Samsung Group’s up-and-coming biosimilar drug business -- led by its biopharmaceutical R&D unit Samsung Bioepis -- has officially taken off with the introduction of its first self-developed biosimilar treatment in the South Korean market.　Samsung Bioepis on Thursday began domestic sales of Brenzys, the firm’s biosimilar copy of Amgen and Pfizer’s blockbuster rheumatoid arthritis drug Enbrel (Etanercept), according to MSD Korea in charge of the drug’s local marketing and sales.A day later, the co

Alongside advancements in technology, modern design is expanding in its scope and boundaries while evolving to meet consumer needs and lifestyles.　As the fusion of technology and design has given way to innovative products, Herald Corp. is showcasing five tech-savvy creations by Korean start-ups at the Herald Design Tech booth at Dongdaemun Design Plaza in Seoul until Sunday.Visitors to the Herald Design Tech booth inside DDP in Seoul learn about Spiki, a plastic recording device resembling a Po

A silicon lamp resembling traditional Korean pottery, a ceramic pot designed to naturally amplify the sound of a smartphone inserted next to the plant and “bandoms” -- rubber bands shaped and packaged like, you guessed it, condoms.　These are some of the creative items and crafts produced by young, independent designers on display at the second annual Seoul Design Market, which is being held at Dongdaemun Design Plaza in Seoul until Sunday.Visitors look at products at Seoul Design Market in Dongd

Hanwha Q Cells, the world’s leading solar cell manufacturer, has begun operating a portion of its solar power plant in Turkey which will become the largest of its kind in the country upon completion in 2016. The South Korean solar cell manufacturer said Wednesday it has finished building its first plant -- with a production capacity of 8.3 megawatts of solar energy -- in Burdur, a city in southwestern Turkey.Hanwha is scheduled to complete another plant with a 10 MW capacity by next year, drivin

LNG COOPERATION -- ExxonMobil vice president of gas and power marketing Richard Guerrant (left) and the president and Korea Gas Corp. chief executive Lee Seung-hoon pose after signing a memorandum of understanding to jointly pursue new opportunities in the natural gas value chain at a ceremony held in Seoul on Wednesday. LNG -- a cleaner burner fuel compared to other non-renewable energy sources -- is expected to replace coal as the No. 2 global source of energy, a shift that reflects the versat

South Korea’s major oil refiners are expected to see their net operating profits exceed 5 trillion won ($4.4 billion) this year, thanks to high cracking margins and timely operational strategies, according to industry analysts.　SK Innovation, the industry leader, GS Caltex, S-Oil and Hyundai Oilbank have already posted combined operating profits of 4.05 trillion won from January to September, according to their regulatory filings, with analysts forecasting a bright outlook for the industry in th

GS Retail vice chairman Huh Seung-jo stepped down from his post in the latest executive reshuffle announced by GS Group on Tuesday.　He has been replaced by his nephew and GS Retail president Huh Yeon-soo, the son of Huh Shin-goo -- the fourth son of the GS Group founder.　The new appointment reflects the firm’s efforts to reinvigorate its operations.　The resignation of Seung-jo, the youngest son of GS Group founder Huh Man-jung, signals the end of the leadership of the second-generation members o

South Korea’s free trade agreement with China is scheduled to take effect within this year, as the bilateral trade pact gained final parliamentary approval in Korea on Monday.　　As a result, the two countries will implement the first set of tariff reductions within this year and a secondary round of tariff cuts in about a month’s time starting from Jan. 1, 2016.　The Korea-China FTA will immediately eliminate tariffs on Korean exports to China worth around $8.7 billion annually, eventually lifting

Marketing -- often understood simply as the act of selling and advertising a product -- is all about managing customer relationships and satisfying customer needs, according to Dr. Ulf Ausprung, CEO of Han Sung Motor, the largest Mercedes-Benz dealer in South Korea.　　“Marketing means customer relationships, particularly in the fast-expanding South Korean luxury automobile industry,” Dr. Ausprung said during a business lecture Wednesday for students at Korea University. Han Sung Motor CEO Dr. Ulf

The third generation of South Korea’s family-controlled Hanwha Group has been raising its visibility in management while leading the group’s new growth engines.　The latest move was made by Kim Dong-won, the second son of group chairman Kim Seung-youn, who officially joined Hanwha in 2014. The junior Kim, a digital team leader at Hanwha Life Insurance, has begun to make headway in pushing forward the newly emerging fintech, or finance technology, front.Hanwha Q Cells CCO Kim Dong-kwan (left) and

