Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Yoon set for talks with Marcos in Philippines
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Korean bands get their day in the sun, finally
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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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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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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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Injured captain Son Heung-min dropped from nat'l team for World Cup qualifiers
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Hyundai Motor partners Toyota for hydrogen truck refueling technology
South Korean auto giant Hyundai Motor has joined a partnership with five global companies, including rival Toyota, to develop standardized parts needed for refueling hydrogen-powered commercial trucks, the company said Monday.The consortium also includes Air Liquide, Nel, Shell and Nikola, an US manufacturer of hydrogen trucks, it added. Fuel-cell bus by Hyundai MotorThe partnership is aimed at accelerating the use of commercial trucks powered by hydrogen and standardizing refueling technology f
March 4, 2019
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ITC begins investigation of Medytox’s complaint against Daewoong
The US International Trade Commission has voted to institute an investigation of Daewoong’s Nabota, or Jeuveau outside of Korea, the USITC said in a news release Friday. It was earlier announced that Jeuveau, approved by the US Food and Drug Administration in January, was to be commercialized in the US by California-based firm Evolus in the second quarter of this year. However, the latest development raises questions on whether the plan will proceed. The investigation is based on a complaint
March 4, 2019
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[Herald Interview] Hanwha Q Cells’ advanced tech stands to lower cost of PV energy
TOKYO -- The cost of generating solar energy can be reduced further even without state subsidies via technological advances that increase the power-generating capacity of each cell module, a marketing expert with a global photovoltaic system giant said last week.The levelized cost of a solar energy system -- that is, the net cost of installing it divided by the amount of energy it can be expected to produce over its lifetime -- has fallen rapidly in recent years. According to data compiled by th
March 4, 2019
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[Feature] ‘Game addiction is real, but ...’
In early January, news spilled that Korean game company Nexon was up for sale, with China’s Tencent speculated as a potential buyer. Industrywide discussion ensued, with critics lambasting the government for eschewing support for the promising market, to the extent that even the biggest game company was setting to withdraw from management. Nexon is Korea’s biggest game company. Reports said its founder and largest shareholder, Nexon parent company NXC CEO Kim Jung-ju, was “tired of regulatory c
March 4, 2019
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[Herald Interview] Digitalization of power industry key for LSIS’ growth
TOKYO -- Amid the power industry’s shift toward digitalization worldwide, LSIS, South Korea’s largest power system and solution provider, is eyeing more M&A opportunities in the software sector to take the lead in the emerging smart grid market, its chief said last week. “As a traditional power system provider, we face limitations in achieving organic growth particularly in the era of the ‘fourth industrial revolution,’” said Koo Ja-kyun, CEO and chairman of LSIS, in an interview on Wednesday. “
March 4, 2019
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Oil refiners appear passive toward government’s hydrogen drive
Despite the South Korean government’s ambitious plans to create a hydrogen economy this year, oil refiners appear to be taking a passive stance, citing questions over profitability. In January, the government announced its road map to boost the hydrogen economy, produce 6.2 million fuel cell vehicles by 2040 and eventually become the largest hydrogen car producer in the world. The government said 50,000 tons of byproduct hydrogen are currently available to fuel 250,000 hydrogen cars. Byproduct h
March 3, 2019
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KGCCI begins search for companies for Innovation Awards
The Korean-German Chamber of Commerce and Industry on Wednesday began searching for this year’s most innovative companies for its fifth Innovation Awards. The event was initiated in 2015 to foster innovative ideas and strategies of companies with business in Korea as well as to promote trade and business cooperation between Germany and Korea.This year’s event kicked off at WeWork Seollung II in Gangnam-gu, Seoul, with an opening speech by Barbara Zollmann, president and CEO of KGCCI. The four wi
March 3, 2019
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Korean hypertension drugs gear up for bigger sales in 2019
Hypertension drugs gained unwanted attention last year: More than 170 generic drugs sold by 76 local drugmakers were recalled by the Drug Ministry for their inclusion of valsartan, a chemical substance that could raise the risk of cancer.However, the industry is looking for a rebound this year, with major Korean pharmaceutical firms pushing the envelope in the race for novel hypertension treatments. The biggest competitor is Boryung Pharmaceutical’s Kanarb, a new hypertension drug developed by a
March 3, 2019
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Mirae Asset Daewoo consortium the preferred bidder for Paris landmark tower
A consortium led by South Korea's leading asset manager, Mirae Asset Daewoo Co., has been named the preferred bidder for a landmark building in Paris, the company said Sunday.If about 1 trillion won ($960 million) deal is finalized, Mirae Asset Daewoo will jointly invest 400 billion won together with Amundi Immobilier, a wholly-owned unit of French asset manager Amundi, and a local institutional investor, Mirae Asset said in a statement. (Yonhap)For the remaining 637 billion won, the consortium
March 3, 2019
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Ildong’s Aronamin best-selling OTC drug for 3rd year in row
