Most Popular
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Slew of top K-pop stars ready to return from military
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Controversial cult leader’s sentence reduced to 17 years
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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Military aircraft evacuating S. Koreans in Lebanon returns home
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BTS-themed moon jar to be unveiled on Hangeul Day
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Samsung, Hyundai chiefs to accompany Yoon on Singapore trip
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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[Robert Fouser] Why the US election looks so close
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Celltrion, Nippon Kayaku to sell Rituxan biosimilar in Japan
South Korea’s Celltrion said Thursday it has selected Japanese drugmaker Nippon Kayaku to handle the sales of its Truxima, a biosimilar copy of Roche’s lymphatic cancer drug Rituxan, on the Japanese market. Celltrion Healthcare, the marketing and sales subsidiary of Celltrion, and Nippon Kayaku have signed a partnership under which the Japanese drugmaker will sell Truxima in Japan.Celltrion’s headquarters in Songdo, Incheon (Park Hyun-koo/The Korea Herald)Rituxan, also known as Mabthera, achiev
April 27, 2017
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G&B Solutions helps keep pig farms clean, safe
Green & Blue Solutions, a local manufacturer of odor eliminators based on bio-enzyme technology, has dedicated itself to addressing concerns over the environment of pig farms and helped improve their productivity by reducing the health risks of livestock. Its signature product Biomagic has improved farm productivity by reducing toxic gases from livestock excrement, such as ammonia and hydrogen sulfide, which not only generates odor, but also affects the respiratory health of livestock, the firm
April 27, 2017
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Govt. starts work to build LNG storage, distribution facilities in Jeju
A ceremony was held here Thursday for the construction of liquefied natural gas storage facilities and distribution pipelines that aim to provide the southern resort island with a cleaner source of power by mid-2019.The work involves building two storage tanks and pipelines capable of distributing 120 tons of LNG per hour on 74,786 square meters of reclaimed land in Aewol Port, northwest of Jeju Island, by August 2019, officials at the Ministry of Trade, Industry and Energy said.(Yonhap)The mini
April 27, 2017
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Youth, smart tech reshaping Korea's farming industry
Farming industry in South Korea is undergoing a big change, as more urbanites choose to venture into agricultural businesses by moving to the countryside and bringing with them growth potential and cutting-edge IT expertise, observers said Thursday. With a history of having pulled off rapid industrialization in the second half of the 20th century following a devastating war, the farming business here has often been marginalized as something that is outdated with little chance of future success.
April 27, 2017
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Korean Air lends helping hand in Korea, overseas
Korea’s largest air carrier Korean Air said Wednesday that it is continuing to expand its social responsibility efforts, utilizing resources to help those in need all over the world.Outside of Korea, the company uses its expertise as an international carrier to send emergency supplies to areas hit by natural disasters.Korean Air conducts a one-day cafe event with volunteers recruited via social media (Korean Air)On April 12, Korean Air sent bottled water on a cargo carrier headed to Lima, Peru,
April 27, 2017
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[Newsmaker] Shin solidifies grip on Lotte with reshuffle
Lotte Group Chairman Shin Dong-bin is poised firm his grip on his family’s conglomerate, following decision of the group’s four major units Wednesday to merge their investment entities into a central holding company.According to industry analysts, the Shin family is expected to acquire nearly 50 percent of the shares of the newly created holding company. Shin himself will hold 10.56 percent of the shares in the holding company, as his existing stakes in the four Lotte units are converted into st
April 27, 2017
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Hyundai E&C Q1 net dips 50% on currency loss
Hyundai Engineering & Construction Co., a major construction firm here, said Thursday that it suffered a 50 percent on-year slump in first-quarter net profit due to currency losses. Net profit for the three months ended March 31 plunged to 43.9 billion won ($39 million) from 86.9 billion won a year earlier, the builder said in a statement. (Hyundai E&C)The won's ascent to the US dollar cut into the quarterly bottom line, but its drastic cost-cutting efforts helped the company post an increased
April 27, 2017
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Korean Air receives 2nd B787-9 to enhance services
Korean Air Lines Inc. on Thursday received its second B787-9 aircraft that will allow it to strengthen its customer service starting next month.Korean Air, South Korea's biggest carrier by sales, will put the 269-seat dreamliner jet initially on its Gimpo-Jeju Island route from May 2 and then international routes from June, the company said in a statement. (Yonhap)The national flag carrier plans to operate three flights a day on the Gimpo-Jeju route and then begin service on long-range routes t
April 27, 2017
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MCM to launch new perfume line
Global luxury brand MCM was set to launch a series of unisex perfumes as part of its Infinite Collection on Friday, pushing forward its plans to expand in the lifestyle category.Under the theme “Travel Transcending Time and Space,” three scents were released, including incense, white tea and orris. MCM’s Infinite Collection to be launched Friday (MCM)Jerome Di Marino, a prominent perfumer known for his work at Givaudan, participated in the project.To create a luxurious image, a unique touch was
April 27, 2017
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Hyundai Heavy Q1 net almost doubles
