Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Some junior doctors are returning: Health Ministry
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Celltrion to step up US market expansion with 3 biosimilars
South Korean biopharmaceutical company Celltrion is on track for a major business expansion in the US, as it now has three biosimilars to compete against blockbuster original drugs in the US market.The US Food and Drug Administration on Friday approved Celltrion’s Herzuma, a biosimilar referencing blockbuster breast cancer drug Herceptin. The news came a month after the US regulator’s approval of Truxima, a Celltrion-developed biosimilar referencing Rituxan used for the treatment of non-Hodgkin’
Dec. 17, 2018
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Regulator, SK Telecom team up to fight phone scams
The financial watchdog said Monday it has signed a deal with SK Telecom Co., the nation's biggest wireless operator, to jointly develop an artificial intelligence platform to combat telephone scams. Under the deal, the Financial Supervisory Service will provide voices of phone scammers to SK Telecom, which develops algorithms that automatically analyze possible phone scams. (Yonhap)SK Telecom is expected to announce details of the platform in the first half of next year, the FSS said. The FSS l
Dec. 17, 2018
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Concrete voids found in two UAE reactors: ENEC
Two nuclear reactors under construction in the United Arab Emirates were found to have voids in their concrete walls and have been undergoing repairs, the Emirates Nuclear Energy Corporation has said. The Korea Electric Power Corporation, which is in charge of the construction of four reactors at the Barakah nuclear power plant, verified the presence of voids in Units 2 and 3 that were then confirmed by the plant operator, the ENEC said on its website on Dec. 5. (Yonhap)The state-run nuclear op
Dec. 17, 2018
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Govt. mulls safety checks on all SOC, energy facilities
The government is considering having social overhead capital and public energy firms conduct safety checks on all facilities under their oversight as part of efforts to pre-empt accidents, officials said Sunday.The move comes after a series of recent incidents, such as the derailment of a KTX bullet train operated by the Korea Railroad Corp. and the bursting of old heating pipes operated by the Korea District Heating Corp. (Yonhap)"We're considering asking SOC and energy-related public firms t
Dec. 16, 2018
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CJ chief calls for rapid global expansion
South Korean food-to-entertainment conglomerate CJ Group Chairman Lee Jay-hyun urged CJ retailers to work aggressively to expand their business globally, reiterating the corporate vision of becoming the world’s No. 1 lifestyle and culture company. According to CJ, Lee presided over a meeting with the group’s CEOs on Friday in Los Angeles and asked them to seek a stronger presence in foreign markets with products encompassing CJ’s four business pillars: food, culture, bioindustry and logistics. T
Dec. 16, 2018
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[Monitor] Defense companies’ profits dive in 2017
South Korean defense companies’ operating profits nose-dived last year due to a significant drop in exports and an increase in R&D costs, data showed.According to the Korea Defense Industry Association, the combined operating profits of its 93 member companies amounted to 60.2 billion won ($53.06 million) in 2017, an 88 percent decrease from 503.3 billion won in 2016.Revenue also dropped 13.9 percent to 12.761 trillion won, down 13.9 percent from a year earlier.By Choi Ji-won (jwchoikr@heraldcor
Dec. 16, 2018
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Korean entrepreneurs pivot toward ASEAN on back of New Southern Policy
In line with the South Korean government’s push to strengthen diplomatic and economic ties with Southeast Asia, Korean entrepreneurs are increasingly seeking new opportunities in the region to benefit from its fast-growing economies, which have a combined population of 630 million and a combined gross domestic product of $2.4 trillion. The New Southern Policy is the Moon Jae-in administration’s key foreign economic policy and reflects its strong commitment to prosper together with the ASEAN coun
Dec. 16, 2018
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Innisfree lands in Melbourne
South Korean cosmetics giant Amorepacific’s organic skin care brand Innisfree opened a new store in Melbourne, its third in Australia. The company’s third store in Australia makes its debut six months after the first, as local consumers show increasing interest in K-beauty and organic cosmetics, the company said. (Innisfree)The new Innisfree store is located on the first floor of the Chadstone Shopping Centre, Australia’s largest shopping mall. The company said the store’s decor reflects Innisfr
Dec. 16, 2018
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HHI builds eco-friendly power plant in Colombia
Hyundai Heavy Industries has completed building an eco-friendly power plant in Colombia’s northern port city of Santa Marta, with its own dual-fuel engine, HiMSEN, according to the Korean shipbuilder on Sunday. In February of last year, Hyundai Heavy Industries won an $80 million contract from Colombian private power company Axia to build a 93-megawatt power plant. Termonorte power plant constructed by Hyundai Heavy Industries in Colombia (HHI)The firm said its own dual-fuel engine HiMSEN has si
Dec. 16, 2018
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Celltrion's biosimilar receives US FDA approval
Celltrion Inc.'s biosimilar to Roche's breast cancer treatment Herception has won approval from the US Food and Drug Administration, the South Korean drugmaker said Saturday. Celltrion's Herzuma is the biosimilar to Roche Holding AG's breast cancer treatment Herception, one of the world's most successful antibody medicines that raised $7.18 billion in sales in the United States in 2017. Teva Pharmaceutical Industries Ltd., a global pharmaceutical giant, will be in charge of its sales in the US m
Dec. 15, 2018
