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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[KH Explains] Can G-Star level up?
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Ex-president's daughter investigated for drunk driving accident
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[The Heirs (3)] Succession gets tougher, or less appealing, for chaebol
Despite public apathy and tougher shareholder censure, South Korea’s chaebol groups are preparing a generational shift in leadership. The Korea Herald looks at different conglomerates and succession scenarios. -- Ed. South Korea’s largest conglomerate Samsung’s de facto leader Lee Jae-yong made headlines last month by announcing that he would not pass on managerial rights to his children. Although Lee is the first conglomerate head to officially declare an end to family s
June 18, 2020
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KCCI to hold photo contest themed workplace, pandemic
The Korea Chamber of Commerce and Industry is set to hold its seventh photo contest under the theme of “the workplace and life of businesspeople” along with an additional contest for “COVID-19,” the business association said Thursday. The nation’s largest photo contest in terms of prize money, began in 2014 to capture images of companies and workers leading the Korean economy. Annually, the contest recieves the highest number of entries among paid photo contes
June 18, 2020
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Doosan Bobcat basks in robust sales in N. American tractor market
Doosan Bobcat Inc., a South Korean manufacturer of farm and construction equipment, said Thursday that it has posted robust sales in the North American compact tractor market. Doosan Bobcat sold a total of 1,400 compact tractors in the January-May period in North America and expects to meet its annual sales target of 3,000 units this year, the company said in an emailed statement. "Doosan Bobcat has made successful entry into the North American compact tractor market, buoyed by its var
June 18, 2020
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Samsung launches cloud-based chip design platform for fabless companies
Samsung Electronics Co., the world's largest memory chip producer, said Thursday it has launched a cloud based design platform for local small fabless semiconductor companies to better foster the country's system chip industry. The South Korean tech titan introduced the Samsung Advanced Foundry Ecosystem (SAFE) Cloud Design Platform, in collaboration with Rescale Inc., a major high performance computing solutions provider. The platform provides a virtual environment for chip design in
June 18, 2020
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[Monitor] YouTube biggest source of fake news in Korea: report
YouTube is seen to be the biggest online platform through which misinformation and fake news is being spread in South Korea, according to a new survey. The latest “Digital News Report 2020” released by the UK-based Reuters Institute for the Study of Journalism noted that 31 percent of online news consumers surveyed picked YouTube were most concerned about the platform being used to spread false information. It was followed by Facebook (10 percent), KakaoTalk and other messenger se
June 18, 2020
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Drug safety agency revokes permit for Medytox's botulinum toxin products
South Korea's drug safety watchdog said Thursday it has decided to revoke the permit of the country's first botulinum toxin products by Medytox for using an unapproved ingredient and fabricating related documents. The three Meditoxin products -- which come in bottles of 50 units, 100 units and 150 units -- will be permanently removed from domestic shelves starting on June 25, according to the Ministry of Food and Drug Safety. The ministry also ordered Medytox to recall the three products, urg
June 18, 2020
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Mobile shopping hits record high in Q1, food services continue to rise: report
Purchases made through mobile gadgets like smartphones in South Korea reached a record high in the first quarter of the year due to the novel coronavirus pandemic, a report showed Thursday. The total value of mobile shopping transactions reached a fresh high of 24.79 trillion won ($20.3 billion) in the January-March period, up 280 billion won from three months earlier, according to an e-commerce report from market researcher DMC Media. In contrast, overall online shopping purchases dropped
June 18, 2020
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GS chairman highlights innovation in line with external changes
GS Group Chairman Huh Tae-soo urged company executives Wednesday to pay more attention to new consumer trends, adding digital transformation based on mobile and artificial intelligence will become more active in the future. His remarks came at the GS executive forum held for the second time since he took the helm early this year. The forum was attended by around 30 senior executives from all affiliates. “The political, social and economic shocks and changes caused by the pandemic are
June 17, 2020
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KAI to support foreign workers in South Gyeongsang
Korea Aerospace Industries on Wednesday signed an agreement with the government of South Gyeongsang Province and the Human Resources Development Service of Korea to help support the hiring of foreign workforce. The signing ceremony was held at KAI’s Sacheon headquarters in the presence of ambassadors representing relevant countries. The program will benefit those who fall under South Korea’s Employment Permit System. The system allows efficient employment of foreign workers for
June 17, 2020
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JW Pharmaceutical to repurpose targeted oncology drug as COVID-19 therapy
JW Pharmaceutical said Wednesday it has applied to patent its anti-cancer pipeline CWP291 as a potential COVID-19 treatment. CWP291 is a Wnt/beta-catenin inhibitor that is under development as a first-in-class treatment for acute myeloid leukemia, multiple myeloma and stomach cancer. The South Korean firm is reviewing the pipeline’s ability to hinder Glucose Regulated Protein 78 (GRP78) manifestation to be applicable as a COVID-19 treatment. GRP78 plays a central role in a tumor&rsqu
