Articles by Shim Woo-hyun
Shim Woo-hyun
ws@heraldcorp.com-
Daewoo E&C secures W1tr deal to build power plants in Libya
Daewoo Engineering & Construction announced Friday that the company has secured a deal to build gas-fired power plants in Libya. The construction deal, which Daewoo E&C signed with General Electricity Company of Libya, is worth $790 million (1 trillion won), the company added. Under the deal, Daewoo E&C will build gas-fired power stations in Libya’s Mellitah and Misurata regions. The construction order was made as the Libyan government needed additional power plants to manage i
Industry March 10, 2023
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[Herald Interview] Pernod Ricard Korea enjoys robust growth amid pandemic-fueled liquor boom
It was not just delivery services or online shopping that thrived in South Korea during the pandemic years. The liquor market, especially for high-end whiskeys and wines, has seen dramatic growth, according to Frantz Hotton, CEO of Pernod Ricardo Korea, the Korean unit of the French wine and spirit giant. Hotton, who took the helm in 2021 when COVID-19 was still rampant across the world, said that people's behavioral changes have had a significant impact on how they consume alcoholic bevera
Consumer March 8, 2023
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SK Plasma to build $250m blood products plant in Indonesia
SK Plasma, a blood products unit of SK Discovery, announced Wednesday that the company has clinched a deal to build a blood products plant in Indonesia, which is expected to be worth around $250 million. SK Plasma has received final approval from the Indonesian Health Ministry for construction of a plasma fractionation facility, which will produce products like immune globulin and albumin, used for patients with immunodeficiency diseases and hemophilia. The plant will be capable of producing 1 m
Technology March 8, 2023
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Posco to join recovery projects in typhoon-hit areas
South Korean steel giant Posco said Monday it is teaming up with North Gyeongsang Province for recovery efforts in the areas inflicted by Typhoon Hinnamnor last year. Officials of Posco and the local government signed an agreement in Andong, the provincial capital, earlier in the day, with Posco Vice Chairman Kim Hak-dong in attendance. Under the agreement, Posco will supply resources, including steel products, to be used in construction sites in Pohang and Gyeongju, the hardest-hit areas. Pohan
Industry March 6, 2023
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[Weekender] Why soju price hikes are causing Koreans so much anguish
Rumors of soju price hikes have stirred public disquiet over the past couple of weeks here, intensifying to the extent that the government decided to intervene in the market. The fuss temporarily ended after Hite Jinro, the country’s largest soju maker, officially announced that it was not planning on any price hikes. “I felt bitter when I heard about possible price hikes in soju, which seemed to hold out well, while everything else is getting more expensive,” said Kim, a 29-
Consumer March 4, 2023
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Medytox's BTX patent could face invalidation trial in US
A patent regarding Medytox’s botulinum toxin product can be embroiled in another legal dispute as its domestic rival Hugel filed for a patent invalidation in the US, according to industry sources on Friday. The patent, which could be considered for invalidation at the Patent Trial and Appeal Board in the US, concerns a method for isolating Botulinum toxin from solution. Medytox applied for the patent in 2017, and the patent was issued in May last year. Hugel, however, argues that the paten
Technology March 3, 2023
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Celltrion Group’s retired founder Seo Jung-jin returns to management
Seo Jung-jin, the founder and the honorary chairman of Celltrion Group, will return to management after leaving the company in 2021, Celltrion announced Friday. On Friday, the biopharmaceutical group's key affiliates -- Celltrion Holdings, Celltrion, Celltrion Healthcare, and Celltrion Pharma held separate board meetings and recommended Seo as a candidate for director and co-chairman of the board of directors. Seo’s return will be determined at the four companies’ separate share
Technology March 3, 2023
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Naver's Webtoon ranked one of world's most innovative platforms
