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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First lady’s Dior bag scandal to be at center of Assembly audit
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Yoon honors veterans of Korean War in trip to Philippines
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Ex-president's daughter investigated for drunk driving accident
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'Culinary Class Wars' producers deny trying to spice up results
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Korea allows large firms to hold venture capital units
South Korea will allow holding companies of conglomerates to run corporate venture capital units in order to boost investment in startups and invigorate the economy, officials said Thursday. The government said it will also prepare tools to quell concerns of side effects, such as the excessive influence of conglomerates in the financial sector. “We will allow general holding companies to own affiliates for corporate VCs,” Deputy Prime Minister and Finance Minister Hong Nam-ki said
July 30, 2020
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Celltrion’s COVID-19 therapy to begin phase 1 trial in UK
Celltrion’s COVID-19 antibody therapy candidate CT-P59 was given the approval to carry out clinical phase 1 trial in the UK, the company said Thursday. A clinical phase 1 trial is conducted on a small group of relatively healthy people, to test the drug candidate’s preliminary indications in human body, including its effectiveness, toxicity and any possible side effects. Celltrion said it is now recruiting eligible people for the trial. After this trial will follow Clinical pha
July 30, 2020
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LabGenomics to supply advanced COVID-19 test kits to India
South Korea’s LabGenomics, which focuses on molecular diagnostics, said Thursday it has bagged a deal to supply advanced COVID-19 test kits to Siemens Healthineers in India. According to the company, it has signed a 5.8 billion won ($4.8 million) contract with the Indian medical technology firm to supply real-time polymerase chain reaction test kits for COVID-19 that can detect SARS CoV-2 virus infection in 35 minutes. This deal is worth 17.5 percent of LabGenomics’ yearly revenue
July 30, 2020
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[Monitor] Older generation wishes to work longer: survey
Two out of three workers aged between 55 and 79 in South Korea said they wish to continue working, according to a survey conducted by Statistics Korea earlier this week. The survey as of May this year showed that the respondents wished to work until 73 on average, although the job market for the age group has deteriorated since the 2008 financial crisis. Of the respondents, 47.1 percent received pension in the past year. Among the 14,271,000 people in the age group, 55.3 percent had jobs. It
July 30, 2020
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Samsung soars on pandemic-boosted demand for chips
Sustained by the sturdy demand for chips during the pandemic, Samsung Electronics on Thursday reported a consolidated second-quarter operating profit of 8.15 trillion won ($6.8 billion), up 23.5 percent on-year, while revenue slipped 6 percent to 52.97 trillion won. In its second quarter report, Samsung cited lackluster demand for smartphones and other devices for the slight revenue fall, and credited strong demand for memory chips, seasonal home appliance sales and a one-off gain of display b
July 30, 2020
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WTO establishes panel for Korea’s complaint over Japan’s trade restrictions
The World Trade Organization’s Dispute Settlement Body has decided to set up a panel to look into South Korea’s complaint over Japan’s trade restrictions, the Ministry of Trade, Industry and Energy said Wednesday. The DSB makes decisions on trade disputes between governments that are adjudicated by the WTO. Panels are limited to making recommendations. Members of the multilateral trade agency have agreed to set up a panel following South Korea’s request last month.
July 29, 2020
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[Photo News] Super 'Lego' Mario
Children hold up Lego figures of Super Mario at Lego Korea’s promotional event held at Four Seasons Hotel in Jung-gu, central Seoul, Wednesday. Users can connect the Super Mario figures to an app via Bluetooth and play a game with them. (khnews@heraldcorp.com)
July 29, 2020
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LG Chem launches digital transformation center with SNU
LG Chem said Wednesday it has partnered with Seoul National University to accelerate digital transformation by applying artificial intelligence in real life. According to the Korean chemical company, it established an industrial-academic cooperation center for digital transformation with SNU on Wednesday to adopt state-of-the-art technologies including AI, deep learning and data mining into key areas such as production, quality management, marketing and research and development. “LG Ch
July 29, 2020
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GC’s potential blazes through pandemic crisis
GC Pharma on Wednesday applied to carry out a phase 2 clinical trial of its plasma-derived COVID-19 treatment with the Drug Ministry. GC Pharma plans to conduct a human test of its GC5131A, targeting 60 patients across Samsung Medical Center, Asan Medical Center, Chung-Ang University Hospital, Korea University Ansan Hospital and Chungnam University Hospital. According to GC Pharma, GC5131A is a hyperimmune globulin derived out of immuno antibody from recovering COVID-19 patients’ blood p
July 29, 2020
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Antitrust watchdog fines SPC W65b, reports head to prosecutors
Korea’s antitrust watchdog has decided to impose a fine of 64.7 billion won ($54.1 million) on food giant SPC for violation of antitrust laws, officials said Wednesday. The Fair Trade Commission is also set to report Chairman Hur Young-in, former group CEO Cho Sang-ho and former Paris Croissant CEO Hwang Jae-bok to prosecutors. “The investigation found that the chief was involved in supporting Samlip in diverse ways on the group level,” an FTC official said. Samlip is the
