Most of the big Korean companies are facing disapproval from foreign pension funds over their financial statements ahead of their imminent shareholders meetings in March, as they have not been audited by an independent panel.On Korea Corporate Governance Service’s online website Voting Information Plaza, of the 89 companies that have posted their agenda for annual shareholders meetings, 56 received opposition from more than one foreign pension fund.  (Yonhap)The State Board of Administration of

Four high-ranking officials from SK Chemicals attended an arrest warrant hearing Thursday as part of a reopened investigation into toxic humidifier disinfectants that in 2011 were linked to hundreds of deaths.Seoul Central District Prosecutors’ Office suspects the company, now known as SK Discovery, concealed the toxicity reports on CMIT and MIT, two chemical ingredients used in the humidifier disinfectants.SK Chemicals manufactured and supplied humidifier disinfectant ingredients to several com

Daewoong Pharmaceutical’s botulinum toxin treatment Nabota will enter the final phase of clinical trials in China in the second half of this year, the firm said Wednesday. Daewoong said it gained China Food and Drug Administration’s approval for changing the Nabota manufacturing site for phase 3 clinical trials from the firms’s “first factory” to the “second factory,” both of which are located in Hyangnam, Gyeonggi Province. The approval, granted March 6, signals Daewoong’s kicking spur in to Na

Nexon has 10 new mobile game releases on its timetable for the first half of 2019, the company announced Tuesday. Korea’s biggest game company is making use of its original intellectual property and popular foreign titles for various genres, ranging from role-playing games to puzzles.Of 14 major events Nexon has in store for the first half of 2019, four are global launches of games already being serviced in Korea. Nexon will introduce “Durango” globally in the first half in countries other than

The US-based W.L. Gore & Associates Inc. will supply 20 vascular grafts for South Korean children born with heart malformations who are time-pressed for surgery, Korea’s Ministry of Drug and Safety and Ministry of Welfare said Monday in a joint statement.Gore has agreed to supply the artificial blood vessels at the earliest possible date, which might be a week to 10 days away, the Drug Ministry said. The exact time of their arrival has yet to be determined. Gore, the sole supplier of reliable ar

Korean government agencies will work together in tackling artificial heart vessel supply issues in the wake of US company W.L. Gore’s withdrawal from the country in 2017, the Ministry of Food and Drug Safety said Sunday.The Drug Ministry, together with the Ministry of Welfare, estimates the issue will be resolved within this month, given that authorities will pay a visit to Gore establishments in the US for talks as early as this week.Artificial vessels, or “stretch” vascular grafts, by Gore had

Unity, a licensed game engine, is one of the most popularly used pieces of game developing software in the world. It’s the Adobe of games, if you will. For beginner developers, “Unity Personal” by Unity Technologies is a free-to-use version that anyone can use until their original content generates more than $100,000 yearly profit – at which point the developer is obliged to switch to the upper, paying model. Such is the “democratization of development” pursued by Unity Technologies ApS, the vid

McDonald’s Korea invited female employees to its International Women’s Day event to recognize their contributions to the company, it said Friday.The event, held Wednesday, spotlighted some 20 female workers at McDonald’s across Korea, including mothers and daughters working together at the fast-food chain. The women were invited to the company’s headquarters in Jongno-gu, Seoul. Chief Executive Officer Cho Ju-yeon oversaw the occasion.  (McDonald`s Korea)Cho said McDonald’s seeks to eliminate di

South Korean firms Daewoong Pharmaceutical and Celltrion Pharm are injecting funds to increase the capacity of their research and development facilities and production plants, despite some concerns that the hefty investments could weigh down their operations.Daewoong, the latest member to join the club of pharma firms with 1 trillion won ($887 million) annual sales, said that it would invest 70.5 billion won from May 31 this year to July 31, 2023, to build a connected collaboration and developme

It is never too early to wear progressive lenses, Essilor Korea said at a press conference in Seoul marking the 60th anniversary of the French lens maker Essilor, Wednesady. Progressive lenses -- also known as multifocal or varifocal lenses -- are worn by people with presbyopia, a farsightedness often associated with old age.But in the digital age where the increased use of smartphones, tablets and computers are changing sight habits, it’s not only the old people who show signs of presbyopia, Es

