Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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[KH Explains] Korean shipbuilders eye US yards to tap Navy's lucrative repair deals
Korean automotive, battery and semiconductor titans have been navigating their investments toward American shores, driven by incentives from the Inflation Reduction Act and the CHIPS and Science Act of 2022. Now, the Jones Act and Byrnes-Tollefson Amendments might beckon Korean shipbuilders to American waters. HD Hyundai Heavy Industries and Hanwha Ocean are setting their sights on acquiring American shipyards, specifically to tap into the maintenance, repair and overhaul (MRO) business. HD Hyun
April 2, 2024
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[Contribution] The Caribbean Dream comes true through industrial ODA
By Lee Seong-woo Vice president of the Korea Chamber of Commerce and Industry The Caribbean Sea, adorned with over 7,000 islands, lies to the east of Central America, where it meets the Atlantic Ocean. For many Koreans, this tropical paradise brings to mind the waterpark Caribbean Bay or the film series Pirates of the Caribbean. Yet, this region is plagued by frequent natural disasters, including earthquakes, hurricanes, volcanic eruptions, heavy rains and landslides. Sadly, most Caribbean cou
April 1, 2024
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Internet-only banks soar past W100tr in assets
Last year witnessed remarkable growth for South Korea's three internet-only banks, as their combined value surged past the milestone 100 trillion won ($74 billion). The aggregate assets of Kakao Bank, K bank and Toss Bank reached approximately 101.61 trillion won by the end of last year, marking a substantial 27 percent increase from the previous year's 79.5 trillion won. Kakao Bank led the pack with total assets of 54.48 trillion won, followed by Toss Bank with 25.73 trillion won and
April 1, 2024
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Pharmaceutical rivals partner for Fexuclue's sales
Daewoong Pharmaceutical has partnered with Chong Kun Dang for local sales of the gastroesophageal reflux disease (GERD) treatment Fexuclue, the country’s 34th new drug, the company said Monday. Fexuclue is a potassium-competitive acid blocker (P-CAB)-based GERD treatment that is designed to improve the shortcomings of proton pump inhibitor (PPI) drugs, such as slow onset of action and dietary effects. P-CABs have the longest half-life of up to nine hours among GERD medicines and have a lon
April 1, 2024
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Samsung Bioepis launches half-priced Soliris biosimilar
Samsung Bioepis, a biosimilar developer under Samsung Group, announced Monday that the company decided to launch its Soliris biosimilar Epysqli in Korea at a price nearly 50 percent cheaper than the original drug. Epysqli is a biosimilar referencing Soliris, a high-cost drug for the treatment of rare hematological disorders, developed by Alexion Pharmaceuticals. As of 2022, the drug generated global sales of approximately 5 trillion won ($3.7 billion). The global rights to Soliris are currently
April 1, 2024
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[Photo News] Hanwha chief congratulates team
Hanwha Group Chairman Kim Seung-youn (center) and his son and Vice Chairman Kim Dong-kwan took a selfie with employees at the Hanwha Aerospace research and development campus in Yuseong-gu, Daejeon, Friday. Hanwha's chief visited the center to congratulate Hanwha Aerospace’s selection as the only bidder for the nation’s forthcoming next-generation launch vehicle project and to offer encouragement to the team of researchers. (Hanwha Group)
April 1, 2024
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HBM leadership is coming to us: Samsung CEO
Samsung Electronics has established a special team dedicated to High Bandwidth Memory, going all-out to get an edge in the advanced memory chip, which is currently in the spotlight as a key component in raising the processing speed for artificial intelligence applications. Highlighting the importance of HBM in the wake of the AI boom, Samsung Electronics Vice Chairman Kyung Kye-hyun vowed to keep up efforts to secure leadership in the burgeoning market and revealed the company has formed a team
April 1, 2024
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JB Financial inks partnership with Vietnam’s OKXE
South Korea's JB Financial Group said Monday it has signed a partnership with OKXE, a Vietnam-based platform for used motorcycles, eyeing the expansion of its brokerage business in the country. At a signing ceremony held in Seoul on Friday, JB Financial Group and its affiliate JB Investment agreed to acquire a combined 8 percent stake in OKXE. OKXE was launched in Vietnam in 2020 by CEO Kim Woo-seok, bringing used motorcycle transactions from offline to online. With over 8 million users as
April 1, 2024
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Korean Air marks 45 years of flights to New York
Korean Air hosted a surprise event at New York's John F. Kennedy International Airport on Friday, to celebrate the 45th anniversary of operating flights to the city, the nation’s largest air carrier said Monday. At the event, a round-trip prestige ticket from Incheon to New York was awarded to the 45th passenger of Korean Air flight KE082 bound for Incheon. Korean Air also gave out welcome eco-bags to all passengers aboard KE082, which were crafted in collaboration with the Korean Ass
April 1, 2024
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Hanwha Ocean names ex-SBM exec as new offshore head
Hanwha Ocean announced Monday that Philippe Levy, the former president of SBM Offshore Americas, will take the helm of its Offshore Business division. Levy brings 25 years of industry experience, notably with SBM Offshore, a Dutch-based oil and gas company. Additionally, he has served as an executive adviser for the state-run China National Offshore Oil Corporation in Guyana. In this role, Levy provided guidance on projects related to floating production storage and offloading and liquefied natu