Ildong Pharmaceutical’s multivitamin series Aronamin was the best-selling over the counter drug for the third consecutive year in 2018. OTC drugs can be purchased directly at medical stores without a doctor’s prescription.According to health care consulting firm IQVIA on Sunday, Aronamin marked 66.3 billion won ($58.8 million) sales last year, the highest among OTC drugs in Korea. Image captured from Ildong Pharmaceutical’s website The figure was a 2.3 percent drop from a year earlier, but enou
March 3, 2019
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Shinsegae Property to inject W4.5tr to build theme park
Shinsegae Property Consortium has been picked as a preferred bidder to operate a theme park complex on 3.15 square kilometers of land in Hwaseong, Gyeonggi Province, the company said Thursday.The construction for Hwaseong International Theme Park has been stalled twice since 2007. In 2016, the landowner K-Water failed to sign a contract with a consortium to build a Korean version of Universal Studios due to lack of funds. Planned construction of Hwaseong International Theme Park (K-Water)Previo
March 1, 2019
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Yoo Myung-hee named new trade minister
President Moon Jae-in named Yoo Myung-hee, deputy minister for FTA negotiations, as trade minister Thursday, replacing Kim Hyun-chong, who was appointed deputy chief of the presidential National Security Office on the same day. Yoo Myung-heeThe new trade minister started her public service career in 1992 after passing the nation’s public administration examination. In 1995, she moved to the Ministry of Foreign Affairs and Trade,
Feb. 28, 2019
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Future Hyundai and Kia cars to have built-in video recording system
All future Hyundai and Kia automobiles will come with built-in video recording systems, more commonly called black boxes, the company announced Thursday, heralding changes in the business landscape for video recorder companies.Hyundai and Kia motors announced it would include drive video record systems for its future models, starting from the eighth generation Sonata to be released next month. The DVRS will be linked to the car’s audio-video-navigation screens and a smartphone.(Hyundai Motor)The
Feb. 28, 2019
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CJ CheilJedang mulling acquisition of US’ Prinova
CJ CheilJedang is reviewing the possible acquisition of US food additives company Prinova, though nothing is certain at this point, the company said Thursday.“We are aware that Prinova is open for bidding. However, we do not know who else is bidding for the deal nor how the seller wants to proceed,” said a CJ CheilJedang representative.(Yonhap)Prinova is one of many candidates CJ is considering acquiring, according to sources.Prinova is a global supplier to the food and nutrition industries. Ind
Feb. 28, 2019
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Korean Air aims to strengthen business growth this year
South Korean flagship carrier Korean Air said it aims to strengthen its business growth this year by securing market competitiveness and improving customer service. The year 2019 marks the company’s 50th anniversary. This year is also significant for the air carrier as it will host the International Air Transport Association’s 75th Annual Grand Meeting in Seoul in June. Some 1,000 representatives from 290 airlines of 120 countries will fly in to participate in the three-day meeting, to discuss a
Feb. 28, 2019
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SK Innovation decides to spin off material business
SK Innovation on Wednesday announced a plan to spin off its material business unit while endorsing a 945.2 billion won ($844.6 million) investment for building a second manufacturing plant for electric vehicle batteries in Hungary.The energy and chemical affiliate of SK Group said its board has approved the plan to spin off its information and electronic material division, with the timeline of splitting the unit into a subsidiary by April 1. (Yonhap)The material division has made SK Innovation
Feb. 27, 2019
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How will 5G change lives? KT offers glimpse into futuristic life
BARCELONA, Spain -- Standing in line for a voice assistant at a mock hotel room, visitors curiously watched how their water was being delivered after the order was given in a slew of different languages. Immediately after the order was put to the voice assistant, cute, white robots began the journey with their autonomous mechanism. After putting a bottle of mineral water in its case, the robot brought the ordered item to the doorstep. Displayed at the world’s biggest Mobile World Congress 2019 t
Feb. 27, 2019
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Korean companies jump into race for green energy
TOKYO -- From solid-state batteries ready for commercialization to an integrated system for residential production and consumption of photovoltaic energy, the latest technologies aimed at realizing a complete shift of human dependence from fossil to clean energy was highlighted at an annual exhibition that kicked off in the capital city of Japan on Wednesday. The Tokyo Smart Energy Week features eight separate exhibitions specializing in renewable energy such as photovoltaic, wind, and biomass f
Feb. 27, 2019
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Korean pharma’s young scions rise in ranks
Younger members of the ownership families of domestic pharma firms are emerging in the public eye with wider involvement in management. Celltrion founder and Chairman Seo Jung-jin’s 32-year-old second son Seo Joon-serk is the latest such case. Seo will be promoted to director of the operation management department, effective Friday, according to the company. Seo joined the company in 2017. Celltrion said Seo will support and oversee the operations of biopharma production at plants. Seo’s older b
Feb. 27, 2019
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Samsung sponsors WorldSkills Competition for 7th consecutive year
South Korean tech behemoth Samsung Electronics Co. said Wednesday that it has decided to renew its sponsorship agreement with WorldSkills International to support the 45th WorldSkills Competition for the seventh consecutive year.Samsung will chip in 1.5 million euros ($1.79 million) as the overall event presenter and provide its products. It also plans to showcase its high-end products and technology. (Yonhap)Every two years WorldSkills hosts the world championships of skills that attract young
Feb. 27, 2019