[Herald Interview] Daewoong Pet targets health-conscious pet owners

Daewoong Pet, the pet health care arm of Daewoong Pharmaceutical, seeks to gain growth momentum by launching veterinary drugs and securing patent exclusivity as the need for veterinary care continues to surge amid an aging pet population. The firm's main aim is to develop and introduce drugs with the proper dosage and formulation for pets, with a particular focus on senior pets, which increasingly require health care services, Daewoong Pet co-CEO Lee Hyo-jun said. “Many veterinary hos

Jan. 30, 2024

Samsung Galaxy S24 hits shelves globally

Samsung Electronics said on Tuesday it is starting sales of its latest flagship smartphone the Galaxy S24 globally, largely buoyed by record preorders made at home over the past week. The new phone, dubbed the world’s first smartphone powered by artificial intelligence, is expected to hit the shelves first in key markets, including the US, Britain, Singapore, France, and India, from Wednesday. Ultimately Samsung aims to launch the phone in some 120 countries. “The launch of the Galax

Jan. 30, 2024

Are Korean drivers losing appetite for EVs?

A recent survey released Tuesday by Encar, the largest used car platform in Korea, has revealed a shift in consumer preferences toward gasoline vehicles for new car purchases in 2024, with them regaining prominence over hybrids and electric vehicles, which were the top choices in 2022. The survey, titled "What's Your Next Car in 2024?" and conducted over a week in mid-January, involved 2,090 participants. 65.3 percent of these car owners plan to sell their current vehicles, primar

Jan. 30, 2024

Govt. disapproves BlackRock's offshore wind plant project

The South Korean government has disapproved global investment firm BlackRock's proposal to construct an extensive offshore wind power plant in South Jeolla Province due to insufficient evidence of financial ability and lack of electricity infrastructure in the area. According to energy industry sources on Tuesday, the Ministry of Trade, Industry and Energy's electricity committee recently dismissed all five Sinan offshore wind power generation projects proposed by BlackRock's subs

Jan. 30, 2024

[Photo News] Cry for compensation

Petitions submitted by investors reeling from losses due to Hong Kong-tied derivatives are laid out at the National Assembly in Seoul on Tuesday. A group of investors held a protest, calling for compensation for their losses and accusing banks of misleading them. The principal losses from the financial product are estimated to reach 6 trillion won ($4.5 billion) in the first half of this year. (Yonhap)

Jan. 30, 2024

LX Pantos, EWP team up to expand solar power production

LX Pantos, the logistics arm of LX Holdings, said Tuesday that it has signed a partnership with Korea East-West Power Corp., an affiliate of the state-run Korea Electric Power Corp., to ramp up production of eco-friendly solar power as part of its efforts to cut emissions. Under the agreement, LX Pantos will provide some 18,000 square meters of roof space at its logistics center in Ansan, Gyeonggi Province, to build the Kepco affiliate’s 2.5-megawatt solar power station. The energy firm

Jan. 30, 2024

Samsung SDI logs record sales in 2023 on strong EV demand

Samsung SDI said Tuesday it posted an all-time high revenue last year with robust growth in sales of electric vehicle batteries. In its earnings report, the company said annual sales revenue soared 12.8 percent to 22.7 trillion won ($17.1 billion). Its operating profit, on the other hand, dropped 9.7 percent to 1.6 trillion won due to sluggish sales of small batteries and electronics materials. “Although we missed the profit target for last year, the EV battery business has seen 38 percent

Jan. 30, 2024

IBK to select startups for Silicon Valley accelerator program

The Industrial Bank of Korea on Tuesday said it is recruiting participants for the second “IBK Changgong Silicon Valley Accelerating Program,” which aims to give emerging ventures and startups momentum in the overseas market. IBK has joined hands with 500 Global, an international venture capital firm, to identify innovative startups and to jointly undertake the global accelerating program. The startups chosen to participate in the program will be provided with exclusive opportunities

Jan. 30, 2024

Goodbye to ‘mayak gimbap’? Mixed reaction to limits on 'drug' marketing

Gwangjang Market, a traditional market in central Seoul, is one of the most popular tourist destinations in the capital, offering a wide range of local foods and snacks. If you google the market, almost nine out of 10 reviews are about a petite-sized gimbap, or seaweed rice roll, with the intriguing name, “mayak gimbap.” "Mayak" means “narcotics” in Korean. Of course, nothing advertised as "mayak gimbap" actually contains any restricted drugs. The name

Jan. 30, 2024

Seoul shares open higher following Wall Street gains

South Korean stocks got off to a strong start Tuesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index rose 18.70 points, or 0.75 percent, to 2,519.35 in the first 15 minutes of trading. Overnight, US stocks gained ground as investors looked ahead to scheduled earnings announcements by major companies and the Federal Reserve's rate decision meeting later this week. The S&P 500 climbed 0.8 percent to close at a fresh high, while the Dow Jones Indu

