Prices of popular eating out options at restaurants continued to increase in April, adding more pressure to people’s consumption, a state-led agency’s data showed Wednesday. According to the Korea Consumer Agency data, the average price of a bowl of jajangmyeon, or noodles in black bean sauce, in Seoul increased by 12.5 percent on-year to 6,915 won ($5.20), up from 6,146 won a year ago. The average price of a bowl of samgyetang -- ginseng chicken soup that is popular during the summe

Consumer May 17, 2023

LG Chem CEO Shin Hak-cheol said Tuesday that the company will expand its sales of battery materials to 30 trillion won ($22.4 billion) by 2030, a sixfold increase from 4.7 trillion won in 2022. Shin added the company also aims to make its annual sales from three growth drivers -- battery materials, sustainability businesses and pharmaceuticals -- to reach 40 trillion won by 2030, which will make up 57 percent of the company’s total annual sales. LG Chem’s mid-term growth plan was unv

Technology May 16, 2023

South Korean e-commerce firm Coupang is catching up with Shinsegae, one of the country's largest and oldest retail players, by closing the sales gap to less than 10 billion won ($7.5 million) from 1 trillion won a year ago, according to their earnings reports Friday. The 13-year-old e-commerce operator's increasing number of paid subscribers is the main driver behind its improved performance, posing threats to conventional retail brands like Shinsegae. According to Coupang's lates

Consumer May 12, 2023

South Korea’s CJ Logistics said Thursday that the company will invest around 60 billion won ($45.4 million) to establish a global distribution center in Saudi Arabia, the Middle East's rising logistics powerhouse. The distribution center will be located in Riyadh’s Special Integrated Logistics Zone, a special economic zone, through which the Saudi Arabian government aims to boost the country’s supply chains. The facility will be built on 18,000 square meters of land within

Consumer May 11, 2023

Celltrion said Tuesday that the company decided not to acquire BioPharma Solutions, a leading provider of sterile contract manufacturing solutions owned by US-based medical device maker Baxter International. “Celltrion reviewed the acquisition but decided not to make the investment,” an official from Celltrion said. Celltrion’s announcement came after Baxter International's statement was released on Monday, in which the company said it signed a definitive agreement to dive

Technology May 9, 2023

SK Bioscience signed a contract manufacturing agreement with MSD to produce the latter’s next-generation Zaire ebolavirus vaccine candidate, the company said Monday. MSD is developing a next-generation Zaire Ebola vaccine candidate with Hilleman Laboratories to improve the production efficiency and thermal stability of the existing Zaire Ebola vaccine, Ervebo, which was approved in 2019. The development of MSD's new vaccine is in the early stage, and detailed manufacturing plans, howe

Technology May 8, 2023

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

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

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

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

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

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

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

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

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