Most Popular
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Yoon's approval rating plunges to all-time low
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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S. Korea votes in favor of Palestinian bid for UN membership
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Bae Doo-na shares portraying Korean identity in Hollywood's 'Rebel Moon'
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[From the Scene] Monks, Buddhists hail return of remains of Buddhas
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Medical schools granted enrollment quota flexibility for next year
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Korean art gets spotlight at Venice Biennale 2024
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Police uncover illegal gambling website made by teens, for teens
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SK hynix donates W3b for vulnerable classes in Gyeonggi, North Chungcheong
SK hynix, the world’s second-largest memory chip provider, said Monday the company donated 3 billion won ($2.66 million) for welfare institutions in Gyeonggi and North Chungcheong provinces to support the vulnerable.The chipmaker’s employees and executives raised 1.5 billion won and the company offered another 1.5 billion won for a matching grant fund, dubbed “Happy Nanum Fund,” which is part of its corporate outreach. SK hynix has so far donated 19.5 billion won, benefiting around 32,000 elderl
Jan. 21, 2019
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Coca-Cola features BTS for New Year’s special packaging
Coca-Cola said Monday it will be releasing a New Year’s special package featuring BTS song titles.Each package option will have images of BTS as well as adaptations of song titles, such as “Your spring is today,” “You‘re my idol” and “This year is on fire.” (Coca-Cola)The company stated that the packaging intends to convey “hopeful messages to hard-working consumers that they are great the way they are.” The messages were influenced by BTS song titles as the band has been continually spreading p
Jan. 21, 2019
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Kyung Hee University pharma research center to hold symposium on novel drug development
Kyung Hee University’s Global Center for Pharmaceutical Ingredient Materials is hosting a symposium on Wednesday for working-level novel drug developers and students pursuing careers in the field. Firms involved with the Gyeonggi-do Regional Research Center, a regional project that supports advancement of science and technology, have also been invited, the organizers said.In July 2017, GPIM was selected as a GRRC business for a six-year research project to foster collaboration between business,
Jan. 21, 2019
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JTI Korea taps former Mexico unit chief as CEO
JTI Korea, the Korean unit of the global tobacco maker, said Monday that it has tapped Jose Luis Amador as the new CEO of the Korean unit. JTI Korea said Amador was chosen to lead the Korean company based on his combined experience in marketing and sales at global offices in Spain, Hong Kong and the head office in Switzerland.The Spanish CEO spent the last seven years in Mexico, where he led the Mexican unit and launch of global cigarette brand Winston in the country. Jose Luis Amador (JTI Kore
Jan. 21, 2019
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Apple exploits mobile carriers: FTC
Apple is exploiting local telecom companies for profit by unfairly collecting advertising funds, economists representing South Korea’s antitrust watchdog said last week during a second hearing on the matter.Yonhap“Apple’s (superior) position in business dealing with local telecom firms is recognized based on economic analysis. (Apple) collecting advertising funds are merely additional ways of exploiting telecom carriers’ communications service profits,” FTC investigators were quoted as having te
Jan. 21, 2019
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Govt. to announce blueprint on nuke plant decommissioning in March
South Korea's industry ministry said Monday it will announce the blueprint on fostering the country's nuclear plant decommissioning industry in March in line with its new energy policy. While the government seeks to turn South Korea into a nuclear energy-free nation, there have been demands that the government should seek new opportunities to keep the country's energy industry running."We plan to prepare a plan to establish a nuclear-plant decommissioning research institute in the southeastern r
Jan. 21, 2019
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[News Focus] NPS braces for first test of stewardship code
The National Pension Service is increasingly under pressure to apply stricter yardsticks on their investments and management at invested firms, with growing risks from owners resulting in revenue and stock price drops. Political debates are also coincidentally brewing over whether the emphasized exercise of voting rights on governance issues would lead to more responsible investment of the state pension operator or to excessive state or social influence in the business realm. In July last year,
Jan. 21, 2019
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SK Broadband to double network size for Netflix users
South Korea's fixed-line operator SK Broadband Inc. said Monday that it is pushing to increase its network capacity to deal with the growing number of people using services offered by US video streaming platform Netflix.The company is planning to increase its data transfer speed for high-speed networks to 100 gigabits per second from 50 Gbps by doubling its overseas network in the wake of consumers' complaints over streaming quality. (SK Broadband)To watch Netflix in HD quality, a user must have
Jan. 21, 2019
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Air Busan to set up system to prevent working under influence
Air Busan Co., a South Korean low-cost carrier, said Monday it will enhance its operating system to prevent employees from working under the influence of alcohol this year. Pilots, flight attendants, aircraft maintenance managers and mechanics will be checked for alcohol levels before they report to work, the company said in a statement. (Yonhap)"If an employee's alcohol measurement exceeds the standard value, it is immediately reported to their managers via a short message service. The employee
Jan. 21, 2019
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FTC sends investigators to Korean Air, Asiana headquarters for mileage policy probe