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Naver, Dongdaemun market listed on EU counterfeit watch list
South Korea’s dominant portal web operator Naver and Seoul’s Dongdaemun Special Tourist Zone have been included on the European Union’s “watch list” for acts of piracy and counterfeiting, according to a recent report.The European Commission, with the support of the EU Intellectual Property Office and Europol, published its first-ever watch list last week, naming 52 non-EU websites and marketplaces in more than 20 countries it alleges engage in, facilitate or benefit from piracy. (Credit : Seoul'
Dec. 14, 2018
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Sanofi starts remaining phase 3 clinical trials of Hanmi’s diabetes drug candidate
South Korea’s Hanmi Pharmaceutical said Friday that Sanofi has signaled the start of two new phase 3 clinical studies of the Type 2 diabetes drug candidate efpeglenatide by officially listing the plans on ClinicalTrials.gov, a US-based clinical trials registry site.By doing so, Sanofi has officially executed all five of its planned phase 3 clinical trial agenda for efpeglenatide, which Hanmi licensed out to Sanofi in 2015, according to the Korean drugmaker.So far, Sanofi has been carrying out th
Dec. 14, 2018
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Korea's defense industry's sales log 1st decrease last year
Sales by the South Korean defense industry dropped 13.9 percent from a year ago to 12.76 trillion won (around $11.35 billion) last year, partly due to decreased exports and increased costs for research and development, an industry body said Friday.According to the Korea Defense Industry Association, an umbrella body of 93 defense-related companies, it marked the first time that the industry saw its sale fall since it began to compile related data in 1983.During the reported year, the industry's
Dec. 14, 2018
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IATA expects higher net profits for Asia-Pacific airlines
The International Air Transport Association (IATA) forecast that airlines in the Asia-Pacific region will post higher net profits next year on a rise in the number of travelers and lower oil prices, Korean Air Lines Co. said Thursday. While expecting the global airline industry to post a net profit of $35.5 billion in 2019, up 4 percent from $32.3 illion a year earlier, IATA Director General and CEO Alexandre de Juniac said airlines in the Asia-Pacific region will report a net income of $10.
Dec. 13, 2018
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Prosecutors raid Samsung BioLogics' headquarters in accounting fraud probe
Prosecutors raided the main offices of Samsung BioLogics Co. and its accounting firms on Thursday as part of a probe into alleged accounting fraud. The raids come about a month after the Financial Services Commission (FSC) ruled that Samsung BioLogics intentionally violated accounting rules ahead of its initial public offering in 2016. The case has been referred to the prosecution. The regulatory review centers on questions about the loss-making Samsung BioLogics’ reporting of sudden profits i
Dec. 13, 2018
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Air Busan seeks to gather future growth momentum via IPO
Air Busan Co., a low-cost carrier in South Korea, said Thursday it will expand its market presence and boost its image by making full use of funds generated by its planned listing in the country's stock market this month.In November, the budget carrier won approval from the Korea Exchange for the initial public offering on the KOSPI. (Yonhap)The company is to raise up to 20.8 billion won ($18.51 million), with the price per share being set at between 3,600 won and 4,000 won. "Through this listi
Dec. 13, 2018
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Hyundai Heavy clinches W634b deal to build 2 frigates
Hyundai Heavy Industries Co., the world's largest shipyard by sales, said Thursday that it has bagged a 634 billion won ($563 million) order to build two frigates.Under the deal with South Korea's Defense Acquisition Program Administration, Hyundai Heavy will deliver the two 2,800-ton ships by 2013 to the country's Navy. (Yonhap)The ship, 122 meters long and 14 meters wide, will have a maximum speed of 30 knots. The ships will carry a naval gun, various missiles and host of weapons control syste
Dec. 13, 2018
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Samsung expands smart factory project team for local firms
Samsung Electronics Co. said Thursday it has promoted the status of its smart factory task force team to better help local businesses improve productivity of their production lines.The South Korean tech giant said it decided to launch the smart factory support center by expanding the task force team, which kicked off in 2015. (Yonhap)The move is seen as a response to the government's latest call to have conglomerates play bigger roles in creating jobs and fostering small and medium-sized compani
Dec. 13, 2018
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Samsung Electronics ordered to pay penalty to KEPCO for unpermitted in-house power line
The Supreme Court has ruled that Samsung Electronics must pay a penalty to Korea Electric Power Co. for installing in-house electricity facilities to secure reserve power without permission from the electric utility company, court officials said Thursday.In a confirmation of lower courts' rulings, the top court said that Samsung's installation of unpermitted electricity facilities at its semiconductor manufacturing compound violated its electricity use contract with KEPCO. (Yonhap)KEPCO launched
Dec. 13, 2018
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Credit card companies may use mobile messengers for payment notices
Credit card companies will be able to send payment notices to customers via mobile messengers, a change that may save up to 3 billion won ($2.7 million) a year, officials said Thursday.The Credit Finance Association said that it has revised the standard clauses concerning mobile text messages, allowing credit card operators to use mobile messengers such as KakaoTalk, Line and WiBee Talk.(Yonhap)Credit card service providers have been using text messaging to notify their customers of their card u
Dec. 13, 2018