Webtoon, South Korean tech giant Naver’s digital comics platform, has been ranked No. 8 on Fast Company’s list of the World’s 50 Most Innovative Companies of 2023. Fast Company is a monthly American business magazine that publishes an annual ranking of the most innovative companies, this year in 54 different industries and sectors. In the media sector, Webtoon was ranked top, followed by The New York Times. Fast Company said, “Webtoon pioneered a new way to experience dig
Technology March 3, 2023
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GC acquires Catalyst's orphan hematology disorder pipeline
GC Biopharma announced on Tuesday that it has signed an asset purchase agreement with US drug developer Catalyst Biosciences to acquire its orphan hematology disorder treatment candidates. Under the agreement, GC Biopharma will acquire three drug candidates including Marzeptacog alfa (MarzAA), a rare bleeding disorder treatment candidate, which is being tested in a phase 3 global clinical trial. With the latest agreement, GC Biopharma aims to launch a first-in-class novel drug in global markets,
Technology Feb. 28, 2023
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Huons to export local anesthetics to Canada
Huons, a local bio company, announced Tuesday that the company received regulatory approvals from Health Canada to export the company’s local anesthetics. According to Huons, both ampoule and vial types of its lidocaine -- the most widely used local anesthetic -- have received approvals from Health Canada. The company will first send 70,000 vials of its lidocaine in the second quarter this year. Formative Pharma, a Canadian firm specializing in the registration and distribution of pharmace
Technology Feb. 28, 2023
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Posco to build electric furnace in Gwangyang
South Korea’s leading steelmaker Posco said on Monday that the company will build an electric furnace at the company’s manufacturing facility in Gwangyang, South Jeolla Province, as part of the company’s low-carbon production transition. Posco said a total of 600 billion won ($463.3 million) will be invested to build the electric furnace, which will have an annual production capacity of 2.5 million metric tons. Construction of the electric furnace will start in January next yea
Industry Feb. 27, 2023
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Medytox's BTX dispute shows no end in sight
Medytox will soon be entangled in another dispute with South Korea’s leading botulinum toxin, or BTX, products maker Hugel, while an ongoing legal dispute with Daewoong Pharmaceutical is expected to continue as the latter appealed to a higher court here. According to industry sources on Sunday, a lawyer from the US International Trade Commission, who is responsible for a pending dispute between Medytox and Hugel, reportedly presented an opinion that objected Hugel's request to close t
Technology Feb. 26, 2023
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Pending price hikes in soju, beer deepen inflation woes in Korea
Prices of soju and beer products in South Korea are expected to rise soon due to increases in tax, as well as higher costs of logistics and raw materials, according to industry sources, Wednesday. According to the Ministry of Economy and Finance, the liquor tax on one liter of beer will increase by 30.5 won ($0.023) to 885.7 won in April. The upcoming increase will be higher than last year's rise of 20.8 won. Just by factoring in the tax increase, the factory price of a 500 milliliter beer
Consumer Feb. 22, 2023
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Posco Holdings mulls relocating to Pohang
Posco Holdings, the holding unit of South Korean steel giant Posco Group, may be relocating its headquarters to Pohang, North Gyeongsang Province, as its board of directors is set to discuss the issue at the upcoming shareholders’ meeting next month. The conflict between Posco and the residents of Pohang, however, is expected to continue because it is uncertain if employees working in the current headquarters in Seoul will also move to the industrial city some 375 kilometers southeast of
Industry Feb. 21, 2023
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Innocean names ex-Meta exec as new creative chief of US office
Innocean Worldwide, a South Korean marketing communications agency under Hyundai Motor Group, said Monday that Jason Sperling, a former executive creative director of Meta's Reality Labs, has joined the agency as chief creative officer of its US office. An industry veteran with more than 20 years of experience, Sperling has worked for many international brands, including Apple, Meta, TikTok, Amazon, Disney Pixar, Honda and UNICEF. Most recently, he served as global executive creative direct
Industry Feb. 20, 2023
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