South Korea’s antitrust watchdog has conducted onsite investigations at the offices of the country’s two major flag carriers to secure evidence for its ongoing probe into management of their controversial mileage point policy, a source said Sunday. The Fair Trade Commission recently sent investigators to the headquarters of Korean Air Lines Co. and Asiana Airlines Inc. in Seoul, according to the source. They are said to have collected relevant accounting and marketing data.(Yonhap) The probe com
Jan. 20, 2019
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[News Focus] China, ASEAN countries emerge as biggest consumers of Korean agro-fishery products
SEJONG -- South Korea’s agro-fishery products are gaining popularity in China and Southeast Asia on the back of their reputation for quality, freshness and safety.According to the Ministry of Oceans and Fisheries, exports of fishery products hit an all-time high of $2.386 billion in 2018, surpassing the former record of $2.383 billion set in 2012.While the largest and second-largest export destinations for marine products were Japan with $760 million and China with $390 million, exports to Japan
Jan. 20, 2019
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[On the Bar] Virtual currency subject to confiscation, Supreme Court rules
On the Bar is a regular column written by attorneys at Yoon & Yang LLC on various laws and regulations that affect running a business in Korea. The content provided here is general legal information. -- Ed.Last year for the first time, the Korean Supreme Court recognized a cryptocurrency as an “asset with measurable value.” In its landmark ruling on May 30, 2018, the Supreme Court held that cryptocurrency has a property value and is subject to confiscation as criminal proceeds if obtained illega
Jan. 20, 2019
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JW Pharmaceutical gains Korean approval for Hemlibra
JW Pharmaceutical said Sunday that it had gained the South Korean drug regulator’s nod to begin domestic sales of the hemophilia treatment Hemlibra, developed by Chugai, a Roche-owned company.JW Pharmaceutical obtained an exclusive license to sell Hemlibra on the Korean market in 2017.The Ministry of Food and Drug Safety has now approved the antibody for the treatment of patients with hemophilia A, with or without factor VIII inhibitors. (flickr @zhouxuan12345678)Hemlibra is the first, and so fa
Jan. 20, 2019
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[Photo News] Newest hightech closet
HIGH TECH CLOSET -- A model poses next to LG Electornics’ latest refurbished steam closet that hits the local market, Monday. The second product to LG’s high-end “Black Edition” smart closet line, the Tromm Styler Black Edition Slim has reduced in size from the previous capacity to hang six items to four, the company said. Its full mirror facade aspires to add to interior-design. Tromm Styler was globally acknowledged at the CES 2019 with “CES 2019 Innovation Awards.” (LG Electronics)
Jan. 20, 2019
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Samsung Bioepis’ breast cancer biosimilar gains FDA approval
Samsung Bioepis’ Ontruzant, a breast cancer treatment biosimilar referencing Roche’s Herceptin, won US Food and Drug Administration approval Saturday, expanding the list of Herceptin successors in the US market to three.Ontruzant is the third FDA-approved biosimilar of Switzerland firm Roche’s blockbuster breast cancer antibody. Its FDA approval is preceded by Mylan’s Ogivri in December 2017, and Celltrion’s Herzuma in December 2018.The three firms’ biosimilars are expected to simultaneously hit
Jan. 20, 2019
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Exports of small firms hit record high in 2018
Exports of small and medium-sized South Korean firms hit a record high of $114.6 billion last year, government data showed Sunday, due to a robust global manufacturing sector.The figures represent an 8 percent increase from 2017, according to the data compiled by the Ministry of SMEs and Startups. It was the second straight year that the export volume of small and medium-sized firms surpassed $100 billion.By product, plastic goods remained the top export item for the second consecutive year with
Jan. 20, 2019
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S. Korea’s shipbuilding sector shows signs of recovery
Anticipation is building up for a rebound in South Korea’s long-stalled shipbuilding industry, as the country’s largest shipbuilders logged major deals this week, according to industry players Friday.Hyundai Heavy Industries, the world’s largest shipbuilder in terms of sales, said Friday that it has clinched a $130 million contract to build two oil carriers for a European client.The 158,000-ton, 274-meter-long vessels are set to be delivered as early as the second half of 2020, the company said.
Jan. 18, 2019
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Celltrion clears the way for domestic sales of leukemia treatment biosimilar
South Korean biopharmaceutical company Celltrion has won an appeal case and successfully challenged the domestic patent of an original drug by Samsung Biogen, thereby clearing the way for sales of its up-and-coming biosimilar to treat autoimmune disorders, officials said Friday.The Patent Court of Korea on Thursday upheld a judgment by the Intellectual Property Tribunal, invalidating Samsung Biogen’s patent on Rituxan, an original drug used to treat chronic lymphocytic leukemia.The court decisio
Jan. 18, 2019
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[Eye Plus] An afternoon in a hanok
North European and classic American styles have prevailed among interior design fanatics in South Korea in recent years.But before the invasion of Western culture, it was mostly wooden furniture -- made from either maple or paulownia -- that was favored by aristocrats in the 18th and 19th centuries. The Korea Furniture Museum in Seongbuk-dong, northern Seoul, invites visitors to take a break -- and perhaps, travel back in time -- inside hanok, or traditional Korean houses, where more than 2,500
Jan. 17, 2019
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NPS to exercise shareholder rights over Korean Air, Hanjin KAL
South Korea’s state pension fund will actively exercise its rights as shareholder over the nation’s No. 1 air carrier Korean Air and its holding company Hanjin KAL Corp., the National Pension Service said Thursday.The decision is to mark the first of such case since the NPS introduced the stewardship code, a set of principles on trustee responsibility that allows the fund operator to intervene in the management of companies. (Yonhap)The fund management committee, the NPS' decision-making body, c
Jan. 17, 2019