SEOUL, April 14 (Korea Bizwire) — Dongwon Group, a major food company in South Korea, said Monday it will reorganize its food business affiliates to expand its overseas sales as part of its broader strategy to become a global player. At board meetings, the boards of directors approved a plan to make Dongwon F&B Co. [...]
SEOUL, April 14 (Korea Bizwire) — Celltrion Inc., a major South Korean biopharmaceutical firm, said Monday it has obtained an interchangeability approval for its biosimilar drug for autoimmune disease treatment in the United States. The U.S. Food and Drug Administration (FDA) designated Celltrion’s biosimilar Yuflyma as interchangeable medicine for its original drug Humira in the [...]
SEOUL, April 14 (Korea Bizwire) — Hyundai Mobis Co. said Monday it has developed a new electric vehicle (EV) battery safety technology that automatically discharges fire suppressant in the event of a battery cell ignition to prevent fires from spreading to adjacent cells. The battery technology uses heat-resistant materials and includes a fire suppression device [...]
SEOUL, April 14 (Korea Bizwire) — As South Korea enters an early presidential race, a recent survey has revealed that the top policy demand among labor experts is the full application of the Labor Standards Act to all workers, including those at small businesses and in freelance or non-standard roles. In a poll conducted by labor [...]
DAEJEON, South Korea, April 14 (Korea Bizwire) — At SK Innovation’s Environmental Science & Technology Institute in Daejeon, a powerful scent of used cooking oil hangs in the air, signaling an ambitious transformation: converting waste oil into sustainable aviation fuel (SAF). Within the facility’s pilot plant, dark brown waste oil is refined through high-temperature, high-pressure reactors [...]
SEOUL, April 13 (Korea Bizwire) — POSCO, South Korea’s largest steelmaker, is reportedly exploring a potential equity investment in Hyundai Steel’s upcoming electric arc furnace plant in Louisiana, a move that could mark a rare alliance between the nation’s top two steel producers as they look to navigate intensifying U.S. trade barriers. If realized, the collaboration [...]
SEOUL, April 13 (Korea Bizwire) — Volatility in South Korea’s foreign exchange market surged to its highest level last week since the country extended trading hours for the won–U.S. dollar market, data showed Sunday. The weekly fluctuation in the won–dollar exchange rate reached 67.6 won during the second week of April, which marked the highest [...]
SEOUL, April 12 (Korea Bizwire) — As South Korea’s petrochemical sector grapples with a historic downturn, the government is expected to unveil new support measures in the coming months, following the completion of a strategic industry consulting project commissioned to address deep structural challenges. The Korea Petrochemical Industry Association recently submitted a final report to [...]
SEOUL, April 11 (Korea Bizwire) — Korean Air Co., South Korea’s leading air carrier, said Friday its first-quarter sales rose 3 percent on-year thanks to increased demand in both the passenger and cargo business divisions. Sales for the three-month period ending in March reached 3.96 trillion won (US$2.7 billion), while operating profit dropped 19 percent [...]
SEOUL, April 11 (Korea Bizwire) — IKEA Korea, the South Korean operations of Swedish furniture giant IKEA, said Friday it will strengthen the “omnichannel” strategy to boost sales. IKEA Korea currently operates four outlets — three near the capital of Seoul and one in the southeastern port city of Busan. The fifth one is set [...]