Articles by Lee Yoon-seo
Lee Yoon-seo
yoonseo.3348@heraldcorp.com-
Daewoong eyes W148b in exports amid upbeat botulinum sales
South Korean drugmaker Daewoong Pharmaceutical said Sunday it has set a target of hitting 148.5 billion won ($110 million) in overseas exports this year amid booming sales of its drugs such as botulinum toxin. The company's overseas exports of drugs in 2022 amounted to 134.8 billion won, an increase of more than 200 percent compared to 2020, when it logged 44.8 billion in exports, according to the firm. The company said its growth in exports was largely attributed to the sales of Nabota, or
Industry Aug. 20, 2023
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[Weekender] 'Old money' rises as the new black in fashion
The “old money” fashion trend that has been spreading globally has reached South Korea. As of Thursday, the hashtag #oldmoney accrued over 8.5 billion views on TikTok, with #oldmoneyaesthetic and #oldmoneyoutfits amassing 3.8 billion and 1.4 billion views, respectively. Old money refers to wealth that is deeply rooted in tradition, or wealth that is inherited rather than acquired through personal earnings. In this regard, the idea behind the old money look means looking like someone
Newsmaker Aug. 19, 2023
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Lotte donates $100,000 to Hawaii wildfire victims
South Korea’s fifth-largest conglomerate Lotte Group said Thursday it made donations worth $100,000 in a bid to help Hawaii cope with the aftereffects of devastating wildfires that recently demolished the island of Maui. Lotte said the donation will be sent to Friends of Hawaii Charities -- a public charity organization founded in 1998 with an aim to support Hawaiian women, children, elderly and community groups with essential life needs. Specifically, the donation will be used to repair t
Industry Aug. 17, 2023
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Korea to add more flights to prepare for China’s travel rush
Korea Airports Corp. said Wednesday it is considering adding some 4,500 flights connecting the nation’s seven provincial airports to cities in China by the end of this year, to better respond to China’s travel rush in the coming months. The state-run airport operator held an emergency meeting earlier in the day to discuss measures regarding the Chinese government’s recent decision to lift a ban on group tours to Korea. "As China’s group travel to Korea resumes for th
Mobility Aug. 16, 2023
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Cosmax completes Asia's largest cosmetics plant in China
South Korean cosmetics manufacturer Cosmax BTI's cosmetics production plant, jointly built with China-based cosmetics company Yatsen, recently began operations in Guangzhou, China, amid burgeoning demand for high-quality consignment production of cosmetic goods in the Chinese market. The plant is Asia's largest cosmetics production plant, built on 60,593 square meters of land. According to Cosmax, the company's initial plan is to produce 5 million units of cosmetics products per m
Industry Aug. 14, 2023
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LH CEO offers to resign as more faulty apartments found
The CEO of the state-run Korea Land and Housing Corp. (LH) offered to resign Friday amid the growing controversy over its lax oversight and poor management of apartment complexes with missing critical structural components. CEO Lee Han-joon said he was also belatedly informed that the firm omitted five apartment complexes from its inspection report on compounds with underground parking lots built using a flat plate method. During an emergency press conference held at the LH headquarters in Seoul
Industry Aug. 11, 2023
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Chinese group tourists lift hopes for Korean fashion, pharma firms
South Korean pharmaceutical firms and fashion brands are hoping that the Chinese government's recent decision to allow large groups to travel to Korea would bring a medical tourism boom and K-pop-inspired fashion windfall. China's Ministry of Culture and Tourism said Thursday restrictions regarding group travel to Korea would be lifted for the first time since 2016, following its decision to abandon its “zero COVID” policy in January. According to Korea Tourism Organization
Consumer Aug. 11, 2023
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Industries upbeat about return of Chinese tourists
