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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

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
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
US exempts Korean steel from import tariff, in positive signal for local steel industry

Steel products made by South Korea’s SL Tech has been excluded from the US’ steel tariffs, marking the first case of exemption since the US imposed a quota on Korean steel shipments this May, industry sources said Thursday.The US Commerce Department earlier this week accepted US medical device manufacturer Micro Stamping’s request for a tariff exemption on ultrafine steel tubes imported from Korean steel company SL Tech.Micro Stamping uses ultrafine steel tubes made by SL Tech to produce medical

Sept 21, 2018
Industry
Lee Jae-yong’s lip balm ‘closed’ before camera

Is it the massive media attention he received for his copious use of lip moisturizer that’s making him shy? Samsung Electronics Vice Chairman Lee Jae-yong was seen reaching for a dab of his lip balm, but upon noticing a camera filming him, Lee withdrew his outstretched pinky, stony-faced.Lee was spotted with his ever-famous lip balm at the May Day Stadium in Pyongyang, where he was attending the Mass Games next to SK Group Chairman Chey Tae-won as part of a group of South Korean chaebol leaders

Sept 21, 2018
Industry
Korean trade minister says US-China trade dispute 'new normal'

South Korea's trade minister Thursday urged local companies to develop high-value-added technologies and seek new growth drivers to embrace the protracted trade tension between the United States and China, calling it a "new normal."Kim Hyun-chong expressed worries over the changing trade environment after Washington imposed a third wave of tariffs on $200 billion worth of Chinese goods and China responded with $60 billion duties on US imports. The US tariff is set at 10 percent and will rise to

Sept 20, 2018
Industry
S. Korean chaebol to mull NK biz opportunities upon return

South Korean business moguls are expected to start considering potential business projects in North Korea after their Pyongyang trip, according to the industry on Wednesday. According to news reports, the chiefs of the country’s three-biggest family-run conglomerates -- Samsung Electronics Vice Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo and 14 others -- are expected to hold meetings with top executives on the results of the trip after arriving in Seoul

Sept 20, 2018
Industry
Hyundai Engineering bolsters business in Indonesia

Hyundai Engineering signed memorandums of understanding with Indonesian officials on the expansion of its industrial facilities and the construction of a hydroelectric power plant there, an effort to increase its presence in the country’s growing market, the company said Wednesday.The industrial facilities specialize in the production of vinyl chloride monomer and polyvinyl chloride. “Based on our experience with the perfectly constructed Asahimas vinyl chloride monomer production plant in Indon

Sept 20, 2018
Industry
[News Analysis] North’s willingness to denuclearize raises hope for economic cooperation of two Koreas

Projects depend on NK-US summit: experts say S. Korea sent underlying message with delegation of conglomerate chiefs

Sept 20, 2018
Industry

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