[Graphic News] Imports of party supplies hit record high through Nov.

South Korea’s imports of party supplies, such as decorations and balloons, hit a record-high through November this year, customs data showed, as the country has lifted social-distancing rules. The combined imports of party supplies over the January-November period came to $64 million, up 31.7 percent from a year earlier, according to the data compiled by the Korea Customs Service. The amount far exceeds $56 million tallied for all of 2021. The growth came as people hosted various parties,

Jan. 6, 2023

[KH Explains] No more ‘Burberry check’ on Korean school uniforms

With a new semester starting in two months, South Korean school uniform makers are currently busy reproducing a slew of checkered-pattern school uniforms. "Tens of millions of won have gone to waste," said an official from Hyungji Elite, a school uniform brand, who wished to be unnamed. The hasty disposal and reproduction of school uniforms follows an agreement reached last year between UK fashion juggernaut Burberry and the Korean School-uniform Industry Association, a business lobb

Jan. 5, 2023

Seoul stocks close higher for second straight day on chip, financier advances

Seoul stocks closed higher for the second straight session on Thursday, driven by advances in chips and financial stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 8.67 points, or 0.38 percent, to close at 2,264.65 points. Trading volume was moderate at about 416.6 million shares worth some 7.4 trillion won ($5.8 billion). Winners outnumbered losers 501 to 374. "The Kospi rose in the morning trading, boosted by advances in chips and fina

Jan. 5, 2023

Celltrion's Avastin biosimilar wins regulatory nod from Canadian authorities

Celltrion announced Thursday that the company has cleared the regulatory hurdle to sell Vegzelma, a biosimilar referencing Roche's Bevacizumab sold under the brand name Avastin, in the Canadian market. Vegzelma, or also known as CT-P16, is used to treat a number of types of cancers including metastatic colorectal cancer and non-small cell lung cancer. According to Celltrion, Canada’s drug regulator Health Canada has authorized the sale of the drug for all indications that Roche's

Jan. 5, 2023

[CES 2023] LG CEO touts customer value as key to success

LAS VEGAS -- LG Electronics Chief Executive Officer Cho Joo-wan underscored the company’s commitment to its “customer-centric vision” at the world's largest home appliance convention Wednesday, highlighting that the key to the tech giant’s successes lies in the customers. During the LG World Premiere press conference held on the sidelines of CES in Las Vegas, the CEO shared the company’s continuous efforts to pursue innovation to improve people's lives o

Jan. 5, 2023

[CES 2023] HD Hyundai vows to lead 'ocean transformation' for sustainable future

LAS VEGAS -- HD Hyundai on Wednesday pledged to transform how people see and use the ocean in order to build a sustainable future. “To solve the most pressing challenges faced by mankind today, including the global energy crisis and climate change, we must capitalize on the infinite potential of the sea,” said Chung Ki-sun, CEO of HD Hyundai, in a press conference held a day ahead of CES 2023 in Las Vegas. “As a future builder, HD Hyundai will take lead in driving a historic ex

Jan. 5, 2023

[CES 2023] Samsung pins high hopes on heightened connectivity among devices

LAS VEGAS -- Samsung Electronics Vice Chairman Han Jong-hee shared a detailed vision to create "calmer" connected world to heighten connectivity among devices, and reiterated the company's pursuit of net-zero emissions at the world's largest home appliance convention, Wednesday. In a press conference held on the sidelines of the CES in Las Vegas, Han, who is also the chief executive officer and the head of the Device eXperience overseeing home appliances and mobile devices

Jan. 5, 2023

[CES 2023] LG's OLED tech marks 10th anniversary

LAS VEGAS -- In celebration of the 10th year of launching LG’s first organic light emitting diode (OLED) TVs, LG Electronics and LG Display jointly celebrated the big day in Las Vegas, Wednesday. With some 150 people of the companies’ executives and staff members, industry officials and experts joining the event, the LG subsidiaries looked back on the past decade of their OLED history and shared their visions for the future directions of display technology developments. After overcom

Jan. 5, 2023

[CES 2023] LG Innotek to show off self-driving tech at CES

LAS VEGAS -- LG Innotek said Thursday it will showcase a series of its latest innovative technologies and products related to autonomous driving and the metaverse at the Consumer Electronics Show 2023 set to be held from Thursday to Monday in Las Vegas. It will mark the first time the electronics component manufacturer opens a booth to the public at the annual event, the world’s largest tech convention. Previously, the company had only invited clients to introduce new products. In line w

Jan. 5, 2023

SK Ecoplant partners with CSCEC to expand business in Egypt, China

SK Ecoplant said Thursday it struck up a partnership with world-class builder China State Construction Engineering Corp. in a bid to ramp up their joint efforts for further attracting overseas renewable energy projects. Under a memorandum of understanding, the construction unit under SK Group and CSCEC said they will be working together to target unexplored renewable energy markets overseas. For the partnership, SK Ecoplant will attract project financing loans and provide green hydrogen and rene

