Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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First lady’s Dior bag scandal to be at center of Assembly audit
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Firefighters’ 3,000 won meals spark nutrition concerns
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SK Chemicals submits Alzheimer’s medication to U.S. FDA
SK Chemicals, a pharmaceutical affiliate of South Korean conglomerate SK Group, on Sunday said it has submitted its patch-type Alzheimer’s drug SID710 to the U.S. Food and Drug Administration for approval. SID710 is a generic drug referencing Novartis’ Exelon Patch (rivastigmine), a transdermal medication to treat dementia symptoms associated with Alzheimer’s disease.SK Chemicals` patch-type Alzheimer`s medication S170 (SK Chemicals) The Korean drug maker expects the FDA to grant approval in 201
April 3, 2016
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[Herald Interview] Supplements no magic bullets: Nutrilite strategist
With health becoming a priority for most people around the world, some turn to taking dietary supplements as a potential means to make up for their otherwise unhealthy eating habits and lifestyles. However, supplements are by no means a substitute for a balanced meal or physical activity as there are absolutely no shortcuts to health, according to Amway-based Nutrilite Health Institute’s technology strategist. “Supplements are not magic bullets. They are not miracles. They are merely products m
April 3, 2016
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Samsung’s Remicade biosimilar recommended for EU approval
South Korean biosimilar developer Samsung Bioepis said Saturday that Flixabi, its biosimilar drug referencing Johnson & Johnson’s Remicade (infliximab), has been recommended for approval in the European Union. The European Medicines Agency’s Committee for Medicinal Products for Human Use has adopted a “positive opinion” on Flixabi for the treatment of a number of diseases including rheumatoid arthritis, Crohn’s disease, and ulcerative colitis, according to Bioepis.Samsung Bioepis president and C
April 3, 2016
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Two budget carriers fined for flight safety violations
Korea’s two budget carriers have been slapped with 600 million won ($524,000) in fines for breaching flight safety regulations, the transportation ministry said Friday.The Ministry of Land, Infrastructure and Transport imposed the highest financial penalty on Jeju Air Co., owned by mid-sized retailer Aekyung Group, and Jin Air Co., a low budget airline unit of Korean Air Lines Co.An airplane of Jeju Air had to drop to an altitude of 8,000 feet from 18,000 ft on its way to Jejudo Island from Seou
April 1, 2016
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[Weekender] Art auction boom lifts shares of Seoul Auction
Shares of Seoul Auction, the only listed art auction house in Korea, rallied on a rosy outlook for its 2016 performance in the beginning of the year. The company shares hit a record high of 24,950 won ($21.70) on Jan. 19. NH Investments and Securities forecast the company’s operating profits will soar to 21.6 billion won this year, up 43.5 percent from 2014, thanks to increased global interest in Korean monochromatic paintings.The firm’s revenue is also expected to jump to 71.9 billion won this
April 1, 2016
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[Weekender] Foreign interest spurs Korean art market
When Jason Lee, 43, a human resources professional in Hong Kong, visits Seoul to see clients, he makes it a point to squeeze time into his tight schedule to go to a gallery. “I’ve collected contemporary Korean artwork that I like for the past few years for investment purposes, witnessing their growing popularity in the Hong Kong art market,” he said. “As the Korean art boom continues, I can gain high premiums when I resell those artworks at auctions later.” Unlike previous spikes in demand for K
April 1, 2016
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[Weekender] Samsung's tradition of art collection
Samsung Group chairman Lee Kun-hee is known as Korea’s most powerful and the wealthiest business tycoon, but he is also an avid art collector – a side of the man not well-known to the public. Samsung’s chief is currently the largest private holder of artworks in the nation, with more than 150 national treasures in the company’s Ho-Am Art Museum and Leeum museum. “Lee learned how to collect art pieces from his father Lee Byung-chul, the founder of Samsung,” said Lee Chong-sun, who worked as a dir
April 1, 2016
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Korean beef prices continue to climb
Prices of Korean beef, or “Hanwoo,” are continuing to rise due to growing demand and fewer Korean-bred cattle, data showed Friday.According to the Ministry of Agriculture, Food and Rural Affairs, the average price of beef from a cow weighing 600 kg rose from 5.12 million won ($4,450) in 2014 to 5.87 million won in 2015.After passing the 6 million-won mark this year, prices continued to rise. It hit 6.67 million won last month.This marks a nearly 30 percent increase compared to March 2015.(Yonhap
April 1, 2016
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Samsung Bioepis to launch second biosimilar
South Korean drug manufacturer Samsung Bioepis will be launching its second biosimilar product, Renflexis, in Korea at 363,530 won ($315) per box.Its price is about 5 percent cheaper than Remicade -- a product made by Janssen that provided the reference for Renflexi -- but similar to rival Celltrion’s Remsima.Renflexis will hit local markets in June, according to MSD Korea, which is responsible for the marketing and distribution of Renflexis. The drug was approved by the Korean Ministry of Food
April 1, 2016
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Five to vie for PHC maker Sambu
