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LATEST NEWS

Millions of S. Koreans head to their hometowns for Chuseok holiday
Kim Jong-un to visit Seoul in December: CJ chairman
Trump says he received 'beautiful letter' from NK leader
High-profile spycam scandal fuels debate over protection of suspect’s iden...
Trump says he won't rush into any deal with N. Korea
Louis Vuitton the most-counterfeited foreign brand in S. Korea: report
N. Korea again designated as a food-deficit country
Sweden, Switzerland express willingness to send nuke inspection team to NK
Seoul shares to seek upturn on eased trade woes next week
Pompeo hopes for 2nd US-NK summit 'before too long'

Sept 22, 2018 Industry

Louis Vuitton the most-counterfeited foreign brand in S. Korea: report

Louis Vuitton was the most frequently counterfeited foreign brand in South Korea over the past five years, a report showed on Saturday.According to data from the Korea Customs Service, government regulators uncovered imitation Louis Vuitton products valued at 183.1 billion won ($163.99 million) between 2014 and June this year, which is the largest value among counterfeited foreign luxury brands. (Yonhap)The value assessment was in terms of genuine Louis Vuitton goods.Given that more than 41.1 b

Seoul shares to seek upturn on eased trade woes next week

Seoul shares may undergo upward momentum next week, as eased concerns over global trade disputes and positive forecasts for corporate earnings could whet investors' appetite for bargains, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,339.17 on Friday, up 2.32 percent from a week earlier.The index started the week on a bearish note, as conflicts over tariffs between the United States and China appeared to worsen due to President Trump's decision to proceed wit

Sept 22, 2018
Finance
LG Chem holds event for horizontal work culture

LG Chem, South Korea’s leading chemicals company, held an event to bolster communication and understanding between millennial employees and executives, the company said Friday.The event was led by six new employees under the topic “happy companionship with millennials” during a workshop for some 300 executives, factory managers and chief researchers at its leadership center in Osan City, Gyeonggi Province, earlier this week. The participating newbies talked openly about the millennial generation

Sept 22, 2018
Industry
Hyundai Motor Chief Vice Chairman Chung to return from US mission

Hyundai Motor Group Chief Vice Chairman Chung Eui-sun is expected to return home over the weekend after a weeklong trip to the US to persuade officials to allow exemptions from auto tariffs, industry insiders said Friday.According to Hyundai Motor, Chung flew to the US earlier this week to meet with Commerce Secretary Wilbur Ross and officials to convey the automaker’s concerns and economic contributions, amid US President Donald Trump’s push to slap 25 percent tariffs on imported automobiles.Th

Sept 22, 2018
Automode
[Newsmaker] Opposition lawmaker’s office raided for state budget information leak

A senior lawmaker of the main opposition party faced seizure over charges of accessing and leaking confidential government data on the state budget, prosecutorial officials said Friday.The Seoul Central District Prosecutors’ Office seized and searched the office of Rep. Shim Jae-cheol, a fifth-term lawmaker of the conservative Liberty Korea Party, whose aides are suspected of leaking information from the government’s digital budget accounting system.Rep. Shim Jae-cheol of the ruling conservative

Sept 22, 2018
Finance
US FDA delays approval of GC Pharma’s IVIG-SN again

South Korean biopharma company GC Pharma said Friday that the US Food and Drug Administration has delayed the approval of the firm’s immunodeficiency drug IVIG-SN, demanding additional data related to the drug’s manufacturing procedures.The company had initially expected the US FDA to grant final approval for IVIG-SN, short for human normal immunoglobulin G for intravenous administration, this month.The company noted that the drug’s safety and efficacy are solid, as the product is already being

Sept 22, 2018
Industry
Hanwha Energy, Korea Midland Power to develop US solar plant

Hanwha Energy Corp. and Korea Midland Power Corp. will build a solar power plant in the United States by 2020, Hanwha Group said Friday. The construction of a 150-megawatt solar power plant is scheduled to begin in December 2019 and to be completed a year later in Boulder City, southeast of Nevada, the conglomerate said in a statement. (Yonhap)Hanwha Energy will be responsible for development and power generation of the plant, with Korea Midland Power contributing its know-how in power generati

