Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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20 minors registered as CEOs making over 100 million won
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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K-pop CEOs sidestep key issues at National Assembly audit
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Who is pollster roiling politics with claims of government string-pulling?
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Man killed by fellow hunter who mistook him for wild boar
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Hugel's botulinum toxin wins approval in Austria
South Korea's leading botox maker Hugel Inc. said Tuesday its botulinum toxin product, Letybo, has won approval from Austrian drug authorities. The Austrian Federal Office for Safety in Health Care granted the use of Letybo for the treatment of frown lines in adult patients. It marks the first time for a homegrown botulinum toxin product to win marketing approval from European authorities. The approval comes after Letybo received a positive recommendation from the Heads of Medicines Agencies for
Feb. 22, 2022
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Instant noodles rank 1st in food output in 2020 amid pandemic
Instant noodles captured the top spot in production among food products in South Korea in 2020 on a surge in exports amid the coronavirus pandemic, data showed Tuesday. The output of instant noodles, or "ramyeon" in Korean, stood at 1.93 million tons in 2020, up a whopping 231 percent from a year earlier, according to the data from the Ministry of Food and Drug Safety. Ramyeon's ranking in terms of production was up 12 notches from the previous year. Strong exports were cited as the ma
Feb. 22, 2022
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Biz sentiment improves for March on eased anti-pandemic rules abroad: poll
South Korea's business sentiment improved for March to exceed the benchmark level for the first time in three months amid relaxed anti-coronavirus measures in major economies, a poll showed Tuesday. The business survey index (BSI) of the country's top 600 companies by sales stood at 102.1 for next month, up 2.4 points from February, the Federation of Korean Industries (FKI) said. It represents the first time since December that the monthly yardstick of business sentiment has been above the bench
Feb. 22, 2022
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Posco to launch holding firm in March
Posco Group said Monday that it will launch a new holding firm in March with an aim to improve the sustainability of its core steelmaking business amid the global transition to a low-carbon economy. Following shareholders’ approval of the holding company structure plans, the group will be split off into two entities -- Posco Holdings, the new holding company, and Posco, the steelmaking unit wholly owned by the holding firm. The holding company will nurture new growth engine businesses a
Feb. 21, 2022
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[Herald Interview] ‘Korea needs financial backing to become pharmaceutical powerhouse’
The year 2021 was monumental for South Korea’s pharmaceutical and biopharmaceutical industries, as they set a number of records. The country rolled out four new drugs, the most in a year since the first domestically-developed new drug came to light in 1999. Companies also licensed out technologies worth 13 trillion won ($10.9 billion) and exported drugs worth over 10 trillion won. Big firms such as Samsung Biologics, SK bioscience and Celltrion are taking the lead in making the country&r
Feb. 21, 2022
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Korea Shipbuilding wins LNG carrier worth W260b
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has received an order for a liquefied natural gas (LNG) carrier worth 260 billion won ($217 million). A 174,000-cubit meter LNG carrier will be constructed by Hyundai Samho Heavy Industries Co. in Yeongam, South Jeolla Province, and will be delivered to an unidentified client in the second half of 2024, the company said. Korea Shipbuilding has won 37 ship orders so far this year, valued at a combined $4.37 billion, accomplis
Feb. 21, 2022
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LG Energy Solution hires Nvidia data scientist as chief digital officer
LG Energy Solution said Monday it has appointed Pyun Kyung-suk, a data scientist from Nvidia, as the new chief digital officer to lead the digital transformation of the South Korean battery giant. Before joining LG Energy Solution, Pyun was one of the five principal data scientists at Nvidia. He has over 20 years of expertise in machine learning, according to the company. “As our new CDO, Pyun will be tasked with the digital transformation of LG Energy Solution’s global battery
Feb. 21, 2022
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S. Korean telcos to take part in MWC 2022 next week amid virus fears
South Korea's three major mobile carriers said Monday they will participate in the upcoming mobile technology trade fair in Spain to showcase their latest technologies despite growing coronavirus woes. The three telecommunication companies -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- said their respective CEOs will participate in the Mobile World Congress (MWC) 2022, set to take place from Feb. 28 to March 3 in Barcelona. The MWC is one of the top three tech events in the world, along with
Feb. 21, 2022
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Samsung Fire & Marine Insurance net soars 42.5% in 2021
Samsung Fire & Marine Insurance Co. said Monday its earnings soared more than 42 percent in 2021 from a year earlier on the car insurance division's switch to profit. Net income came to 1.09 trillion won ($910 million) last year, up 42.5 percent from a year earlier, the leading non-life insurer said in a regulatory filing. Operating income stood at 1.55 trillion won, up 36.9 percent from a year earlier, with sales edging up 1.9 percent to 19.65 trillion won. Samsung Fire & Marine Insuran
Feb. 21, 2022
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Probe expands into workplace accidents amid confusion over new rules
