavve -- hampered paid subscribers' move to end their membership, according to the Fair Trade Commission (FTC). They provided falsified information or did not allow subs
Feb. 13, 2022
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Kakao leaders desperate to win back investor trust
Kakao leaders are struggling to restore the platform giant’s brand image and win back the trust of investors after the company’s friendly reputation took a huge hit over a series of mishaps. “Looking back on the path that Kakao has walked on over the past four years, Kakao has achieved rapid growth with the support of the entire nation. But in the process, we have suffered growing pains and lost the society’s trust so I feel heavily responsible for it,” Yeo Min-so
Feb. 11, 2022
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[Obituary] LS Group chairman dies at age 75
Koo Ja-hong, the chairman of LS Nikko Copper, died Friday at the age of 75. The tycoon served as South Korean conglomerate LS Group’s first chairman for nine years from 2004 to 2012 and then handed over the post to his cousin Koo Ja-yeol. After the sudden death of the cousin in 2014, Koo Ja-hong returned to the management as the chairman of LS Nikko Copper. The mogul is credited with the successful independent management of LS Group after it split off from LG Group in 2004. Also, Koo
Feb. 11, 2022
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S. Korean botox maker Hugel to enter US market this year
South Korea's leading botox maker Hugel Inc. said Friday that it will make inroads into the United States, the world's largest botulinum toxin market, this year. Earlier, the company sought a marketing authorization of its botulinum toxin product, Letybo, with the US Food and Drug Administration (FDA) for the treatment of frown lines in adult patients. Hugel said it expects to receive the FDA approval sometime around the middle of this year. "There is much more opportunity in the US where t
Feb. 11, 2022
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KDIC sells 2.2% stake in Woori Financial Holdings
South Korea's state deposit insurer said Friday it sold 2.2 percent of its stake in Woori Financial Holdings Co. for some 239 billion won ($199 million). The Korea Depository Insurance Corp. (KDIC) said that the pre-market sale of 15.86 million shares came in line with a decision by the country's public funds oversight committee, which handles state asset sales. Following the block deal, the KDIC has a 3.6 percent interest in Woori Financial, one of the four major financial holding firms in Asia
Feb. 11, 2022
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Ex-US envoy to join Samsung as PR chief of North America
Mark Lippert, former US ambassador to South Korea who is currently working as public policy chief at YouTube Asia-Pacific, is joining Samsung Electronics as the head of corprate and government affairs in North America, industry sources said Friday. The former diplomat will begin working for the tech giant starting next month as the executive vice president of Samsung Electronics America and oversee its external relations in the region. Lippert is reportedly in the final stages of signing the
Feb. 11, 2022
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Kyobo Life Insurance vows push for IPO despite court ruling
Kyobo Life Insurance, one of South Korea's leading life insurers, said Friday it will press ahead with an initial public offering (IPO), despite a court ruling that could get in the way of its move. A day earlier, a Seoul court acquitted officials of Affinity Equity Partners and accountants with Deloitte Anjin on the charge of colluding to inflate the strike price of the fund's put option. The Hong Kong-based private equity fund said it will seek a second arbitration to resolve the legal dispute
Feb. 11, 2022