Articles by Shim Woo-hyun
Shim Woo-hyun
ws@heraldcorp.com-
Employment of women in 30s hits all-time high
The number of female employees who are in their 30s has increased by around 110,000 from a year ago, while that of male workers in the same age group has declined by some 80,000, according to government data, Sunday. According to Statistics Korea and Microdata Integrated Service, the number of female workers who are aged 30-39 reached 2.17 million, up 108,000 from a year ago. The figure for male workers in the age group reached 3.12 million, down 84,000 on-year. In total, the number of employed
Industry May 7, 2023
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SK Bioscience shares soar after contract deal with MSD
SK Bioscience’s share price soared over 16 percent on Thursday after the company signed a manufacturing deal with international pharmaceutical firm MSD. According to the Health Ministry and SK Bioscience on Friday, SK Bioscience and MSD inked the contract manufacturing deal to produce a vaccine. Following the signing, SK Bioscience’s stock price increased 16.39 percent to 83,100 won ($64.04) on Thursday, largely on the hopes that the company's sluggish performance will improve i
Technology May 5, 2023
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US could become S. Korea’s top trading partner, replacing China
The United States is expected to become South Korea’s top trading partner for the first time in 20 years, replacing China, Korea’s current top export destination, government data showed Friday. According to the Trade Ministry's latest data, South Korea’s exports to China in April decreased by 26.5 percent on-year to $9.52 billion. The country's exports to the US, on the other hand, reached $9.18 billion. The gap between South Korea’s exports to China and the US
Industry May 5, 2023
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Telehealth availability challenged as pandemic wanes
Six major South Korean business lobby groups issued a joint statement Thursday, calling on the National Assembly to amend related laws to keep telehealth platforms running. The groups, including the Korea Chamber of Commerce and Industry and the Federation of Korean Industries, asked lawmakers to legislate the medical law amendment bill to protect the telemedicine industry. Telemedicine services boomed in Korea during the height of the COVID-19 pandemic, but they soon may no longer be available
Technology May 4, 2023
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Hamburger prices jump 17% in April
Consumer prices for hamburgers rose at the fastest clip in nearly 20 years, according to Statistics Korea data released on Thursday, after major franchise companies raised their prices on the back of increasing expenses on raw materials. Hamburger prices rose 17.1 percent on-year last month, the highest jump since July 2004 when they increased by 19 percent. In Korea, the inflation rate of hamburgers has been rising fast this year. Consumer prices for hamburgers in February rose by 7.1 percent a
Consumer May 4, 2023
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Merck to build bioprocessing plant in Korea
Merck, a leading science and technology company based in Germany, said Wednesday it plans to build a bioprocessing unit in Daejeon, South Korea. Under a three-way memorandum of understanding signed by the firm with Korea's Ministry of Trade, Industry and Energy and the government of Daejeon, they will discuss detailed plans for building the international pharmaceutical company’s new bioprocessing unit that can produce raw materials for drugs. The Trade Ministry and the Daejeon city go
Technology May 3, 2023
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[Herald Interview] Global teamwork key for future pandemic response: AstraZeneca co-developer
Collective efforts from a global network of vaccine developers and manufacturers will be needed to better respond to future outbreaks and pandemics, said a co-developer of a COVID-19 vaccine that has saved millions of lives. Sarah Gilbert, professor of vaccinology at the University of Oxford and co-developer of the Oxford-AstraZeneca COVID-19 vaccine, warned that more pandemics will occur in the future. “There needs to be a global collaboration and recognition that we need vaccines for pub
Technology May 1, 2023
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SK Bioscience to invest W2.4tr by 2027
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
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Korea, US agree to bolster ties on bioeconomy
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
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[Herald Interview] Ballantine’s master blender on new whisky expression full of memories
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
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Celltrion employees unimpressed by company's new dress code
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
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Hyundai Engineering, SK Ecoplant to cooperate on pink hydrogen
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
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S. Korea backs down on possible tax hike for heated tobacco products
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
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Soju's main ingredient posts biggest price jump in 20 years
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
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Posco Group's market cap up 50% this year
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
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