Celltrion expects 50% jump in 2024 sales after merger

South Korean pharmaceutical company Celltrion said it aims to log 3.5 trillion won ($2.6 billion) in revenue 2024 once its merger with two affiliates is completed, an increase of over 50 percent from the revenue estimated for this year. During an online meeting with investors on Thursday, Celltrion Founder and Chairman Seo Jung-jin said the company will consider an initial public offering of Celltrion Holdings, the holding firm of Celltrion Group, if necessary after the merger. When the merger o

Aug. 25, 2023

President Yoon appoints chief of broadcasting watchdog

President Yoon Suk Yeol on Friday approved the appointment of Lee Dong-kwan as the new head of the state broadcasting watchdog, the Korea Communications Commission, despite controversy surrounding Lee and his son. Yoon conferred a letter of appointment to Lee, a former journalist who served as a senior secretary for press affairs during the Lee Myung-bak administration, at the presidential office in Yongsan-gu, Seoul, on Friday in the late afternoon. The appointment decision came even after the

Aug. 25, 2023

E-Mart 24 to enter Cambodian market next year, aims to run 100 outlets by 2028

E-Mart's convenience store chain, E-Mart 24, said Friday it will foray into the Cambodian market next year to tap into the country's economic growth potential. E-Mart 24 plans to open its first outlet in the country by the first half of 2024, becoming the first Korean convenience store operator to do so. The Korean retailer said it signed a three-way memorandum of understanding with a Cambodian retail firm, Saisons Brother Holding Corp. and Korean real estate Hanlim Architecture Group

Aug. 25, 2023

[Photo News] Upgraded, immersive gaming experience

Samsung Display said Friday it has opened an experience zone, providing an upgraded and immersive gaming experience to visitors at the ongoing Gamescom 2023 in Cologne, Germany, with QD-OLED gaming monitors and OLED laptops. Samsung installed 34-inch Dell and Micro-Star International gaming monitors equipped with the South Korean panel maker's QD-OLED panels, as well as Samsung Electronics' Galaxy Book3 Ultra laptops featuring its OLED panels. Samsung said its gaming displays allow vis

Aug. 25, 2023

KT CEO nominee to debut at global leadership conference next month

South Korean telecommunications giant KT Corp.’s CEO nominee Kim Young-shub will take the stage as a keynote speaker at a global leadership conference organized by the UK-based mobile industry nonprofit GSMA next month. It will likely mark his first official schedule to step outside as KT’s new chief. The KT CEO nominee will deliver a keynote speech at the Mobile 360 APAC, the Asia-Pacific leg of the event that is scheduled to take place for the first time in Seoul on Sept. 7 and 8,

Aug. 25, 2023

Posco International makes first swine vaccine export to Vietnam

Posco International announced Thursday that it has exported a swine pneumonia vaccine Vietnam's to National Veterinary Joint Stock Company or NAVETCO, marking Posco's first overseas animal vaccine export. Developed by Innovac, a venture company run by a group of researchers at Kangwon National University, the vaccine, called INO MHP, can immunize around 100,000 pigs, the company said. The swine pneumonia vaccine is vital for Vietnam due to its significant pig population and pork being

Aug. 24, 2023

Doosan Robotics joins hands with MS to build GPT-based robots

Doosan Robotics, in partnership with Microsoft and Doosan Digital Innovation, is set to develop a context-aware control system for collaborative robots, or “cobots,” based on generative pre-trained transformer technology. The partnership was formalized Thursday through a memorandum of understanding for Doosan Robotics to employ Microsoft's Azure OpenAI Service for a GPT-based robot control system. Azure will provide access to the GPT language model while Doosan Digital Innovatio

Aug. 24, 2023

Posco, Hanwha, KAC team up to build UAM landing sites in Seoul

South Korean steel giant Posco Group said Thursday the company will put in joint efforts with Hanwha Corporation Engineering & Construction and Korea Airports Corporation to build landing and take-off sites for urban air mobility (UAM) vehicles in Seoul, in a bid to further accelerate the commercial operation of an urban air transportation system in Korea. During a signing ceremony held at KAC's headquarters in western Seoul on Wednesday, the three companies signed a memorandum of under

Aug. 24, 2023

Samsung Food to debut at IFA

Samsung Electronics said Thursday it would be launching a new food platform application offering personalized recipes and diet plan services using artificial intelligence at this year’s IFA, set to be held in Berlin early next month. The new platform, Samsung Food, would integrate all the food-related functions and services Samsung has launched previously, such as Family Hub’s Smart Recipe, the company said. Using the app, the users can search for recipes of dishes around the world

Aug. 24, 2023

[Photo News] LG Chief in business trip

LG Group Chairman Koo Kwang-mo is briefed on quantum technology from Xanadu CEO Christian Weedbrook at the Canadian quantum computing company’s headquarters in Toronto, Tuesday. On his four-day trip to the US and Canada, the LG chief inspected the group’s business operations, including LG Chemical’s Innovation center in Boston and LG Electronics’ AI research center in Toronto, and visited a number of local institutes to discuss possible cooperation. (LG Corp.)

