Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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BTS: The faces behind Mediheal moisturizing masks
Global K-pop superstar group BTS will provide the new faces behind the Mediheal line of moisturizing masks from L&P Cosmetics. The South Korean skin care firm’s promotional videos featuring BTS hit social media at the start of March and are getting a heated response from fans. BTS will be Mediheal’s global ambassador for a year. L&P Cosmetics said it has collaborated with BTS since 2017, even before the singers signed on as its official models. The firm’s 3,000 special BTS packages, containing f
March 5, 2019
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[Going Renewable (2)] Lacking strategy, companies count cost of carbon trading
The Korea Herald is publishing a series of articles looking into the South Korean government and businesses quest toward renewable energy. -- Ed.Four years since South Korea adopted its emissions trading scheme, the market appears to have soft-landed with the strong intervention of the government. Emissions trading refers to the system where the government allocates permits to discharge specific quantities of pollutants over a given time period. Polluters that want to increase their emissions mu
March 5, 2019
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Samsung Bioepis gains approval to sell bigger-size Ontruzant in Europe
Samsung Bioepis has gained approval to sell bigger-size Ontruzant in Europe, the company said Tuesday.Ontruzant is a biosimilar for breast cancer treatment referencing Swiss firm Roche’s blockbuster drug Herceptin.Available as a powder used to make up a solution for adding to an infusion into a vein, the 150 milligram version hit shelves in Europe in March 2018, after gaining European Medicine Agency’s approval in November 2017. The firm can now sell 420mg versions of the biosimilar. Samsung Bio
March 5, 2019
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Korea sets aside W235tr to back exporters
South Korea set aside 235 trillion won ($209 billion) for trade finance with the aim of backing struggling exporters amid growing uncertainties over global trade and a slowdown in chip exports, the nation’s key export driver. The Ministry of Trade, Industry and Energy said Monday, “This year, six financial institutions will provide a total of 235 trillion won, up 15.3 trillion won from last year, to back exporters through trade finance,” in a joint plan with other ministries, including the Finan
March 4, 2019
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Hyundai Motor partners Toyota for hydrogen truck refueling technology
South Korean auto giant Hyundai Motor has joined a partnership with five global companies, including rival Toyota, to develop standardized parts needed for refueling hydrogen-powered commercial trucks, the company said Monday.The consortium also includes Air Liquide, Nel, Shell and Nikola, an US manufacturer of hydrogen trucks, it added. Fuel-cell bus by Hyundai MotorThe partnership is aimed at accelerating the use of commercial trucks powered by hydrogen and standardizing refueling technology f
March 4, 2019
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ITC begins investigation of Medytox’s complaint against Daewoong
The US International Trade Commission has voted to institute an investigation of Daewoong’s Nabota, or Jeuveau outside of Korea, the USITC said in a news release Friday. It was earlier announced that Jeuveau, approved by the US Food and Drug Administration in January, was to be commercialized in the US by California-based firm Evolus in the second quarter of this year. However, the latest development raises questions on whether the plan will proceed. The investigation is based on a complaint
March 4, 2019
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[Herald Interview] Hanwha Q Cells’ advanced tech stands to lower cost of PV energy
TOKYO -- The cost of generating solar energy can be reduced further even without state subsidies via technological advances that increase the power-generating capacity of each cell module, a marketing expert with a global photovoltaic system giant said last week.The levelized cost of a solar energy system -- that is, the net cost of installing it divided by the amount of energy it can be expected to produce over its lifetime -- has fallen rapidly in recent years. According to data compiled by th
March 4, 2019
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[Feature] ‘Game addiction is real, but ...’