Sept 21, 2018
Industry
Dunamu releases beta version of blockchain app builder ‘Luniverse’

Dunamu, the operator of South Korea’s leading cryptocurrency exchange Upbit, said Friday its blockchain tech research lab Lambda256 has released a beta version of its decentralized app, or dApp, builder solution “Luniverse.”Luniverse is the Dunamu-owned research unit’s proprietary blockchain service development platform that lets developers build various dApps and run token economy systems in an easier and faster manner. Using Luniverse, developers can immediately launch their planned blockchain

Sept 22, 2018
Industry
Korea permits 2-year regulatory sandbox period for novel ICT innovation

The National Assembly on Thursday passed a bill that grants a regulatory sandbox for new businesses in the information and communication technology sector, a development that is expected to speed up the adoption and commercialization of next-generation technologies in Korea. The bill to amend the Special Act on Promotion and Vitalization of Convergence of Information and Communications Technology was passed into law on Thursday, according to the Ministry of Science and ICT.The changes include th

Sept 22, 2018
Industry
OECD cuts S. Korea's economic growth forecast to 2.7% in 2018

South Korea's economy is expected to grow at a slower than expected pace this year, a Paris-based international organization said Thursday.In its interim economic outlook, the Organization for Economic Cooperation and Development expected Asia's fourth-largest economy to grow 2.7 percent this year, lower than its previous estimate of 3 percent growth made in May.For next year, the OECD also slashed its growth outlook to 2.8 percent from the previous 3 percent. (Yonhap)The OECD said the Korean ec

Sept 20, 2018
Industry
Biz leaders glad to have seen NK up close

The business leaders who accompanied South Korean President Moon Jae-in to North Korea this week returned to Seoul full of emotion, saying the trip had been worthwhile for the chance to see the North with their own eyes, but at the same time maintaining that it was premature to discuss doing business there. “It can be said that we went (to the North) to hear what they had to say. It was significant to have been able to witness North Korea with our own eyes. We tried to take in as much as possibl

Sept 21, 2018
Industry
Celltrion partners with Emory University for new atherosclerosis drug R&D

Celltrion said Thursday that it had signed an “incubation” agreement with US-based Emory University to jointly research and develop new drug candidates for atherosclerosis.　An incubation agreement is an open innovation arrangement in which a firm provides its resources and business capabilities, such as research facilities, workforce and operations consulting, to an external research institute.The arrangement aims to ensure the autonomy of the research while obtaining preferential rights to disc

Sept 21, 2018
Industry
Global pharma firms’ 2017 R&D investment in Korea up 5.9 percent: KRPIA

Global pharmaceutical companies operating in South Korea locally invested a combined 271 billion won ($242 million) in clinical research and development in 2017, marking a 5.9 percent increase in R&D funding from the previous year, according to the Korea Research-based Pharma Industry Association.　KRPIA is a business association consisting of the Korean units of 28 foreign pharma companies, including Allergan, Amgen, Boehringer Ingelheim, Bristol-Myers Squibb, Bayer, AstraZeneca, Novartis, Pfize

Sept 21, 2018
Technology
Coupang’s Rocket Delivery reaches 1 billion mark in 4 years

Coupang’s Rocket Delivery has surpassed 1 billion deliveries four years after the South Korean e-commerce firm started the end-to-end service, the company said Thursday.To bring innovation to the e-commerce market, the company has built its own logistics center and hired deliverymen to handle the entire process from product purchase to door-to-door delivery. The speed of the service is key so customers can receive the products they ordered the next day, the company said. Rocket Delivery is the f

Sept 21, 2018
Automode
Hyundai Motor enters green commercial vehicle market with hydrogen trucks

Hyundai Motor will supply 1,000 hydrogen-powered fuel cell trucks to Europe over the next five years, making its debut on the continent’s green commercial vehicle market, the company said Thursday.The South Korean carmaker signed a memorandum of understanding with Swiss hydrogen company H2 Energy at the trade show IAA Commercial Vehicles 2018 held in Hanover. H2 Energy Chairman Rolf Huber (second from left) speaks at a press conference held on the sidelines of IAA Commercial Vehicles 2018 in Han

Sept 21, 2018
Automode

The Korea Herald by Herald Corporation

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Publisher. Editor : Kwon Chung-won
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