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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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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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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Yoon honors veterans of Korean War in trip to Philippines
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Seoulites celebrate coexistence at Wellness Seoul 2024
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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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Korea’s antitrust watchdog approves LVMH-Tiffany merger
South Korea’s antitrust watchdog has approved the merger between French multinational corporation LVMH and American jewelry company Tiffany & Co., saying there is no concern of competition restrictions, officials said Wednesday. On March 13, LVMH filed a business combination report with the nation’s Fair Trade Commission after signing a deal in November last year to acquire all of Tiffany’s shares. The merger has so far been approved by the authorities in the US, Austr
June 24, 2020
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Samsung Biologics achieves 95.57% of last year’s revenue in June alone
Samsung Biologics shares started upbeat Wednesday morning, up 2.62 percent from a day before, in light of its disclosure that it has nabbed a contract manufacturing deal worth $314 million with a European biopharmaceutical firm. The size of this new deal is as big as 54.3 percent the company’s revenue in 2019 at 701.6 billion won ($582 million). Combined with two other deals inked earlier in June, Samsung Biologics has already achieved 95.57 percent of last year’s revenue in the f
June 24, 2020
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[Monitor] Non-regular workers lose jobs six times more amid pandemic
South Korea’s non-regular workers lost jobs more than six times as much as regular workers amid the pandemic, data showed Tuesday. A local civic group Gabjil119 surveyed 1,000 office workers about how COVID-19 has changed work life from June 5-10. According to the survey, 12.9 percent of the respondents said they became unemployed regardless of their will over the past six months. Of the total, 26.3 percent of non-regular workers said they lost jobs, 6.7 times more than 4 percent of
June 24, 2020
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LG Chem retrieves deadly gas from India
In the aftermath of a deadly styrene gas leak at an LG Polymers plant in India last month, LG Chem said Monday that it has shipped the toxic gas back to Korea. According to LG Chem, of the 14,000 metric tons of styrene gas stored in India, it disposed of 8,000 tons by selling it to China and brought the remaining 6,000 tons back to its petrochemical plant in Yeosu, South Jeolla Province, following an order made by Indian authorities to remove the gas out of the country. “LG Chem will
June 23, 2020
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Posco, partner firms up efforts to boost local economy
Posco said Tuesday it is promoting “good consumption” with its partner companies by making advance payments in traditional markets for vouchers to revive local economies depressed by the COVID-19 outbreak. On May 21, Posco Group and its 90 partner suppliers that provide equipment in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province, bought grocery vouchers from traditional markets there to donate to the socially vulnerable. Posco said the group and its partn
June 23, 2020
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Celltrion shares upbeat after Italian COVID-19 patient recovers with Remsima
Celltrion shares rose 7.58 percent on Tuesday, following news that an Italian COVID-19 patient tested negative for the virus a week after being treated with Celltrion’s autoimmune disease treatment Remsima. Celltrion Healthcare, the global distributing arm of biologics drug manufacturer Celltrion, said that a patient in an Italian national hospital in Milan who had symptoms of pneumonia due to SARS CoV-2 infection, was treated with Remsima, and was discharged a week later after recovery.
June 23, 2020
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Boryung’s innovative cancer treatment ‘more potent’ than existing PI3Ks
Boryung Pharmaceutical presented the outcomes of the preclinical tests of its innovative blood cancer treatment on Tuesday at the American Association for Cancer Research, saying that the BR101801 pipeline showed more potency than existing phosphoinositide 3-kinase drugs in animal models. BR101801, a targeted cancer treatment and immuno-oncology drug that is being independently studied by Boryung Pharmaceutical, can simultaneously suppress the activities of PI3K and DNA-dependent protein kinase
June 23, 2020
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How far will Samsung Biologics’ shares soar?
