South Korean pharmaceutical giant Yuhan announced Friday it has terminated its collaboration with Janssen Biotech on the development of a next-generation targeted anticancer drug, citing the strong efficacy of its existing treatment, which has reduced the need for further development. According to the company’s regulatory filing, Yuhan and Janssen have amended their research partnership to discontinue the further development of a fourth-generation epidermal growth factor receptor (EGFR) ty

Companies Sept. 20, 2024

South Korean oil refiner GS Caltex said Thursday that it has supplied some 5,000 kiloliters of sustainable aviation fuel to Japan’s Narita International Airport, as part of its efforts to expand its carbon reduction business. The fuel was produced by GS Caltex by blending conventional aviation fuel with sustainable aviation fuel provided by Neste, a leading biofuel producer in Finland. The supply deal was facilitated by Japanese trading company Itochu Narita Airport plans to sell the fuel

Companies Sept. 19, 2024

Hanwha Ocean, a leading Korean shipbuilding and offshore company, announced on Wednesday plans to invest 1.97 trillion won ($1.49 billion) over the next three years to improve safety at its shipyard facilities. "After a thorough review of safety feedback from both internal and external experts, as well as the overall safety conditions at our shipyards, we have determined that a comprehensive overhaul of our current safety management system is needed," said Kim Hee-cheul, CEO of Hanwha

Companies Sept. 18, 2024

Most South Koreans showed positive sentiments about spending more on Chuseok gifts this year, despite the ongoing inflation and economic challenges, a recent survey found. According to the survey conducted by the Korea Chamber of Commerce and Industry, the nation’s largest business lobby, more than half of respondents, or 56.2 percent, planned to spend a similar amount on Chuseok gifts as they did last year, while 29.1 percent said they would increase their spending. The survey polled 1,00

Industry Sept. 14, 2024

South Korean food giant Pulmuone said Thursday that it has become the first Korean food company to introduce frozen gimbap into the Chinese market by selling its products at a leading retailer there. Pulmuone’s Tuna Kimbap, sold in packs of three rolls, is now available at Sam's Club, which operates 49 stores in China. A full 136,000 units will be exported to China by September, with plans to export a total of 620,000 units annually, the company said. The product packaging brandishes

Companies Sept. 12, 2024

South Korean energy and environmental solutions provider SK Ecoplant said Monday that it has secured over $98 million by selling its stake in the American battery recycling firm Ascend Elements, as part of its initiative to restructure its recycling business portfolio. SK Ecoplant had invested over $60.8 million in Ascend Elements since 2022. It sold its entire stake of approximately 9.2 million shares to SKS PE, a Seoul-based private equity firm, according to the company’s regulatory fili

Companies Sept. 9, 2024

An appeals court on Friday cleared Hur Young-in, founder and chair of South Korean bakery giant SPC Group, of tax evasion charges, bringing an end to the year-long legal dispute. The Seoul High Court upheld a lower court ruling that found the SPC chief not guilty of breach of trust. Hur faced allegations of instructing group affiliates Paris Croissant and Shany to sell stocks of Mildawon, another SPC company producing flour, to SPC Samlip at lower prices in December 2012 that, according to prose

Companies Sept. 6, 2024

HS Hyosung Advanced Materials said Friday that it will present new products from its advanced carbon fiber brand, Tansome, at the Composites and Advanced Materials Expo 2024, the largest composites exhibition in the US, which runs from Monday to Thursday. The exhibition is hosted by the leading composites industry associations, the Society for the Advancement of Material and Process Engineering and the American Composites Manufacturers Association. At the event, HS Hyosung Advanced Materials pla

Companies Sept. 6, 2024

The International World in Korea said Wednesday that its president, Kim Ah-sol, visited the kingdom of Bhutan at the invitation of the Korea-Bhutan Friendship Association, a nonprofit organization authorized by Bhutan's Ministry of Foreign Affairs to promote cultural exchanges between the two nations. Kim's visit was part of the 2024 Bhutan ESG Forum Tour, hosted by the Korea-Bhutan Friendship Association, from Aug. 27 to Monday. On the second day of the tour, Kim visited the National

Social Affairs Sept. 4, 2024

Golfzon, Korea's leading screen golf operator, said Wednesday that it launched its new City Golf hybrid indoor course in Tianjin, China. This new platform offers an 18-hole golf experience by merging virtual screen golf with actual greens, under the motto "a premium golf course that can be enjoyed in cities." City Golf allows players to tee up and approach shots on a screen, after which the screen opens to enable play on real greens. Depending on the hole, players can also make ap

Companies Sept. 4, 2024

South Korean biosimilar giant Celltrion announced Wednesday that Steqeyma, the company's biosimilar referencing Stelara, has been approved in the UK, following earlier approvals by Korea, Canada and the European Commission this year. According to the company, Steqeyma has received approval from the UK's Medicines and Healthcare Products Regulatory Agency for its uses in all indications of reference product Stelara, including psoriatic arthritis, Crohn's disease and ulcerative coli

Companies Sept. 4, 2024

Posco International, the trading and energy arm of Posco Group, announced Tuesday that it has signed a $40 million contract with Australian mining company Black Rock Mining to secure natural graphite, a key material for secondary batteries. The signing event was held on the sidelines of the joint annual meeting between the Australia-Korea Business Council and the Korea-Australia Business Council in Perth, Australia, Tuesday. The event was attended by Korea’s Trade Minister Cheong In-kyo, A

Companies Sept. 3, 2024

South Korean e-commerce giant Coupang announced Tuesday that it will recruit more than 10,000 new personnel as part of its initiative to expand logistics facilities across the nation. This decision follows the company's March announcement of its plan to invest over 3 trillion won ($2.23 billion) in expanding its logistics operations, primarily focused on fulfillment centers, to enhance its one-day delivery service nationwide. The new fulfillment centers in Daejeon and Gwangju, expected to b

Companies Sept. 3, 2024

Posco Group Chairman Chang In-hwa, who also serves as the head of the Korea-Australia Business Council, emphasized the need to strengthen economic relations between South Korea and Australia, particularly in the areas of natural resources, eco-friendly materials and infrastructure. “South Korea and Australia have been collaborating to pioneer future green development, which includes advancing eco-friendly materials and infrastructure beyond traditional resource cooperation in minerals and

Industry Sept. 2, 2024

Daewoo Engineering & Construction Chairman Jung Won-ju, who doubles as chairman of Herald Corp., expressed his hopes for the South Korean government to join in strengthening cooperation with Mongolia. “In Daewoo’s latest success in a bid for a nuclear power plant in the Czech Republic, the South Korean President and the Trade Minster were actively engaged on multiple occasions,” said Jung during a special networking event held in Ulaanbaatar, Mongolia, on Aug. 26. "I w

Industry Sept. 1, 2024