Global K-pop superstar group BTS will provide the new faces behind the Mediheal line of moisturizing masks from L&P Cosmetics. The South Korean skin care firm’s promotional videos featuring BTS hit social media at the start of March and are getting a heated response from fans. BTS will be Mediheal’s global ambassador for a year. L&P Cosmetics said it has collaborated with BTS since 2017, even before the singers signed on as its official models. The firm’s 3,000 special BTS packages, containing f

Samsung Bioepis has gained approval to sell bigger-size Ontruzant in Europe, the company said Tuesday.Ontruzant is a biosimilar for breast cancer treatment referencing Swiss firm Roche’s blockbuster drug Herceptin.Available as a powder used to make up a solution for adding to an infusion into a vein, the 150 milligram version hit shelves in Europe in March 2018, after gaining European Medicine Agency’s approval in November 2017. The firm can now sell 420mg versions of the biosimilar. Samsung Bio

The US International Trade Commission has voted to institute an investigation of Daewoong’s Nabota, or Jeuveau outside of Korea, the USITC said in a news release Friday. 　It was earlier announced that Jeuveau, approved by the US Food and Drug Administration in January, was to be commercialized in the US by California-based firm Evolus in the second quarter of this year. However, the latest development raises questions on whether the plan will proceed.  　The investigation is based on a complaint

In early January, news spilled that Korean game company Nexon was up for sale, with China’s Tencent speculated as a potential buyer. 　Industrywide discussion ensued, with critics lambasting the government for eschewing support for the promising market, to the extent that even the biggest game company was setting to withdraw from management.　Nexon is Korea’s biggest game company. Reports said its founder and largest shareholder, Nexon parent company NXC CEO Kim Jung-ju, was “tired of regulatory c

Hypertension drugs gained unwanted attention last year: More than 170 generic drugs sold by 76 local drugmakers were recalled by the Drug Ministry for their inclusion of valsartan, a chemical substance that could raise the risk of cancer.However, the industry is looking for a rebound this year, with major Korean pharmaceutical firms pushing the envelope in the race for novel hypertension treatments. The biggest competitor is Boryung Pharmaceutical’s Kanarb, a new hypertension drug developed by a

Ildong Pharmaceutical’s multivitamin series Aronamin was the best-selling over the counter drug for the third consecutive year in 2018. OTC drugs can be purchased directly at medical stores without a doctor’s prescription.According to health care consulting firm IQVIA on Sunday, Aronamin marked 66.3 billion won ($58.8 million) sales last year, the highest among OTC drugs in Korea.  Image captured from Ildong Pharmaceutical’s website　The figure was a 2.3 percent drop from a year earlier, but enou

All future Hyundai and Kia automobiles will come with built-in video recording systems, more commonly called black boxes, the company announced Thursday, heralding changes in the business landscape for video recorder companies.Hyundai and Kia motors announced it would include drive video record systems for its future models, starting from the eighth generation Sonata to be released next month. The DVRS will be linked to the car’s audio-video-navigation screens and a smartphone.(Hyundai Motor)The

CJ CheilJedang is reviewing the possible acquisition of US food additives company Prinova, though nothing is certain at this point, the company said Thursday.“We are aware that Prinova is open for bidding. However, we do not know who else is bidding for the deal nor how the seller wants to proceed,” said a CJ CheilJedang representative.(Yonhap)Prinova is one of many candidates CJ is considering acquiring, according to sources.Prinova is a global supplier to the food and nutrition industries. Ind

Younger members of the ownership families of domestic pharma firms are emerging in the public eye with wider involvement in management. Celltrion founder and Chairman Seo Jung-jin’s 32-year-old second son Seo Joon-serk is the latest such case. Seo will be promoted to director of the operation management department, effective Friday, according to the company. Seo joined the company in 2017. Celltrion said Seo will support and oversee the operations of biopharma production at plants. Seo’s older b

South Korea’s biggest game company, Nexon, will scrap the practice of paying fixed overtime wages starting in August, the company announced Tuesday.Paying employees a fixed overtime wage is a widespread practice among game companies here, and has been blamed for causing game developers to work an excessive number of hours. “The most palpable difference is that we will now be paid for our overtime hours,” said Bae Soo-chan, the chief of Nexon’s labor union, called Starting Point. Negotiations bet