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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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Ex-president's daughter investigated for drunk driving accident
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First lady’s Dior bag scandal to be at center of Assembly audit
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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Seoulites celebrate coexistence at Wellness Seoul 2024
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SK Biopharm licenses out cenobamate to Japan‘s Ono for $503m
SK Biopharmaceuticals has licensed out its breakthrough epilepsy drug cenobamate to Japan’s Ono Pharmaceutical for 53.1 billion yen ($503 million), the company said via shareholders’ notice, Tuesday. The contract gives Ono the rights to develop and commercialize cenobamate in Japan. SK Biopharmaceuticals’ CEO Cho explained that this is a strategic decision to enter Japan, one of Asia’s largest pharmaceuticals market. Cenobamate is a drug for partial-onset seizure pa
Oct. 13, 2020
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LS Cable & System Asia’s operating profit soars 827% on-quarter
LS Cable & System Asia announced Tuesday that the company‘s operating profit in the third quarter recovered from that of the previous quarter, jumping by 827 percent. The South Korean company’s operating profit in the third quarter reached 5.1 billion won ($4.4 million), while sales marked 145.9 billion won. Compared to the same three-month period last year, the company‘s operating profit decreased by 20 percent, when the sales increased by 6 percent, according to the co
Oct. 13, 2020
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SK Innovation’s battery project in Georgia wins state support
SK Innovation’s battery project in the US has garnered support from a state official who called the project an “economic game-changer.” In a recent column posted on Main Street News by Pat Wilson, Commissioner of the Georgia Department of Economic Development, the official endorsed SK Innovation’s construction of two battery plants, worth $2.6 billion, to be completed in Jackson County, Georgia, by 2023, citing the economic opportunities they have already generated and
Oct. 13, 2020
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GS Caltex links drone and self-driving robot for delivery service
GS Caltex said Tuesday it has combined drones and self-driving robots to establish contact-free logistics platforms for islands and mountainous areas. According to the South Korean refiner, it held a drone delivery test event at its gas station in Yeosu, South Jeolla Province, to test the economic feasibility of the automated delivery service. During the test, a customer living in a nearby island placed an order through a mobile app of GS25, a convenience store chain owned by GS Retail. The
Oct. 13, 2020
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Posco International supplies parts for Vietnam’s first EV
Posco International said Tuesday that it has won an order for electric vehicle parts from Vietnam’s automotive manufacturer VinFast in partnership with Korean parts firm Erae AMS. It is the first time for the trading company to supply auto parts to VinFast. Vinfast is Vietnam’s first automaker, with investment from Vietnamese conglomerate Vingroup. The halfshaft supplied to VinFast is a component that acts as a drive shaft in an electric vehicle. The product is to be supplied from
Oct. 13, 2020
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[Monitor] Sales at duty free stores in Incheon Airport plunge 90%
Data submitted by the Korea Customs Service for Rep. Kim Soo-heung of the Democratic Party of Korea in time for the annual financial audit showed that the amount of sales made at duty free stores in Incheon International Airport plunged nearly 90 percent in June compared to a year ago. Overall operation at international airports has been suffering due to travel restrictions worldwide amid the COVID-19 pandemic. (khnews@heraldcorp.com)
Oct. 13, 2020
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3 carmakers yet to seal 2020 wage deal amid pandemic
Kia Motors Corp. and two other South Korean carmakers have yet to reach wage deals with their unions for this year, with the new coronavirus outbreak still a major concern for the automotive industry. Of the country's five carmakers, Hyundai Motor Co. and SsangYong Motor Co. and their unions already signed wage deals for the year in September and April, respectively. Kia Motors, which is 34 percent owned by Hyundai, plans to enter the seventh negotiations with its union Thursday. Kia workers
Oct. 13, 2020
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Eastar to cut half of workforce to woo new investor
Eastar Jet Co. said Tuesday it will lay off more than half of its workforce this week as it strives to find a new investor after Jeju Air Co. scrapped its plan to acquire the smaller budget carrier amid the coronavirus pandemic. Eastar plans to deliver pink slips to 605 of its 1,200 employees Wednesday before it begins the process of finding a new investor, Eastar Senior Vice President Kim You-sang said over the phone. "Our lead managers and two private equity funds (that have an interest
Oct. 13, 2020
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Incheon Int'l Airport's duty-free auctions set to fail again amid pandemic
The operator of Incheon International Airport, South Korea's main gateway, failed again Tuesday to attract enough bidders for its duty-free concessions in the latest sign of the industrywide slump amid the new coronavirus pandemic. Incheon International Airport Corp. has been seeking to award licenses for its six duty-free concessions in Terminal 1, after its two previous attempts fell through earlier this year due to lack of bidders. Only one duty-free operator run by a conglomerate and anoth
Oct. 13, 2020
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LG Chem announces Q3 earnings surprise with best-ever revenue, operating profit
LG Chem on Monday announced an earnings surprise for the third quarter of this year, posting the greatest quarterly revenue and operating profit in its history, as it prepares to break off its globally-leading battery unit later in the year. The South Korean battery giant said in its preliminary earnings report that it would register 7.5 trillion won ($6.5 billion) in revenue and 902.1 billion won in operating profit in the July-September period. If confirmed, the LG Chem will see an 8.8 perc
