[Photo News] SK Chairman meets Vietnam PM

SK Group Chairman Chey Tae-won (right) shakes hands with Prime Minister of Vietnam Pham Minh Chinh at the launch ceremony of the National Innovation Center, Vietnam on Saturday. During the two-day visit to Hanoi, Chey met with key Vietnam government officials to share SK's business strategies and support Vietnam's green transformation toward net zero emissions. SK also backed $30 million for the construction of the NIC to promote Vietnam's digital era, tightening the three-decade

Oct. 29, 2023

[News Analysis] Could Kakao’s M&A strategy be its own undoing?

The Korean financial regulator’s decision to refer Kakao and its executives to the prosecution could lead to disruptions on the IT giant’s future takeover strategy and global expansion plans, sources said Sunday. Three Kakao executives, including its chief investment officer Bae Jae-hyun, and two entities, Kakao and Kakao Entertainment, who were involved in market manipulation regarding Kakao’s purchase of K-pop agency SM Entertainment, were sent to the prosecution for possible

Oct. 29, 2023

KGC wins minister's award for IP management

Korea Ginseng Corp., the country’s leading ginseng manufacturer, said Monday that it won a minister's award from South Korea's Industry Ministry, for its ginseng cultivation technology and contribution to fostering the national intellectual property industry. It was named the best company in the field of intellectual property management during an award ceremony co-hosted by Korea’s Ministry of Trade, Industry and Energy and Korean Intellectual Property Office at The Shilla

Oct. 29, 2023

Mirae Asset Securities names Kim Mi-sub as CEO

Mirae Asset Securities, Korea's investment bank and securities firm, announced that its Vice Chairman Kim Mi-seob has been appointed as its new CEO. The announcement made Friday came after Mirae Asset Financial Group conducted a massive reshuffle in its leadership on Oct. 23. Kim, the former president of Mirae Asset Securities, was promoted to the position of the company's vice chairman. Having joined Mirae Asset Financial Group in 1998, Kim has contributed to the overseas expansion of

Oct. 27, 2023

Hyundai Mobis Q3 net jumps 78% on sales growth of key components

Hyundai Mobis Co., South Korea's leading auto parts maker, said Friday its third-quarter net income jumped more than 70 percent on-year thanks to robust sales of its high-end auto components. Consolidated net profit came to 998.1 billion won ($736.8 billion) during the July-September period, up 78.3 percent from a year earlier, the company said in a regulatory filing. Sales grew 7 percent on-year to 14.23 trillion won, while operating profit jumped 19.8 percent to 690.2 billion won. The ear

Oct. 27, 2023

[Photo News] Airstrait your hair

Dyson Korea, the Korean arm of the UK consumer electronics giant, said Friday that it has opened a pop-up store set to operate through Nov. 5 at IFC Mall in Yeouido, western Seoul. The pop-up follows the debut of its latest hair straightener product Dyson Airstrait earlier this month. In the pop-up, visitors are allowed to freely test the latest hair device which dries and straightens wet hair simultaneously, as well as receive customized tips and explanations from Dyson’s professional hai

Oct. 27, 2023

Daewoong eyes W1tr in new drug sales by 2030

Daewoong Pharmaceutical announced that the company aims for annual sales of its two new drugs, gastroesophageal reflux treatment Fexuclue and diabetes drug Envlo, to reach 1 trillion won ($736 million) by 2030. "Daewoong Pharmaceutical anticipates new launches and outlicensing deals involving Fexuclue and Envlo in the global pharmaceutical market," said Kim Do-young, head of Daewoong Pharmaceutical's Global Business Development Center, during a press conference held at the com

Oct. 26, 2023

After revenue milestone, Samsung Biologics presses home its advantage

Samsung Biologics is investing in new production facilities and exploring opportunities in new business areas after milestone revenue in the third quarter. "Now is the time for us to prepare for the next phase with a new modality and overwhelming production capability," Samsung Biologics CEO John Rim said during a press conference on Wednesday, held in Barcelona in line with the company’s participation in the Convention on Pharmaceutical Ingredients (CPHI) Worldwide 2023. This

Oct. 26, 2023

Korean beef prices, poultry shares soar as cattle disease spreads

Prices of Korean beef rose following a series of lumpy skin disease breakouts in cattle across the country, data released Thursday showed. According to data from the Korea Institute for Animal Products Quality Evaluation, the wholesale prices of Korean beef logged an average of 19,365 won ($14.25) per kilogram as of Wednesday. The price saw a 6.5 percent increase compared with 18,179 won a week ago prior to the outbreak. The first confirmed case of lumpy skin disease was reported last Friday. Du

Oct. 26, 2023

[Photo News] LG Expo Bus in London

A double-decker bus named the LG Expo Bus, featuring the slogan "Busan is Ready," passes by Big Ben in London, in this photograph released by the company on Thursday. LG Group has deployed 210 similar double-decker buses as part of their efforts to promote Busan's candidacy for the World Expo. The conglomerate is expected to ramp up promotional efforts in London, Brussels and Paris until Nov. 28, when the host country of the 2030 World Expo is decided. (LG Corp.)

