Tag - korea news

Samsung BioLogics eyes multiple supply deals

Samsung BioLogics is in discussions with over 15 global pharmaceutical firms on multiple supply deals, the company’s CEO said, as the biopharmaceutical unit of South Korea’s Samsung Group expands its presence in the global pharmaceutical market. “Samsung BioLogics already inked deals worth US$2.9 billion with six global pharmaceutical firms to supply a total of nine products,” said Kim Tae-han on Tuesday. “The company is currently in negotiations with over 15 firms to supply more than 30 products.” The remarks were made [...]

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Gender diversity matters for sustainable growth

At a symposium celebrating Korea’s 20th anniversary as a member of the OECD held in November 2016, Randall S. Jones, a senior economist and head of the Japan/Korea Desk at the OECD, pointed at Korea’s low female employment rate. According to the OECD’s latest statistics, Korea’s female employment rate ranked the tenth lowest among member states, falling behind the male employment rate by 21 percentage points. While many understand the importance of gender diversity in today’s vibrant business environment, we as [...]

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LG Chem strengthening bioscience business in 2017

LG Chem said Thursday it will strengthen its bioscience business this year, expanding research and development (R&D) investment for synergy with two bio players that the firm acquired last year. The plan comes after the company took over Dongbu Farm Hannong, a Seoul-based processor of agricultural materials, in January last year, in what it said was a move to expand its presence in the “green biology” industry. The company finalized its acquisition of LG Life Science, Jan. 1 this year, [...]

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Reasons behind Starbucks’ mega success in Korea

Seventeen years after it opened its first store in Korea in front of Ewha Womans University, Starbucks Korea celebrated the opening of its 1,000th store last week in the upscale Cheongdam shopping district. The landmark is the result of aggressive expansion by the Korean arm of the Seattle-born coffee chain, which opened 131 new stores between 2015 and 2016. Korea is the fifth country to have 1,000 Starbucks stores after the US, Canada, China and Japan. Sales have grown in [...]

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Korean language studies increasingly popular in India

A growing number of people in India are studying Korean to help themselves find jobs or pursue further studies in the East Asian country, officials here said Monday. According to the Korean Cultural Center in New Delhi, an average of 203 students signed up for Korean language classes at its King Sejong Institute during every semester of this year. When the classes first opened in 2013, there were an average of 55 students per semester. The institute, a state-run organization that [...]

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French chamber fetes thriving ties with Korea

Marking the 130th anniversary of bilateral ties and 30th anniversary of founding, the French Korean Chamber of Commerce and Industry hosted a gala on Dec. 10 in Seoul that spotlighted its feats and future. The event at Grand Hyatt Seoul attracted some 800 guests related to France commercially and diplomatically. The theme of the event was “Impressive Normandy,” referring to the northern region in France with a rich history and culture as well as a vibrant and creative economy. “These two [...]

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War on duty free licenses ends, only for now

Saturday’s announcement of six new duty-free licenses in South Korea brought a sense of closure to heated competition, yet simultaneously amplified ongoing debates on the efficacy of the current licensing process on duty-free operations. The Korea Customs Service gave three highly-coveted duty-free licenses to conglomerates in Seoul, bringing the total number of duty free shops in the capital to 13. The golden tickets went to Shinsegae DF, Hyundai Department Store and Lotte Duty Free, after a long and exhaustive fight filled [...]

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Kakao to integrate video service platforms

Kakao is strengthening its video content business by integrating its video-on-demand (VOD) service and personal media production platforms early next year, according to the company Thursday. The provider of the nation’s most-used mobile messenger service Kakao Talk said it will merge its two video service platforms ― Daum tvPot and Kakao TV ― in February, unifying them into “Kakao TV.” The company expects this to help video content creators better commercialize their products through the new platform, which will be [...]

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Hydrogen taxis hit the road in Ulsan

The Korean auto industry’s futuristic eco-friendly policies continue to evolve with the first fleet of hydrogen taxis starting operations on Dec. 13. Ten Hyundai Motor Tuscan ix models ― all hydrogen fuel cell cars ― began the test service in the southern coastal city of Ulsan. After the months-long test, Hyundai plans to expand the service to other areas next year. The taxi service, operated by the Ministry of Environment, Ulsan City Office and Hyundai Motor, will use the same meter [...]

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Finance minister likely to retain job

Acting president, Prime Minister Hwang Kyo-ahn, said Monday that the team under Finance Minister Yoo Il-ho should cope with diverse economic risks and issues preemptively to overcome difficulties. He asked Financial Services Commission Chairman Yim Jong-yong to closely monitor the situation and take necessary measures as there are many variables in the financial and foreign exchange markets. His remarks were interpreted as Hwang’s decision to leave the economic control tower under Yoo as it currently is, instead of substituting him with [...]

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