Innocean Worldwide, a South Korean marketing communications agency under Hyundai Motor Group, has partnered with U.S.-based private media agency giant Horizon Media to form new joint media agency Canvas Worldwide.　Set to officially launch in September 2015, the joint venture was established with starting capital of 11.4 billion won ($9.6 million). Innocean will hold a 51 percent stake, while Horizon will hold the remaining 49 percent.　Innocean said that Canvas Worldwide is expected to rack up $4

Industry Aug. 19, 2015

SK CHIEF VISITS SK HYNIX -- SK Group chairman Chey Tae-won (second from left) visits the SK hynix headquarters in Icheon, Gyeonggi Province on Wednesday. The conglomerate is reportedly mulling plans to invest about 46 trillion won ($38 billion) over the next few years to expand the production facilities of its chip producing unit. (SK Group)

Industry Aug. 19, 2015

S-OIL AIDS DISABLED — S-Oil senior vice president Lee Chang-jae (left) delivers a customized study aid to a disabled student at the Gyeonggi Assistive Technology Research Assistance Center in Suwon, Gyeonggi Province, Wednesday. The firm handed over equipment worth 100 million won ($92,800) to 42 low-income disabled students on the same day, continuing its efforts to help disabled youths since 2010. (S-Oil) 

Industry Aug. 19, 2015

SK Group chairman Chey Tae-won cheered on staffers by visiting the group’s provincial-based innovation centers Tuesday, in line with his stated promise to lend a hand in reviving the South Korean economy and support the government’s ongoing drive for a creative economy.　Chey made his way down to the two SK innovation centers in Daejeon and Sejong, located south of Seoul, in a bid to “express the group’s will to contribute to the country’s economic growth through the success of its creative econo

Industry Aug. 18, 2015

Green Cross, a South Korean biopharmaceuticals company, said Monday that it has opened its eighth blood center in San Antonio, Texas, aiming to strengthen its position in the U.S. market. The new blood center ― established by Green Cross America, which handles the firm’s U.S. operations ― is able to produce 60,000 liters of general and specialized blood plasma products.With the addition of the Texas center, GCAM’s eight centers are now able to supply up to 400,000 liters of blood plasma products

Industry Aug. 17, 2015

Pharvis Korea, a homegrown pharmaceutical company, will start developing a new treatment drug for respiratory diseases and asthma based on a therapeutic substance in development by researchers at Korea University and Dongguk University.The Ministry of ICT, Science and Future Planning said Sunday that the firm has purchased the technology and future development rights to the drug PVS02696 for 1 billion won ($840,000). Pharvis Korea signs a deal with researchers at Korea University and Dongguk Uni

Industry Aug. 17, 2015

SK Group chairman Chey Tae-won, who was released from prison Friday through a presidential pardon, held key meetings at the group’s headquarters in downtown Seoul over the weekend in his efforts to normalize operations and lend a hand in reviving the Korean economy as promised, according to group officials Sunday.　Chey took the first steps toward resuming his chairman duties on Saturday, the day after his release, by meeting with SK SUPEX Council chairman Kim Chang-geun and key officials at SK’s

Industry Aug. 16, 2015

Seventy years has been more than enough for South Korea to pull itself up from postwar wrecks to become the world’s 13th-largest economy.Since its liberation from Japanese colonial rule in 1945, the country’s gross domestic product surged by over 30,000 times and its per capita income by over 400 times -- a record which, to this day, stands unrivaled in the world’s economic history.This striking growth, dubbed “The Miracle on the Han,” is attributed to a number of reasons, including the competit

Aug. 16, 2015

Along with the steel, automotive and shipbuilding sectors, the IT industry has served as a locomotive that has driven South Korea’s economy for decades.At the forefront of South Korea’s IT scene were electronics businesses run by conglomerates including Samsung Electronics, LG Electronics and Daewoo Electronics (now Dongbu Daewoo Electronics owned by Dongbu Group).Having produced the nation’s first transistor radio in 1959, LG, then called Goldstar, was a pioneer in the domestic home appliance m

Technology Aug. 16, 2015

Celltrion, a South Korean biopharmaceutical company, is making headway in a newly emerging category of medicine known as biosimilars -- lower-cost copies of brand-name biologic drugs that have lost patent protection, around the world.　The Korean drugmaker on Monday said it has gained approval from Australia to begin selling Remsima -- its biosimilar replication of the world’s third best-selling rheumatoid arthritis treatment drug Remicade. 　U.S.-based global pharmaceutical firm Hospira, Celltrio

Industry Aug. 12, 2015

Hyundai Motor Group, South Korea’s second-largest conglomerate, said Tuesday it would implement the peak wage system across all its affiliates starting from 2016. 　Under this system pushed by the government and being picked up by an increasing number of companies, the retirement age has been extended to 60 from the current range of 53 to 58 and the paycheck for elderly workers slashed by about 10 percent over their last several years at work.　The group plans to channel the saved funds into hirin

Industry Aug. 11, 2015

Lotte Group is reportedly considering to publicly list Hotel Lotte Co., the de facto holding company of its South Korean operations, amid rising pressure to improve its corporate transparency and circular shareholding structure.　“Given the recent developments, there is a possibility that Lotte will start discussing new measures to improve its governance structure in the long run, including a public listing of Hotel Lotte,” a key group official close to the matter was quoted as saying.　As the fie

Industry Aug. 10, 2015

A growing number of experienced South Korean pilots are choosing to leave their home turf and instead work for Chinese airlines, which offer exceptionally higher wages and alluring benefits for foreign pilots.　Some 50 Chinese airline companies have been stepping up efforts to recruit pilots from Korea’s major airlines, including Korean Air and Asiana Airlines, according to industry sources.　Chinese companies are reportedly offering Korean pilots with about 10 years of work experience around 200

Industry Aug. 7, 2015

Lotte Confectionery, South Korea’s top snack producer, opened a new flagship store on the ground floor of Lotte World Adventure in Jamsil, Seoul, Monday.　The newly-opened Lotte SweetWorld offers a total of 187 snack varieties from Lotte’s 31 brands, including the snack company’s most popular picks as well as handmade baked goods, according to the company.　Visitors to the SweetWorld can check out Lotte’s limited-edition snack packages and value deals, among others. In another corner is a Do-It-Yo

Industry Aug. 6, 2015

Norway-based baby product manufacturer Stokke Korea is planning to launch a special edition of its popular Xplory True Black stroller, the company said Tuesday.　The upgraded stroller, aka the “style edition,” includes a black-and-white style kit on top of all the regular components of the Stokke Xplory True Black, which brings out the iconic design of the Stokke Xplory in all black.　The exclusive edition stroller also features a black cup holder, a parasol, a seat liner, a blanket and the style

Industry Aug. 6, 2015