Oct. 26, 2023

SK Innovation joins hands with Fiji for mangrove restoration

South Korean energy giant SK Innovation announced Thursday that it will launch a mangrove restoration project on Vanua Levu, the second-largest island in Fiji, as part of its ongoing environmental campaign to tackle climate change. Under the agreement signed with the Fijian government the day before, the project, which is scheduled to begin in November, will be fully funded by SK Innovation. “This mangrove restoration project goes beyond simple environment protection as it embodies our str

Oct. 26, 2023

McDonald's Korea to increase prices of 13 items next week

McDonald's Korea said Thursday it will increase the price of 13 menu items by an average 3.7 percent, including the signature Big Mac, next week due to higher food and shipping costs. Under the plan, the price of a Big Mac will rise 300 won to 5,500 won ($4.06) on Nov. 2, while that of a McSpicy Shanghai Burger and Bulgogi Burger will also increase by 300 won each, according to the Korean unit of the US fast food chain. The price of an Egg Bulgogi Burger will go up 400 won, and that of an I

Oct. 26, 2023

SK hynix logs quarterly losses for 4th consecutive quarter

SK hynix Inc. said Thursday it posted losses for the fourth consecutive quarter in the third quarter of this year but recovering demand for high-performance products helped narrow its operating deficit. The world's second-largest memory chip maker said in a regulatory filing its operating losses amounted to 1.79 trillion won ($1.32 billion) for the July-September period on a consolidated basis, compared with a profit of 1.67 trillion won a year ago. Net losses came to 2.18 trillion won, plu

Oct. 26, 2023

Samsung Biologics quarterly sales hit W1tr for first time

Samsung Biologics said Wednesday it exceeded 1 trillion won ($741 million) in quarterly sales for the first time, following the operation of its fourth plant and profits generated by long-term contract manufacturing orders. According to regulatory filings for the July-September period, Samsung Biologics’ quarterly sales on a consolidated basis hit a record high of 1.34 trillion won, marking 18 percent on-year growth. Operating profits were 318 billion won during the same period, down 2 per

Oct. 25, 2023

Prestige Biopharma eyes complete value chain

BARCELONA, Spain – Prestige Biopharma, a Kospi-listed biopharmaceutical firm based in Singapore, said Tuesday it is seeking to complete its value chain of new drug development with its upcoming research center in Busan. “Prestige Biopharma’s research and development of antibody drugs will pick up speed after the company opens its new research center in Busan,” Prestige Biopharma Chairman Park So-yeon told reporters at the Convention on Pharmaceutical Ingredients (CPHI) Wo

Oct. 25, 2023

SK Pharmteco bets big on cell, gene therapy

BARCELONA, Spain -- SK Pharmteco, SK Inc.’s contract bio-manufacturing subsidiary, said the company’s burgeoning cell and gene therapy (CGT) business will become its new growth engine. “We continue to expand our CGT business, and the capacity we are building over the next years will allow us to grow this business,” SK Pharmteco CEO Joerg Ahlgrimm said during a press conference Tuesday held on the sidelines of the Convention on Pharmaceutical Ingredients (CPHI) Worldwide,

Oct. 25, 2023

Celltrion chief calls merger crucial to beat bigger rivals

Pooling resources together is the best way to survive in the cutthroat competition against global pharmaceutical companies with gigantic capital, biopharma Celltrion founder and Chairman Seo Jung-jin said on Wednesday of the firm's merger with its sales affiliate Celltrion Healthcare. “The integration of Celltrion and Celltrion Healthcare will serve as a momentum for the group to take a leap as a leading global health care firm,” Seo said during a press conference held in Yeou

Oct. 25, 2023

Woori Bank accelerates overseas expansion

Woori Bank, one of South Korea’s top four commercial banks, has announced its plan to achieve up to 25 percent of its net profit from global sales by 2030. “Woori Bank's global division reported a net profit of $340 million last year, and it has achieved an average annual asset growth of 9 percent during the last three years," Yun Seog-mo, Woori Bank's global business division head said during a press conference held at the bank's headquarters in Seoul on Wednesda

Oct. 25, 2023

KAI partners with Saudi Space Agency to lead new space era

Korea Aerospace Industries has joined hands with the Saudi Space Agency to collaborate on strengthening their partnership in the space sector as part of efforts to lead the expanding space industry in the Middle East. According to KAI, the chiefs of KAI and SSA on Wednesday signed a memorandum of understanding in Riyadh. The partnership agreement took place during President Yoon Suk Yeol’s state visit to Saudi Arabia, which began Saturday. KAI officials traveled to the Middle Eastern count

Oct. 25, 2023

SK Signet delivers W5b ultrafast EV chargers to Revel

SK Signet, the electric vehicle charger maker under SK Group, said Wednesday that it has delivered the first shipment of its new V2 ultrafast 400-kilowatt EV chargers, to Revel, a Brooklyn-based electric mobility and infrastructure firm, in a deal worth to 5 billion won ($3.7 million). Revel is the first client to receive the V2 since its mass production. Accelerating EV adoption in the city, the US company provides electric rideshare services, mopeds rental, and fast charging stations dubbed &l

Oct. 25, 2023