Oct. 12, 2020
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Com2us acquires German sports game company
South Korean mobile game developer Com2us said Monday it had acquired a 100 percent stake in German sports game company Out of the Park Developments, the company’s first foreign takeover. Com2us, which already offers sports games officially licensed by Major League Baseball, the National Basketball Association and Korea Baseball Organization, will expand its footprint into sports management games by utilizing OOTP’s expertise in the genre. Established in 1999, OOTP is best known
Oct. 12, 2020
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Businesses oppose class action suits and punitive damages bills
The Federation of Korean Industries said Monday it submitted to the government its opposition to the introduction of punitive damages compensation and class action lawsuit systems. The opposition came as the government had announced an amendment to the Commercial Law last month to more precisely monitor conglomerates in the form of allowing class action suits, something that had not been legally allowed in the country before. The FKI estimated that if the government’s legislative notice
Oct. 12, 2020
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Celltrion's COVID-19 antibody pipeline seeks use as vaccine for frontline medical workers
Celltrion’s COVID-19 antibody pipeline CT-P59 will be clinically tested on asymptomatic COVID-19 patients and people who have come in close contact with confirmed patients, such as medical workers, to prevent infection, Celltrion said Monday. The purpose of the test is to verify CT-P59’s preventive effects against COVID-19 infection and early-phase virus eradication. Celltrion hopes this will cut blind spots where vaccines may fail to cover. The test will target a total of 1,000 p
Oct. 12, 2020
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Daewoong begins phase 1 trial of niclosamide as COVID-19 drug in Korea
Daewoong Pharmaceutical gained the Ministry of Food and Drug Safety’s approval to conduct a phase 1 clinical trial of niclosamide as a potential COVID-19 treatment, the company said Monday. Daewoong is currently testing its niclosamide pipeline DWRX2003 in India and Philippines, where the company says the progress is smooth. Daewoong plans to enter phase 2/3 trial in multiple nations before this year ends, and aims to apply for conditional approval or emergency use of the drug upon phas
Oct. 12, 2020
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[Monitor] TV shipments break record with Samsung, LG topping list
Shipments of television sets worldwide broke records in the third quarter this year with the volume reaching around 62.05 million, according to market watcher TrendForce based in Taiwan. Topping the list of manufacturers were South Korea’s Samsung Electronics and LG Electronics, with them respectively seeing 81.7 percent and 67.1 percent increases in the shipment compared to the second quarter. Three Chinese firms followed in the list. TrendForce said the rapid increase in the shipment
Oct. 12, 2020
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LG Electronics to launch hair growth helmet this month
LG Electronics Inc., a major home appliance maker, said Monday it will launch a hair loss treatment device in South Korea later this month. LG Pra.L MediHair was recently approved by Seoul's drug safety ministry as a laser apparatus for medical use and was also cleared by the US Food and Drug Administration (FDA) as a Class II device for home use. The wearable device combines 146 laser and 104 LED lights to stimulate hair follicle stem cells in the bulge region and support hair growth and sl
Oct. 12, 2020
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SK Innovation extracts solvent, lube base oil from plastic waste
SK Innovation said Sunday it has successfully extracted solvent and lube base oil from plastic waste to boost environmental, social and corporate governance under SK Group’s Green Balance initiative. According to South Korea’s refining-to-battery firm, researchers of SK Innovation Institute of Technology Innovation heated pieces of plastic waste and obtained high-purity pyrolysis oil by removing impurities in it significantly. With the pyrolysis oil, the researches manufactured s
Oct. 11, 2020
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LG Electronics unveils teaser of world’s 1st rollable TV
LG Electronics released a teaser Sunday for the “LG Signature OLED R,” the world’s first rollable TV, which will go on sale at the end of this month. The home appliance giant uploaded a 17-second YouTube video that shows the LG Signature OLED R’s rollabe display slowly coming up from the inside of the TV’s base. As of 11:00 a.m. Sunday, the video has garnered more than 140,000 views. The price of the Signature OLED R is reportedly set at over 100 million won
Oct. 11, 2020
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Hanwha Defense’s K9 self-propelled howitzers arrive in Estonia
The first two units of Hanwha Defense’s K9 Thunder self-propelled howitzers have arrived in Estonia, according to a recent release from the country’s armed forces. The first batch arrived in Estonia in late August and the remaining 16 units purchased by the country will be delivered over the course of three years. After modification and refinement, the K9 howitzers will be deployed to the artillery battalion of the 1st Infantry Brigade to replace 155-millimeter artillery. The
Oct. 11, 2020
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One-fifth of Korean exports generated by foreign-invested firms: report
Around 18.5 percent of South Korea’s total export volume last year was from foreign-invested firms, according to a Korea Trade-Investment Promotion Agency report Sunday. The export volume generated by firms with foreign investment reached $100 billion last year, while the nation’s total exports marked $542 billion, according to KOTRA’s report, which surveyed 14,000 local trading firms. The number of local firms with foreign capital reached 5,800 as of last year, the report
Oct. 11, 2020