Biologics companies are receiving more investor attention than ever due to the COVID-19 pandemic. But the question remains if the sudden buoyance is a bubble that can burst at any moment. Among the publicly traded Korean biologics companies, market watchers are especially eyeing Samsung Biologics, Celltrion and soon-to-be listed SK Biopharmaceuticals. Samsung Biologics shares especially soared past the 800,000 won ($660) after the Seoul Central District Court denied an arrest warrant for Samsu
June 23, 2020
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SD Biotechnologies expands presence in overseas markets
South Korea’s SD Biotechnologies is rapidly fueling its business overseas through online and offline channels, according to officials. The beauty and health care company boasts six growing brand lines -- skin care brand SNP, standing for “shining,” “nature” and “purity”; colored makeup cosmetics brand Celebeau; urban pollution-tackling dermatologic cosmetic brand hddn=lab; professional barber grooming brand for men M’Solic; organic cotton-covered
June 23, 2020
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Samsung heir makes another on-site visit amid uncertainties
Samsung Electronics Vice Chairman Lee Jae-yong on Tuesday made his third on-site visit in less than 10 days to check the company's future strategy amid global uncertainties. Lee, the de facto leader of the top conglomerate Samsung Group, discussed the tech giant's business strategy with senior executives at its home appliance business division in Suwon, just south of Seoul. The heir's visit came just four days after Lee visited Samsung's chip R&D center in Hwaseong. Lee's visit comes as
June 23, 2020
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[Eye on Business] The tiny peach drink that captured Korea
Yakult, a sweet probiotic drink in a tiny pale peach bottle, has been Koreans’ favorite beverage for more than 40 years, even creating its own culture through “Yakult ajumma.” While it sounds similar to yogurt and also contains lots of probiotics -- as much as around 20 billion lactic acid bacteria per bottle -- yogurt and Yakult are different products. Yakult originates from Japan, referring to a drink brand made of skim milk powder that contains probiotic culture with su
June 23, 2020
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Influencers should clarify when paid to recommend products: FTC
When social media influencers are paid to post recommendations or reviews on social media, they must clarify that fact and make sure the disclosure is easy to read, the nation’s antitrust watchdog said Tuesday. The Fair Trade Commission said it had finalized revisions to its advertising guidelines, which deal with how to disclose financial interests when posting reviews on social media. The revisions will take effect Sept. 1. The guidelines are designed to prevent violations of the law
June 23, 2020
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[Monitor] Firms weighed down by biz environment
Nearly half of the manufacturing firms in South Korea feel that business conditions have deteriorated further compared to March-April, when the COVID-19 spread was at its peak, a survey by the Korea Chamber of Commerce and Industry showed. The survey on 308 companies showed that 45.2 percent felt business conditions were harsher this month. Some 46.3 percent said they were similar, while only 8.5 percent saw an improvement. Automobiles and shipbuilding felt the strain the most in securing
June 23, 2020
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LG Uplus to open contactless store over pandemic concerns
LG Uplus Corp., South Korea's No. 3 mobile carrier, said Tuesday it will open a contactless store in October in line with growing demand for non-face-to-face services amid the coronavirus pandemic. The new store, which is set to open in central Seoul, will provide services such as selling USIM cards and changing cell phone plans through digital kiosks, LG Uplus said in a statement. The company plans to develop the kiosks by September. While the store will not be completely unstaffed to ensure
June 23, 2020
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Daewoong Pharmaceutical gets nod for Nabota in Taiwan
South Korean drugmaker Daewoong Pharmaceutical Co. said Tuesday it has won approval from authorities in Taiwan for the sale of its botulinum toxin product. The Taiwan Food and Drug Administration accepted Daewoong Pharmaceutical's application to sell Nabota for the treatment of frown lines. Daewoong Pharmaceutical said its Taiwanese partner, Orient Europharma Co., will be in charge of the sales of Nabota in the Asian country starting in the latter half of this year. "Taiwan is one of
June 23, 2020
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Sherlock Company crafts ‘creative’ campaign helping resolve social problems
Sherlock Company said it would continue to produce creative advertising campaigns that help resolve social problems through cutting-edge technology. The company was recently selected as a finalist in integrated marketing and environmental effort categories at the 2020 New York Advertising Festival, which is considered one of the world’s top three international advertising festivals. The New York Advertising Festival, started in 1957, is a major advertising awards event that attracts pa
June 22, 2020
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S-Oil CEO buys company stocks worth W68m
S-Oil said Monday that its CEO Hussain Al-Qahtani has bought company stocks worth 68 million won ($55,970) as a sign of confidence amid the COVID-19 outbreak. He has reportedly purchased 1,000 shares to mark his first anniversary after taking the post last June and to show his confidence in the company. As of Friday, the price for S-Oil’s stock stood at 68,000 won. “Despite mounting uncertainties over management environment amid the COVID-19 outbreak, the CEO decided to purchas
June 22, 2020
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Posco International shares talent with immigrant children
Posco International said Monday that it had offered a flower arranging class for immigrant children with a South Korean stepparent, as a form of emotional support in this prolonged time of social distancing. The company said President and CEO Joo Si-bo and the employees’ flower arranging club had donated their talent to organize the event. Apart from benefiting the students, the class also helped local business owners cope with financial difficulties amid the COVID-19 crisis. To minimi
June 22, 2020
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Hyundai Rotem bags W119.2b train order for GTX Line A
Hyundai Rotem, a locomotive and rolling stock unit of South Korea’s Hyundai Motor Group, said Monday it has won an order worth 119.2 billion won ($98.2 million) from the Korea Rail Network Authority to deliver 40 train cars for Great Train Express Line A. GTX Line A is one of the three high-speed train lines designed to shorten the time for commuting from the outskirts of the capital area to central Seoul. With the deal, Hyundai Rotem will be supplying all 160 train cars for the servic
June 22, 2020
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Kakao to introduce new AI speaker
Kakao, the operator of South Korea’s top mobile messenger, is expected to roll out a new artificial intelligence-based speaker brand in the second half of this year, according to industry sources Monday. The company’s AI subsidiary Kakao Enterprise has trademarked a new product called Mini Hexa. However, further details have not yet been revealed. It is reportedly reviewing details, including when it would officially showcase the voice-enabled speaker. The new model is likely t
June 22, 2020