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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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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Seoulites celebrate coexistence at Wellness Seoul 2024
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[KH Explains] Can G-Star level up?
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[Lee Kyong-hee] Tone-deaf first lady causes chaos
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Korean telcos promote baseball content to attract fans at home amid pandemic
South Korean telecommunication firms said Saturday they have released various services and content related to the country‘s professional baseball league as they try to attract baseball fans at home amid the coronavirus pandemic. The new Korea Baseball Organization season started May 5 after South Korea managed to flatten the curve of new virus cases, but games have been played without spectators due to infection risks. As fans are not allowed to see games from the stands, the country&
May 23, 2020
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Celltrion to reinforce HIV drug development
Celltrion Pharm, a chemical drugs unit under the wing of Celltrion Group, has vowed to push harder to advance its human immunodeficiency virus drug pipeline, to move ahead of competitors that face a slowdown in pharmaceutical supply due to COVID-19. Celltrion Pharm said Friday that it will increase its workforce by 15 percent for its plant in Cheongju, North Chungcheong Province, to run the facility around the clock for an expanded attention to its HIV treatment pipeline, CT-G7. This is a stra
May 22, 2020
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Samsung Biologics bags CMO deals worth W468b
Samsung Biologics has bagged two contract manufacturing deals worth 468 billion won ($378 million) combined, according to its regulatory filing Friday. The total value of the latest deals is equal to two-thirds of the company’s revenue for last year at 701 billion won. According to the biopharmaceutical unit of Samsung, it inked a contract manufacturing deal worth 284 billion won with global biopharma GlaxoSmithKline to manufacture the latter’s lupus treatment Benlysta. Benlyst
May 22, 2020
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[Monitor] Korea’s exports sink 20% in first 20 days of May
South Korea’s exports dropped 20.3 percent in the first 20 days of May compared to the same period last year, data from the Korea Customs Service showed Thursday. Disrupted by the COVID-19 pandemic, the value of exports reached $20.3 billion, compared to $25.5 billion a year ago. By sector, exports of memory chips increased 13.4 percent, while shipments of automobiles sank 58.6 percent. By country, exports dropped 1.7 percent to China and 27.9 percent to the United States. So far this
May 22, 2020
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Posco joins Responsible Minerals Initiative
Posco said Thursday it has become the first South Korean steelmaker to join the Responsible Minerals Initiative. The RMI, which was founded by members of Responsible Business Alliance and the Global e-Sustainability Initiative in 2008, is a global consultative group of companies from a range of industries, addressing responsible mineral sourcing in supply chains. About 380 companies, including Apple, Tesla and Samsung Electronics, are members of the initiative. Posco said it will be able to
May 21, 2020
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LIG Nex1 clinches W159.2b radio system deal in Indonesia
South Korean defense firm LIG Nex1 said Thursday it has won a radio system deal worth 159.2 billion won ($129.4 million) from the Indonesian police. According to the company, it will supply trunked radio communication system, or TRS, to the Indonesian police by 2022. The TRS uses several channels or frequencies, and allows the channels to be shared by a large number of certified users, in multiple talk groups, without their conversations interfering with each other. Rather than requiring a
May 21, 2020
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Macrogen’s COVID-19 test kit approved for export
Macrogen, a genomics biotech company, announced Thursday that its AxenTM Covid-19 RT test kit has gained the Drug Ministry’s approval for export. “We are planning to supply our test kit to major countries, which contacted us even during the test kit development phase and were looking forward to export approval together with us,” said Macrogen CEO Lee Su-kang. “We will not only improve our test kit’s performance to detect numerous mutations of coronavirus, which
May 21, 2020
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Netflix pressed to share network costs in S. Korea
Netflix, the world's leading videostreaming service provider, will come under growing pressure to share the network costs here following the revision to related laws, industry sources said Thursday. On Wednesday, the National Assembly approved the revision to the country's telecommunications business act, which stipulates, in a nutshell, foreign content providers, as well as local players, are also responsible for providing stable services to users. The revision was widely seen as a move to p
May 21, 2020
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Korea’s top 50 firms see operating profit plunge last year
The combined operating profit of South Korea’s top 50 companies fell 61 percent in 2019 from the previous year, due mainly to the weak performance of tech giants, latest data showed Thursday. Local research firm Sustainable Growth Institute surveyed earnings data of the nation’s 50 largest companies by sales between 2018 and 2019. The survey found the combined operating profit of the top 50 companies in 2018 was 87.7 trillion won ($71.1 billion), but their operating profit shrank
May 21, 2020
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[Monitor] Involuntary unemployment radically surges
The number of unemployed during the first four months this year surpassed the 2 million mark for the first time.The number of those who are unemployed involuntarily also soared to 1,044,720, data from Statistics Korea showed. It is also the highest since 2000. The agency has been keeping track of economically active population in the categories of those employed, are economically inactive and those who lost their jobs. Among the jobless, involuntarily unemployed refers to those who lost job
May 21, 2020
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Korea's exports of virus test kits tipped to grow further
South Korea's exports of coronavirus test kits are expected to gather momentum down the road thanks to high overseas demand, industry sources said Thursday. With the coronavirus outbreak raging across the globe, many affected countries are scrambling to import South Korean COVID-19 test kits, in a boon to local manufacturers. According to the Ministry of Food and Drug Safety, 72 test kits manufactured by 46 companies have been approved for exports. The figure includes six products that have w
May 21, 2020
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State-run science institutes bent on cracking COVID-19
State-run science institutes in South Korea are employing mathematical, chemical and biological research to track and crack the COVID-19 pandemic. Some of the findings from their pursuits were presented at a gathering of experts hosted by the Government-wide R&D Fund for Infectious Diseases Research and Center for Convergent Research of Emerging Virus Infection on Wednesday in Seoul. “We have found a new platform for vaccine development for recombinant subunit vaccine,” s
May 20, 2020
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[Herald Interview] ‘Startups, SMEs hold key to Korea’s future’
Since Minister Park Young-sun took the helm of South Korea’s SMEs and Startups Ministry in April 2019, a lot has happened. For one, the COVID-19 pandemic continues to pummel all industries worldwide, and most devastatingly, smaller businesses. At this juncture, Park may be the most suitable representative voice supporting startups and small and medium-sized enterprises, with her expansive journalistic and political career driven by her support for the principle of balanced economic grow
May 20, 2020
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Daewon Media inks Marvel license contract with Walt Disney Co.
