Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Tensions heighten ahead of first president-opposition chief meeting
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Woman gets suspended term for injuring boyfriend with knife
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[Weekender] How DDP emerged as an icon of Seoul
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Med schools expect 1,500+ new admission slots next year
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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
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Naver updates translation service for Korean honorifics
South Korean internet giant Naver released an update to its online translation service that is capable of rendering English into honorific Korean, as foreign users have often found it difficult to replace English words with formal and polite Korean expressions. According to Naver on Thursday, users who update the company’s automated translation app, Papago, can receive translations in honorific Korean if they turn on the “honorific button” in the input box. Currently, the updated service is ava
Jan. 17, 2019
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‘Korean biopharma on brink of explosive global growth, only needs nudge’: KPBMA
The Korean biopharma industry can become one of Korea’s main economic growth engines, but only if the government helps shift its paradigm from domestic market to overseas, said Korea Pharmaceutical and Bio-Pharma Manufacturers Association’s Chairman Won Hee-mok at a press briefing held Thursday.“(Korea’s) biopharma industry has so far duly served the social role of providing affordable drugs for the local market, but now is the time for the government to help the industry turn focus and advance
Jan. 17, 2019
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Oceans ministry to share marine technologies with local firms
South Korea's oceans ministry said Thursday it will share marine robotics technologies developed by state-run institutions with local companies to cut the costs of renting foreign machines.The Ministry of Oceans and Fisheries and the Korea Institute of Ocean Science & Technology said they have decided to share three different marine construction robot technologies with local companies. (Yonhap)By sharing the technology, the oceans ministry said local firms could save more than 10 billion won ($8
Jan. 17, 2019
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LG Chem joins global group for ethically sourced minerals
LG Chem Ltd., a major South Korean EV battery maker, said Thursday that along with other global firms, it plans to use blockchain technology to trace and validate ethically sourced minerals. In a bid to support human rights and environmental protection, as well as help infuse more transparency into global mineral supply chains, LG Chem, Ford Motor, Huayou Cobalt, IBM and RCS Global will begin with a pilot focused on cobalt and explore the creation of an open, industrywide blockchain platform th
Jan. 17, 2019
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Venture minister vows to expand support for startups
South Korea's venture minister said Thursday that the government is committed to expanding support for startups, which eventually would jack up employment.Venture investment in South Korea is estimated at 3.4 trillion won ($3.04 billion) last year, which marks a hike of over 40 percent from a year earlier, according to Minister of SMEs and Startups Hong Jong-haak.(Yonhap)"For this year, state-involved venture investment funds will be boosted, and the government will encourage private investors t
Jan. 17, 2019
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‘League of Legends’ Champions Korea spring 2019 opens
Biannual esports league “League of Legends” Champions Korea’s 2019 spring split season opened Wednesday, with SK Telecom T1 and Jin Air Green Wings going head-to-head in the first match at LoL Park in Jongno, Seoul.The 10 teams competing in this split, which will continue through March, are the Afreeca Freecs, Damwon Gaming, Gen.G, Griffin, Hanwha Life, Jin Air Green Wings, Kingzone DragonX, KT Rolster, Sandbox Gaming and SK Telecom T1.SK Telecom T1 and KT Rolster have garnered much attention, w
Jan. 16, 2019
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Kimchi exports continue to rise
Exports of kimchi have been rising steadily in recent years, reaching $97.5 million last year, up 20 percent from the previous year, data from the Ministry of Agriculture, Food and Rural Affairs showed Wednesday.The ministry has been collecting kimchi export data since 2006 and said last year’s was the biggest annual jump in kimchi exports. The highest export figure for kimchi was $104 million in 2012. (Yonhap)The number of countries importing kimchi also increased, from 63 in 2017 to 68 last ye
Jan. 16, 2019
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Hyundai Motor’s Kona EV debuts on Singaporean carpooling market
Hyundai Motor said Wednesday that its Kona EV has debuted on the ride-hailing market in Singapore via carpooling service Grab. It is the first time an electric vehicle has been chosen for a carpooling service in Southeast Asia, according to the firm.Hyundai Motor said it has provided 20 Kona EVs for the launch of the electric vehicle carpooling service. By year-end, up to 200 Kona EVs will be added for Grab drivers, according to the firm. Established in 2012, Grab has been called the Uber of Sou
Jan. 16, 2019
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Health supplement market surpasses W4.3tr on e-commerce boom
The health supplement market grew 20 percent over the past three years to reach 4.3 trillion won ($3.8 million) in 2018 as compared with 3.5 trillion won in 2016, the Korea Health Supplements Association said, crediting the growth spurt to e-commerce channels.Tablets and pouch-type health drinks such as ginseng extract led the sales, according to a KHSA representative. The rapid growth of the market for health supplements was largely the result of strong purchases through online shopping platfor
Jan. 16, 2019
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Hotel Shilla to open first overseas hotel in Danang
Hotel Shilla said Tuesday that it is opening its first overseas hotel in Danang, Vietnam, this year, aiming to become a global hotel chain. It will open more hotels in 10 further overseas locations, including in the US and China. Under its new brand Shilla Monogram, the hotel in Danang will be an upscale hotel comprised of a beach restaurant, lobby bar and 300 guest rooms across nine buildings. Shilla Monogram Vietnam Danang (Hotel Shilla)The company said its overseas hotels will be operated ba
Jan. 15, 2019