SK Chemicals, the pharmaceutical unit of South Korea’s SK Group, said Wednesday it has submitted its self-developed hemophilia drug NBP601 for review and subsequent approval by the European Medicines Agency.　The announcement, which comes as SK awaits the drug’s approval from the U.S. Food and Drug Administration, draws the company a step closer toward commercializing the recombinant DNA drug in global markets. SK Chemicals` hemophilia drug NBP601 (SK Chemicals)　Lifted by the positive sales outlo

Hyundai Rotem, a plant equipment manufacturing affiliate of Hyundai Motor Group, said Wednesday it has successfully developed its own high-speed panel transfer system for use in tandem press lines.　The system was unveiled to the public for the first time Tuesday during a presentation ceremony in Busan.　A tandem press line is a machine that combines several press machines used for cutting and bending steel plates. Hyundai’s new system feeds panels into the tandem press 20 percent faster than thos

AWARD FOR FAMILY-FRIENDLY WORK CULTURE — Roche Korea, the local affiliate of Swiss pharmaceutical giant Roche, was recognized Tuesday by the South Korean Ministry of Gender Equality and Family for its excellence in sustaining a family-friendly work culture. The company offers a number of employee benefits including flexible working hours, structural and financial child support and favorable policies for working mothers, among others. (Roche Korea)

South Korea’s retail giant Lotte Group held a symbolic topping-out ceremony Tuesday afternoon to mark the approaching completion of the Lotte World Tower, the tallest building in the country located in Jamsil, southeastern Seoul.　Lotte Corp. placed the last crossbeam on the roof of the 123-story skyscraper amid much fanfare with some 200 high officials in attendance, including Lotte chairman Shin Dong-bin and Seoul City mayor Park Won-soon. A ridge beam is placed on the roof of Lotte World Tower

Daewoo Shipbuilding & Marine Engineering employees are planning to purchase new shares to be issued by the company as part of its ongoing restructuring efforts to improve its liquidity, DSME said Tuesday.　　The South Korean shipyard is planning to issue new stocks worth 2 trillion won ($1.7 billion) as it seeks to recover from mass deficits linked to a global economic downturn that has led to sharp falls in shipbuilding demand. The DSME headquarters in Seoul (Yonhap)　Some 80 percent of DSME emplo

Shake Shack Burger, New York City’s most famous roadside burger joint, is coming to South Korea next year, the company announced Tuesday.　Under a licensing partnership with Korea’s leading food giant SPC Group, Shake Shack Enterprise International plans to open its first Seoul branch in 2016, with plans to launch a total of 25 outlets in the country by 2025.(SPC Group)　“We’ve heard from fans in South Korea for years that they’d like us to bring Shake Shack to their hometown, and we’re absolutely

　North Korea and China have signed an accord on sports exchanges for next year, a Chinese state-run media reported on Monday, in a sign that the allies push ahead with exchanges despite canceled concerts by an all-female North Korean band.　The accord was signed between Son Kwang-ho, vice minister of North Korea‘s sports ministry, and Yang Shuan, deputy secretary of the General Administration of Sports of China, in Beijing on Sunday, according to the report by a newspaper published by the Chinese

 Located at the center of maritime transportation networks in Northeast Asia, South Korea’s port-oriented industrial parks offer a business-friendly environment and strong logistics networks for local and foreign firms. 　 “Thanks to Korean ports that provide highly developed logistics services connected to Asia’s main ports in China and Japan, the companies operating at industrial parks in the hinterland areas of major ports can effectively transport their products to destinations to the neighbo

The government’s economic policy directions for 2016 and the central bank’s inflation target for 2016-18, which were announced last week, have signaled a major shift in Korea’s macroeconomic management.　Forecasting the country’s gross domestic product would grow by 3.1 percent in real terms next year, government policymakers said attention would be paid equally to the nominal growth rate, which they expected to reach 4.5 percent in 2016.　Their remarks were interpreted as suggesting policy effort

Samsung Electronics vice chairman and heir apparent Lee Jae-yong is betting big on biotechnology, a move reminiscent of his father, chairman Lee Kun-hee’s entry into the chip business almost 40 years ago. 　In the 1970s, there was widespread skepticism about Samsung’s entry in the chip market that was dominated by U.S. and Japanese companies. But the company poured resources into ramping up quality chips at cheaper prices. Now the company is the No. 1 player in memory chips and the business unit

