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According to the company, the Indonesia market accounts for 17 percent of total sales earned from overseas Lotte Group businesses.Lotte Mart’s Batam outlet in Indonesia (Lotte Shoppi Today Korean businesses venture into ASEAN in search of new opportunities Seeking new opportunities amid intensifying competition and a shift in the industrial and manufacturing landscape, South Korean businesses are jumping into new markets in the ASEAN region in line with the government’s diplomatic push to strengthen ties there.Seeking to make the most of amicable bilateral relationships and the popularity of Korean culture in the region, “Korea Inc.” has set its eyes on ASEAN, a region full of emerging markets brimming with passion for economic development. Rising Today FTC head Kim Sang-jo bombarded with questions over corruption A federation chaired by former officials used to collect money, find jobs for retirees from conglomerates Today The Korea Herald to host Biz Forum on ASEAN and New Asia Southeast Asia is increasingly emerging as an important market for South Korean companies, particularly in light of the of the Moon Jae-in government’s “New Southern Policy” that aims to elevate Korea’s ties with the Association of Southeast Asian Nations and India.And with shifting geopolitical relations, South Korea’s economy is expected to play a bigger role in the years ahead in bridging the Northeast Asian market with markets in Southeast Asia.With this, The Korea Herald is hosting its inau Today SK Biopharmaceuticals builds AI-powered drug development platform SK Biopharmaceuticals, the new drug development unit of South Korea’s telecom-to-energy conglomerate SK Group, said Monday it had finished developing an artificially intelligent drug development and design platform that is expected to speed up its new drug discovery efforts. The AI platform was built by studying the vast amount of research on central nervous system disorders and developing optimized algorithms in partnership with SK Holdings C&C and its AI platform Aibril. AI-supported drug deve Today KOTRA advises Korean startups to head to Europe In line with South Korean President Moon Jae-in’s state visit to France, the Korea Trade-Investment Promotion Agency on Monday released a report highlighting Europe as the place to be for Korean startups.According to the report, Europe has concentrated efforts on creating an ecosystem for startups as its strategy for survival in the “fourth industrial revolution.” London, Berlin, Paris, Stockholm, and Amsterdam ranked among the world’s leading 20 startup ecosystems, according to a 2017 report by Oct 14, 2018 Samsung stands at 64th place in corporate responsibility ranking: poll Samsung Electronics Co., South Korea's biggest conglomerate by sales, came in 64th place in corporate responsibility this year, which falls far short of its No. 6 ranking in brand value, a US market survey showed Sunday. In the 2018 Global Corporate Responsibility Trak 100 rankings released by the Reputation Institute, the world's biggest chip giant scored 64.9 points to rank 64th, up from 89th with 64.5 points a year earlier. (Yonhap)Samsung's ranking has improved this year compared with a yea Oct 15, 2018 Heads of Hanwha, Heritage Foundation call for stronger US-Korea alliance The chiefs of South Korea’s Hanwha Group and the US-based Heritage Foundation called for efforts to strengthen the US-Korea alliance during a meeting in Seoul on Friday, the conglomerate said Sunday. Hanwha Chairman Kim Seung-youn and Heritage Foundation founder and former president Edwin J. Feulner Jr. exchanged ideas on various topics, including cooperation on strengthening US-South Korea relations, forging peace on the Korean Peninsula and the US-China trade war. The two have met regularly si Oct 13, 2018 Govt mulls injecting 800 bln won into Hyundai Merchant for normalization The government is considering an injection of 800 billion won ($706 million) into Hyundai Merchant Marine Co., the nation's leading oceangoing shipping company, within this year to help it tide over mounting losses, industry sources said Saturday.The company's largest-shareholder Korea Development Bank and the state-run maritime business promotion agency Korea Ocean Business Corp. (KOBC) said they are reviewing a plan in which Hyundai Merchant issues bonds and the two purchase 400 billion won wo Oct 11, 2018 Philip Morris to begin selling Korean-made heated tobacco unit Philip Morris Korea Inc. said Thursday that it will begin selling its tobacco sticks, called Heets, produced at its factory in South Korea later this month.To this point, Philip Morris Korea imported Heets for sale in South Korea. Heets (Yonhap)Philip Morris Korea has expanded its production facility in Yangsan, the first facility in Asia to manufacture heated tobacco units for its tobacco heating device IQOS. Yangsan is a city located about 420 kilometers southeast of Seoul.The share of Heets, Oct 12, 2018 [Trending in Pairs] How far has ‘retail tech’ advanced? Home shopping and T-commerce companies take advantage of advanced tech in offering unprecedented shopping experience Oct 12, 2018 LS C&S to provide $125m extra-high voltage cable to Bahrain LS Cable & System signed a contract with Bahrain Electricity and Water Authority for its extra-high voltage cable project worth 142 billion won ($125 million). The project involves setting up a new electrical grid in Bahrain to provide necessary power as part of the government’s efforts to industrialize and urbanize the nation. (Yonhap)LS Cable & System will be supplying 400-kilovolt extra-high voltage cables and also be in charge of engineering works involving electricity and civil engineering Oct 12, 2018 GS sends $200,000 for earthquake victims in Indonesia GS Group said it was sending $200,000 to assist the Indonesian victims of the 7.5-magnitude earthquake and resulting tsunami that devastated the island of Sulawesi last month.The donation, comprising $100,000 from GS Energy and $100,000 from GS Global, will be used to purchase supplies for the relief work and to restore the damaged areas, the group said.“We hope the funds will be helpful for Indonesians who are suffering the devastating impact of the sudden earthquake and tsunami,” said a spokes Oct 12, 2018 Celltrion’s Rituxan biosimilar wins backing from US FDA advisory committee South Korean biopharma company Celltrion is on track toward launching its Rituxan biosimilar in the US market, as the drug has obtained the endorsement of the US Food and Drug Administration’s drug advisory committee.Celltrion and its marketing partner Teva Pharmaceutical Industries said Thursday that the US FDA’s Oncologic Drugs Advisory Committee voted unanimously 16-0 to recommend the approval of CT-P10, indicating the drug is highly likely to win the FDA’s final approval. The decision came a Oct 11, 2018 Court denies arrest warrant for Shinhan Financial chief A Seoul court turned down early Thursday a prosecution request for a warrant to arrest Shinhan Financial Group Chairman Cho Yong-byoung, who is suspected of involvement in alleged unfair hiring of new employees. The Seoul Eastern District Court said he presents a low risk of fleeing or destroying evidence, given his social and residential status. (Yonhap)Cho, 61, is accused of having his officials give undue favors to job applicants who were either children or relatives of influential people suc MORE 15 / 18896