April 1, 2024
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Family, business leaders mourn Hyosung honorary chairman
Business leaders joined relatives to mourn the death of Cho Suck-rai, the honorary chairman of Hyosung Group, a textile giant, on Sunday. Cho died of a chronic illness Friday at the age of 89. Cho led the textile giant from 1982 until 2017, when he stepped down from the top management position due to health issues. His eldest son, Cho Hyun-joon took the baton to lead the conglomerate. On Saturday, Samsung Electronics Chairman Lee Jae-yong and his mother Hong Ra-hee paid respect for Cho at the fu
March 31, 2024
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Hanmi heirs may seek to repair with family first
The management conflict within the founding family of Hanmi Pharmaceutical Group ended, as the sons of founder Lim Sung-ki -- Lim Jong-yoon and Lim Jong-hoon -- secured a majority within Hanmi Science’s board at the general meeting of shareholders last week. However, there are still multiple hurdles for the Lim brothers to get the country’s leading pharmaceuticals company back on track. According to industry sources Sunday, the Lim brothers are likely to attempt to repair the relatio
March 31, 2024
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Mirae Asset chief’s dividend donations reach W31.5b
Mirae Asset Financial Group founder and Chairman Park Hyeon-joo is donating 1.6 billion won ($1.2 million) he earned from dividends last year, marking the 14th straight year of his philanthropic tradition. On Sunday, the company disclosed that Park will endow his entire dividend income from Mirae Asset Global Investments. Continuing the practice since 2010, Park's cumulative donations now reach 31.5 billion won. The group traces Park's charitable journey back to 2008 when he penned a l
March 31, 2024
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Korean fashion brands go global with Hyundai’s new platform
South Korean retail giant Hyundai Department Store announced Sunday the debut of The Hyundai Global, a pioneering platform designed to establish the nation’s homegrown fashion and entertainment brands in prominent international retail spaces. The new platform will offer a strategic pathway for small to medium-sized Korean brands to enter global markets without the usual financial strains associated with international expansion. By substantially reducing costs related to space leasing, inte
March 31, 2024
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Kolmar Korea makes R&D push for bigger footing globally
The global rise in popularity of K-beauty brands has brought attention to Kolmar Korea, a leading cosmetics original design manufacturer that has secured a whopping 70 percent market share in the sun care sector alone here. According to the company Sunday, its “Fitting SPF Boosting” technology has been integrated into multiple sun care items sold at home and abroad. More recently, the products are selling hot in the US through major distribution channels, including Amazon. The Fittin
March 31, 2024
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Hyosung honorary chair dies at 89
Hyosung Group Honorary Chair Cho Suck-rai, the father of incumbent Chair Cho Hyun-joon, died of a chronic disease at the age of 89, according to industry sources Friday. It has been seven years since he stepped down from his top management post in 2017 due to his advanced age and health. Born as the eldest son of Hyosung founder Cho Hong-jai in 1935, Cho Suck-rai pursued his academic interests in chemistry at Japan's Waseda University and earned a master's degree in chemical engineerin
March 29, 2024
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Daughter of late Samsung chairman becomes Samsung C&T president
Lee Seo-hyun, the second daughter of late Samsung Group Chairman Lee Kun-hee and the younger sister of Samsung Electronics Chairman Lee Jae-yong, is returning to the management as she takes the post of president at Samsung C&T. Samsung C&T, the construction and energy arm of Samsung Group that acts as a holding company for major affiliates of the group, said Friday that it named Lee as the president, who is in charge of the company’s strategy planning. “She is expected to con
March 29, 2024
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Banks rush to cough up misselling compensation
Korea's top lenders have all decided to accept the compensation guidelines suggested by the country's financial watchdog, agreeing to make up for the losses from the misselling of equity-linked securities tied to a Hong Kong index, with KB Kookmin Bank and Shinhan Bank joining the list Friday. Following company board meetings held earlier in the day, KB Kookmin Bank and Shinhan Bank announced they would carry out the compensation procedure, accepting the voluntary-basis plan suggested
March 29, 2024
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Baemin pays out W400b in dividends to Delivery Hero
South Korea’s leading food delivery app Baedal Minjok, or Baemin, posted a 65 percent growth in operating profit last year, achieving a significant surplus for the second consecutive year. As a result, its German parent company, Delivery Hero, received some 412.7 billion won ($306 million) in dividends for the first time since acquiring Baemin. Baemin's app operator Woowa Brothers announced Friday that its consolidated sales reached 3.41 trillion won last year, marking a 15.9 percent
March 29, 2024
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[Investor] Korea M&A Exchange secures investment from Japan
Korea M&A Exchange, Korea's premier M&A trading platform, has successfully secured a 500 million yen ($3.35 million) investment from Nihon M&A Center, Japan's leading M&A trading platform. A ceremony to mark the agreement between Korea M&A Exchange and Nihon M&A Center was held Thursday at Korea M&A Exchange headquarters in Yeouido, Seoul. As part of the agreement, Nihon M&A Center will acquire approximately 10 percent of Korea M&A Exchange's sh
March 29, 2024