SK Bioscience said Friday that the company will invest 2.4 trillion won ($1.79 billion) over the next five years into new vaccine development and the expansion of manufacturing facilities both here and abroad. “The next five years and the company’s investments made during the period will determine SK Bioscience’s future,” said SK Bioscience CEO Ahn Jae-yong during a press conference held in Seoul. The size of the latest investment is around five times bigger than investme

Technology April 28, 2023

The Korea Biotechnology Industry Organization said Wednesday it has signed an agreement with its US counterpart Biotechnology Innovation Organization to bolster ties in the bio-economy, ranging from supply chain management to research and development. The two organizations signed a memorandum of understanding for enhanced partnership on the sidelines of President Yoon Suk Yeol’s state visit to the US for a summit with President Joe Biden. The agreement is the first of its kind signed betwe

Technology April 26, 2023

Sandy Hyslop, the master blender behind Ballantine’s, visited South Korea to celebrate the global launch of the first edition of Pernod Ricard's premium whisky series, the 40 Year Old Masterclass Collection. Marking his 40 years in the industry this year, Hyslop is widely known as the master blender of Ballantine’s, the Glenlivet and Chivas Regal. His job is to check the quality of what distilleries produce every single week, create new whiskies and manage the continuity and fla

Industry April 25, 2023

South Korean pharmaceuticals giant Celltrion last week announced a set of new workplace policies, including a stricter dress code, prompting complaints and mockery among young employees. According to the company on Sunday, the official dress code bans employees from wearing jeans and other casual attire such as hoodies, sweatpants, crew-neck tees and anything that has large brand logos. Instead, workers are advised to wear collared shirts, jackets, slacks and black sneakers. Celltrion allowed

Technology April 23, 2023

Hyundai Engineering announced Thursday that it has agreed to work with US-based reactor and reactor fuel developer Ultra Safe Nuclear Corporation and SK Ecoplant to develop a pink hydrogen production system. Pink hydrogen refers to hydrogen produced by using nuclear power to electrolyze water, splitting hydrogen from oxygen for use as a fuel. On Thursday, the companies signed a three-way memorandum of understanding at SK Ecoplant’s headquarters in central Seoul. Under the agreement, the th

Industry April 20, 2023

The South Korean government on Wednesday backed down on a possible tax raise for heated tobacco products, just two days after the nation’s finance minister hinted at the possibility of a parliamentary hearing. “(The government) is not currently considering raising the tobacco tax at the moment,” the Finance Ministry said in a statement after the minister’s comments were met with immediate public backlash. A possible tax hike for heat-not-burn cigarettes first emerged when

Industry April 19, 2023

The price of spirits used to make soju products went up Tuesday, marking the biggest jump in the last 20 years. The price hike comes for a second consecutive year, increasing burdens on local soju makers. Korea Ethanol Supplies Co. said Tuesday it has raised the price by 9.8 percent. The price hike will apply to all soju makers as the company is the country's sole distributor of the spirit. The latest 9.8 percent increase follows an 8 percent raise last year, and it is the highest increase

Consumer April 18, 2023

Posco Group has seen an increase of more than 20 trillion won ($15.2 billion) in its market capitalization this year, buoyed by anticipated gains in its battery businesses. According to data released by Korea Exchange on Monday, the combined market capitalization of Posco Group's listed firms came to around 63.5 trillion won as of Sunday, up by around 50 percent -- some 23 trillion won -- from early 2023. Posco Group's market capitalization also surpassed that of Kakao, which came to 4

Industry April 17, 2023

South Korean food and bakery giant SPC Group said Friday it has joined hands with the city government of New York and the American Chamber of Commerce in Korea to boost the US city’s economy by expanding support for minority groups. A signing ceremony for the memorandum of understanding was held in New York on Wednesday, with Mayor Eric Adams, AmCham Chairman James Kim and Paris Baguette North America Chief Strategy Officer Hur Jin-soo in attendance. Under the agreement, SPC will run a six

Consumer April 14, 2023

The South Korean pet insurance market has been expected to gain traction amid a growing pet population in the country. However, it will take more time for the market to mature, according to industry sources. According to the Korea Credit Information Service, the number of pet owners who have pet insurance plans reached around 55,000 as of October last year, accounting for only 0.8 percent of 7.2 million pet owners in the country. The figure is much lower than other foreign countries such as Swed

Industry April 14, 2023

Posco Group Chairman Choi Jeong-woo and former US Deputy Secretary of State Stephen Biegun met on Wednesday in Seoul to discuss global supply chain strategies. Biegun currently works as an adviser for Posco America since his appointment in 2021. “(Choi and Biegun) are expected to discuss Posco Group’s global strategies for the future and measures to overcome the ongoing global supply chain crisis,” an official from Posco Holdings said. Their meeting on Wednesday drew attention

Industry April 12, 2023

The National Tax Service announced Tuesday that it has launched the K-Liquor Promotion Council to boost exports of alcoholic beverages produced by small and mid-sized firms. "Imports of alcoholic beverages have increased during the COVID-19 pandemic, but exports of locally produced alcoholic beverages have had difficulties in entering the foreign markets,” the National Tax Service explained the background behind the launch of the council. According to the NTS data, imports of alcoholi

Consumer April 11, 2023

Orion Holdings, the holding company of snack maker Orion Group, announced Monday that it had signed a contract with Chinese partners to export its mineral water product, Jeju Yongamsoo. With its partnerships with Qingdao Yongping Market Management and Qingdao Guoxin Culture and Sports Industry, Orion Holdings aims to increase its sales of the water product in China. "Orion expects the company's production and sales of its water product to significantly increase on the latest signing wi

Consumer April 10, 2023

When a 30-year-old Seoulite surnamed Choi drops by the convenience store before hitting the gym, he makes sure that he chooses a sugar-free soft drink from the cooler. “I have been drinking sugar-free soft drinks instead of regular ones, because I find it more helpful for my workouts,” he said. Choi is one of many young health-conscious consumers whose choices reflect the clear winner in the beverage market -- sugar-free beverages. Sugar-free and low-calorie soft drinks are enjoying

Consumer April 10, 2023

President Yoon Suk Yeol said Wednesday he is "pleased" to be invited to address a joint session of the US Congress during his state visit to Washington later this month as the two allies mark the 70th anniversary of their establishment. Yoon is scheduled to hold a summit with US President Joe Biden in Washington, D.C., on April 26.

Foreign Affairs April 5, 2023