Jan. 30, 2024

S. Korea, US discuss space cooperation

Senior officials from South Korea and the United States discussed cooperation in space exploration as Seoul pushes ahead with the establishment of its independent space agency in May, officials said Monday. First Vice Science Minister Cho Seong-kyung met with Pam Melroy, the deputy administrator of the National Aeronautics and Space Agency, during her visit to the US last week and discussed measures to expand space cooperation between the two countries, according to the Ministry of Science and I

Jan. 29, 2024

Celltrion seeks FDA approval for Actemra biosimilar

Celltrion has completed its submission of a biologics license application (BLA) to the US Food and Drug Administration for CT-P47, a biosimilar candidate mimicking Roche’s rheumatoid arthritis treatment Actemra (tocilizumab), the company said Monday. The BLA submission was based on results from the global phase 3 clinical trial involving 471 patients. In the clinical trial, the company tested the efficacy, pharmacokinetics, safety, and immunogenicity of CT-P47 compared to the reference pro

Jan. 29, 2024

Mixed feelings as big firms announce hefty or zero bonuses

South Korea’s top conglomerates are announcing their plans for employee compensation for 2023 following mixed earnings reports last week. LG Electronics, which posted another year of record sales, pledged to give out hefty bonuses to employees, while the nation’s top two chipmakers, Samsung Electronics and SK hynix, hit hard by a chip slump last year, seem to be tightening their belts, reducing spending including on employee benefits. LG Electronics, the crown jewel of the nation&r

Jan. 29, 2024

Seoul shares up for 3rd day on institutional, foreign buying

South Korean stocks closed higher for the third straight trading day Monday as institutions and foreign investors shored tech, bio and other blue chips. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 22.09 points, or 0.89 percent, to close at 2,500.65, extending its winning streak to a third day. Trade volume was moderate at 421.5 million shares worth 8.85 trillion won ($6.62 billion), with gainers outpacing losers 523 to 361. Institutions and for

Jan. 29, 2024

[Herald Interview] Dell ready to empower Korea to unlock potential of AI

US tech giant Dell Technologies has jumped on the generative artificial intelligence bandwagon with a range of new AI offerings combining its hardware and software prowess. The firm is also setting its sights on Korea, a tech powerhouse aspiring to become a potent player in the burgeoning AI era. “Korean firms, from manufacturing giants to internet and cloud service providers, have embraced AI faster than their Asian rivals. We are confident in saying that Dell was at the center of the jou

Jan. 29, 2024

LG supports AI art program at Guggenheim Museum

LG Group said Monday it supported an art program showcasing three artificial intelligence-integrated artworks of Brooklyn-based artist Stephanie Dinkins at the Solomon R. Guggenheim Museum in New York on Thursday. “Late Shift x Stephanie Dinkins” shed light on how AI tends to have the mindset of the majority, easily overlooking and further ostracizing those living in the gray areas of society. Dinkins is an artist who uses cutting-edge technologies such as AI, augmented reality and v

Jan. 29, 2024

Korea, 5th largest market for Bentley

UK luxury car manufacturer Bentley Motors said Monday it achieved an all-time high sales record in the South Korean market last year, making it the leading market in the Asia-Pacific region and the fifth largest globally for the second year running. Bentley Motors Korea accelerated its sales trajectory in the domestic market for the third year in a row, with 810 units sold in 2023, surpassing the sales milestones of 506 units in 2021 and 775 in 2022, according to data from the Korea Automobile I

Jan. 29, 2024

[KH Explains] Private equity firms hunt for health care buyouts

Korean private equity firms are increasingly betting big on health-focused companies at home and abroad, in a bid to capitalize on the growth potential of the health care and wellness sector amid a globally aging population. In Korea alone, where accelerated demographic change is observed due to the low birth rate, the number of people aged 65 or over was 9.73 million in 2023, about 20 percent of the total population, surging from 10 percent back in 2010. Hahn & Co., the nation's largest pri

Jan. 29, 2024

KGC eyes global market as it marks 125 years

Korea Ginseng Corp., the nation’s leading ginseng manufacturer which has represented the Korean red ginseng industry for the past 125 years, is now taking a new leap forward for the health of people around the world. As an unrivaled market leader making up some 70 percent of the nation’s red ginseng market, KGC attributed its high-quality red ginseng to the quality control and manufacturing know-how it has accumulated over the last 125 years. According to JungKwanJang, KGC's flagship

Jan. 29, 2024

Posco Future M seeks more regulatory support

Kim Jun-hyung, CEO of Korean battery materials manufacturer Posco Future M, urged the Ministry of Environment to reinforce measures to boost the rechargeable battery industry, according to the company on Monday. Kim met with Lim Sang-jun, deputy minister at the Environment Ministry, who visited the company’s artificial graphite anode materials manufacturing plant in Pohang, North Gyeongsang Province, earlier in the day. Posco Future M shared its achievements in the cathode and anode materi

Jan. 29, 2024