The Chinese government has decided to allow group tours to South Korea after a six-year hiatus instigated by diplomatic bickering between Seoul and Beijing, as well as the COVID-19 pandemic. China's Ministry of Culture and Tourism on Thursday said it would lift restrictions on its nationals to travel in groups to 78 countries around the world, including Korea, the United States and Japan. The ban on Chinese group tours to Korea was removed for the first time since it was put in place as
Economy Aug. 10, 2023
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Behind jamboree's halal food efforts
South Korea has bolstered efforts to offer diverse catering services for the World Scout Jamboree, taking particular care to offer adequate halal food options for Muslim Scouts. "Currently, we are aiming to create a halal ecosystem for the remaining 2,160 scouts in North Jeolla Province," said Lee Kwan-youn, the president of the Certified New Halal Industry Association and the CEO of Pacific Korea, a Korean textile retailer. Together with Wonkwang University, a university in North Jeol
Industry Aug. 10, 2023
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Coupang on smooth ride for first profitable year
South Korean e-commerce giant Coupang posted record second-quarter earnings amid the thriving performance of its new business initiatives -- extending its dominant run for four consecutive quarters since turning a profit for the first time in 2022. During its earnings call Wednesday, the New York-listed company said it posted record quarterly sales for the April-June period at $5.8 billion, for on-year growth of 16 percent. Operating profits were tallied at $147.6 million, showing a 42 percent
Consumer Aug. 9, 2023
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[KH Explains] Will heiress’ abrupt departure spark succession race at Amorepacific?
Suh Min-jeong – the elder daughter of Chairman Suh Kyung-bae of South Korean beauty giant Amorepacific and the prime candidate to inherit the company – recently went into an abrupt yearlong leave of absence, fueling speculation about the company’s business strategy and succession scheme. Having already liquidated all of her stakes in Etude and Espoir, the two budget brands affiliated with the beauty giant, the 31-year-old heiress also donated half of her stake in Innisfree, one
Industry Aug. 8, 2023
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Food Ministry aims to double kimchi exports to $300m by 2027
The Ministry of Agriculture, Food and Rural Affairs set a goal to double the exports of kimchi to $300 million by 2027 via a comprehensive plan to bolster the nation's kimchi industry, the ministry announced Monday. The Food Ministry unveiled its five-year plan for 2023 to 2027 for the promotion of the domestic kimchi industry. The plan comes as the Kimchi Industry Promotion Act, which mandates the announcement of the nation's general plan to invigorate the indigenous kimchi industry e
Consumer Aug. 7, 2023
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S. Korea-China sea routes resume for first time after pandemic
Sea travel routes between South Korea and China will resume after being suspended for three years and seven months, according to the Korean shipping industry on Sunday. Jiaodong Shipping said it will begin transporting passengers via car ferries on the Weihai-Pyeongtaek route starting Wednesday. Starting Thursday, Yantai Ferry and Weidong Ferry will begin operation of car ferries to ferry passengers on the Yantai-Pyeongtaek and Weihai-Incheon routes, respectively. Weidong Ferry will also begin t
Mobility Aug. 6, 2023
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Ministry to launch safety inspection into flat-plate apartments
The Ministry of Land, Infrastructure and Transport said Thursday it will launch full-fledged safety checks into buildings constructed using flat slab methods, following revelations that some 16.5 percent of apartment complexes built under the state-run Korea Land and Housing Corp. (LH) are missing critical structural components. The Ministry of Land said it will conduct investigations of 293 apartment complexes built by private companies that used flat slab methods starting next week, through th
Industry Aug. 3, 2023
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Osstem Implant to be delisted from Kosdaq
South Korean dental implant maker Osstem Implant will be delisted from Korea's secondary tech-laden bourse Kosdaq starting Aug. 14, according to the company, Wednesday. The final stock trading period for Osstem Implant, which has a market capitalization with 2.93 trillion won ($2.26 billion), takes place from Thursday to Aug. 11. Investors who sell Osstem Implant's shares on the market during the final stock trading period will only have to pay for the securities transaction tax, which
Industry Aug. 2, 2023
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