South Korean biopharma company Samsung BioLogics has won approval from the US Food and Drug Administration for bio drugs manufactured from its second plant in Songdo, west of Seoul, the company said Thursday.(Yonhap)Winning the FDA’s approval means that the company can sell bio drugs manufactured from its second plant in the United States, according to the company. It also indicates that the firm has gotten the greenlight to manufacture a new bio product at the second factory, as companies have

Industry May 24, 2018

BMW Group Korea, the local importer and distributor of the German luxury carmaker, said Thursday it has teamed up with the LPGA tour to hold a tournament in the southeastern port city of Busan next year. Kim Hyo-jun, chairman of BMW Group Korea (left), and Michael Whan, commissioner of the LPGA, pose during a signing ceremony of the local importer, which is hosting a tournament next year. (BMW Group Korea)Scheduled for October, the first event will be held at LPGA International Busan, the tour’s

Industry May 24, 2018

Huh Chang-soo, chairman of GS Group, urged GS affiliates to find new business opportunities amid an evolving geopolitical landscape, at an annual forum designed to seek innovation in the retail-to-energy conglomerate, the group said Wednesday. Huh Chang-soo, chairman of GS Group“After an inter-Korean summit, the summit between leaders of North Korea and the United States is on the way, leading a change in the geopolitical landscape over the Korean Peninsula,” he said at the annual Value Creation

Mobility May 23, 2018

Putting the issues of the past behind, GM Korea said it was opening “a new chapter” by launching a refreshed and also slightly cheaper mini car Spark in Seoul on Wednesday. Kaher Kazem, CEO of GM Korea said that the company will launch 15 new or renovated models in the next five years as part of a comprehensive Chevrolet strategy. Starting with Spark, the company plans to unveil its compact SUV Equinox at the upcoming Busan Motor Show and will bring more models produced overseas to Korea to sati

Mobility May 23, 2018

Two months after proposing a grand reform plan on its corporate governance, Hyundai Motor Group, the nation’s second-largest chaebol, came with yet another unexpected choice Monday, ditching the plan it previously hailed as a pathway to modernize the 50-year-old conglomerate.And its crown prince, the chairman’s only son, vowed that he would come back with “an improved” version. What the company need now is “the speedy and drastic reform and change,” the automaker’s Vice Chairman Chung Eui-sun st

Mobility May 22, 2018

The crown prince of Hyundai Motor Group, the nation’s second-largest conglomerate, is in New York in an apparent move to convince foreign shareholders over the group’s corporate governance reform seeking a change of the hostile atmosphere against the plan.Hyundai Motor officials in Seoul confirmed on Friday that Vice Chairman Chung Eui-sun has left for a business trip to US. He was briefed over progresses made at Hyundai Cradle in Silicon Valley, a multinational startup incubator, the company sa

Mobility May 18, 2018

What with boisterous opposition from activist hedge fund Elliott, Hyundai Motor Group’s corporate restructuring scheme is dominating the attention of investors and business insiders.The accusation from Elliott and several other critics of Korea’s second-largest conglomerate is that Hyundai has devised a plan solely in the interest of the owner family, while the group argues that it is aimed to elevate the value of the company, and therefore the interests of the shareholders.So far, four proxy ad

Mobility May 17, 2018

Ending controversies in the course of its acquisition by a Chinese company, South Korean tiremaker Kumho Tire on Wednesday launched a new product for the first time in eight years. The nation’s second-largest tiremaker unveiled a premium comfort tire named the Majesty9 SOLUS TA91 at a launching ceremony attended by more than 350 dealers.  Kumho Tire Chairman Kim Jong-ho poses next to Majesty9 SOLUS TA91, a premium tire launched Wednesday in Seoul.(Kumho Tire)The product is the latest in its prem

Mobility May 16, 2018

Amid growing opposition against Hyundai Motor Group’s corporate restructuring plan, the state-run pension operator in South Korea found itself in a difficult position Wednesday, as it appears to have the final say on the fate of the carmaker.The National Pension Service is the second-largest shareholder, with a 9.82 percent stake in Hyundai Mobis, an auto parts maker at the center of the carmaker’s restructuring plan.The upcoming May 29 vote on Hyundai Mobis’ spinoff merger plan is a test for th

Mobility May 16, 2018

Among many factors concerning South Korea’s corporate world, there’s one particular case that businesses feel commonly sensitive about: activist hedge funds. Hedge funds use unconventional strategies of not only intervening in the company’s board and management, but also waging proxy battles and liquidating assets. They operate around the world, pushing companies with aggressive strategies in pursuit of greater returns.And South Korea appears to be the latest target for the “corporate hunters.”A

Industry May 13, 2018

US hedge fund activist Elliott said Friday that it will vote against Hyundai Motor Group‘s corporate governance reform scheme, raising concerns over the fund agitating foreign shareholders who hold nearly half of the shares in the group’s affiliates ahead of a major vote planned later this month.The nation’s second-largest conglomerate plans to simplify its complex ownership structure. In March, the group said it will spin off Hyundai Mobis’ lucrative after-sales and module division and merge th

Mobility May 11, 2018

A war of words between the nation’s financial watchdog and Samsung BioLogics intensified Thursday over the legitimacy of authorities disclosing the biotech company’s alleged accounting fraud, further raising already heightened market fears.The Financial Supervisory Service found itself cornered, with officials at the upper echelon turning a cold shoulder, saying that its decision to reveal the content of a preliminary notice sent to Samsung has caused “market chaos.”On Ma

Market May 10, 2018

The world of performance cars is moving toward electrification, and Mercedes-AMG, a high performance brand of German luxury carmaker Mercedes-Benz, hopes to take the lead.Tobias Moers, chairman of the board of management of Mercedes-AMG, said in a recent interview with The Korea Herald that the company has set a clear direction to head toward electrification ultimately. In the meantime, the company will focus on developing performance hybrids with high power batteries.“The future, especially in

Mobility May 10, 2018

South Korean auto parts maker Hyundai Mobis has started to produce instrument clusters with digital displays with an aim to generate future growth, the company said Wednesday.Making inroads into the global market for digital instruments, the auto component unit of Hyundai Motor Group, will supply 7-inch digital displays for the electric version of the Kona, a compact sport utility vehicle this month, it said in a statement.By 2020, the company also plans to produce 12.3-inch digital instrument c

Mobility May 9, 2018