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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Firefighters’ 3,000 won meals spark nutrition concerns
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Samsung Biologics, STCube to develop novel anti-cancer drug
Samsung Biologics announced Wednesday that it has signed a partnership deal with STCube for the development and manufacturing of STT-003, an anti-cancer immunotherapy candidate. STT-003, developed by STCube’s research center in Maryland, is a novel immune checkpoint inhibitor whose anti-cancer effects are anticipated to be more effective than the conventional PD-1/PD-L1 therapies. The US-based company is planning to submit an investigational new drug submission of the STT-003 antibody i
March 4, 2020
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Medytox, Daewoong exchange fire once again
Korean botulinum toxin makers Medytox and Daewoong Pharmaceutical exchanged fire once again on Wednesday, both claiming to have the upper hand in winning the US International Trade Commission suit. Medytox issued a press release in the morning saying that during the hearing of the suit from Feb. 4-7, the USITC’s staff attorney sided with the allegations that Daewoong had indeed used Medytox’s trade secret BTX. If this is reflected in the final decision, Daewoong’s US partne
March 4, 2020
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[Monitor] South Korea’s mask exports to China soar in January
South Korea’s mask exports to China soared in January when the Wuhan coronavirus began to spread, reaching the same level as annual total of last year, according to data by the Korea International Trade Association on Wednesday. Exports of miscellaneous textile products -- which mainly include masks -- in January amounted to $72.61 million. This is 8.8 times higher than the $82.96 million in exports in the same month last year and 89.7 percent of the $89.16 million, which was the annual
March 4, 2020
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Two-thirds of foreign firms expect weaker sales on virus: poll
Nearly two-thirds of foreign firms in South Korea expect their sales to drop due to the spread of the novel coronavirus, a poll showed Wednesday. The survey of 150 foreign-invested corporations showed 67.3 percent of the respondents anticipating a decline in their shipments due to the fast-spreading epidemic. The survey was conducted on foreign firms with a workforce of 100 or more between Feb. 17 and 21 by the Korea Economic Research Institute (KERI), the research arm of the Federation of Ko
March 4, 2020
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[Newsmaker] Plastic surgery clinics endure drop in Chinese customers over coronavirus
South Korea’s 5-trillion-won ($4.2 billion) plastic surgery industry is bleeding Chinese demand amidst the worsening coronavirus outbreak. The Korea Health Industry Development Institute said that Chinese patients are canceling plastic surgeries while the Ministry of Health and Welfare is recommending hospitals to delay their medical services to foreigners after February to curb the COVID-19 outbreak. “After monitoring whether major hospitals and plastic surgery clinics are foll
March 4, 2020
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[News Analysis] Breakdown of drugs currently used to treat coronavirus
With experts suggesting that it will take one to five years for a vaccine for the new coronavirus to be developed from scratch, researchers are redirecting existing drugs and pipelines in an effort to control the outbreak. On Tuesday, Gilead Sciences’ Ebola treatment remdesivir was approved for a phase 3 clinical trial in South Korea by the Ministry of Food and Drug Safety. According to the clinical trial designed by Gilead Sciences, the efficacy of remdesivir on COVID-19 patients will
March 3, 2020
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LS C&S wins $85m contract for submarine cables in Middle East
LS Cable and System said Tuesday it has won a contract worth about $85 million for a subway cable project to connect Bahrain’s islands. The company said it clinched the deal on a turnkey basis, to supply the submarine cables needed to connect 25 kilometers between the Bahrain’s main island and its Hawar Islands in the southeast. The contract was finalized by Al Gihaz, a Saudi Arabian engineering, procurement and construction company. The company will take charge -- from product s
March 3, 2020
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[Photo News] PARTITIONED LUNCH
LG employees eat lunch at partitioned tables as a precaution to prevent the spread of COVID-19, at the group’s Twin Towers headquarters in Yeouido, western Seoul, Tuesday. (LG Corp.)
