Celltrion's Remsima SC hits record share in Europe in Q1

Celltrion’s subcutaneous injection formulation of the autoimmune disease treatment infliximab, known as Remsima SC or Zymfentra, has secured a bigger footing in Europe, the Korean biosimilar giant said Wednesday. Citing the global pharmaceutical market research firm IQVIA, Celltrion said that Remsima SC made up about 21 of the market share across Europe in the first quarter of this year, the highest figure since its European launch in 2020. The company attributed the robust growth to its

July 17, 2024

HD Hyundai launches research lab to innovate vessel technology

HD Hyundai announced Wednesday the establishment of its naval technology research institute, aiming to tap into the future naval vessel market. The opening ceremony, held on the same day, was attended by about 50 participants, including HD Hyundai Vice Chairman Chung Ki-sun and HD Korea Shipbuilding & Offshore Engineering CEO Kim Sung-jun. The new research lab is a reorganized entity from the naval technology center of HD Hyundai Heavy Industries' special ships business unit and will operat

July 17, 2024

SK Innovation, SK E&S set to hold board meetings on merger plan

SK Innovation Co. and SK E&S Co., two major energy affiliates of SK Group, are set to hold separate board meetings Wednesday to discuss a proposed merger of the two companies, industry sources said. If the merger is approved, it will create the biggest energy company in South Korea, with combined assets of 106 trillion won ($76.5 billion). The merger of SK Innovation, SK Group's energy subholding company, and SK E&S, a privately owned recycled energy firm, is part of the group'

July 17, 2024

[Herald Interview] SK’s investment in Kentucky to attract more investors like ‘gravity’: Gov.

SK On’s new battery plant in Kentucky – the world’s largest of its kind – will help attract more investments into the US state like “gravity,” Gov. Andy Beshear told The Korea Herald in an interview held in Seoul on Monday. SK On, the battery-making unit of SK Group, has set up a joint venture with US auto giant Ford, called BlueOval SK, in the southeastern state of the US, with a whopping $5.8 billion investment. “SK On’s project is the largest in

July 16, 2024

Hanjin expands LA logistics center to boost global operations

South Korean airline-to-logistics conglomerate Hanjin Group's logistics arm Hanjin Logistics Corp. said Tuesday that it has expanded operations by expanding the size of the Los Angeles fulfillment center by 50 percent. Upon the expansion, Hanjin Logistics President and CEO Noh Sam-sug and President and Chief Marketing Officer Emily Cho conducted an on-site inspection during a five-day visit to the US earlier this month. The aim is to provide a one-stop logistics solution so Korean companies

July 16, 2024

Posco International supports SMEs for global expansion

Posco International said Tuesday that it is supporting the nation’s small- and medium-sized enterprises to expand their business abroad by offering its own networks and infrastructure around the world. As part of the shared growth initiative, a group of 11 business people visited Canada last week to meet with potential buyers and nurture new business opportunities. Posco International, the trading and energy arm of Posco Group, plans to operate a field trip program in eight countries, in

July 16, 2024

Kolmar Korea revamps leadership for North American expansion

South Korea's leading cosmetics original design manufacturer Kolmar Korea appointed Hur Yong-chul, the former China business chief, as the CEO of Kolmar Laboratories and Kolmar USA, marking its full-scale entry into the North American market. With the appointment announced Tuesday, the company aims to maximize the use of its North American production facilities, including the first plant in the US and the second plant currently under construction. Hur previously served as the head of Kolmar

July 16, 2024

Shinhan Bank CEO stresses tighter internal control for global expansion

Shinhan Bank CEO Jung Sang-hyuk called on the international subsidiaries to enhance customer trust and strengthen internal controls to boost global expansion, the bank announced Tuesday. "For Shinhan Bank to maintain steady growth and achieve lasting global recognition, we must earn unwavering trust from our customers. Please focus on rigorous compliance with local regulations and meticulous internal controls to further enhance customer confidence," Jung said Monday during an event gat

July 16, 2024

[Photo News] Drone delivery for Galaxy phones

Samsung Electronics said Tuesday that it will begin drone deliveries of its new Galaxy Z Flip6 and Z Fold6 to islands near Jeju, Yeoju and Tongyeong. In collaboration with the Ministry of Land, Infrastructure, and Transport, the first drone delivery service for mobile devices here will leverage existing drone and control systems set up by local governments nationwide. The service will shorten the delivery time from seven days to one day, the tech giant said. (Samsung Electronics)

July 16, 2024

Korea sees surge in social media creators earning over W100m annually: report

Amid the burgeoning community of social media platforms, including YouTube and TikTok, the number of Korean individuals earning over 100 million won ($72,300) annually from their content on these platforms increased from 2020 to 2022, according to a report released Monday. The report submitted by the National Tax Service to Rep. Cha Gyu-geun of the Rebuilding Korea Party revealed the total number of individual creators increased from 27,560 in 2020 to 39,366 in 2022. Over the same period, the to

