NAYPYIDAW, Myanmar (AFP) - Myanmar got its first civilian president in decades on Tuesday after lawmakers elected a close aide of Aung San Suu Kyi, who is expected to hold the real reins of power in the formerly junta-run nation.　Htin Kyaw, 69, hailed his elevation to the top post as “Suu Kyi‘s victory”, a clear nod to her plan that he serve as a proxy for the Nobel laureate who is constitutionally barred from becoming president.　MPs erupted into applause after the result was announced following

World News March 15, 2016

Opposition heavyweight and former Prime Minister Lee Hae-chan announced Tuesday he was leaving the main opposition party to run independently, a day after he was denied candidacy in a controversial shakeup led by the interim leadership.　“I plan to leave The Minjoo Party of Korea,” said Rep. Lee, sixth-termer and incumbent representative of Sejong City, announcing his independent candidacy.　“The Kim Chong-in leadership has vaguely cited political reasons, but this is not a proper approach to poli

Politics March 15, 2016

HanAll Biopharma and Daewoong Pharmaceutical have agreed to jointly develop a new drug to treat dry eye syndrome — a common eye condition in which insufficient tears are made to lubricate the eye.　　Under the agreement signed Monday, the two firms are set to develop HL036, a promising dry eye syndrome drug candidate developed by HanAll. 　HL036 is a biobetter — an improved version of an existing biopharmaceutical treatment — which consists of anti-TNF antibodies that have been reformulated for an

Industry March 15, 2016

Premium instant noodles that cost more than 1,000 won per individual packet are emerging as the dominant product category in South Korea’s competitive ramyeon market.　　E-mart, the nation’s leading discount supermarket chain, on Monday said that premium instant noodles accounted for 61 percent of its total ramyeon sales last month, a significant increase from a mere 22 percent over the same period in 2015.　The sharp sales hike was presumably led by the continued success of Nongshim’s Chinese blac

Industry March 14, 2016

In South Korea, car tuning -- the aftermarket modification of an automobile’s performance or appearance -- has long been portrayed under a negative light as an unnecessary practice that disturbs peace and order on the streets.　Although many still associate vehicle tune-ups with noisy, sometimes reckless, cars sporting ostentatious exteriors, there is reportedly a lot more to car tuning than looks alone.　“What most people don’t know is that the biggest merit of tuning up a car is ‘safety’,” said

Mobility March 11, 2016

Forthcoming changes to regulations governing South Korea’s lucrative duty-free business are sparking both hopes and concerns from key stakeholders, such as Lotte, Shilla, Shinsegae and Doosan.　The government is close to reaching a decision on several propositions -- including an extension of the current five-year business license term for duty-free stores to 10 years and raising the license fees by up to 20 times.(Yonhap)　The Ministry of Strategy and Finance recently announced that it will conve

Industry March 11, 2016

The Korean government said Wednesday that it plans to legalize customized cosmetics -- cosmetic products made on-the-spot by readily mixing various base ingredients, colors and scents according to preference.　　The introduction of this new cosmetics format -- previously banned for sales due to potential safety concerns -- is projected to further diversify and expand the country’s vibrant cosmetics industry.　The legalized product categories include four types of perfumes, 10 types of skin care pro

Industry March 10, 2016

Green Cross, a South Korean biopharmaceutical company, said Wednesday that it has secured a $32 million deal to supply its flu vaccines to the Pan American Health Organization, a regional office under the World Health Organization.　The deal marks the largest single flu vaccine export deal secured by Green Cross since the company started to export its own flu vaccine products in 2009. With the new deal, vaccine exports by Green Cross will surpass the $150 million mark, placing the company on the

Industry March 9, 2016

The South Korean government said Monday that it would establish a special overarching committee to coordinate and streamline all policymaking related to the nation’s biotechnology business, viewed as a promising sector to lead the country’s future growth. 　The decision was made last week at a meeting of the 11th National Science & Technology Council, a prime minister-led institution that evaluates the state’s science and technology policies.The new committee will act as a “control tower” that br

Industry March 7, 2016

Shareholders of Japan-based Lotte Holdings, which controls South Korea’s fifth-largest conglomerate Lotte Group, voted in support of incumbent group chairman Shin Dong-bin at an extraordinary general meeting in Tokyo on Sunday.　Lotte Holdings shareholders opposed a proposal made by Shin Dong-joo, the eldest of 94-year-old Lotte founder Shin Kyuk-ho’s two sons, to oust his younger brother Dong-bin and his supporters from the board and to form a new leadership led by himself.　The decision, which h

Industry March 6, 2016

Hyundai Heavy Industries, which went into red with a deficit of 1.5 trillion won ($1.25 billion) last year, is planning to reappoint its incumbent chief executives, according to industry sources and news reports Sunday.　　The company reportedly plans to reappoint current chairman Choi Kil-sun and president Kwon Oh-gap, who are co-CEOs, to lead the struggling shipbuilder for another term.　The Ulsan-based company is slated to confirm the decision at the upcoming shareholders meeting on March 18, ac

Industry March 6, 2016

GS Group chairman Huh Chang-soo called for shared growth between big businesses and local small and medium-sized enterprises during his visit Thursday to the group-led creative economy innovation center in Yeosu, South Jeolla Province.　　The Jeonnam Creative Economy Innovation Center was jointly established by the South Korean government and GS Group in June 2015 in a bid to nurture new businesses in the nation’s agricultural sector, drive up growth in the biomass chemicals industry and spur regi

Industry March 3, 2016

The Berklee College of Music in Boston said Thursday it has named Lee Mie-kyung, vice chairwoman of South Korean conglomerate CJ Group, as a new member of its board of trustees.　The CJ executive, a U.S. citizen known as Miky Lee outside of Korea, has been overseeing the group’s entertainment and media business ranging from music to TV dramas since 1995. Lee Mi-kyeong (Miky Lee)　As one of the most influential figures in promoting Korean pop culture overseas, Lee was the first Asian woman to recei

Industry March 3, 2016