Tag - business service

Zafgen halts development of obesity drug in U.S.

U.S.-based biopharma company Zafgen Inc. has suspended the development of beloranib, an obesity drug originally created and licensed out by South Korea’s Chong Kun Dang Pharmaceutical Corp. in 2009. Zafgen’s decision, announced on July 19, came six months after the U.S. Food and Drug Administration asked the company to halt the drug’s clinical trials following the death of two patients. Beloranib, administered through an injection, had been considered a promising treatment for Prader-Willi syndrome, a rare genetic disorder causing unrelenting hunger [...]

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SUV, minivan sales set new H1 record

[THE INVESTOR] South Korean carmakers’ SUV and multipurpose vehicle sales hit a new first-half record this year aided by new models, and the tax cut on new purchases, industry data showed on July 19. According to industry figures, 271,523 units of SUVs and multipurpose vehicles produced by local carmakers were sold here during the first six months of the year. Compared to the same period last year, the figure is an increase of 8.7 percent. This year’s figure is the highest [...]

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Antitrust body rejects SKT's takeover bid: sources

Korea’s antitrust watchdog has rejected SK Telecom Co.’s bid to take over the country’s dominant cable TV operator, citing concerns about a negative impact on normal market competition, industry and government sources said Tuesday. SK Telecom, the top mobile carrier here, has sought to acquire CJ HelloVision Co., an affiliate of CJ Group, saying it hopes to raise its competitive edge as an all-round media platform operator. The merger, if realized, would make the company the leading service provider in 21 [...]

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CJ joins bid for Korean unit of McDonald's

The CJ Group, a Korean food and entertainment conglomerate, said Wednesday it has joined the race to buy the Korean unit of U.S. fast food chain McDonald’s. McDonald’s, which directly manages about 400 stores in Korea, has been looking for local partners to run them as franchise stores that pay annual commissions instead. In a regulatory briefing, the CJ Group said it has submitted a letter of intent to the American headquarters of McDonald’s, but “hasn’t decided which affiliate will take [...]

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Air Busan opens Busan-Ulaanbaatar route

[THE INVESTOR] Air Busan began flying the Busan-Ulaanbaatar route on June 24, becoming the first Korean carrier to operate the route between the two cities. For Air Busan, this is the 17th international route. Air Busan is a budget carrier subsidiary of Kumho Asiana Group’s Asiana Airlines. Air Busan operates Busan-Ulaanbaatar flights on Tuesdays at 10:35 a.m. and Fridays at 8:35 a.m. Ulaanbaatar-Busan flights will take off at 3:40 p.m. on Tuesdays and 1:40 p.m. on Fridays. Source:  http://www.koreaherald.com/view.php?ud=20160624000461

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BOK chief to attend BIS general assembly

[THE INVESTOR] The head of South Korea‘s central bank will visit Basel, Switzerland this week for the annual general assembly of the Bank for International Settlements, the Bank of Korea said on June 22. BOK Gov. Lee Ju-yeol will depart on June 23 to attend the 86th BIS General Assembly to be held over the weekend. While in Basel, the South Korean top central banker will also attend the BIS Global Economy Meeting and the Meeting of the Asian Consultative Council [...]

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Korea scraps southeast airport project

Amid fierce rivalry growing over a new airport in the nation’s southeast region, the government dropped the multitrillion won project on Tuesday and said it would extend the facilities of Gimhae Airport in Busan instead. After conducting a feasibility study on candidate cities in South Gyeongsang Province, the government has reached a conclusion that extension of the existing Gimhae Airport is “the optimal choice,” rather than choosing to build a new airport on Gadeokdo Island or in Miryang, South Gyeongsang [...]

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AmorePacific chairman’s siblings suspected of running paper companies

Two children of AmorePacific Group’s late founder Suh Sung-hwan were found to have established paper companies in the U.S. Virgin Islands in an apparent scheme to evade taxes, a local news outlet reported on Thursday. Citing legal documents leaked by Panama-based law firm Mossack Fonseca, Newstapa said it has discovered two ghost companies each established under the name of the founder’s oldest son Suh Young-bai and youngest daughter Suh Mi-sook. The two are siblings of AmorePacific chairman Suh Kyung-bae, the youngest [...]

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