The South Korean government on Monday met with local milling companies, upping the pressure on them to lower wheat prices in the fight on inflation, especially for daily food items such as instant noodles and milk. The Ministry of Agriculture, Food and Rural Affairs held a closed-door meeting Monday afternoon with officials from local milling firms including Daehan Flour Mills Corp., CJ CheilJedang and Samyang – the big three players in the industry. A ministry official declined to put too

Industry June 26, 2023

SK pharmteco, a global contract development and manufacturing organization under South Korean conglomerate SK Group, said Friday that its French subsidiary Yposkesi has completed construction of its second manufacturing facility for cell and gene therapies (C&GT) in Europe. Yposkesi’s second C&GT manufacturing site sits on 5,000 square meters of land in the Genopole campus, the largest biotech cluster in France. With the addition of the second site, Yposkesi’s biomanufactur

Technology June 23, 2023

South Korea’s leading massage chair maker Bodyfriend on Thursday launched a new massage chair, called Davinci, which analyzes users’ body composition and offers more customized massage options. “It has been widely accepted that massage chairs are mostly used by older generations. But the newly launched massage chair featuring bioelectrical impedance analysis is expected to appeal to younger generations,” Bodyfriend Chief Marketing Officer Song Seung-ho said during the lau

Consumer June 22, 2023

BGF Retail, the operator of South Korean convenience store chain CU, announced Tuesday that the company will expand its convenience store business into Kazakhstan. The firm plans to open the first CU store in Kazakhstan during the first half of next year and establish around 500 branches in the country in the next five years. When opened, Kazakhstan will become the first Central Asian country to have CU stores. BGF Retail says it would also be the first foreign convenience stores in Kazakhstan.

Consumer June 20, 2023

SK Chemical said Monday it has begun commercial production of a new diabetes treatment drug co-developed with AstraZeneca. Under their partnership, SK Chemical will be responsible for production of the diabetes treatment drug that will be supplied here and overseas countries in the future, SK Chemical added. “(SK Chemical’s new diabetes treatment drug) has shown the company’s capability in developing and producing medical products. (The new treatment) is expected to help SK Che

Technology June 19, 2023

South Korea’s growth hormone deficiency treatment market has seen stunning growth in recent years, particularly with growing interest in children’s height among parents here. “I heard that there are three things that moms in Daechi-dong (Seoul’s infamous private education district) do for their children these days: teeth straightening, squint eye correction and growth hormone treatment,” a 36-year-old working mom living in Gyeonggi Province said on condition of anon

Technology June 14, 2023

South Korean construction management firm HanmiGlobal announced a new welfare policy Friday under which it will promote any employee who will have a third child, and offer financial support for all workers expecting a child. The company said any employee expecting a third child will be promoted, regardless of the employee’s performance or the length of their service at the company. For those employees who will have a fourth child, HanmiGlobal will give financial support for hiring babysitt

Industry June 9, 2023

The chambers of commerce of South Korea and Japan agreed Friday to work together to promote Busan's bid to host the 2030 World Expo, the Korea Chamber of Commerce and Industry said. The agreement was reached between the KCCI and the Japan Chamber of Commerce and Industry during a meeting held on Friday in Busan, attended by KCCI Chair Chey Tae-won and JCCI Chair Ken Kobayashi. Under the partnership, the KCCI will support its Japanese counterpart for a successful opening of the Osaka-Kansai

Industry June 9, 2023

Samsung Biologics said Thursday the company won a $411.3 million contract manufacturing deal from Pfizer to produce the US-based pharmaceutical giant’s biosimilar products. Even though the company didn’t specify the product name, industry watchers predict that the deal is highly likely to involve producing Pfizer’s Abrilada, a biosimilar to the autoimmune disease drug known as Humira. In the statement, Samsung said it will produce Pfizer’s multiple biosimilar products wit

Industry June 8, 2023

South Korea's biopharmaceutical company Celltrion announced Monday that the company will cooperate with the US biotech firm Rani Therapeutics to develop an oral version of the Humira biosimilar CT-P17. CT-P17, also known as Yuflyma, is a high-concentration, low-volume and citrate-free biosimilar of Humira, an injectable treatment for rheumatoid arthritis and other autoimmune conditions, developed by AbbVie. Celltrion received the US Food and Drug Administration's approval for the injec

Technology June 5, 2023

South Korean drugmaker Daewoong Pharmaceutical said Monday that it is in talks with multinational pharmaceutical companies to carry out clinical trials of Fexuprazan, its new gastroesophageal reflux disease treatment, in key markets such as the US, Europe and Japan. The announcement comes after Daewoong ended its partnership with US biotech firm Neurogastrx on the same day. Earlier in June 2021, Daewoong signed an agreement to license out Fexuprazan to the US biotech firm. Under the contract wor

Technology June 5, 2023

Hanjin Group Chairman and Korean Air CEO Walter Cho received the Excellence in Leadership Award by Air Transport World, the company said Sunday. The award ceremony was held at the Grand Cevahir Hotel in Istanbul, Turkey, on Friday, Korean Air said. The award was established in 1974 by ATW, a publication covering global air transportation, and is one of the most prominent awards in the industry, Korean Air said. Cho has expanded his presence in the global aviation industry since 2019 when he took

Industry June 4, 2023

Posco has launched the country’s first low-carbon steel product in line with the steelmaker’s ambitious goal to achieve carbon neutrality by 2050, the company said Sunday. LG Electronics has become the first client to purchase the newly-launched low-emission steel product for the company’s home appliances production, the company added. Posco’s new steel product, named Greenate certified steel, uses mass balance methodology by which steelmakers allocate their carbon emissi

Industry June 4, 2023

Posco Group Chairman Choi Jeong-woo said the group is paying extra attention to the inflation-triggered financial market volatility and the growing geopolitical risks. Choi added the group will overcome the difficulties by making aggressive investments in battery materials businesses, particularly those relating to the electric vehicle industry, during an interview organized by the Korea Society. The interview video was released by the non-profit organization on Wednesday. “The recent hike

Industry June 1, 2023

Daewoo Engineering & Construction's Chairman Jung Won-ju, who doubles as vice chairman of Jungheung Group, met with Turkmenistan's president and other top officials to discuss new business projects in the Central Asian country, the South Korean builder said Wednesday. According to the company, Jung met with Turkmenistan’s de facto leader Gurbanguly Berdymukhamedov, the former president who currently serves as chairman of the People’s Council, in the capital city of Ashg

Industry May 31, 2023