Articles by Shim Woo-hyun
Shim Woo-hyun
ws@heraldcorp.com-
Korea’s arms exports to Poland hit W1.5t in 2023
South Korea sent arms exports worth more than 1.5 trillion won to Poland last year, according to data compiled by a trade association, Wednesday. Backed by the increase in arms exports, Poland has also become the source of South Korea’s fifth-biggest trade surplus after the United States, Vietnam, Hong Kong and India. The Korea International Trade Association’s data said the combined exports to Poland reached $9 billion in 2023, up 14.8 percent from the previous year. The growth is l
Industry Jan. 17, 2024
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OCI-Hanmi merger aims for Korean version of Bayer
OCI Group, a chemical, solar power and electric car battery material maker, looks to merge with drugmaker Hanmi Pharmaceutical Group, as the two entities seek business synergies to create the Korean version of Bayer, the German chemicals-to-pharmaceuticals giant. On Friday, OCI Holdings and Hanmi Science, the holding units of the two entities, made a surprise announcement that they were merging through a stock acquisition and new share issuances. Under the agreement, OCI Holdings is to acquire a
Industry Jan. 16, 2024
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Celltrion's Yuflyma, Remsima win multiple bids in Europe
Celltrion said Friday that the company’s biosimilar products for autoimmune diseases -- Yuflyma and Remsima -- are set for further expansion in key European markets following the multiple bids it has secured there. Celltrion said that Yuflyma, a copycat version to AbbVie’s Humira, won state bids for adalimumab in Friuli-Venezia Giulia and Sicily, Italy, last year. Celltrion will supply Yuflyma for four and a half years in FVG and for two years in Sicily. Including the recent deals, Y
Industry Jan. 12, 2024
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Samsung C&T builds world's 2nd-tallest building in Malaysia
Samsung C&T has completed the construction of a 118-story skyscraper in Malaysia, the second-tallest building in the world, the company said on Thursday. The construction and trading firm under Samsung Group held an opening ceremony on Wednesday for finishing Merdeka 118, a 679-meter complex building in the central area of Kuala Lumpur. “Samsung C&T has solidified its leading position in the high-rise construction sector through completing both the world’s first and second ta
Industry Jan. 11, 2024
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Hana Bank to provide W356b in support for small businesses
Hana Bank announced Thursday that the company would provide 355.7 billion won ($270 million) in financial support for small business owners, who are struggling with high interest rates and the recent economic setback. Hana Bank said its support program will offer cashback on interest payments, subsidies on utility fees and consulting services to some 300,000 small business owners and self-employed individuals. Hana Bank has allocated 219.4 billion won for a cashback program on interest payments
Economy Jan. 11, 2024
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How high can you go? Luxury brands hike prices, again
Another wave of price rises planned by luxury brands in South Korea has stirred up questions about whether their high price tags will indeed see consumers in the world’s biggest luxury goods market continue to open their wallets. Hermes, one of the highest-priced fashion brands, kicked off the new year by raising its prices, with many other brands expected to follow suit this month. The French luxury fashion house's Oran sandals now cost 3.52 million won ($2,685), up 44 percent from l
Consumer Jan. 10, 2024
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Samsung, Flagship Pioneering to team up for investments in biotech
Samsung C&T announced Tuesday that the company signed a memorandum of understanding with Flagship Pioneering, a US-based bio platform company, to expand its investment to foster biopharmaceutical innovation through the fund it jointly formed with Samsung Biologics. Since its launch in 2000, Flagship Pioneering has originated and fostered more than 100 scientific ventures, resulting in more than $70 billion in aggregate value. The company is also widely known for its early investment in Moder
Industry Jan. 9, 2024
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Korean air carriers ordered to inspect safety of Boeing fleets
