Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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Ex-president's daughter investigated for drunk driving accident
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'Culinary Class Wars' producers deny trying to spice up results
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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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Doosan bags W100b energy storage contract in Australia
Doosan GridTech, a US subsidiary of Doosan Heavy Industries & Construction, won a contract worth 100 billion won ($91.3 million) to install energy storage systems (ESS) in Australia, the biggest ESS contract Doosan has ever signed. According to Doosan Heavy on Tuesday, the subsidiary was awarded the contract from private power utility Vena Energy to supply a 150-megawatt-hour ESS in Queensland, Australia by next year. It will be the state’s largest such facility. Equipped with it
Dec. 15, 2020
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Doosan Solus changes name to Solus Advanced Materials, exits Doosan Group
South Korean battery foil maker Doosan Solus said Tuesday it has officially changed its name to Solus Advanced Materials after breaking away from Doosan Group on Monday. In a board meeting, directors of the former Doosan company also endorsed the appointment of SkyLake Equity Partners Chairman Chin Dae-jae as its CEO. Along with incumbent CEO Lee Yoon-seok, the company will be run by two independent CEOs. SkyLake, a private equity fund, is Solus Advanced Materials‘ largest shareholder
Dec. 15, 2020
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LG claims affiliate spin-off will improve shareholder value
LG Group, South Korea's fourth-largest conglomerate, on Tuesday refuted claims that its planned spin-off of affiliates could undermine shareholder value, saying the move will actually benefit its stockholders. "We believe our shareholder value will improve since the group can focus on its key businesses, including electronics, chemicals and telecommunications," LG said. "Once the split is completed and our growth strategy gets materialized, we think this 'discount issue' will be
Dec. 15, 2020
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Samsung Bioepis begins phase 3 clinical trial of Prolia biosimilar
Samsung Bioepis has begun the final stage clinical trial of postmenopausal osteoporosis treatment SB16, the company said Tuesday. SB16 (denosumab) is a biosimilar referencing Amgen’s Prolia, whose global annual sales marked over 3 trillion won ($2.74 billion) in 2019. The phase 3 clinical trial of SB16 is anticipated to be completed by March 2023, just in time for the company to derive analysis and push for commercialization of the drug by Prolia’s patent expiration in major mark
Dec. 15, 2020
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S. Korea's ICT exports up for 6th straight month in Nov. on chips, displays
South Korea's exports of information and telecommunication products surged 15.8 percent in November from a year earlier, extending their rise for the sixth consecutive month, data showed Tuesday, on the back of robust overseas demand for memory chips and display products amid the pandemic. Outbound shipments of information communication and telecommunication (ICT) products came to $16.56 billion in November, compared with $14.3 billion posted in the previous year, according to the data compiled
Dec. 15, 2020
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Doosan Infracore's excavator sales in China on roll this year
Sales of excavators by Doosan Infracore Co. in China are expected to reach the highest in a decade this year on strong demand in the world's No. 2 economy, industry data showed Tuesday. According to the data by the China Construction Machinery Association, Doosan Infracore sold 1,692 units of excavators in November in China. In the January-November period, the construction equipment makers' excavator sales in China came to 17,458 units. Doosan Infracore expects its excavator sales in China
Dec. 15, 2020
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New CEOs take office in CJ Group companies
CJ Group's core units named new CEOs on Monday. As part of a group-wide C-level reshuffle announced Friday, new chief executives began their terms at CJ Cheiljedang, CJ Logistics and CJ ENM, the South Korean retail and entertainment giant said. Choi Eun-seok assumed the top job at CJ Cheiljedang, replacing Kang Sin-ho, who moved to CJ Logistics as CEO. Choi, 53, was formerly the head of CJ Corp.’s management strategy office. Kang Ho-seong, formerly the head of management support at C
Dec. 14, 2020
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Revised Commercial Act weigh on firms ahead of shareholders meeting season
South Korea’s listed companies are under growing pressure to overhaul their audit systems in time for their regular shareholders meetings, slated for February and March next year, due to a new set of corporate regulations set to take effect soon. As the new rules restrict the voting power of owner families in the appointment of auditors, conglomerates will focus on defending their managerial authority from external influence while smaller businesses are likely to struggle to attract qual
Dec. 14, 2020
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Hyundai Rotem completes manufacturing facility for hydrogen extractors
Hyundai Rotem said Monday its manufacturing plant for machines to extract hydrogen from natural gas will begin full operations starting this month. The locomotive and rolling stock unit of Hyundai Motor Group renovated a part of its existing plant for electrical parts in Uiwang, Gyeonggi Province, into one that can produce 20 hydrogen extractors per year in response to a growing number of hydrogen charging stations in South Korea. “Twenty hydrogen extractors can generate 4,700 metric
Dec. 14, 2020
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Krafton suffers bug issue in new game Elyon, punishes abusers
Krafton, which is preparing an initial public offering next year, suffered a hiccup in its newly released massively multiplayer online role-playing game Elyon. Developed by Krafton and published by Kakao Games, Elyon exposed a bug that compromised its in-game economy, triggering a fierce backlash from users as the bug appeared just three days after the game’s release on Thursday. When a user of an attacking squad hunted down a monster at a specific field and picked up an item the mon
