Chung Hyung-kwon, former head of Alibaba Korea, has been named the CEO of Gmarket, the troubled e-commerce unit owned by Shinsegae Group. The new appointment is part of a series of executive reshuffles at the Korean retail giant whose key affiliates are running out of cash amid operational losses. Before joining Alibaba Group, Chung, a financial specialist, worked at multiple investment banks, such as Goldman Sachs and Credit Suisse, and served as an executive at Coupang, Shinsegae's e-comm

South Korean bakery giant SPC Group has been fully absolved of a 64.7 billion won ($46.8 million) fine, as the Supreme Court upheld a ruling in the company's favor in its lawsuit against the nation's antitrust watchdog for allegedly unfairly supporting its affiliates. The Supreme Court confirmed on Monday a lawsuit filed by five SPC Group affiliates, including SPC Samlip, against the FTC, to cancel the fine. In July 2020, the FTC claimed that SPC funneled a total of 41.4 billion won in

Korea's sole all-cargo airline Air Incheon has been named the preferred bidder for Asiana Airlines' cargo freighter division, paving the way for it to expand its business routes to the Americas and Europe. The purchase price is estimated to range between 450 billion won and 500 billion won ($325-million-$362 million). Air Incheon is to sign a stock purchase agreement by the end of July after two weeks of due diligence and contract discussions. If the deal closes by the first quarter of

Lufthansa Group CEO Carsten Spohr visited Seoul earlier this month to renew his commitment to the Korean market, where demand for premium airline services continues to grow. "We see tremendous potential in the Korean market and will strive to offer a premium experience to Korean customers with our vast selection of routes," the CEO said during a press conference held at a Seoul hotel on June 5. He was visiting Korea to attend an executive meeting in the Asia-Pacific region. He especial

AliExpress, the fast-growing e-commerce platform owned by Chinese tech giant Alibaba Group, is rumored to be considering buying Korean discount store chain Homeplus and its nationwide logistics network, making its Korean rivals nervous about the growing presence of Chinese retailers on their home turf. According to industry sources on Monday, Alibaba Group held a meeting Friday with Kim Kwang-il, vice chairman of MBK Partners, the Seoul-based private equity fund and the current owner of Homeplus

The Fair Trade Commission's decision to impose a record fine of 140 billion won ($102 million) on Coupang has sparked debates about the true role of online retailers in Korea. While Coupang is regarded as a giant online retailer that acts as a middleman between sellers and buyers, it also functions as a seller on its own platform, offering products under its own label. Coupang was slapped with the highest fine ever imposed by the antitrust watchdog on Wednesday for manipulating search ranki

Daewoo Engineering & Construction Chairman Jung Won-ju visited Turkmenistan this week to meet with government officials and business partners to explore new opportunities in the country’s burgeoning infrastructure development market. Jung was visiting the country as part of a business delegation accompanying President Yoon Suk Yeol on his state visit for a summit with Turkmen President Serdar Berdymukhamedov in Ashgabat, the Turkmenistan capital. During the visit, the Daewoo chief insp

Business leaders and government officials from South Korea and Turkmenistan pledged to further strengthen cooperation in infrastructure and digital development at a bilateral business forum held Tuesday in Turkmenistan's capital, Ashgabat. The forum, hosted by the Korea Chamber of Commerce and Industry and chaired by SK Group Chairman Chey Tae-won, who doubles as chairman of the KCCI, in collaboration with the Turkmenistan Chamber of Commerce, was attended by more than 250 participants. Wit

South Korea's exports to the United States are likely to exceed those to China this year for the first time in 22 years, according to a joint report released Monday by Statistics Korea, the Trade Ministry, and the Ministry of SMEs and Startup. From January to May, exports to the US amounted to $53.3 billion, approximately $610 million more than exports to China which stood at $52.69 billion. Large companies have already shifted their export trend since last year, while small and medium-size

SAN DIEGO -- SK Biopharmaceuticals CEO Lee Dong-hoon expressed increased confidence in solidifying the company's reputation as an "anti-epilepsy treatment franchise," following a surplus in the first quarter of this year, driven by the strong performance of Xcopri, launched in the United States in 2020. "Sales of Xcopri are currently driving our revenue, but our long-term goal is to succeed through our own research and development pipeline," Lee said during press confere