South Korean animation firm Daewon Media said Tuesday it has signed a license contract with Walt Disney Co. Korea to make toys and figures of Marvel characters. The license contract will give it the rights to develop and retail toys and figures in Korea. “With one source multiuse strategy, Daewon Media plans to retail Marvel card and board games, launch a publishing business with Marvel contents and develop Daewon Media’s own Marvel products,” a company official said. D
May 20, 2020
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LG chairman calls for ‘fundamental measures’ for recent gas leak, fire incident
LG Chairman Koo Kwang-mo on Wednesday took an urgent helicopter ride to LG Chem’s catalyst lab in Seosan, South Chungcheong Province, after a fire at the facility killed one worker and injured two others the previous day. Due to the accident, a 39-year-old researcher was killed and two workers, aged 47 and 27, suffered second-degree burns to the face and neck and were sent to a nearby hospital, according to fire authorities. At the site, Koo called for the management including LG Chem
May 20, 2020
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SK Pharmteco joins consortium to supply pharma ingredients in US
SK Pharmteco, a consolidated global pharmaceuticals manufacturing chain of SK Group, will provide US-based Phlow with pharmaceutical ingredients to offset supply shortfall in the country, SK Holdings announced Wednesday. The Donald Trump administration has announced it will buttress the project with $812 million funding over the next 10 years. SK Holdings owns US’ Ampac Fine Chemicals and more contract manufacturing organization facilities in Europe and Korea. In January 2019, it estab
May 20, 2020
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Over 20 biologics firms rev up engine for 2020 IPO
Over 20 Korean biologics firms are revving up their engines to go public in 2020. DreamCIS, Psomagen, SCM Lifescience, Kainos Medicine and SK Biopharmaceuticals are set to list on main bourse Kospi and secondary Kosdaq before July. Market watchers are also keeping their eyes on HK inno.N Corp. (formerly CJ Healthcare), GI Innovation and Vuno. All in all, counting the firms who have requested stock market operator Korea Exchange for preliminary examination for listing, the biologics firms that m
May 20, 2020
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Bioneer to supply Indonesia with COVID-19 test kit readers
Bioneer, a molecular diagnostic kit and analytics reader machine maker, said Wednesday it has signed an agreement with Indonesia’s Genomik Solidaritas to supply COVID-19 test kit readers worth 6.8 billion won ($5.5 million). As per the deal, Bioneer will deliver 25 sets of ExiStation 48, including nucleic acid diagnostic agent and real-time polymerase chain reaction COVID-19 test kits. Nine ExiStation 48s and kits, worth 1.5 billion won, will be supplied first, followed by the remainin
May 20, 2020
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LG Group chief apologizes over fatal accidents at LG Chem facilities
LG Group Chairman Koo Gwang-mo on Wednesday apologized over recent deadly accidents at facilities of LG Chem Ltd. and vowed to come up with measures to prevent such tragedies. "I expressed deep condolences and consolation to victims and their families," Koo said at LG Chem's plant in Seosan, around 120 kilometers south of Seoul. He also said he is deeply sorry for causing concern to many people. A fire at LG Chem's catalyst lab had killed one worker and injured two others the day be
May 20, 2020
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[Monitor] Hanwha tops in hiring more permanent workers: report
Among the 33 large business groups in South Korea, Hanwha recorded the highest rate in hiring permanent workers, data from industry tracker Infobigs showed. According to the data analyzing company reports of 33 business groups listed in the stock market in the first quarter, Hanwha Group has 21,064 permanent workers, up 36.68 percent on-year. Hanwha’s defense solutions arm Hanwha Systems was newly listed on the main bourse Kospi in November 2019. Excluding the firm, Hanwha Group’s
May 20, 2020