Aug. 24, 2023

Pocari Sweat launches 2nd 'Beat the Heat Campaign'

Dong-A Otsuka, South Korea’s leading beverage maker, on Thursday revealed its second annual “Beat the Heat Campaign” video in collaboration with the Ministry of the Interior and Safety. Following the first campaign held last year, the company is striving to raise awareness on safety and health measures that must be taken during heat waves. With the message “Do not face the heat,” this year’s video puts importance on staying hydrated and getting enough shade an

Aug. 24, 2023

CEOs of SK On, Mercedes-Benz discuss EV partnership in Seoul

Chey Jae-won, executive vice chairman of SK Group and co-chief of its battery-making arm SK On, met with Germany luxury carmaker Mercedes-Benz CEO Ola Kallenius to discuss ways to strengthen business cooperation in the electric vehicle sector, the energy-to-chip conglomerate said Wednesday. Chey and Kallenius discussed various cooperation plans on electric vehicle products and services, including battery supply and Tmap, the SK-made navigation service widely used across Korea, the SK Group off

Aug. 23, 2023

[From the Scene] SK bioscience rolls out Korea's first cell-based flu vaccine

ANDONG, North Gyeongsang Province -- Researchers wearing blue personal protective equipment hunker down over digital screens and packaging machine belts as thousands of syringes are briskly moved through machines at SK bioscience’s vaccine manufacturing facility, L HOUSE, in Andong, North Gyeongsang Province, Tuesday. After going through a series of procedures such as being analyzed for their defection rate and having plunger rods inserted into the syringes, the drugs are labeled and pac

Aug. 23, 2023

[KH Explains] Mango bingsu prices continue to go up but why?

High-end Korean hotels have continued to raise prices this year of mango bingsu, a Korean shaved ice dessert popular in the summer, despite mango prices having stabilized. This year, Four Seasons Hotel Seoul sold its mango bingsu at 126,000 won ($94), 31.3 percent higher than last year. Shilla Seoul also raised the price of its progenitor luxury mango bingsu by 18.1 percent to 98,000 won, while Lotte Hotel increased the price by 4.5 percent to 92,000 won. The price rally drew particular attentio

Aug. 23, 2023

China's property woes will have minimal impact on Korea: FSC

South Korea’s financial authorities downplayed the possibility that the uncertainties stemming from the Chinese real estate crisis will have a serious and direct impact on domestic financial markets. “There is no need to feel excessively anxious, as the stable fundamentals of the Korean economy and financial market are being maintained," Kim So-young, vice chairman of the Financial Services Commission, said during an emergency meeting held Tuesday in Seoul, with representatives

Aug. 23, 2023

[Photo News] Greetings

LS Group Chairman Koo Ja-yeol (right), who doubles as chairperson of the Korea International Trade Association, and Poongsang Group Chairman Ryu Jin, the new chairperson of the Federation of Korean Industries, shake hands after their first official meeting as the heads of the nation’s top business groups at the Trade Tower in Seoul, Wednesday. During the meeting, the two leaders exchanged opinions on the role of their organizations in creating social value, national agenda items and ways t

Aug. 23, 2023

[KH Explains] Kia eyes expansion into European defense market

Poland has decided to acquire military vehicles made by Kia, opening up more possibilities for the South Korean automaker’s defense products in Europe. The Polish Ministry of National Defense announced last week that it had approved the Polish Armaments Group’s 270 million euro ($293 million) contract to acquire 400 units of Kia’s Raycolt reconnaissance vehicles, called Kia Light Tactical Vehicles. PGZ is an arms procurement holdings company established by the Polish government

Aug. 23, 2023

LG's portable TV to debut in US, Europe

LG Electronics said Wednesday that its latest portable TV, called LG StandbyMe Go, will be officially launched in North America and across Europe later this month. The TV, housed in a suitcase with a built-in battery and speakers, allows users to bring a quality entertainment experience wherever they go without compromising convenience or quality. The product quickly sold out shortly after its debut at home in June. The portable touchscreen is user-friendly, requiring no separate assembly or i

Aug. 23, 2023

Dongsuh leads snack market with Oreo, Ritz

South Korean food and beverage manufacturer Dongsuh Foods is leading the domestic snack food market with globally recognized Oreo cookies and Ritz crackers through creative marketing strategies. Launched in 1912, the American sandwich cookie Oreo was introduced to South Korea in 2003. Dongsuh at first imported the cookies from China, but since 2010 it has produced them at its production plant at home. The company has enhanced marketing campaigns to maintain Oreo’s title as the “world

Aug. 23, 2023

Finance expert Bang Moon-kyu tapped as new industry minister

President Yoon Suk Yeol tapped Bang Moon-kyu, the existing government policy coordination minister, as the new minister for trade, industry and energy, his office said Tuesday. Born in 1962, Bang, a finance expert, passed the civil service exam in 1984, before spending most of his career as a public servant in the finance ministry and in the field of budget planning. Before being appointed as the policy coordination minister last year, he served as the head of the state-run Export-Import Bank

Aug. 22, 2023