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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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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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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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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[KH Explains] Can G-Star level up?
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Nexon pledges to fix EA Sports FIFA Online 4
South Korean game company Nexon said Thursday it will fix the faulty system of its online PC soccer game “EA Sports FIFA Online 4” in a move to sooth users that have warned of boycott. Nexon will readjust the system designed to benefit newly released game characters, which consequently brought down the price of existing game characters, drawing a barrage of criticisms from users who had faced depreciation. Currently, FIFA Online 4 operates under a “payroll system.” T
April 23, 2020
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Quick COVID-19 vaccine development unrealistic: Institut Pasteur Korea CEO
It is great to have a positive attitude in scientific endeavors, but to trumpet unrealistic projections rings alarm bells. And the latest attempt to develop vaccines for COVID-19 may be the case, according to Ryu Wang-shick, CEO of Institut Pasteur Korea, on Thursday. “Most vaccine developments fail. We are hearing positive news regarding the COVID-19 vaccine development efforts -- but that’s hope, not reality,” Ryu said. IPK had invited French Ambassador to Korea Philippe L
April 23, 2020
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Samsung Biologics sees boost in contracts with partners getting green light
Samsung Biologics’ partner Immunomedics having its drug approved by the US Food and Drug Adminsitration has led to an increase in contract volume, according to the Korean contract developer on Thursday. Immunomedics, a biotech firm based in New Jersey, had its sacituzumab govitecan drug approved as an antibody-drug conjugate for metastatic triple-negative breast cancer. The company has thus increased the amount of drugs to be contract-manufactured by Samsung Biologics from the previous
April 23, 2020
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Telecommuting brings computers back to Korea’s top 10 export list
Computers are back on the list of South Korea’s top 10 export items as remote work becomes the new normal amid the coronavirus pandemic. According to the Korea International Trade Association on Thursday, Korea’s exports of personal computers and laptops in the first quarter recorded $3.1 billion, accounting for 2.4 percent of the $130.8 billion total, making computers the country’s No. 9 export item. They had dropped out of the top 10 in 2019. Computer exports increased o
April 23, 2020
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Poongsan’s bullet sales spike as gun demand shoots up in US
South Korean bullet maker Poongsan is getting a boost in sales on the back of soaring gun demand in the US amid the novel coronavirus pandemic. According to the Korea International Trade Association, Korea’s bullet exports to the US witnessed a record high of $4.51 million in March, a 1,062 percent surge on-year. In the first quarter, bullet exports to the US spiked 653 percent on-year to $8.6 million, which accounts for 73.4 percent of $11.7 million in total bullet exports to the US in
April 23, 2020
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[Photo News] Audi Volkswagen Korea goes green for the planet
Representatives of Audi Volkswagen Korea delivered trees and sanitizing wipes to a group home on Thursday as part of the company’s “Green gift boxes to overcome COVID-19” campaign. Audi Volkswagen Korea said it had delivered 6,300 trees and 14,000 sanitizing wipes to about 3,400 children and 1,600 managers at 476 group homes across the nation in partnership with the Korea Social Investment Foundation and Tree Planet. (khnews@heraldcorp.com)
April 23, 2020
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Korea to inject emergency funds into five key industries hit by pandemic
South Korea on Thursday decided to inject emergency funds into the nation’s five key industries -- automobiles, aviation, shipping, shipbuilding and oil refineries -- that are facing a liquidity crisis since the outbreak of the new coronavirus. It discussed customized support measures for each industry at the crisis management meeting led by Finance Minister Hong Nam-ki as a follow-up measures to President Moon Jae-in’s announcement of a 40 trillion won ($32.5 billion) worth relie
April 23, 2020
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Sales of Samsung Bioepis' 3 biosimilars reach $200 million in Europe in Q1
South Korean drugmaker Samsung Bioepis Co. said Thursday that sales of its three biosimilar products posted a record high of $200 million in Europe during the first quarter. Combined sales of the three autoimmune biosimilars -- Benepali, Flixabi and Imraldi -- came to $219 million in the January-March period, up 25 percent from the same period a year earlier. The company cited a first-quarter earnings report of its US partner Biogen. Samsung Bioepis is a joint venture between Samsung Biologic
April 23, 2020
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[Monitor] Korea’s exports dip in April
South Korea’s exports dropped 27 percent on-year in the first 20 days of April due to the impact of the novel coronavirus pandemic, data from the Korea Customs Service showed. By segment, exports of memory chips fell 14.9 percent, while those of automobiles sank 28.5 percent during the period compared to a year ago. By country, shipments to China dropped 17 percent, while those for the United States dropped 17.5 percent. Exports to the European Union and Vietnam fell further by 32.6
April 23, 2020
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S. Korea to inject W1.25tr to help virus-hit shippers
South Korea said Thursday it will inject 1.25 trillion won ($1 billion) to help cash-strapped shipping firms hurt by the global new coronavirus pandemic, which has been disrupting business activities and trade of goods. "The shipping firms are expected to suffer more serious damage after the second quarter, considering the time lapse between the global economic turmoil and the decline in their performances," Oceans Minister Moon Seong-hyeok said. "Thus, South Korea plans to pro
