SEOUL, Jan. 9 (Korea Bizwire) – Only one South Korean pharmaceutical company had a new drug approved in 2016, compared to 11 drugs introduced by overseas companies including Novartis, Gilead Sciences, and Pfizer. Olita Tablet, a lung cancer drug from Hanmi Pharmaceutical, was the only new drug introduced last year by a local company, and [...]
SEOUL, Jan. 9 (Korea Bizwire) – South Korea’s asset managing giant Mirae Asset Financial Group said Monday that it will invest about 1 trillion won (US$827 million) into building a luxury resort complex on the country’s southwest coast by 2029. In August 2016, a consortium led by the financial group was selected as a preferred [...]
SEOUL, Jan. 9 (Korea Bizwire) – SK hynix Inc. has released a more advanced memory chip for smartphones that will offer higher data storage for mobile devices, company officials said Monday. The 8-gigabyte LPDDR4X chip boasts the “world’s highest density” and features faster data processing speed while consuming less electricity, SK hynix said in a [...]
SEJONG, Jan. 9 (Korea Bizwire) – South Korea has established quarantine and hygiene procedures, allowing for fresh eggs to be imported from the United States in order to stabilize soaring egg prices stemming from the worst outbreak of avian influenza, the government here said Monday. “The government announced the removal of import tariffs on eggs [...]
SEOUL, Jan. 9 (Korea Bizwire) – A series of 50,000 special edition “coin pouches” that Starbucks Korea introduced to celebrate the New Year sold out in just five days, the company announced Sunday. The artificial leather pouch, which came in two colors – gold and silver – with the Starbucks’ logo on it, was specially [...]
SEOUL, Jan. 9 (Korea Bizwire) – Samsung’s surprise surge in 2016 Q4 profit may further close the gap with its U.S. competitor Apple. According to industry watchers, Samsung reported sales revenue of 53 trillion won ($44 billion) with an operating profit of 9.2 trillion won, for an impressive operating margin of 17.36 percent. The value [...]
SEOUL, Jan. 9 (Korea Bizwire) – Korea set a new annual record in 2016 for eco-friendly vehicle sales. According to the Korea Automobile Manufacturers Association and the Korea Automobile Importers & Distributors Association, total sales of environmentally-friendly vehicles – both domestic and imported – amounted to 68,761 units, which was more than double the number [...]
SEOUL, Jan. 9 (Korea Bizwire) – Saturday’s arrest of Hanwha Group Chairman Kim Seung-youn’s third son, Kim Dong-seon, has once again brought to attention the somber history of criminal convictions that the chaebol family has suffered over the years. The younger Kim was apprehended by the police on January 5 for assaulting two employees at [...]
SEOUL, Jan. 9 (Korea Bizwire) – South Korea’s local automobile output dropped significantly from a year earlier in 2016, also slipping a notch to the world’s sixth-largest producer of cars, industry data showed Monday. According to the data from the Korea Automobile Manufacturers Association (KAMA), five South Korea-based automakers produced a combined total of 4,228,536 [...]
SEOUL, Jan. 9 (Korea Bizwire) – Doosan Bobcat Inc., a construction equipment unit of Doosan Group, is forecast to earn solid earnings this year on the back of the incoming U.S. government’s massive infrastructure spending, analysts said Monday. Doosan Bobcat made a strong market debut on the local stock market in mid-November by raising some [...]