The Ministry of Land, Infrastructure and Transport has ordered South Korean airlines to carry out safety checks on their Boeing 737 Max 8 aircraft, according to the ministry on Monday. The order came as a preemptive measure following an emergency landing on Friday of an Alaska Airlines' Boeing 737 Max 9 jet in Portland, Oregon. Alaska Airlines' B737 Max 9 bound for Ontario, California, was carrying 171 passengers. The aircraft made an emergency landing due to a cabin panel blowout. Som
Industry Jan. 8, 2024
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Posco International to accelerate global push in 2024
Posco International, the trading arm of Posco Group, announced Sunday that bolstering its global presence in its main business areas, from renewable energy to electric vehicle parts, will be the key to the company’s business strategy for this year. The company will aggressively expand global production facilities and establish a value chain through partnerships with foreign firms to spur growth in 2024, it said. To grow its e-mobility business, Posco International will start construction o
Industry Jan. 7, 2024
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SK Ecoplant to showcase net-zero solutions at CES
South Korean energy and environmental solutions provider SK Ecoplant said Thursday that the company would take part in CES 2024, the world's largest consumer electronics and technology trade show, to showcase its net-zero solutions with other SK companies. SK Group plans to operate a 1,850-square-meter exhibition booth during the CES in Las Vegas next week, with seven affiliates joining. SK Ecoplant will introduce its low-carbon construction materials, including glass fiber-reinforced polym
Industry Jan. 4, 2024
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Posco Group tries to dispel NPS concerns over chair appointment
Posco Group announced Friday that the group would make public its chair appointment process, dispelling the National Pension Service’s concerns. The group also refuted suspected use of unfair methods to reappoint incumbent Chairman Choi Jeong-woo. “Regardless of the incumbent chairman’s decision (to seek a third term at Posco Group), our committee will review all candidates without bias for the sake of Posco’s future and its shareholders,” Seoul National University&
Industry Dec. 29, 2023
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[KH explains] Why vaccination rate remains low despite surge in flu patients
The number of suspected influenza cases in South Korea has surged to a five-year high, but the immunization rate has remained relatively unchanged. The rate of patients showing symptoms suggestive of influenza per 1,000 outpatients for the second week of December stood at 61.3 – the highest figure since 2019, according to the Korea Disease Control and Prevention Agency. The immunization rate as of Dec. 15, however, stood at 76.2 percent, slightly above 76.1 percent last year. “Despit
Industry Dec. 28, 2023
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LegoChem CEO expects $1.72b deal to give traction to ADC development
LegoChem Biosciences will leverage its $1.72 billion out-licensing deal with Janssen Pharmaceuticals for the development of its subsequent antibody-drug conjugate pipelines, the Korean biopharmaceutical firm's CEO said on Wednesday. On Tuesday, the Kosdaq-listed LegoChem signed a technology transfer agreement with Janssen Pharmaceuticals for the development and commercialization of antibody-drug conjugate candidate LCB84. The deal, potentially worth over $1.72 billion, is the largest licens
Industry Dec. 27, 2023
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Samsung Biologics CEO to attend JPMorgan conference
Samsung Biologics CEO John Rim is heading to San Francisco next month to share the company’s mid-term business plans during the JPMorgan Healthcare Conference, the company said Tuesday. The JPMorgan conference, one of the largest investment events for pharmaceutical and biotechnology industries that marks its 42nd year in 2024, will be held in the US city on Jan. 8-11. Some 600 companies and 8,000 industry officials and investors are expected to attend this year’s event. This year, S
Industry Dec. 26, 2023
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[Herald Interview] Zyx Technology aims to shatter AutoCAD dominance
South Korean design software developer Zyx Technology plans to enter overseas markets next year with its own computer-aided design (CAD) program as an affordable alternative for budget conscious, small-sized architectural firms. ZyxCAD is a homegrown CAD program developed by Zyx Technology. The design program was launched in August 2022 as an alternative to AutoCAD, an industry-leading software that has dominated the global market for the past few decades. "Many companies are shifting to ch
Industry Dec. 26, 2023
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