Tag - business

Park, Trump reconfirm Korea-US alliance

President Park Geun-hye and US President-elect Donald Trump on Thursday reconfirmed the partnership between the two nations, jointly recognizing the need to maintain a powerful defense system on the peninsula against North Korea. In a telephone conversation which lasted for some 10 minutes, Trump repeatedly underlined that Washington is with Seoul “all the way,” according to Cheong Wa Dae. “The Korea-US alliance has built up trust over the past 60 years and laid the foundation of peace and prosperity in the [...]

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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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Korean biosimilars make inroads into Europe

[THE INVESTOR] Propelled by Samsung Bioepis and Celltrion, South Korean biopharmaceutical companies are gaining a foothold in Europe with their biosimilars, cheaper copycat versions of biologics. Celltrion’s Remsima — biosimilar replication of rheumatoid arthritis treatment drug Remicade — and Samsung Bioepis’ Benepali — biosimilar copy of Amgen’s rheumatoid arthritis treatment Enbrel – along with Flixabi, another Remicade biosimilar, are already selling in Europe, one of the world’ largest market for such drugs. Three other biosimilars are awaiting permission from the European [...]

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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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Seoul shares extend gains in late morning trade

Korean shares extended gains late Wednesday morning as investors speculate that there will be concerted global efforts to shore up markets reeling from the post-Brexit rout. The benchmark Korea Composite Stock Price Index rebounded for three straight sessions to rise 23.54 points, or 1.22 percent, to 1,959.76 as of 11:20 a.m., after shedding 3.38 percent from Thursday to Friday. The local stock market is also buoyed by the government’s fiscal stimulus package worth 20 trillion won announced Tuesday to support Asia’s [...]

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Seoul shares turn higher in late morning trades

Korean shares turned higher late Tuesday morning as investors took relief from stimulus steps by central banks worldwide to contain the fallout from Britain’s vote to leave the European Union. The benchmark Korea Composite Stock Price Index rose 1.55 points, or 0.08 percent, to 1,928.40 as of 11:20 a.m., after dropping to an intraday low of 1,907.49. Investor sentiment is also boosted by the Korean government’s plan to draw up trillion won supplementary budget, to help cushion the impact from the [...]

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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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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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