Authorities are widening investigations into a series of severe workplace accidents under a new industrial safety law, with businesses on high alert for its impact across industries. According to the Labor Ministry Sunday, authorities have launched probes into a total of six cases, involving 11 deaths, since the law took effect on Jan. 27. Many of the accidents occurred at construction sites. Three died in a landslide accident at Sampyo Industry’s quarry in Yangju, Gyeonggi Province on
Feb. 20, 2022
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CEOs call on next government to offer tax incentives for growth
Business leaders here called on the next government to raise tax revenue by boosting the economy rather than seeking tax hikes on businesses, according to a survey by the Korea Chamber of Commerce and Industry released Sunday. Of the 252 CEOs surveyed, 70 percent said economic growth should be prioritized for the next government to revamp the nation’s taxation policy, calling for more tax incentives for businesses. The CEOs urged to reduce corporate taxes overall, expand support for st
Feb. 20, 2022
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Samsung Electronics No. 1 in global TV market for 16 years straight
Samsung Electronics has maintained its lead in the global TV market for 16 consecutive years by pursuing a premium strategy with its QLED TVs, the firm said. According to market tracker Omdia Sunday, the South Korean tech giant last year topped the global TV market, commanding 29.5 percent by sales amount and 19.8 percent by market share. “Samsung Electronics propelled the No. 1 position via a premium strategy centered on QLED TVs. Since their launch in 2017, more than 26 million units
Feb. 20, 2022
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SK On aims to be global No. 1 EV battery player: CEO
SK On co-CEO Jee Dong-seob said Sunday he will make the company the world’s No. 1 electric vehicle battery player with products that excel in safety, performance and price competitiveness. During an interview, the SK On official laid out three core strategies to take on market leaders such as CATL and LG Energy Solution and become No. 1 by 2030. Jee first pledged to offer the safest, the cheapest and the most high-performing EV batteries to clients. “Thanks to its technology and
Feb. 20, 2022
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Naver’s webtoon dominance continues
South Korean IT giant Naver’s webtoon business is continuing its dominance in the global market, getting recognized as the world’s best webtoon application while posting a record high number of users. Naver Webtoon has been honored as the world’s best webtoon application in the mobile app market by analyzer Sensor Tower’s 2021 Asia-Pacific Awards, the company said Friday. Sensor Tower said Naver Webtoon is the most successful webtoon application in Asia, adding that i
Feb. 20, 2022
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Only two in world: Shinsegae to sell e-motorbikes inspired by its heir’s image
Shinsegae International will launch a limited-edition electric bike in collaboration with Super73, US-based electric motorbike manufacturer. By limited edition, they mean only two in the world. The company‘s signature gorilla character JRilla, designed after Shinsegae heir Vice Chairman Chung Yong-jin, is the bike‘s mascot. The product even has its own narrative: JRilla, originally from Mars, opted for an electric bike in favor of both the environment and style while navigating h
Feb. 18, 2022
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Beauty video platform Zamface raises W4.5b
Zackdang, operator of beauty video platform Zamface, said Wednesday it raised 4.5 billion won ($3.76 million) from Hi Investment Partners and Daesung Private Equity in January. With the fresh investment, the company’s cumulative investment has reached 11 billion won. Zamface saw its number of cumulative subscribers surpass 1.8 million in only 2 1/2 years since its launch in January 2019. Millennial- and Generation Z-females take up the lion’s share, or 94 percent, of its user base,
Feb. 18, 2022
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Global sales of Samsung Bioepis' 5 biosimilars jump 11% in 2021
Samsung Bioepis Co., a South Korean biopharmaceutical company, said Friday that global sales of its five biosimilar products, outside of the South Korean market, jumped 11 percent on-year in 2021. The combined sales of the five biosimilars -- Infliximab, Etanercept, Adalimumab, Trastuzumab and Bevacizumab -- came to around $1.25 billion last year, compared with $1.12 billion a year earlier, the company said. The company cited earnings reports of its global partners -- Oganon International and Bi
Feb. 18, 2022
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NK defector gets US doctorate under Hanmi Global chief‘s support
A North Korean defector sponsored by a South Korean company received a doctoral degree in international relations from a US university. Kim Seong-ryeol, a 37-year-old from Chongjin, North Korea, made three failed attempts to flee North Korea with his family by crossing the Tumen River to China since 1997, and was subsequently jailed. Kim finally fled the North in 2004, and settled in South Korea with his family. Having dropped out of middle school in North Korea, Kim completed the South Korean
Feb. 17, 2022
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APG calls for 10 S. Korean firms to cut carbon emissions
Dutch pension fund APG said Thursday it has urged Samsung Electronics Co. and nine other South Korean companies that it has invested in to intensify efforts to reduce carbon emissions. APG, the largest pension fund in the Netherlands, said it has sent a letter to major companies, including Samsung Electronics, SK hynix Inc. and LG Chem Ltd., urging them to conduct "ambitious climate and carbon reduction strategies and commitments." The pension fund called on them "to evaluate thei
Feb. 17, 2022
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Coway Q4 sales up 9.7% to W945b
Coway posted 945.9 billion won ($789 million) of sales in the fourth quarter of 2021 with an operating income of 139.2 billion won, the company said Thursday. The firm also logged 3.66 trillion won in 2021 sales, logging a 13.2 percent growth year-on-year. Operating income was 640.2 billion won and net income 465.5 billion won, each up 5.6 percent and 15 percent. The company‘s global outposts saw a yearly revenue of 1.21 trillion won last year and 301.6 billion won in the fourth quarter
Feb. 17, 2022