Jan. 5, 2023

Hyundai, Kia US sales fall 1 % amid chip shortage in 2022

Hyundai Motor Co. and its affiliate Kia Corp. said Thursday their combined sales in the United States fell 1 % in 2022 from a year earlier amid a prolonged chip shortage. Hyundai and Kia sold a total of 1.47 million vehicles in the world's most important automobile market last year, down from 1.49 million units the previous year, according to the companies' sales data. Hyundai's US sales declined 0.9 percent on-year to 780,675 units and Kia's dropped 1.1 percent to 693,549 la

Jan. 5, 2023

Stocks of Korea's COVID-19 test kit makers jump as China infections spike

Stock prices of some South Korean biotechnology and pharmaceutical companies have increased based on expectations that China’s sudden spike in COVID-19 cases could positively impact their sales. On early afternoon Wednesday, the stock price of in-vitro diagnostics company SD Biosensor’s stock price went up 5.9 percent to 29,600 won ($23.24). Seegene, another major in-vitro diagnostics company, saw its stock price climb 6.5 percent to 27,800 won. Their stock price hikes came after the

Jan. 4, 2023

Seoul stocks spike over 1.5% on chip rally

Seoul stocks surged over 1.5 percent to snap a four-day losing streak Wednesday as foreigners snatched up shares of Samsung Electronics and other chipmakers. The benchmark Korea Composite Stock Price Index jumped 37.3 points, or 1.68 percent, to close at 2,255.98 points. The Korean won fell against the US dollar. Trading volume was moderate at about 405.6 million shares worth some 6.4 trillion won ($5 billion). Gainers outnumbered losers 651 to 224. The Kospi got off to a weak start but soon tur

Jan. 4, 2023

[KH Explains] Will hefty tax breaks be Korean chipmakers’ savior?

The South Korean Finance Ministry on Tuesday proposed a plan to further expand tax breaks for the semiconductor industry to the world’s highest level amid escalating competition among chip powerhouses globally. The local industry hailed the decision as indicating the government’s renewed commitment to boosting the crucial chip industry, but uncertainties remain about its effectiveness, and whether it will be approved in parliament. “It is true that the revision comes belatedly,

Jan. 4, 2023

CES 2023 to offer glimpse into future lifestyles

South Korean companies will unveil cutting-edge products, offering a glimpse into the ways innovative technology could change people's lives at CES 2023, the world’s largest tech convention, to be held from Thursday to Monday in Las Vegas. Shrugging off prolonged pandemic disruptions, this year’s event will be at the largest scale in three years. Some 3,100 exhibitors from 173 countries and around 100,000 visitors are expected to show up, according to CES organizer the Consume

Jan. 4, 2023

Local crypto market faces turning point in 2023

The year 2022 was a gloomy one for the local digital assets market, with the values of major cryptocurrencies falling sharply amid a string of catastrophes ranging from the collapse of terra and its sister currency luna to the delisting of wemix. With related authorities forging multiple regulations to systematize the volatile market and ensure consumer rights, the digital assets market in Korea is expected to face changes in 2023. One of the significant changes that will reshape the industry

Jan. 4, 2023

[Photo News] Heightened connectivity

Employees pose at the exhibition booth for Samsung Electronics at the CES trade show that kicks off Thursday in Las Vegas. The South Korean tech giant plans to unveil futuristic technologies, especially its upgraded smart home platform SmartThings that boasts heightened connectivity among devices, even among different brands.

Jan. 4, 2023

[Photo News] Net-zero solutions

An SK Group official introduces future traffic solutions equipped with emissions-reducing technologies to visitors at the conglomerate’s exhibition booth at the CES trade show in Las Vegas, during media events held Tuesday. Eight SK companies, along with their 10 global partners, are showcasing their eco-friendly technologies and products, from advanced batteries to urban air mobility solutions and sustainable foods, during the four-day event.

Jan. 4, 2023

LG, Magna boost ties on autonomous driving solutions

LG Electronics said Wednesday it is boosting existing ties with Magna, one of the largest auto parts maker, to develop new solutions for autonomous vehicles. The two companies will seek synergy between LG’s advanced in-car infotainment technology and Magna’s driver assistance systems and other self-driving car solutions. They plan to develop a prototype for the upcoming solutions and carry out a feasibility test together. The two companies will participate in this week's CES tra

Jan. 4, 2023

Celltrion to launch Avastin biosimilar in Middle East

Celltrion Healthcare, the marketing unit of Korea's drug developer Celltrion, said on Wednesday that the company inked a partnership with Hikma Pharmaceuticals to launch its biosimilar version of metastatic colorectal cancer treatment Avastin in the Middle East and North Africa region. “The pharmaceutical market, especially the need for biomedicine, is continuously growing in the MENA region. This first step we are taking is a meaningful one, and we will strive to continue providing s

Jan. 4, 2023