Pooling resources together is the best way to survive in the cutthroat competition against global pharmaceutical companies with gigantic capital, biopharma Celltrion founder and Chairman Seo Jung-jin said on Wednesday of the firm's merger with its sales affiliate Celltrion Healthcare. “The integration of Celltrion and Celltrion Healthcare will serve as a momentum for the group to take a leap as a leading global health care firm,” Seo said during a press conference held in Yeou

Industry Oct. 25, 2023

Korean biosimilar giant Celltrion and its sales unit Celltrion Healthcare received shareholders’ approval for their merger on Monday, paving the way for the launch of an integrated company planned for December. During the extraordinary general shareholders meetings separately held by the two companies in Incheon, Celltrion won with 97.04 percent of attendees voting in favor of the merger, while 95.17 percent of Celltrion Healthcare shareholder attendees agreed with the plan. The integrat

Industry Oct. 23, 2023

Korean tech conglomerate Kakao could lose its controlling shareholder position in its internet-only bank affiliate, as its top leaders have become embroiled in stock manipulation allegations stemming from the acquisition of K-pop agency SM Entertainment. On Friday, the country’s financial watchdog Financial Supervisory Service summoned Kakao founder Kim Beom-soo to appear for questioning on Monday for an investigation into the mobile platform service provider’s possible violation of

Industry Oct. 20, 2023

South Korea signed a bilateral free trade deal with the United Arab Emirates Saturday, hoping to provide a tailwind for Korean automakers' outbound shipments and to help securing stable source for crude oil. The two countries concluded talks towards a Comprehensive Economic Partnership Agreement, a kind of FTA that covers trade in services and investment and regulatory aspects, as well as goods. Under the deal, Korea will remove tariffs on 92.8 percent of all items traded, and the UAE will

Industry Oct. 15, 2023

The vastness awakens us to the smallness of humanity and gratitude for our daily lives, but also presents itself as a new venue for heated competition among countries for national security and economic reasons, experts said Wednesday. “Space is where a sharp conflict of interest occurs among countries from foreign policy to economy and politics,” said Yi Soyeon, Korea’s first and so far only astronaut, at the 2023 Korea Herald Humanity in Tech forum held at the Shilla Seoul, un

Industry Oct. 11, 2023

The Korea Herald, the nation’s largest English newspaper, will kick off its annual business forum under the theme, “Beyond Earth,” on Wednesday to discuss the ever-evolving and highly dynamic space industry while endeavoring to understand humanity's connection with the universe. The 2023 Korea Herald "Humanity In Tech" or "HIT" forum will shed light on the rising industry and Korea’s recent progress in the field, including the successful launch of

Industry Oct. 10, 2023

A business collaboration platform that will bridge 62 million Indonesian farmers to Korean scientists and global investors has been launched to support them in garnering cutting-edge skills like meta farming and carbon trading, as the two countries work to champion sustainability in the digital economy. The Green Digital Economy Platform (GDEP), spearheaded by HumanX, a global partnership promoting human-centered technology, was officially unveiled on Friday under the endorsement of Indonesi

Economy Sept. 17, 2023

GS1, a nongovernmental organization based in Belgium that manages the bar codes scanned over 6 billion times daily across the globe, is set to unlock the future of the global retail industry with next-generation bar codes by supporting companies and consumers to access abundant trusted product data. GS1 CEO Renaud de Barbuat called on Korean business leaders in the retail and logistics industries to take a leap towards the digital transformation by replacing the bar codes they are using with two

Industry Sept. 6, 2023

China’s disappointing economic recovery has led more than half of Korean companies to miss their earning targets in the market, with abounding downside risks hampering the path to a rebound in the second half of the year, Korea’s major business lobby group said Wednesday. The Korea Chamber of Commerce and Industry raised concerns over the factors causing financial instability in China which could further drag Korean companies down, including its real estate market crisis, contracti

Economy Aug. 30, 2023

China’s lifting of group tours to South Korea is estimated to lead to 800,000 more travelers and raise Korea’s gross domestic product by 0.06 percent this year, the Bank of Korea said Friday. The resumption of group tours is expected to have a significant impact on the recovery of Chinese tourists visiting Korea, considering that about 40 percent of all Chinese tourists were group tourists before the restrictions were put in place, according to an economic outlook report released b

Economy Aug. 25, 2023

The new chairperson for the Federation of Korean Industries vowed that the business lobby group would prevent government-business collusion and push for a transparent corporate culture to “clean up the dark past” of a massive influence-peddling scandal it was embroiled in 2016. In its ad hoc general meeting held Tuesday, the lobby group appointed Ryu Jin, chairman of Poongsan Group, as the new chairperson of the FKI. The meeting was an arena where it announced the kick-starting of th

Industry Aug. 22, 2023

South Korea’s top four chaebol groups -- Samsung, SK, Hyundai Motor and LG -- are likely to rejoin the Federation of Korean Industries, the disgraced business lobby group that has remained practically defunct for years following the revelation of its role in a massive influence-peddling scandal in 2016. According to industry sources on Monday, key affiliates of the nation’s top conglomerates recently held board meetings to approve them rejoining the FKI. The latest decision comes a

Industry Aug. 21, 2023

The Chinese government has decided to allow group tours to South Korea after a six-year hiatus instigated by diplomatic bickering between Seoul and Beijing, as well as the COVID-19 pandemic. China's Ministry of Culture and Tourism on Thursday said it would lift restrictions on its nationals to travel in groups to 78 countries around the world, including Korea, the United States and Japan. The ban on Chinese group tours to Korea was removed for the first time since it was put in place as

Economy Aug. 10, 2023

At least 14 people were injured when a car ran onto the sidewalk before a suspect got out and went on a stabbing rampage in Seongnam, Gyeonggi Province, Thursday, Yonhap news agency said, citing police and fire authorities. Police detained the suspect, a 23-year-old man surnamed Choi, at the scene at 5:55 p.m., following the reported incident near Seohyeon Station, on the Bundang Line of the Seoul subway network. According to sources, Choi is a delivery industry worker. The police confirmed th

Social Affairs Aug. 3, 2023

South Korea’s eagerness to host the World Expo 2030 in Busan goes far beyond the pursuit of a multi-trillion-won injection into the economy, and is instead seeking to become an important international platform that will contribute to humanity, according to SK Group Chairman Chey Tae-won on Wednesday. “People often talk about the economic impact ... of hosting the expo. … More importantly, I think Korea should take a responsible course of action towards (having an impact on)

Economy July 27, 2023