With the aged population growing rapidly in the country, it is becoming an increasingly urgent policy task to increase spending by elderly households while preventing them from falling below the poverty line.According to a study by the Hyundai Research Institute, a private think tank, the proportion of householders aged 60 and older is projected to rise from 28.1 percent in 2014 to 35.2 percent in 2020 and 46.9 percent in 2030. In contrast, the corresponding figure for those in their 30s-50s is

Jan. 20, 2016

S-OIL SUPPORTS FIRE VICTIMS — S-Oil senior vice president Lee Chang-jae (center) delivers a total of 50 million won ($41,000) to Seoul Council on Social Welfare chairman Hwang Yong-kyu (right) in a ceremony held Wednesday in Seoul. The funds will be used to support underprivileged victims of fire accidents in South Korea. (S-Oil)

Industry Jan. 20, 2016

Led by Celltrion and Samsung Bioepis, South Korea’s biopharmaceutical companies are making strides in the emerging drug category of biosimilars -- lower-cost replications of the world’s top-selling biologic drugs that have lost patent protection.　Drawing much spotlight this week, Samsung Bioepis, Samsung Group’s biopharmaceutical affiliate, said Sunday that Benepali, its biosimilar copy of Amgen’s blockbuster rheumatoid arthritis treatment Enbrel (etanercept) has been granted sales approval in E

Industry Jan. 19, 2016

PUBLIC PETITION TO URGE BILL PASSAGE -- President Park Geun-hye (center) on Monday visits a campaign site organized by the Korea Chamber of Commerce and Industry led by chairman Park Yong-maan (right) to urge legislators to pass a set of bills on labor reform and economic recovery at the KCCI building in central Seoul. The campaign seeks to collect and submit the signatures of 10 million citizens to the National Assembly, with the aim of putting pressure on the partisan deadlock that has delayed

Industry Jan. 18, 2016

Like many agricultural towns in Korea, Seocheon in South Chungcheong Province was grappling with ways to foster new growth engines and revitalize the local economy a couple of years ago.With its traditional income sources -- farming and fisheries -- dwindling amid the nation’s fast industrialization, the town located some 200 kilometers south of Seoul, had to watch its community falling apart and the children faced with no future. However, instead of attracting new businesses to rejuvenate the r

Industry Jan. 15, 2016

Last month, an elevated road crossing located near Seoul Station officially closed down, signaling the beginning of the Seoul Metropolitan Government’s 23.2 billion won ($18.95 million) project to turn the decades-old structure into a high-rise public park.　Led by Seoul City Mayor Park Won-soon, the plan is aimed at transforming the 46-year-old overpass in central Seoul into a pedestrian park by 2017. The mega project is similar to the High Line Park in New York City, a landmark urban renewal ca

Industry Jan. 15, 2016

Stepping inside the newly opened Aritaum flagship store near Gangnam Station in Seoul, one will encounter not only an abundance of makeup products, but also several eye-catching devices and service stations located throughout the brightly lit shop.　A corner equipped with Iope Bio Lab’s cutting-edge skin evaluation machine offers customers a detailed skin examination and consultation for free while tech-savvy “beauty mirrors” enable visitors to virtually try on diverse Laneige makeup products usi

Industry Jan. 14, 2016

Tonino Lamborghini, a high-end apparel and accessories brand based on Italian luxury sports carmaker Lamborghini, has officially entered South Korea.　Established in 1981 by Tonino Lamborghini, the son of Lamborghini founder Ferruccio Lamborghini, the eponymous merchandising brand sells a range of apparel, bags, watches, shoes and accessories inspired by the automotive designs of the iconic Italian sports car. (Tonino Lamborghini)　“We are happy to be able to introduce our brand in Korea, an impor

Industry Jan. 14, 2016

TAEAN, South Chungcheong Province -- Renault Samsung Motors unveiled the SM6, a face-lifted version of the Renault Talisman, which has been exclusively redesigned to satisfy local tastes, in South Korea on Wednesday.　The SM6, released by France-based Renault as the Talisman in July 2015, is a premium midsize sedan codeveloped by designers and engineers at Renault and Renault Samsung. 　Targeting drivers in their 30s and 40s, the vehicle touts exclusive driving technologies as well as a longer whe

Mobility Jan. 13, 2016

TAEAN, South Chungcheong Province -- Renault Samsung Motors unveiled the SM6, a facelifted version of the Renault Talisman which has been exclusively redesigned and upgraded to meet local tastes, in South Korea on Wednesday.The SM6, released by France-based Renault as the Talisman in July 2015, is a premium midsize sedan codeveloped by Renault and Renault Samsung which is positioned as a more upscale vehicle lying between the SM5 and SM7.“The SM6 is set to set a new standard for Korea’s midsize

Mobility Jan. 13, 2016

LG Life Sciences and Sanofi-Aventis Korea, the local affiliate of France-based global health care company Sanofi, are mired in a dispute over a contract to copromote LG’s top-selling diabetes drugs in South Korea.　The two parties are at odds over Sanofi’s fulfillment of their contract. The case could be taken to the courts if the two sides fail to reach an agreement, according to industry watchers.　The dispute began when the biopharmaceutical unit of LG Group notified Sanofi last month that it w

Industry Jan. 12, 2016

DFS Group, the world’s leading duty-free operator, based in Hong Kong, is geared to enter South Korea this year by potentially becoming a supplier to a new duty-free store operated by the Jeju Tourism Organization.　　The JTO, scheduled to open a new duty-free shop in Seogwipo, Jejudo Island on Feb. 12, is “examining the option to source in various foreign brands through DFS, which initially made this offer to the JTO,” a JTO official was quoted as saying in the Korea Economic Daily on Tuesday.　Si

Industry Jan. 12, 2016

Samsung Bioepis, an affiliate of Samsung Group specializing in developing biosimilars, or cheaper, generic copies of biologic drugs, has been sued by U.S.-based pharmaceutical giant Amgen for patent infringement in Canada.Amgen Canada filed for a prohibition order on July 31, 2015, claiming Brenzys, Samsung Bioepis’ biosimilar copy of Amgen’s blockbuster rheumatoid arthritis treatment Enbrel (Etanercept), breached two patents held by Amgen, according to Canadian court documents and Samsung Bioep

Industry Jan. 11, 2016

South Korea’s leading steelmaker POSCO said Sunday it is showcasing its automotive steel plate technology for the first time at this year’s North American International Auto Show taking place in Detroit, Michigan, from Jan. 11-24.Aiming to appeal to global automakers, POSCO is presenting its self-developed advanced automotive steel technology and some 30 types of futuristic car components to be used in next-generation cars at the annual U.S.-based auto show.The steelmaker will be promoting its s

Industry Jan. 10, 2016

Eyeing new partnerships and foreign investments, South Korea’s leading pharmaceutical companies are participating in the 34th JP Morgan Healthcare Conference which kicks off Monday in San Francisco.　The annual U.S.-based event, set to continue until Thursday, is one of the largest and oldest health care symposiums in the world.　Each year, more than 300 companies have flocked to the conference hosted by the investment bank, on the lookout for biotech and pharma companies primed for major breakthr

Industry Jan. 10, 2016