In early January, news spilled that Korean game company Nexon was up for sale, with China’s Tencent speculated as a potential buyer. Industrywide discussion ensued, with critics lambasting the government for eschewing support for the promising market, to the extent that even the biggest game company was setting to withdraw from management. Nexon is Korea’s biggest game company. Reports said its founder and largest shareholder, Nexon parent company NXC CEO Kim Jung-ju, was “tired of regulatory c
March 4, 2019
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[Herald Interview] Digitalization of power industry key for LSIS’ growth
TOKYO -- Amid the power industry’s shift toward digitalization worldwide, LSIS, South Korea’s largest power system and solution provider, is eyeing more M&A opportunities in the software sector to take the lead in the emerging smart grid market, its chief said last week. “As a traditional power system provider, we face limitations in achieving organic growth particularly in the era of the ‘fourth industrial revolution,’” said Koo Ja-kyun, CEO and chairman of LSIS, in an interview on Wednesday. “
March 4, 2019
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Oil refiners appear passive toward government’s hydrogen drive
Despite the South Korean government’s ambitious plans to create a hydrogen economy this year, oil refiners appear to be taking a passive stance, citing questions over profitability. In January, the government announced its road map to boost the hydrogen economy, produce 6.2 million fuel cell vehicles by 2040 and eventually become the largest hydrogen car producer in the world. The government said 50,000 tons of byproduct hydrogen are currently available to fuel 250,000 hydrogen cars. Byproduct h
March 3, 2019
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KGCCI begins search for companies for Innovation Awards
The Korean-German Chamber of Commerce and Industry on Wednesday began searching for this year’s most innovative companies for its fifth Innovation Awards. The event was initiated in 2015 to foster innovative ideas and strategies of companies with business in Korea as well as to promote trade and business cooperation between Germany and Korea.This year’s event kicked off at WeWork Seollung II in Gangnam-gu, Seoul, with an opening speech by Barbara Zollmann, president and CEO of KGCCI. The four wi
March 3, 2019
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Korean hypertension drugs gear up for bigger sales in 2019
Hypertension drugs gained unwanted attention last year: More than 170 generic drugs sold by 76 local drugmakers were recalled by the Drug Ministry for their inclusion of valsartan, a chemical substance that could raise the risk of cancer.However, the industry is looking for a rebound this year, with major Korean pharmaceutical firms pushing the envelope in the race for novel hypertension treatments. The biggest competitor is Boryung Pharmaceutical’s Kanarb, a new hypertension drug developed by a
March 3, 2019
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Mirae Asset Daewoo consortium the preferred bidder for Paris landmark tower
A consortium led by South Korea's leading asset manager, Mirae Asset Daewoo Co., has been named the preferred bidder for a landmark building in Paris, the company said Sunday.If about 1 trillion won ($960 million) deal is finalized, Mirae Asset Daewoo will jointly invest 400 billion won together with Amundi Immobilier, a wholly-owned unit of French asset manager Amundi, and a local institutional investor, Mirae Asset said in a statement. (Yonhap)For the remaining 637 billion won, the consortium
March 3, 2019
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Ildong’s Aronamin best-selling OTC drug for 3rd year in row
Ildong Pharmaceutical’s multivitamin series Aronamin was the best-selling over the counter drug for the third consecutive year in 2018. OTC drugs can be purchased directly at medical stores without a doctor’s prescription.According to health care consulting firm IQVIA on Sunday, Aronamin marked 66.3 billion won ($58.8 million) sales last year, the highest among OTC drugs in Korea. Image captured from Ildong Pharmaceutical’s website The figure was a 2.3 percent drop from a year earlier, but enou
March 3, 2019
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Shinsegae Property to inject W4.5tr to build theme park
Shinsegae Property Consortium has been picked as a preferred bidder to operate a theme park complex on 3.15 square kilometers of land in Hwaseong, Gyeonggi Province, the company said Thursday.The construction for Hwaseong International Theme Park has been stalled twice since 2007. In 2016, the landowner K-Water failed to sign a contract with a consortium to build a Korean version of Universal Studios due to lack of funds. Planned construction of Hwaseong International Theme Park (K-Water)Previo
March 1, 2019
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Yoo Myung-hee named new trade minister
President Moon Jae-in named Yoo Myung-hee, deputy minister for FTA negotiations, as trade minister Thursday, replacing Kim Hyun-chong, who was appointed deputy chief of the presidential National Security Office on the same day. Yoo Myung-heeThe new trade minister started her public service career in 1992 after passing the nation’s public administration examination. In 1995, she moved to the Ministry of Foreign Affairs and Trade,
Feb. 28, 2019
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Future Hyundai and Kia cars to have built-in video recording system
All future Hyundai and Kia automobiles will come with built-in video recording systems, more commonly called black boxes, the company announced Thursday, heralding changes in the business landscape for video recorder companies.Hyundai and Kia motors announced it would include drive video record systems for its future models, starting from the eighth generation Sonata to be released next month. The DVRS will be linked to the car’s audio-video-navigation screens and a smartphone.(Hyundai Motor)The
Feb. 28, 2019
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CJ CheilJedang mulling acquisition of US’ Prinova
CJ CheilJedang is reviewing the possible acquisition of US food additives company Prinova, though nothing is certain at this point, the company said Thursday.“We are aware that Prinova is open for bidding. However, we do not know who else is bidding for the deal nor how the seller wants to proceed,” said a CJ CheilJedang representative.(Yonhap)Prinova is one of many candidates CJ is considering acquiring, according to sources.Prinova is a global supplier to the food and nutrition industries. Ind
Feb. 28, 2019
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Korean Air aims to strengthen business growth this year
South Korean flagship carrier Korean Air said it aims to strengthen its business growth this year by securing market competitiveness and improving customer service. The year 2019 marks the company’s 50th anniversary. This year is also significant for the air carrier as it will host the International Air Transport Association’s 75th Annual Grand Meeting in Seoul in June. Some 1,000 representatives from 290 airlines of 120 countries will fly in to participate in the three-day meeting, to discuss a
Feb. 28, 2019
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SK Innovation decides to spin off material business
SK Innovation on Wednesday announced a plan to spin off its material business unit while endorsing a 945.2 billion won ($844.6 million) investment for building a second manufacturing plant for electric vehicle batteries in Hungary.The energy and chemical affiliate of SK Group said its board has approved the plan to spin off its information and electronic material division, with the timeline of splitting the unit into a subsidiary by April 1. (Yonhap)The material division has made SK Innovation
Feb. 27, 2019