Hyundai Heavy Industries Co., a major shipyard here, said Thursday that its first-quarter earnings almost doubled from a year earlier on cost-cutting efforts and the delivery of high-priced ships.Net profit reached 462 billion won ($409 million) in the January-March period, compared with a profit of 245 billion won a year earlier, the company said in a regulatory filing. (Yonhap)Operating income also surged 90 percent on-year to reach 619 billion won, while sales dipped 1.9 percent to 10.08 tril
April 27, 2017
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Samsung Electronics’operating profit up 50 percent in Q1
Samsung Electronics said Thursday it had posted 9.9 trillion won ($8.7 billion) in operating income in the first quarter, recording a nearly 50 percent on-year jump. The tech giant is forecast to post a record-breaking 12 trillion won in the next quarter due to strong sales of chips and smartphones, analysts said. Samsung said it posted 50 trillion won in sales, a 1.5 percent on-year increase, in the first three months of the year. The operating profit was the largest since 10 trillion won marke
April 27, 2017
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Think tank proposes taxation change for offshore companies to bring profits home
South Korean companies operating overseas have low domestic dividend payment rates compared to other international firms, and one way to fix the problem is to change the taxation rule, a think tank said Thursday.South Korea's foreign direct investment increased 3.7-fold over the past decade, and net profits at its offshore companies have been above $10 billion since 2010, according to the Korea Economic Research Institute. Their domestic dividend payment rate over the five past years, however, a
April 27, 2017
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Samsung rejects Elliott’s demand to create holding company
Samsung Electronics said Thursday it would not create a holding company, rejecting demands from activist hedge fund Elliott Management to reshape its corporate structure.“After conducting a comprehensive review with external advisers, the company’s board of directors has decided not to convert to a holding company structure,” Samsung said. The company said the review found that a holding company structure would not strengthen the competitiveness of the company’s businesses and could potentially
April 27, 2017
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Celltrion wins Herceptin patent trials against Roche in Korea
South Korea’s Celltrion said Wednesday that it has won all of its patent infringement suits involving Roche’s blockbuster breast cancer drug Herceptin in Korea, paving the way for the launch of Herzuma, its biosimilar copy of Herceptin, in the country by the year’s end.Roche had sued Celltrion Pharm, which handles the marketing and distribution of Celltrion’s products in Korea, for infringing its main formulation patent for Herceptin in Korea in October 2013. The Swiss pharmaceutical giant had a
April 26, 2017
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Lotte announces shift to holding company structure
Lotte Group announced Wednesday that it would be shifting toward a holding company structure, combining the investment entities of its four major units into a single holding company.Lotte Confectionery, Lotte Shopping, Lotte Chilsung Beverage and Lotte Food called separate meetings of its boards of directors to vote on decisions to split into investment and business entities, and to combine the investment entities together.(Yonhap)“The decision follows through on the promise to restructure gover
April 26, 2017
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Asiana Airlines welcomes first A350
South Korean air carrier Asiana Airlines received its first A350-900 aircraft and held a welcoming ceremony at Incheon Airport on Wednesday.Asiana Airlines has now become the world’s 12th and the nation’s first carrier to operate the world’s newest wide-body airliner. Asiana Airlines’ President Kim Soo-cheon attended the event after departing from Toulouse, France, via the company’s first A350. Kumho Asiana Group Chairman Park Sam-koo (left) and Asiana Airlines President Kim Soo-cheon have a ha
April 26, 2017
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Samsung C&T returns to black in Q1 on one-off factor
Samsung C&T Corp., a de facto holding company of Samsung Group, bounced back into the black in the first quarter from a year earlier largely thanks to cost-cutting efforts and a one-off factor, the company said Wednesday.Its net profit reached 186 billion won ($165 million) in the January-March period, shifting from a loss of 516 billion won a year earlier, the company said in a regulatory filing. (Yonhap)It posted an operating income of 137 billion won in the first quarter, also swinging back f
April 26, 2017
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CJ Logistics acquires 50% stake of Darcl Logistics
South Korea‘s largest logistics company, CJ Logistics, announced Wednesday plans to acquire a 50 percent stake in India’s Darcl Logistics to become the company’s largest shareholder. CJ Logistics said it will acquire more than 11.9 million shares of Darcl Logistics at 57.06 billion won ($50.6 million), equivalent to roughly 2.08 percent of its consolidated capital last year. (CJ Logistics)Darcl Logistics is a comprehensive logistics company that conducts land, railway, maritime and heavy cargo
April 26, 2017
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HHI nets most ship orders in 3 years
Hyundai Heavy Industries Group, the world’s largest shipbuilding group, has received orders for 39 ships worth $2.3 billion so far this year, posting the company’s largest ship orders in three years, according to an announcement by HHI on Wednesday. This month alone, HHI Group received orders for 18 ships worth $900 million. With the potential for additional fleet orders by purchasers, the company says the total revenue from orders this month could reach up to $1.5 billion. (Yonhap)HHI is curren
April 26, 2017
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Posco takes lead in giga steel
Posco, South Korea’s largest steelmaker, on Wednesday announced it has completed the production of a manufacturing facility dedicated to giga steel, which can significantly reduce the weight of cars.The company held a ceremony marking the completion at the No. 7 Continuous Galvanizing Line located in Gwangyang, South Jeolla Province. It was attended by some 250 people, including Chairman and CEO Kwon Oh-joon. The factory took 255.4 billion won ($227.6 million) in investment and can produce some
April 26, 2017