Former opposition presidential candidate Rep. Ahn Cheol-soo on Monday announced his plan to form a new party by early February and pledged to build a robust opposition bloc to eventually form the next administration.　　“I have so far failed to meet the people’s expectations to change politics and the nation,” said Ahn in a televised press conference. “I owe it to the people and my supporters. The only way to repay the debt is to achieve a change of government and practice new politics that transf

SONGDO, Incheon -- Samsung BioLogics broke ground on its third production plant in Songdo, Incheon, Monday, drawing closer toward its stated goal of becoming the world’s No. 1 contract manufacturer of biologic drugs by 2020.　The new plant, to be constructed with an investment of 850 billion won ($740 million) will boast a production capacity of 180,000 liters to become the single largest biologics manufacturing facility in the world upon its completion in 2018.　Combined with its two existing pla

Hotel Lotte is reportedly set to file its application for listing on the nation’s main stock bourse early next week, according to sources Friday.　They noted that the hotel unit of South Korean retail giant Lotte Group will submit its application to the Korea Exchange on Monday for a preliminary regulatory review of its initial public offering, which will mark the company’s debut on the stock market as early as March.Hotel Lotte in Seoul (Yonhap)　The move was expected as Lotte Group chairman Shin

Kim Jung-hoon, a 32-year-old office worker, reserved a SM5 vehicle parked near his home in Seoul for 30 minutes last weekend via a car sharing service -- a form of short-term vehicle rental in which users pay by the minute and distance traveled.　All he had to do was search for a desired vehicle near his house, select a rental time period, which can be extended every 10 minutes, and digitally access the car via a smartphone app run by SoCar, a leading car sharing service operator.　“It’s such an e

Pressed for time and short on money amid an economic downturn, South Koreans today tend to seek sanctuary from the hustle and bustle of daily life at home -- a place of comfort where one can unwind and rest freely.　As Koreans increasingly feel busy, anxious and short of money to spare, many are likely to spend more time at home next year, according to the 2016 Korea Trend Report by market researcher Macromill Embrain.　“Home” is thus a key concept that will shape and drive consumption patterns ne

  SAMSUNG RECOGNIZED FOR EXCELLENCE IN DESIGN -- Samsung Electronics said Wednesday its high-end SUHD TV 82S9W lineup has won the highest presidential award at the Good Design Selection 2015, a design award in Korea. The tech firm’s eight other products got awards, including the Chef Collection fridge RV8000, and the smart UX apps and widgets for the Galaxy S6 Edge Avengers Special Edition. (Samsung)

Mobile messenger Kakao has made strides in its taxi-hailing business as the number of requests for KakaoTaxi crossed 50 million as of Sunday, the firm said Wednesday. 　Demand for the taxi-hailing app has boomed since its launch in March, seeing 1 million ride requests in less than two months. 　The number of taxis registered for the KakaoTaxi service has also been on the rise, with more than 190,000, or around 70 percent of all taxis nationwide, now partnering with Kakao.(KakaoTaxi)　“Even though

Doosan Group chairman Park Yong-maan has ordered Doosan Infracore, the industrial conglomerate’s second-largest affiliate, to exclude junior employees from the company-wide voluntary retirement scheme that has been drawing public criticism.　“I have ordered the affiliate to set up a protective mechanism for new employees (with 1-2 year work experience),” Park told reporters in Seoul on Wednesday. “Though (Doosan Infracore) is facing severe financial strains, new employees will not be subject to t

Lee Tae-hoon, a 33-year-old office worker who lives in eastern Seoul, keeps hearing news that global oil prices have reached record lows. 　Lee, who drives his car to and from his office every day, had hoped that the major cooldown in global crude oil prices would be reflected in local gasoline prices.　Yet, Lee says regular gasoline prices near his home in Jamsil have stood at around 1,450 won ($1.23) per liter now, which “seems to reflect only a minor drop in prices compared to other countries l

Last year, Lee Min-ji (not her real name) decided to undergo fat grafting to her forehead and cheeks at a cosmetic surgery hospital in Seoul.　Two months later, she began to feel palpable bumps in the areas where she had received surgery. The cause was calcification -- a hardening of the skin tissue that sometimes occurs when high amounts of fat are concentrated in one area.　As she was neither informed about the details of the surgical procedure nor its potential side effects prior to her surgery