Korea Herald correspondent SAN DIEGO -- With Samsung Biologics securing as clients 16 of the top 20 global pharmaceutical companies based on market capitalization, up from 14 last year, its CEO John Rim expressed confidence in the company's continued expansion in the coming years. The CEO announced Wednesday during a press conference at the Bio International Convention in San Diego that their clients' orders have more than doubled this year. While industry sources suggest that this has

By Kim Hae-yeon Korea Herald correspondent SAN DIEGO -- President Yoon Suk Yeol’s security aide was spotted on Tuesday at Bio USA, the biotech industry’s largest gathering being held in San Diego, immediately prompting media scrutiny about the purpose of the rare visit. Wang Yun-jong, the third deputy director of the presidential National Security Office, stayed at the site for about 30 minutes. He was accompanied by Choi Sun, a presidential secretary for biotech policy, and other

SAN DIEGO -- Matica Biotechnology, the US subsidiary of CHA Biotech, which operates CHA University's medical centers in South Korea and internationally, has announced endeavors for significant expansion of its cell and gene therapy (CGT) CDMO orders in particular, setting itself apart from most antibody production-based CDMOs in Korea. At the firm's press conference during the Bio International Convention held in San Diego on Tuesday, Matica Bio CEO Paul Kim emphasized the anticipated

The Korea Biotechnology Industry Organization and Korea Trade-Investment Promotion Agency together with the Trade Ministry opened its Korea Pavilion at the Bio International Convention on Monday to support small to mid-sized firms in attracting new business partners. This year is the largest-ever operation of a Korean pavilion with 26 participating firms and two institutions installed in the pavilion zone. Among some 20,000 industry officials participating globally, over 1,000 are affiliated wit

SAN DIEGO -- Leading contract development and manufacturing organization Samsung Biologics has introduced a new contract development platform with a customized strategy to enhance its competitive edge in the market. At the 2024 Bio International Convention's opening event on Monday, Samsung Biologics introduced S-Tensify, its new platform designed to support the development of high-concentration biopharmaceuticals through advanced culture technology. "Sixth year into the CDO business,

진행자: 김혜연, Paul Kerry [From the Scene] Korean Air's new operations center highlights full commitment to safety 기사 요약: 합병 앞둔 대한항공, 전면 개편한 종합통제센터 (OCC) 최초 공개 [1] Korean Air has unveiled its newly revamped Operations and Customer Center after 23 years, emphasizing the airline's increased focus on risk management in light of variables such as the merger with Asiana Airlines and the introduction of newer aircraft. revamp 개조[수리]하다 variable 변화를 줄[변경할] 수 있는 [2] "Air operations are possible

A record number of South Korean pharmaceutical and biotech companies are joining this week’s Bio International Convention to showcase their latest innovations and boost client partnerships amid the absence of their Chinese rivals. The event, also known as Bio USA, will run Monday through Thursday in San Diego. Aligning with this year's theme, "Time for Science to Shine," more than 20,000 biotechnology and pharma leaders have registered for this year's convention. From K

HiteJinro, the nation's oldest liquor-maker marking its centennial this year, on Wednesday renewed its emphasis on product quality and customer engagement. "We believe the key to maintaining a 40 percent share of some 2,729 manufacturing licenses in Korea today is HiteJinro's exceptional products, marketing and sales skills all combined as teamwork," said Kim Hyun-jin, managing director of HiteJinro's sales division, during a press conference in Seoul. HiteJinro traces

진행: 김혜연, Paul Kerry ‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand 기사 요약: '국민 반찬' 김 물가 상승에 더욱 커진 밥상 물가 부담 [1] Dried seaweed or gim, a staple dish nicknamed "rice thief" for its perfect pairing with rice, is seeing considerable popularity globally these days. staple 주된, 주요한 pairing 한 쌍, 짝을 짓기 [2] In recent years, gim's deliciousness, coupled with its nutrient content and recognition as a food source beneficial to ocean ecosystem

South Korea's top logistics firm CJ Logistics said Wednesday that it has established cross-border e-commerce partnerships with leading logistics companies in the United States and Japan to strengthen the distribution network for Korean sellers abroad. In the US, CJ Logistics will handle air freight forwarding to Los Angeles International Airport and New York's JFK International Airport, while multiple local partners, including FedEx, will manage final delivery services. Japan's to