June 17, 2020
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GCMS signs $30m COVID-19 test kit export deal
GCMS, an in-vitro diagnosis service provider under GC Pharma, said Wednesday that it signed three deals worth $30 million in total, to provide COVID-19 test kits to Europe, Middle East and Asia. “Our full line-up of COVID-19 diagnostics test kits, ranging from molecular diagnosis to immunodiagnosis, will add fuel to our exports and this year‘s revenue,” GCMS CEO Ahn Eun-uk said. “Based on an open-innovation strategy, we will continue to bolster our diagnostics busine
June 17, 2020
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Korea, Ethiopia expand cooperation for forest restoration, sustainability
The Korea Forest Service has been expanding collaboration with Ethiopia to restore degraded forests and facilitate cooperation among ethnic groups in conflict regions through sustainable agroforestry. The latest event was a launch ceremony held on Wednesday for a book “Re-greening Ethiopia” co-published by KFS and the Environment, Forest and Climate Change Commission, a federal institution of Ethiopia. During the event, a memorandum of understanding was also signed for P4G, the Pa
June 17, 2020
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S. Korea to spend W160b on developing self-driving ships
South Korea said Wednesday it will spend 160 billion won ($132 million) to launch a vessel capable of sailing with just a minimum number of sailors by 2025. Under the six-year project, South Korea plans to develop ships with "degree-three" autonomous features, which the International Maritime Organization (IMO) defines as vessels that are fully controlled remotely, according to the Ministry of Trade, Industry and Energy. Still, a limited number of sailors are required to be on board
June 17, 2020
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[Monitor] Housing price polarization deepens
Housing polarization is rapidly deepening in South Korea, with the price gap between high and low-priced apartments widening to the highest levels in 10 years, latest data showed. According to the monthly housing price trend released by Kookmin Bank, prices of low-cost apartments nationwide have fallen by 2.2 percent, or 2.5 million won ($2,069), while those of expensive apartments have risen by 15.5 percent, or more than 100 million won, over the past year. Compared to two years ago, the
June 17, 2020
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Clinical trials of chloroquine for COVID-19 treatment halted in S. Korea
Clinical trials in South Korea to evaluate the potential therapeutic efficacy of an anti-malaria drug, chloroquine, for the treatment of the novel coronavirus have been halted, hospital officials said Wednesday. Two major general hospitals in Seoul -- Asan Medical Center and Gangnam Severance Hospital -- have recently ceased their clinical study of using chloroquine for the treatment of certain hospitalized COVID-19 patients, they said. The move comes after the US Food and Drug Administration
June 17, 2020
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DRAM prices on downward trend, boding ill for Korean chipmakers
Spot market prices for DRAM chips are on a downward trend after reaching their peak in April, industry data showed Wednesday, boding ill for South Korean chipmakers. The spot price of 8-gigabit DDR4 DRAM, a benchmark price for the category, reached $2.90 as of Wednesday, which was down 19.4 percent from the April 7 peak of $3.60, according to data from market tracker DRAMeXchange. On June 9, the spot price of 8-gigabit DDR4 DRAM fell below $3 for the first time since Dec. 13, according to DRA
June 17, 2020
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[News Analysis] Why hydrogen when there’s already EV?
The South Korean government on Tuesday signed a memorandum of understanding with Hyundai Motor to deploy its hydrogen vehicles at Jaundae, a military base in Daejeon where a new hydrogen charging station will be built. According to the memorandum -- signed by Prime Minister Chung Sye-kyun, Environment Minister Cho Myung-rae, Defense Minister Jeong Kyeong-doo, Industry Minister Sung Yun-mo and Hyundai Motor Group President Gong Young-woon -- the military will purchase five hydrogen vehicles, i
June 16, 2020
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[News Focus] Fanfare for SK Biopharm stock debut, but should you invest?
SK Biopharmaceuticals’ imminent initial public offering on South Korea’s main bourse Kospi has the stock market excited. But is it really the right time to buy? The global coronavirus pandemic has definitely given investors a moment to give a second look at previously-bypassed biologics stocks, and many who have never purchased any stocks are contemplating trying their chances. But as SK Biopharmaceuticals’ CEO Cho Jeong-woo said at the online press event on Monday, just
June 16, 2020
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SK Innovation ranks 5th in EV battery sales in April
SK Innovation ranked 5th in the global electric vehicle battery market in April, according to industry data Tuesday. According to market tracker SNE Research, SK Innovation took up 3.5 percent of global EV battery market by supplying 189.1 megawatt-hours of batteries. Samsung SDI was next, accounting for 3.4 percent by deploying 187.2 megawatt-hours of batteries in April. Meanwhile, South Korea’s No. 1 EV battery maker LG Chem took the second spot, commanding 18.2 percent market share
June 16, 2020
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Celltrion plans 2 types of COVID-19 test kits for overseas markets
Celltrion said Tuesday that it plans to release two types of COVID-19 test kits for approval this month for overseas markets from no later than July. Both tests require just 15 to 20 minutes’ analyzation time, Celltrion said. Celltrion has co-developed point-of-care tests with kit maker BBB. The tests use small machinery that analyzes blood and saliva. They are characterized for their 95 percent high sensitivity, as well as being slightly costly. Celltrion said it will have the point-
June 16, 2020