GoldenBlue, a South Korean whiskey maker and distributor of imported liquor products, said Tuesday that Carlsberg Group "unilaterally" terminated their contract for the distribution of Carlsberg beer in Korea earlier this month. The company said it will stop selling Carlsberg beer products from Friday, labeling the unilateral notice “tyrannous.” According to the Korean firm, it had distributed Carlsberg beer products under a three-year contract between 2018 and 2021, but si

Consumer March 28, 2023

LG Chem, a leading South Korean chemical company, announced Tuesday that the company will invest 10 trillion won ($7.7 billion) in its three business categories of batteries, drugs and sustainable energy solutions. With the investment, LG Chem aims to post 30 trillion won in annual sales by 2030, the company added. “There are many challenges ahead. Economic uncertainty remains high, regulations for carbon emissions are elevated, and the renewable energy sector has become increasingly compe

Technology March 28, 2023

More than 300 high-level government officials and business representatives from South Korea and Indonesia gathered for a forum in Seoul, Friday, to explore ways to enhance business partnerships between the two countries and take their bilateral ties to the next level. In commemoration of the 50th anniversary of diplomatic relations between Korea and Indonesia, Herald Corp., publisher of The Korea Herald and Herald Business, co-hosted the forum, titled “Business Forum on 50 Years of Indones

Industry March 24, 2023

Indonesia’s health minister on Friday vowed to support South Korean companies for their business expansion in the burgeoning healthcare market of the Southeast Asian country at a forum held in Seoul celebrating the 50th anniversary of bilateral ties between the two countries. “The Indonesian government is trying to improve the country’s healthcare sector, in which South Korea’s cooperation is very important,” said Minister Budi Gunadi Sadikin during a business sessi

Technology March 24, 2023

Busan will build a high-speed rail system that will connect Busan’s key districts with Gadeok New Airport, which is also set to open years ahead of schedule in a bid to attract the 2030 World Expo to the port city of Busan. Busan Mayor Park Heong-joon revealed the plan to build the BuTX railway during a media briefing held at the Busan city government office, Thursday. BuTX is a hydrogen-fueled high-speed transportation infrastructure that will run 47.9 kilometers between Gadeok New Airpor

Industry March 23, 2023

South Korean food and bakery giant SPC Group said Thursday that Paris Baguette has opened its first store in Canada. Paris Baguette, the nation’s No. 1 bakery chain, operates some 450 stores in a total of 10 countries around the world, with its latest Canadian opening adding to the list. The latest Canadian store is located on the first floor of the Yonge Sheppard Center in Toronto. “SPC will accelerate its international expansion, targeting the $9 trillion global food market,”

Consumer March 23, 2023

SK Ecoplant said Wednesday that the company and its US partner Bloom Energy have completed installation of a fuel cell power plant at Stamford Hospital in Connecticut. Bloom Energy specializes in solid-oxide fuel cells, which can be used for electricity generation and hydrogen production. Previously, SK Ecoplant made 300 billion won ($229 million) of equity investment in Bloom Energy and is preparing for additional 400 billion won of investment in March. According to SK Ecoplant, its US arm SK

Industry March 22, 2023

South Korean drug maker Boryung said Tuesday the company will establish a joint venture with US commercial space station developer Axiom Space in its latest foray into the space health care industry. “(Boryung) came to an agreement with Axiom Space yesterday to establish a joint venture in South Korea," Boryung CEO Jay Kim said during the company's annual shareholders meeting, held at its headquarters in Seoul on Tuesday. According to Boryung, the two companies have signed a lett

Technology March 21, 2023

GI Innovation, a local biotech firm, said Monday its initial public offering price has been set at 13,000 won ($9.90), lower than the minimum price range that the company targeted. The IPO price was determined after GI Innovation conducted a two-day book-building process targeting institutional investors last week. A total of 563 institutions, including 46 foreign entities, joined the process, the company said. The overseas institutions reserved some 13.77 million shares, while local institution

Technology March 20, 2023

Lunit, a provider of artificial intelligence-powered cancer solutions, said Monday that it has received approval from the European Union for the commercial launch of its AI-based medical software used in detecting breast cancer. The solution, dubbed Lunit Insight Digital Breast Tomosynthesis, is an AI-based software solution to help identify suspicious lesions with 3D mammograms. “(Lunit) has laid the groundwork for sales in European countries by earning the CE marking in around one month

Technology March 20, 2023

Samsung Biologics said Friday it is investing 2 trillion won ($1.5 billion) to build its fifth production plant as part of efforts to meet market demands and bolster its manufacturing competitiveness. The company announced the plan after an approval from the board of directors earlier in the day. Last year, the company’s revenue exceeded the 3 trillion-won mark for the first time within the bio pharma industry, with its operating profits reaching some 1 trillion won. While its fourth pla

Technology March 17, 2023

Hyundai Steel, South Korea’s second-largest steelmaker, said Thursday that it would sell its Beijing unit, Hyundai Steel Beijing Process, after years of sluggish sales compounded by the shrunken market share of Hyundai Motor and Kia cars in China. Hyundai Steel will still keep its Tianjin unit for its business in China, the company added. "(Hyundai Steel) has completed signing a memorandum of understanding with a potential buyer for the Beijing plant. The company will soon engage in

Industry March 16, 2023

Posco, the country's leading steelmaker, said Wednesday the company will donate 4 billion won ($3 million) to a state-led fund to compensate the victims of forced labor during Japan’s colonial rule of Korea. The 4 billion won is part of the 10 billion won it pledged to contribute to the public fund in 2012. Earlier this month, the Foreign Ministry announced it would collect “voluntary” donations from local companies to the Foundation for Victims of Forced Mobilization, an

Industry March 15, 2023

LG Chem said Tuesday that the company signed a deal with the United Nations Children's Fund to supply two pediatric vaccines. Under the deal, LG Chem will supply $100 million worth of its polio vaccine Eupolio and $100 million worth of pentavalent vaccine Eupenta, which works for five different indications including tetanus, diphtheria, pertussis, hepatitis B and Haemophilus influenzae. LG Chem will supply Eupolio for two years from 2024, while the supply of Eupenta will begin this year and

Technology March 14, 2023

The government will examine the liquor tax system, which has been propelling recent increases in beer prices amid the persistent inflation. According to the Korean Statistical Information Service’s data on Monday, the price index for beer products at restaurants and outdoor dining establishments has increased to 112.63 in February, up 10.5 percent compared to the same month a year ago. It was higher than the increase of the price index for beer products at discount and convenience stores:

Consumer March 13, 2023