April 23, 2020
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Samsung C&T Q1 net jumps 56% on equity gains
Samsung C&T, a construction affiliate of Samsung Group, said Wednesday its first-quarter net profit jumped 55.8 percent from a year earlier due to profitable overseas projects and shareholding gains from its affiliate. Net profit for the three months ending March 31 stood at 346.5 billion won ($281 million) from 222.4 billion won a year earlier, the company said in a regulatory filing. "Increased equity gains from Samsung Biologics and profitable overseas projects boosted the first
April 22, 2020
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Seegene’s COVID-19 test kits get FDA emergency approval
Seegene said Wednesday it real-time PCR test kits were granted the US Food and Drug Administration’s emergency use authorization for COVID-19 testing. The company’s Allplex 2019-nCoV Assay has already sold over 10 million tests globally in over 60 countries. Allplex can identify three different target genes -- E, RdRP and N genes -- in a single reaction tube, which maximizes throughput for high volume testing. Seegene is now exporting 3 million test kits every week, and plans to e
April 22, 2020
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Medytox response draws ire from shareholders
Medytox’s claims that its botulinum toxin product Meditoxin presents no safety issues is drawing ire from shareholders and skepticism from the Drug Ministry. The Korean Drug Ministry suspended the manufacturing and sale of Meditoxin on April 17 due to concerns that the product was made using unapproved materials between 2012 and 2015. On Tuesday, Medytox released a statement saying it had filed an administrative complaint with the ministry, asking it to reverse the suspension order on t
April 22, 2020
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Korean pharmas form unprecedented alliance to fight pandemic
Governmental organizations and the pharma industry are of the same mind in South Korea when it comes to the urgency of the need to fight COVID-19. The Korea Pharmaceutical and Bio-Pharma Manufacturers Association said Wednesday it will push for members to make joint investments for co-developing vaccines and treatments for the global virus pandemic. This will involve establishing a joint venture, and a combined fund from both the industry and government bodies, with further details to be alig
April 22, 2020
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Samsung C&T goes all-out to win new Banpo reconstruction bid
Samsung C&T proposed Wednesday a construction plan in which all its affiliates participate to create a “landmark” apartment complex in Banpo, Seoul, as part of an all-out effort as it seeks to win the contract in the area designated for redevelopment. Reconstruction bids are currently being accepted for the new Banpo 15-apartment unit in Gangnam, and Samsung C&T, Daelim Industrial and Hoban Construction are competing. The result is due to be announced Thursday. Sansumg C
April 22, 2020
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Shipbuilders nervous as oil prices plummet
South Korean shipbuilders are jittery as oil prices in the US plummeted to negative territory for the first time in history this week, coupled with the reduced demand for crude oil and global shipments driven by the novel coronavirus pandemic. The business outlook for the global shipbuilding industry is also not very rosy. In the first quarter of this year, global orders for ships fell 78 percent year-on-year to 2.33 million compensated gross tons. Here, only two liquefied natural gas carri
April 22, 2020
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[Monitor] COVID-19 cuts company recruitment plans
A recent survey showed that two thirds of companies in South Korea have canceled their plans to recruit since the new coronavirus pandemic. To a question whether their hiring plans changed upon the pandemic, 84.9 percent answered yes, according to the survey conducted by job portal Incruit. Among the 262 firms, 60.7 percent said they had recruitment plans prior to the pandemic but only 21.1 percent said they will maintain their hiring plans. Among the firms that said they would continue to hi
April 22, 2020
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Hyundai plans W300b debt sale next month
Hyundai Motor Co. will raise 300 billion won ($240 million) by selling corporate bonds next month amid a growing coronavirus impact on vehicle sales, financial sources said Tuesday. The company will hold the debt sale on May 8, with a maturity period of three to seven years, to secure operating capital, an investment bank official told Yonhap News Agency. The debt issuance will be handled by Mirae Asset Daewoo, KB Securities Co. and NH Investment & Securities Co., the official said. The
April 21, 2020
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Ministry approves Samsung’s blood-pressure app
Samsung Electronics’ blood pressure measuring mobile application Samsung Health Monitor was approved by South Korean authorities Tuesday. The Ministry of Food and Drug Safety said that this is the first time worldwide that a software has been approved to be able to sense a person’s blood pressure without the use of a second device, such as a cuff. Cuffs are arm bands that electronically contract to measure a person’s upper and lower blood pressure. The devices cost from $55
April 21, 2020
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Real estate row blocks W10tr investment for industrial complex project
South Korea might lose investments worth 10 trillion won ($8.1 billion) for its industrial complex project, as major refiners are struggling to find a middle ground over land prices before even beginning the project. South Chungcheong Province currently plans to transform 2.91 million square meters of land in Daesan industrial complex No. 2 and surrounding areas in the city of Seosan into an advanced chemical industrial plant. The project is expected to bring investments worth 10 trillion won
April 21, 2020