Dec. 14, 2020
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S. Korea's Nafabeltan gets clinical approval for COVID-19 treatment in Australia
South Korean drug firm Chong Kun Dang Pharmaceutical Corp. said Monday that it has won approval from Australia's drug authorities to begin a phase three clinical trial for coronavirus treatment with its acute pancreatitis drug. The drug, Nafabeltan, will be administered to patients as part of the Australian government-led clinical study to find a COVID-19 treatment. The drug is currently used as a blood anticoagulant and acute pancreatitis treatment. The Australian COVID-19 Trial, also known a
Dec. 14, 2020
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[News Focus] COVID-19 'star' Seegene posts tenfold jump in revenue
South Korean diagnostics company Seegene is one of the biggest beneficiaries of the global COVID-19 crisis. On Monday, the molecular biotech firm announced that its aggregate revenues so far this year topped 1 trillion won ($916.3 million) on the back of strong demand for COVID-19 test kits and diagnostic machines. That is nearly 10 times larger than the 122 billion won reported for all of 2019. “The COVID-19 pandemic has raised public trust in Seegene’s molecular diagnostics rea
Dec. 14, 2020
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[Herald Interview] What COVID-19 means for vaccine makers
The aphorism that a crisis can be an opportunity has never struck home so much as it has for vaccine companies in the era of COVID-19. Not only has the pandemic raised awareness of the role of vaccines in health care, but it also expedited crucial advances in innovative vaccine technologies such as messenger ribonucleic acid, or mRNA, vaccines. Heightened public interest in individual vaccine firms is another plus. Speaking to the media for the first time since assuming his role on Aug. 25, v
Dec. 14, 2020
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Korea Shipbuilding wins W400b order from Europe
Korea Shipbuilding & Offshore Engineering Co. said Monday that it has signed a 400 billion won ($367 million) deal to build four crude carriers with a European company. The 300,000-ton vessels to be built by Hyundai Samho Heavy Industries Co., a unit of Korea Shipbuilding, will be delivered starting in May 2022, the company said. The company hinted at obtaining additional orders till the end of the year, saying, "There have been constant inquiries about various kinds of ships includin
Dec. 14, 2020
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LG Chem’s cathode plant in Wuxi, China, to run 100% on reusable energy from 2021
LG Chem is taking steps to carry out its pledge to create no more carbon emissions by 2050. Starting 2021, the company’s cathode material plant in Wuxi, China, will run entirely on reusable energy provided by the local Leyou New Energy Materials, LG Chem said Sunday. Carbon emissions reduction from the change is expected to be 100,000 tons a year. This has the effect of planting 1.7 million trees every year, the company said. Leyou New Energy Materials generates reusable energy using w
Dec. 13, 2020
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Hopes pinned on COVID-19 treatments, not vaccines, in Korea
With the daily number of new COVID-19 cases surpassing 1,000 for the first time Sunday, South Korea’s bet on the most feasible exit plan from the mayhem is treatments, not vaccines. While both vaccines and treatment may be needed to extinguish the pandemic for good, so far for Korea, treatments are making quicker advances to actual use on people here. National household names Celltrion and GC Pharma are inches away from acquiring conditional use permits from local health authorities, ac
Dec. 13, 2020
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[Time to Play] Despite its pay-to-win system, WeMade’s Mir 4 is irresistible
When it comes to pricing, luxury fashion and games may not be so different. As long as there are consumers willing to pay extra for a premium experience, it is that perceived value that could determine the price of a product. WeMade’s Mir 4, despite its notorious pay-to-win system, may prove just that in the local gaming industry. With an intricate storyline and superb graphics, the game is simply irresistible to avid players. Launched on Nov. 25 in South Korea by local game developer
Dec. 13, 2020
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Posco to step up hydrogen production capacity by 2050
South Korean steelmaker Posco said Sunday it will expand hydrogen production capacity in the next three decades to meet growing demand for the clean energy source and foster new growth drivers. Posco, the world's fifth-largest steelmaker by output, said it will produce up to 5 million tons of hydrogen by 2050 to reduce its reliance on fossil fuels and transition to renewable energy sources. The company plans to launch a hydrogen business unit next month and collaborate with research agencies
Dec. 13, 2020
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Starbucks has over 1,500 stores in S. Korea
Starbucks has opened seven new stores in South Korea, bringing the total number of outlets that the US coffee giant has launched since its debut here 21 years ago to 1,503 amid a coffee craze among locals, industry sources said Sunday. Five of the seven new outlets opened Tuesday are drive-thru stores, the sources said. As social distancing guidelines for COVID-19 require coffee shops to adopt tougher virus measures, Starbucks has increased drive-thru outlets to allow customers to buy coffee w
Dec. 13, 2020
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S. Korea's trade minister meets with USTR nominee
South Korea's Trade Minister Yoo Myung-hee has met with US President-elect Joe Biden's nominee for US trade representative, the trade ministry said Saturday. Yoo discussed pending trade issues with Katherine Tai, the chief trade counsel for the US House of Representatives' Ways and Means Committee, during her four-day trip that ended on Friday, the Ministry of Trade, Industry and Energy said, without elaborating. The meeting came before media reports that Biden nominated Tai, a China trade exp
Dec. 12, 2020