July 29, 2020
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Large firms cut more than 11,000 jobs during pandemic
South Korea’s top 500 companies by assets have cut more than 11,000 jobs as the new coronavirus has continued to spread, data showed Wednesday. Local corporate tracker CEOScore surveyed the number of national pension fund subscriptions among the nation’s 500 largest companies between February and June. The pension fund subscription -- which is mandatory for regular workers -- is often used as a barometer for employment trends here. The survey showed that the 500 firms’ sub
July 29, 2020
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Samsung Display recognizes workers' union in agreement
Samsung Display, one of the largest screen manufacturers in the world, has recognized an in-house union, ending its long-standing practice of operating without a bargaining unit made up of its employees, industry sources said Tuesday. The Federation of Korean Trade Unions and business insiders said an agreement was reached between the management and the newly formed Federation of Korea Metal Workers' Trade Union on Monday. Under the pact, the display-making unit of Samsung Group agreed to pro
July 28, 2020
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World’s 1st by-product hydrogen fuel cell power plant built in Korea
Hanwha Energy said Tuesday it has completed the world’s first hydrogen fuel cell power plant that generates electricity using waste hydrogen left over from petrochemical facilities. The 255 billion-won ($212.4 million) power plant built at 20,000-square-meter site in Daesan petrochemical complex in South Chungcheong Province will deliver by-product hydrogen from Hanwha Total’s petrochemical plants via underground pipelines to generate 400,000 megawatt-hours of electricity to power
July 28, 2020
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Hanwha bids for 50% stake in coronavirus-hit Sasol’s chemical plant in US
Hanwha Solutions has submitted a bid for 50 percent stake in the ethane cracking center at Sasol’s Lake Charles complex in Louisiana, according to industry sources Tuesday. The South African energy producer seeks to liquidate its assets to mitigate the liquidity crisis amid an unprecedented demand crunch in the global oil market. Hanwha Solutions refused to confirm the plan, although it admitted that the current market conditions are favorable time for such a purchase. “The p
July 28, 2020
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GS E&C deploys AI-based robot guide for show house tours
GS Engineering and Construction said Tuesday it has deployed artificial intelligence-based robot Xibot to facilitate non-face-to-face show house tours of its new apartments. According to the Korean construction company, Xibots will give visitors show house tours of its new apartments that will on sale staring next month: DMC Art Foret Xi, DMC Fine City Xi and DMC Central Xi. Xibot is based on LG Electronics’ autonomous driving-based serve bot CLOi, which has ISO 13482 certification,
July 28, 2020
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Posco prepares corporate citizenship guideline
South Korea’s largest steelmaker Posco vowed to strengthen efforts to contribute to society on Tuesday as it announced the Corporate Citizenship Management Standards, a guideline for its employees in pursuing its principles of corporate citizenship. Posco said it held a strategic conference for the first half of 2020, during which CEO Choi Jeong-woo went over the performance on this front in the past two years. Addressing the difficult industry situations amid the COVID-19 pandemic, Ch
July 28, 2020
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Daewoo E&C enters EV charger market, invests in Humax EV
Daewoo Engineering and Construction said Tuesday it is entering the electric vehicle charging infrastructure industry by investing in Humax EV. The construction company said it has decided to purchase a 19.9 percent stake in the firm that specializes in the segment, as part of its Build Together Startups Program, designed to make investments in future promising firms to expand into new business sectors. Daewoo E&C has established a department for new business sectors, and invested in ast
July 28, 2020
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SK’s market value surges from bio units
SK Group has solidified its market valuation -- just behind No. 1 South Korean conglomerate Samsung Group -- due to the initial public offering of its bio units, according market tracker FnGuide on Tuesday. As of Friday, its listed affiliates had a combined market cap of 120 trillion won ($100 billion), while Samsung Group had 480 trillion won. SK Biopharmaceuticals, which was listed on July 2, recorded 15 trillion won in market cap. Accordingly, SK Corp., which owns 75 percent of SK Biopha
July 28, 2020
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FTC postpones decision on Apple’s self-correction plan to August
The Fair Trade Commission has postponed its decision on Apple’s corrective measures regarding its unfair practices in business with Korean mobile carriers, according to the antitrust watchdog on Tuesday. The FTC has been deliberating Apple’s consent order, applied on June 4 with the intention to close the case by taking self-corrective measures. “Due to the prolonging discussion on the details of the matter, the FTC has decided to put off the deadline for its decision, whic
July 28, 2020
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Celltrion’s Remsima SC gains IBD indication approval in Europe
Celltrion’s anti-inflammatory biosimilar Remsima SC, which is injected under the skin, gained approval from the European Medicines Agency as a treatment for inflammatory bowel disease. Remsima SC contends to be a biobetter, as the upgraded method of administration enables patients to self-administer the drug at home. Amid the ongoing COVID-19 pandemic, which has disrupted conventional hospital drug dispensing systems, Remsima SC’s convenience is being seen in a new light. Celltr
July 27, 2020