March 3, 2020
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Korean exporters on edge as COVID-19 disrupts overseas operations
South Korean companies, including Samsung and LG, are on edge about the possibility of critical production setbacks at key manufacturing bases in Vietnam and China as a result of coronavirus fears. The nation’s largest tech firms, Samsung Electronics and LG Electronics, produce smartphones and home appliances in Vietnam. In China, Samsung and SK hynix produce chips, LG Display makes organic light-emitting diode panels, Hyundai Motor and Kia Motors manufacture automobiles and LG Chem pro
March 3, 2020
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Increase of 5G users in Korea slows down
South Korean mobile carriers are struggling to entice more customers for 5G services amid the new coronavirus outbreak, according to latest data Tuesday. In January, the number of 5G network users here increased by 290,000 to 4.95 million in a month, the lowest amount of increase since local mobile carriers launched 5G services in April last year, as per ICT Ministry data. Since April last year, local telecom firms saw the number of new 5G network subscribers increase by more than half a mill
March 3, 2020
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Samsung's Q4 smartphone share rises in Europe
Samsung Electronics Co.'s share of the European smartphone market advanced slightly in the fourth quarter of last year, benefiting from rival Huawei Technologies Co.'s struggle with a US trade ban, data showed Tuesday. Samsung had a 27 percent market share in Europe in the fourth quarter, up 2 percentage points from a year earlier, according to market researcher Counterpoint Research. Samsung, the world's largest smartphone maker, apparently enlarged its presence after Huawei was barred fr
March 3, 2020
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Celltrion gives W1b to help coronavirus efforts
Celltrion said Monday it gave 1 billion won ($841,000) to areas hit hard with COVID-19 to help curb the spread. The donation has been divided to areas most affected and which had strong links to Celltrion. Daegu, the city with the highest number of affected COVID-19 patients in Korea at 3,081 as of Monday afternoon, was given 400 million won, while North Gyeongsang Province, the second-heaviest hit region with 624 patients, received 200 million won. Incheon and North Chungcheong Province we
March 2, 2020
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Amorepacific’s contract to sell Gangnam building falls through
South Korea’s cosmetics giant Amorepacific said Monday it will seek a new buyer for its office building in Nonhyun, southern Seoul, as the preferred bidder has backed out. According to the firm, Hanyang Construction -- which was chosen as the preferred bidder -- canceled the contract to buy Sungam Building for 160 billion won ($131.2 million). Amorepacific had said it decided to sell its building to secure liquidity and to improve solvency. The contracted price accounted for about 2 per
March 2, 2020
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[Monitor] Consumption drops rapidly upon coronavirus
With the vast spread of COD-19 across the nation, consumption rapidly dropped in February, particularly among offline businesses. According to data provided by the Finance Ministry, lodges nationwide saw their revenue drop by 17.7 percent, 10.8 percent and 24.5 percent in the first, second and third week of last month, respectively, compared to the same period last year. Restaurants saw their revenue drop 9.6 percent, 2.0 percent and 14.2 percent, respectively. Sales at department stores als
March 2, 2020
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Jeju Air acquires Eastar Jet for W54.5b
South Korea’s low-cost airline Jeju Air is set to take over the management of struggling Eastar Jet, according to the firm’s regulatory filings Monday. Jeju Air said it signed an acquisition deal with Eastar Holdings, the largest shareholder of Eastar Jet, for 54.5 billion won ($45 million). The firm acquired 4,971,000 common shares for a 51.17 percent stake. The purchase price was lowered from 69.5 billion won, the initial price estimated at the time of signing the memorandum o
March 2, 2020
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Sunday trading rules limit outbreak’s boost to online shopping
Online shopping for daily necessities and food has soared amid the coronavirus outbreak in South Korea, but larger retailers face a limit: Sunday trading rules. Since 2012, the Distribution Industry Development Act has banned large stores trading for at least two days a month for the sake of fostering traditional markets and small shops. Usually, the closures come on the second and fourth Sundays of every month. “On off-days, customers are left with fewer options as the ban restricts
March 2, 2020
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Coronavirus outbreak dents value of Chaebol owners’ stock holdings
The prolonged coronavirus outbreak is driving down the stock asset valuation of the wealthy chaebol owners, with Samsung Chairman Lee Kun-hee suffering a drastic slump of more than 2.7 trillion won ($2.2 billion), according to latest data Monday. Local corporate tracker Korea CXO Institute surveyed changes in the stock asset valuation of the nation’s 10 largest conglomerates between Jan. 20 and Feb. 28, 40 days since the first confirmed case of COVID-19 infection here. The share price
March 2, 2020
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Yuhan invests W5b in AI digital healthcare company Huinno
Yuhan announced Monday that it has made a 5 billion won ($4 million) Series A funding in Huinno -- a wearable health care device company -- becoming the second-biggest stakeholder. Huinno’s patented MEMO Watch and MEMO A.I. are portable heart rate detectors that catch off-beat pulses, enabling remote health care from big hospitals and aftercare from nearest clinics. Under a partnership with Korea University Anam Hospital, Huinno is currently recruiting 100 patients who will participate
March 2, 2020
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[Monitor] More small and mid-sized firms struck by COVID-19
More than 70 percent of small and mid-sized companies here said they were facing difficulties amid the nationwide spread of COVID-19, according to a survey conducted by the Korea Federation of SMEs. The survey on 300 small and mid-sized companies showed that 70.3 percent of them said that they are having difficulties in their operation due to the viral outbreak. Of them, 72.3 percent were import-export firms, while 67.6 percent were local service businesses. (khnews@heraldcorp.com)
March 2, 2020
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Most Koreans concerned of prolonged coronavirus spread: survey
Eight out of 10 office workers are concerned that the COVID-19 outbreak could prolong, according to a survey by a local online community operator. Blind, a local operator of employees’ community application, surveyed some 2,427 office workers over the nationwide spread of the viral outbreak. The proportion of workers who expressed concerns increased to 83 percent, when compared to the same survey conducted from Feb. 7-13 (67 percent). Most of those who were concerned said they are wor
March 1, 2020