July 16, 2024

Kentucky governor meets with S. Korean battery firms to woo investment

Kentucky Gov. Andy Beshear met with officials from South Korea's major electric vehicle (EV) battery and materials companies in a bid to attract additional investment to the US state, industry sources said Monday. The Kentucky governor came to Korea on Sunday for meetings on Monday with executives of car battery maker SK On Co. and Lotte Chemical Corp., which makes EV battery materials, according to the sources. He also plans to meet officials from LG Chem Ltd., which owns about an 80 perce

July 15, 2024

HD Korea Shipbuilding's merger with STX Heavy gets antitrust approval

The Korea Fair Trade Commission has approved HD Korea Shipbuilding & Offshore Engineering's acquisition of STX Heavy Industries, subject to conditions that prevent supply refusal and price increases for marine engine parts for three years to ensure fair competition. The merger of HD Korea Shipbuilding & Offshore Engineering, the leader in the marine engine and components market, with STX Heavy Industries, the third-largest player in the same sector, is set to significantly enhance H

July 15, 2024

[Photo News] US Ambassador at HD Hyundai shipyard

US Ambassador to South Korea Philip S. Goldberg (center left), HD Hyundai Vice Chairman Chung Ki-sun (center right) and other officials pose for a photo at the HD Hyundai Heavy Industries shipyard on Monday in Ulsan. The ambassador inspected the shipyard to evaluate potential opportunities for the US Navy to outsource maintenance, repair and overhaul services. HD Hyundai said they discussed leveraging the company’s shipbuilding capabilities to support maritime collaboration between Korea a

July 15, 2024

Hyundai Steel extends global sales network for eco-friendly steel

Hyundai Steel is expanding sales bases in international markets such as Europe and America for carbon-reduced steel plates in response to the global push for carbon neutrality and the European Union's Carbon Border Adjustment Mechanism. Recently, Hyundai Steel signed a memorandum of understanding with Tawesco, a leading auto parts company in the Czech Republic, and Eusider, an Italian company specializing in automotive steel plate processing. These companies supply steel materials to major

July 15, 2024

[KH Explains] Here's why 'sugar-free' is not such a sweet deal

Beverages and food items labeled with "zero" -- intended to indicate they are sugar-free -- have faced criticism in Korea, as their promoted benefits often lead consumers to overconsume them, believing they contain no ingredients that could negatively impact health. In recent years, zero-labeled items have emerged among Korean consumers, largely driven by the increasing demand for healthier sugar-free snacks. These products provide a similar sweetness as those made with regular sugar b

July 14, 2024

Samsung chief renews commitment to India

Samsung Electronics Chairman Lee Jae-yong inspected Indian operations in Mumbai over the weekend, following his attendance at the wedding of Anant Ambani, the youngest son of Reliance Industries Chairman Mukesh Ambani, according to the Korean tech giant Sunday. “Let’s make history with a fierce competitive spirit and urgency,” Lee was quoted as saying during his meeting with local employees. His four-day visit to India comes as Samsung is pouring resources into the market to se

July 14, 2024

GS E&C sets new vision centering on innovation, trust building

GS Engineering & Construction unveiled Friday a new vision and six core values to foster ongoing growth and enhance employee integration. GS E&C CEO Huh Yoon-hong announced the company's new slogan: "Perfecting a safer today, forging a brighter tomorrow: with transparent trust and relentless innovation, we create a better future for all," to the builder's employees via an intranet video. The company aims to transcend traditional construction, aspiring to become an org

July 12, 2024

Daewoo E&C launches multilingual safety videos for foreign workers

Daewoo Engineering & Construction said Friday that it released a set of multi-language videos to provide safety and health guidelines to foreign workers at its construction sites. The videos were created in the languages of the top 10 countries from which foreign workers are recruited, including China, Vietnam, Kazakhstan, Uzbekistan, Russia, Mongolia, Cambodia, Thailand, Myanmar and Indonesia, as well as in English. The company expects these multilingual resources will enhance site efficien

July 12, 2024

Samsung invests in US DNA-sequencing biotech Element Biosciences

Samsung Electronics took part in a $277 million Series D investment for Element Bioscience, a US-based DNA analysis equipment company, to expand its footing in the medical device market, the company said Friday. Element Biosciences, established in 2017 in San Diego, is a life science company that developed the disruptive DNA sequencing and multi-omics technology that boasts the industry's "top level" accuracy for research markets, Samsung said. According to the bioscience firm, th

July 12, 2024

Kakao Bank donates W1b to tackle global climate crisis

Kakao Bank announced Friday that it is donating 1 billion won ($726,000) to the United Nations International Children's Emergency Fund to aid in tackling the global climate crisis and supporting future generations. The internet-only bank and the Korean Committee for UNICEF conducted a ceremony Thursday to deliver the donation. Kakao Bank CEO Yun Ho-young and Cho Mi-jin, Secretary General of the Korean Committee for UNICEF, attended the event. The donation will fund programs to address and a

July 12, 2024