US electric vehicle maker Tesla’s mid-size SUV Model Y topped imported car sales in Korea in the first half of this year, according to market tracker Carisyou on Sunday. With Germany’s BMW and Mercedes-Benz remaining the best-selling imported car brands, Tesla became the third-largest foreign carmaker during the same period. Tesla’s Model Y sold 10,041 units in the January-June period, almost quadrupling from a year ago. Other top sellers included BMW’s 5 Series (10,024 u

Industry July 7, 2024

Despite South Korea’s notoriously low birth rate, its childrenswear market shows no sign of abating, especially led by the binge spending of young parents. “Most parents that I know think that putting a luxury onesie that costs hundreds of dollars on a baby is excessive because they grow out of clothes so quickly. But, there are also some parents, particularly those who are well-off, who are willing to buy expensive clothes for their kids,” said a 38-year-old Seoul resident sur

Industry July 6, 2024

Daewoo Engineering & Construction Chairman Jung Won-ju met with Vietnam’s Prime Minister Pham Minh Chinh in Seoul to discuss future cooperation in construction projects in Vietnam, the company said Thursday. During the meeting held at Lotte Hotel in central Seoul on Wednesday, Jung sought the Vietnamese government’s support in the company’s ongoing construction projects in Vietnam. “Daewoo E&C is proud of being responsible for the Starlake City project in Hanoi,&r

Industry July 4, 2024

South Korean contract development and manufacturing organization Lotte Biologics CEO Richard Lee said Wednesday that the company aims to hit 1.5 trillion won ($1.07 billion) in sales by 2030 to become one of the world's top 10 CDMOs. The announcement came during a groundbreaking ceremony for the company's first biomanufacturing plant in Songdo, which will elevate its total production capacity to some 360,000 liters. The construction will be completed in the first quarter of 2026, and t

Industry July 3, 2024

Celltrion said Monday that CT-P43, its ustekinumab biosimilar referencing Stelara, received an approval recommendation from the European Medicines Agency's Committee for Medicinal Products for Human Use. Stelara is Janssen's top-selling drug for psoriasis, psoriatic arthritis, Crohn’s disease and ulcerative colitis. The global market for ustekinumab last year was estimated at around $20 billion, Celltrion added. “CHMP’s recommendation plays a decisive role in the EMA&

Industry July 1, 2024

Korean Air is expected to continue its trajectory with another solid quarter, backed by increased revenue from the company’s cargo business, according to a security firm’s report and industry sources Friday. According to Daishin Securities’ report, Korean Air’s revenue from its cargo business is expected to increase in the second quarter due to high demand, increased cargo and a recent drop in fuel prices. “The April-June period is considered as a low season for air

Industry June 28, 2024

Shares in online comics platform Webtoon Entertainment, a subsidiary of Naver in the US, rose around 10 percent in the first day of trading on Nasdaq on Thursday, giving the company a valuation of $2.92 billion. Webtoon Entertainment’s stock first opened at $21.30, and traded as high as $24. The stock price eased off the peak to close at $23. Through the initial public offering, Webtoon Entertainment is estimated to have raised $315 million, selling 15 million shares. The company earlier a

Industry June 28, 2024

South Korean health care startup Sky Labs said Thursday it is seeking to debut its ring-type blood pressure monitor, CART BP, in the US and Europe next year following its Korean launch in July to enjoy insurance benefits. The announcement comes after the nation’s Health Insurance Review & Assessment Service recently decided to allow the health care ring to get covered by the National Health Insurance Service. CART BP is the first ring-type medical device approved by the Ministry of Foo

Industry June 27, 2024

SK Pharmteco, a contract development manufacturing organization affiliated with SK Group, is considering selling its manufacturing plant in Virginia to Danish pharmaceuticals company Novo Nordisk, according to industry sources Wednesday. The Petersburg, Virginia plant is an active pharmaceutical ingredient manufacturing facility that encompasses over 600,000 square meters and has 188 cubic meters of capacity. SK Pharmteco has operated the facility since it acquired it from Ampac Fine Chemicals i

Industry June 26, 2024

Korea Ginseng Corporation announced Wednesday that it has signed a contract with US supermarket chain Sprouts Farmers Market to distribute its health supplement products under its red ginseng brand JungKwangJang in the US. Sprouts Farmers Market is a supermarket chain headquartered in Phoenix, Arizona. The company offers a wide selection of natural and organic foods at its 415 offline stores in the US, and its annual sales reach some 9 trillion won ($6.4 billion), according to KGC. “Improv

Industry June 26, 2024

Daewoo Engineering & Construction Chairman Jung Won-ju is ramping up efforts to expand the Korean builder’s global network for new business opportunities abroad, the company said Tuesday. According to the company, the chairman has made a total of 19 visits to 15 countries since 2022 when the builder was acquired by Jungheung Group. He also hosted nine meetings with foreign delegates visiting Korea during the same period. Over the past years, Jung visited Nigeria, Vietnam, India and Sin

Industry June 25, 2024

LG Chem Vice Chairman and CEO Shin Hak-cheol has been named co-chair of World Economic Forum’s Annual Meetings of New Champions this year, the company said Monday. The World Economic Forum holds the annual meeting in Dalian, China, from Tuesday to Thursday this week, under the title of “Next Frontiers for Growth.” The event will invite over 1,500 high-profile leaders from business, government, civil society and international organizations. Shin, one of the 11 co-chairs of the a

Industry June 24, 2024

South Korea's antitrust regulator plans to wrap up its over 16-month investigation into YouTube next month to determine whether the US platform breached any rules by bundling its music streaming service with its ad-free premium subscription program. Korea Fair Trade Commission Chairman Han Ki-jeong said the antitrust agency is "well aware that the industry and customers raised concerns over the bundling of YouTube Music with the YouTube Premium subscription,” during a press confe

Industry June 23, 2024

Kolmar Korea, a cosmetics original design manufacturer, said Thursday that the company has developed an artificial intelligence-based solution that can diagnose hair loss, using scalp biomarkers. The new solution can diagnose 16 types of androgenic hair loss, including nine male and seven female types, by screening biomarkers on the scalp's surface. When a dermatologist collects samples of a patient’s scalp and places them on analysis equipment, the AI-powered solution is designed to

Industry June 20, 2024

Samsung Biologics has launched an initiative to improve its corporate culture aimed at transforming it into a top-tier biopharmaceutical company by 2030. On Thursday, Samsung Biologics held a declaration ceremony, under a slogan dubbed “Samsung Biologics Way,” and pledged that the company's management and employees will make joint efforts to build a new company culture. Representatives from both management and staff pledged they would improve communication between leadership and

Industry June 20, 2024