Though there have been a string of big sales events taking place in South Korea recently, nothing can beat the scale of the annual U.S. Black Friday sales set to kick off at midnight in the U.S., or 2 p.m. Friday in Korea.　On Black Friday -- falling the day after Thanksgiving, among the biggest U.S. holidays of the year -- retailers and store brands across the U.S. will offer bargain deals and large discounts, some reaching as high as 90 percent, on numerous product categories.The U.S. Black Fri

Lotte Confectionery said Wednesday it is recalling 290,000 boxes of its White Cookie Pepero snacks worth 6.7 billion won ($5.84 million) manufactured between June and October, following continued customer complaints of a “bad odor” and an “odd taste.”Since Nov. 12, Lotte has taken back 140,000 boxes of the Pepero -- the brand’s longtime best seller -- variety under question, around 50,000 of which were already sold to consumers. The snack brand is granting refunds to those who bought the defecti

The 2015 Seoul Character & Licensing Fair will kick off next month, newly equipped with a “Kidult” zone for older character enthusiasts, as organizers seek to expand the event’s scope to attract not only children, but also adults and families.　Co-organized by the Korea Creative Content Agency and Coex and sponsored by the Culture Ministry, the fair will take place from Dec. 16-20 across three exhibition halls inside Coex, showcasing some 798 booths operated by 292 participating character firms a

BEST COMPANY AWARD -- Mundipharma Korea was recognized as the best foreign company in the “career opportunity growth” category at the 2015 Best Companies Awards organized by JobPlanet and Fortune Korea. Mundipharma operates an uncapped incentive system based on quantitative and qualitative assessments of its employees and the so-called “best practice sharing” program, which encourages employees to share their success to boost motivation. The pharmaceutical company also supports employees who wan

S-OIL SCIENCE FELLOWSHIP — The S-Oil Science Prodigy and Culture Foundation awards four young Korean scientists in the fields of physics and chemistry with fellowships worth 130 million won ($114,000) during a ceremony held Wednesday in Seoul. Founded by S-Oil in 2011, the SSPCF awards scientists in differing scientific disciplines every year — alternating between recognizing those in physics and science; and those in mathematics, biology and geology. (S-Oil)

Malaysia is a highly attractive investment location for South Korea’s small and medium-sized enterprises looking to expand their business in Southeast Asia, the head of its state-run investment promotion agency said Monday.　“Malaysia is particularly looking at smaller Korean companies -- which are seeking expansion elsewhere due to limited room for growth at home -- as key potential investors,” the Malaysian Investment Development Authority CEO Azman Mahmud said in an interview with The Korea He

SK Holdings said Tuesday it would acquire a majority stake in OCI Materials, the world’s leading supplier of specialty gas used in making semiconductors, displays and solar modules, as it seeks to strengthen its chipmaking business.　SK agreed to purchase a 49.1 percent stake in OCI Materials for 481.6 billion won ($417 million) from OCI, a leading South Korean chemicals manufacturer.(Yonhap)　Through the acquisition, SK, newly equipped with a stable supply of base materials and related technology

Air Busan, one of South Korea’s leading budget carriers, is pushing forward plans to launch an initial public offering, seeking to channel in fresh capital to better strengthen itself against rising competition, company officials said Monday.The airline company, founded in 2007, held a board meeting in Busan on Monday to discuss who could potentially lead the IPO process, scheduled for completion by the end of next year. A model poses to promote budget airline Air Busan. (Yonhap)“The company org

Throughout history, kimchi has held a defining presence in South Korea’s culinary scene. The beloved spicy, fermented vegetable dish is eaten with almost every meal and the culture of communal kimchi-making has stood as an emblem of traditional culture.　Amid demographic shifts, a growing number of Koreans are choosing to purchase ready-to-eat kimchi, as they shy away from what can be a cumbersome task of making it from scratch and storing it.　As the domestic packaged kimchi segment has evolved t

Hanwha Q Cells, the solar power business unit of Hanwha Group, posted record-high earnings in the third quarter on the back of successful business conditions and drops in manufacturing costs, the company announced Friday.　The leading photovoltaic solar module manufacturer posted $427.2 million in net revenue and an operating profit of $40.3 million in the July-September period, marking significant improvements from its second-quarter performance.(Hanwha Q Cells)　While the firm’s net revenue grew