Five bidders have been taken through to the final round in the auction of Sambu Construction Industrial, a local building materials-maker with annual revenue of around 50 billion won ($43,400), the deal’s manager Samjung KPMG said Friday. Sambu Construction Industrial’s headquarters in downtown Seoul. (Yonhap)They include ready-mix concrete-maker Tong Yang, Daewon Construction and Keystone PE, a Seoul-based buyout firm set up by former Woori Bank CEO Lee Duk-hoon. Sambu Construction Industrial
April 1, 2016
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Mobile giant Kakao named large biz group
Kakao Corp., the operator of South Korea‘s top mobile messenger KakaoTalk, has been included in a government list of large business groups whose mutual investments and loan guarantees will face restrictions, the Fair Trade Commission said Friday.The FTC said Kakao’s total assets surpassed the 5-trillion-won level following its takeover of music streaming and download service provider Melon in January. (Kakao Corp.)Every year, the antitrust agency announces an updated list of large business group
April 1, 2016
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More executives earning over W500m a year
A rising number of executives in South Korea earned more than 500 million won ($437,000) a year in 2015, a stock-evaluating website said Friday.A total of 748 corporate executives earned more than 500 million won ($437,000) in annual salaries and other income. The figure marks a 3.9 percent increase from 720 executives in the previous year, said Chaebul.com. The results were based on the paychecks of the standing board members at 2,643 nationwide companies. Severance pay and stock options were i
April 1, 2016
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Hite Jinro Holdings to sell 4.2% stake
Hite Jinro Holdings said on Friday it will sell off 3 million of Hite Jinro shares to redeem the beverage seller’s debts and improve its overall financial health. (Hite Jinro Holdings)Hite Jinro Holdings is the parent company of Hite Jinro. The firm said the sales -- worth 80.6 billion won and amounting to a 4.2 percent stake -- would be done though after-hour trading. Hite Jinro’s stocks were trading 6.06 percent lower at 27,150 won as of 1:30 p.m. (yoonmi@heraldcorp.com)
April 1, 2016
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Korean mobile subscribers to break 60m mark
The number of South Korean mobile network subscribers is set to top 60 million by the end of 2016, industry sources said Friday. The figure would exceed the population of the country, which is at around 51.5 million. (Yonhap)The outlook was based on government data showing as of the end of February, South Koreans had up to 59 million mobile network accounts that include those for wearable devices. Meanwhile, the number of combined smartphone users in South Korea was tallied at 44.1 million, up
April 1, 2016
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GM Korea’s Spark hit record sales in March
GM Korea said on Friday it sold more than 9,000 units of its Chevrolet Spark mini car in March. It was the strongest monthly performance since the compact debuted here in October 2002, the carmaker said. From a month earlier, sales jumped by more than 80 percent. Detroit-based General Motors owns a 77 percent stake in GM Korea, the country’s third-biggest carmaker by sales, after Hyundai Motor and Kia Motors.GM Korea aims to sell a total of 191,000 autos this year, up from 158,000 last year. (kh
April 1, 2016
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Home sales of new LG smartphone stronger-than-expected
The sales of LG Electronics Inc.'s latest flagship smartphone, the G5, reached 15,000 units on its first day of sales in South Korea, industry sources said Friday, signaling a possible recovery of the company's ailing mobile business.The LG G5, which just went on sales on Thursday, saw its first-day sales reach 15,000 units here, hovering far above its predecessor, which managed to sell only around 5,000 units.Another industry source said the figure could be higher considering that KT Corp., the
April 1, 2016
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Samsung expands presence in chips, loses ground in handsets
Samsung Electronics Co. saw its global presence in the semiconductor sector advance on-year in 2015, its business report showed Friday, while the shares in the handset segment continued to lose ground.According to the latest data compiled by the South Korean giant, Samsung took up 45.3 percent of the global dynamic random access memory market in 2015, up 5.7 percentage points from 39.6 percent posted a year earlier."While the falling demand in mobile devices, such as smartphones and tablet PCs,
April 1, 2016
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Mobile subscribers in Korea set to break 60-mln mark
The number of subscribers to mobile network services in South Korea is set to top a landmark 60 million by the end of 2016, industry sources said Friday, hovering far above the country's population.The outlook came as the number of those with mobile network accounts, including those for wearable devices, reached 59 million as of end-February, according to the latest data compiled by the Ministry of Science, ICT, and Future Planning.As South Korea's population currently stands around 51.5 million
April 1, 2016
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Ediya says its coffee beans better than Starbucks'
Despite intensifying competition from foreign brands, South Korea’s homegrown coffee franchise Ediya Coffee on Wednesday expressed “high confidence” in its ability to stay ahead of the game, highlighting the exclusive quality of its coffee beans.“Ediya Coffee uses better quality coffee beans than those used by Starbucks,” Ediya Coffee president and CEO Moon Sung-ki told reporters in a press conference in Seoul to mark the company’s 15th anniversary.Whereas Starbucks Korea imports coffee beans ro
March 31, 2016
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[Photo News] Chinese shoppers cruise to Busan
CHINESE SHOPPERS CRUISE TO BUSAN -- Chinese tourists shop at the newly opened Shinsegae Duty Free in Shinsegae Department Store’s Centum City branch in Busan. About 2,100 Chinese tourists arrived in the southern port city on Thursday on the 168,000-ton cruise ship Quantum of the Seas. (Yonhap)
March 31, 2016