South Korea will begin exporting its traditional ginseng chicken soup “samgyetang” to China from next month, as the two countries have reached an agreement on the trade deal, the Korean Agriculture Ministry said Sunday.The Ministry of Agriculture, Food and Rural Affairs said the two governments have concluded talks on related food regulations including those on quarantine and sanitation, making way for Korea to start exporting its chicken soup to China.A bowl of samgyetang (Yonhap)Once local chi

Industry May 30, 2016

While ramping up global pressure is key to hampering Pyongyang’s nuclear development, Seoul should chart a path to restart denuclearization talks to defuse tension and move toward an ultimate reunification, former New Zealand Prime Minister Jim Bolger said Friday.　“The crucial question is, what are the circumstances of starting dialogue? My observation is that it’s always sooner rather than later,” he told the Korea Herald in an interview on the sidelines of the Jeju Forum for Peace and Prosperi

Foreign Affairs May 29, 2016

South Korea is backpedaling on its green growth pledge as the current administration’s emissions reduction goal is lower than that set by the former administration, the deputy secretary-general of the OECD said Wednesday.“We can say (Korea’s current emissions target) is less ambitious than the previous one,” OECD Deputy Secretary-General Rintaro Tamaki told The Korea Herald in an interview after speaking at the Jeju Forum for Peace and Prosperity on Jejudo Island.OECD Deputy Secretary-General Ri

Social Affairs May 26, 2016

Hite Jinro’s premium soju wins Monde Selection award Hite Jinro on Tuesday said its premium soju brand Ilpoom Jinro has won the grand gold prize in the spirits and liquor category at the Monde Selection 2016 International Awards.It marks the seventh consecutive year that Ilpoom Jinro has kept its title in the category, Hite Jinro said, stressing that the award “signifies international recognition of Ilpoom Jinro’s tasteIlpoom Jinro is a premium soju made by aging Hite Jinro’s original distilled

Industry May 26, 2016

Philips Korea is looking to take the lead in bridging health care with advanced technology to offer local customers the most efficient and cost-effective services, its chief executive said Tuesday.“Digitalization is the key to redesigning health care to best benefit Korean society,” Philips Korea CEO Dominique Oh said during a press conference in Seoul on Tuesday to mark the company’s 40th anniversary.Philips Korea CEO Dominique Oh speaks during a press conference at the Westin Chosun Seoul on T

Industry May 24, 2016

Samsung Bioepis said Tuesday it has submitted SB2, a biosimilar drug referencing Johnson & Johnson’s rheumatoid arthritis treatment Remicade, for review by the U.S. Food and Drug Administration.SB2 is under review for the treatment of rheumatoid arthritis, Crohn’s disease, ulcerative colitis, ankylosing spondylitis, psoriatic arthritis, and psoriasis, the firm said.Samsung Bioepis' R&D center in Songdo, Incheon (Samsung Bioepis)It is Samsung Bioepis’ first biosimilar to seek entry into the U.S.

Industry May 24, 2016

An appellate court on Thursday ruled against Jung Tae-soo, former CEO of Paris Croissant, a bakery and cafe chain under the SPC Group, who claimed that he was unfairly sacked by the company.The Seoul High Court said in its ruling that the evidence was insufficient to support Jung’s claims. Jung took the CEO position of Paris Croissant in March 2013 but stepped down from the post in May 2014 on accusations that he abused his position, for example by using corporate credit cards for personal purpo

Industry May 23, 2016

South Korea recorded a trade surplus in biopharmaceutical products last year led by a sharp growth in Celltrion’s overseas sales, the Ministry of Food and Drug Safety said Monday.Korea’s biopharmaceutical exports rose 37.4 percent on-year to $892.4 million in 2015, while biopharma imports declined by 15.8 percent on-year to $738.22 million last year, according to the ministry data.(123RF)It marks Korea’s first biopharma trade surplus in six years, with exports exceeding imports by $71.02 million

Industry May 23, 2016

Hanmi Pharmaceutical will begin selling its next-generation targeted lung cancer therapy HM61713, in South Korea from next month under the name “Olita Tab.,” its vice president and chief medical officer said Friday.The announcement comes a week after the Ministry of Food and Drug Safety approved the drug, also known as Olmutinib, for local sales, allowing it to debut on home turf. The drug’s pricing has yet to be determined.“The approval of Olita Tab. is a great step forward for lung cancer pati

Industry May 20, 2016

Doosan Group officials celebrate the opening of its new duty-free store inside Doota, a shopping mall complex located in the heart of Seoul’s popular shopping district Dongdaemun Market, on Friday. The Doota Duty Free takes up the top nine floors of the 34-story Doota building, with seven of the floors open as of now. It is the country’s first late-night duty-free shop, with some floors staying open until as late as 2 p.m. (Yonhap)

Industry May 20, 2016

Samsung BioLogics on Thursday said it has selected five advisers to lead its initial public offering process on Korea’s main bourse KOSPI.They include a mix of Korean and foreign investment banks including Korea Investment Securities, NH Investment & Securities, Citigroup, J.P. Morgan and Credit Suisse.The Samsung BioLogics headquarters in Songdo, Incheon (Samsung BioLogics)Korea Investment Securities will represent the Korean investment banks while Citi will represent the foreign side, Samsung

Industry May 20, 2016

The chairman of South Korean cosmetics brand TonyMoly said Thursday that the company is preparing to aggressively expand its business in China this year, projecting sales of 260 billion won ($213 million) for 2016.　“We plan to focus on our business in China starting this year, as we have concluded the two-year legal dispute with our local distributor,” chairman Bae Hae-dong told reporters in Seoul during a press conference to mark the brand’s 10th anniversary.　Having won its two-year lawsuit aga

Industry May 19, 2016

LG Household & Health Care, South Korea’s leading maker of household goods, said Wednesday that its humidifier disinfectant sold back in the late 1990s did contain potentially harmful chemicals, but that they were used in small amounts that would not cause damage.　Earlier in the day, local news agency Newsis had reported that LG’s “119 Humidifier Disinfectant” product sold from 1997 to 2003 had contained benzalkonium chloride (BKC) a toxic substance that can be fatal when ingested.According to t

Industry May 19, 2016

MACAU -- Pinched by a prolonged economic slowdown as well as toughened regulations by authorities in mainland China, Macau, Asia’s largest gaming market, has been in a downward trend for the last two years. Its revenue dropped by 34 percent last year. The numbers of visitors -- both from the mass and VIP market -- declined, raising concerns of stakeholders in the region about its sustainability.G2E Asia participants look around the event venue inside the Venetian Hotel in Macau on May 17. (G2E A

Industry May 19, 2016

Korea’s top three hypermarket chains were slapped with a combined record-high fine of 23.89 billion won ($20.2 million) by the nation's antitrust agency Wednesday for violations of retail transaction regulations.　Homeplus, E-mart and Lotte Mart were fined for failing to comply with orders to correct practices such as unilateral deductions on payments made to suppliers, unpaid use of supplier employee labor, unfair division of labor costs, among other actions, the Fair Trade Commission said in a

Industry May 18, 2016