Hyosung Group Chairman Cho Hyun-joon met with Vietnam’s Deputy Prime Minister Vuong Dinh Hue on Wednesday during the latter’s visit to Seoul to discuss collaborative growth measures, Hyosung said Thursday.According to Hyosung, the chairman had asked for the Vietnamese government’s support for Hyosung’s polypropylene plant in the southeast region of Ba Ria Vung Tau and the tire cord plant in Quang Nam province in central Vietnam, which are currently under construction.&nbs

Kumho Tire has introduced its premium brand Majesty9 in Nanjing, China, for local dealers, the company said Thursday. With the launch of the latest premium products, the company said it anticipates to improve sales performance in mainland China and be profitable in the second quarter. Kumho Tire’s Chinese unit had recorded an operating profit on its own accord for the first time in 30 months in May, its fifth consecutive month of being in the black.  The tire company said that if this

Convenience store chain 7-Eleven said Thursday it has has signed a memorandum of understanding with Korea Electric Vehicle Charging Service. Under the MOU, 7-Eleven will collaborate in installing EV charging stations at its stores. The company plans to build four charging stations in the capital region and two in provincial cities by September. Jung Seung-in, CEO of Korea Seven, the local operator of 7-Eleven chain, explained that the MOU was triggered by the change in consumers’ choice of

Riot Games Korea and the Overseas Korean Cultural Heritage Foundation unveiled 19th century royal relics retrieved from overseas Wednesday at the National Palace Museum of Korea.The treasures returned to Korea this time are a square-shaped 19th century white porcelain jar with the inscription of the palace Idonggung and a stamp with an auspicious beast for a handle to represent the palace Junghwagung. The National Palace Museum of Korea will look after and study the artifacts. The OKCHF sai

SK Holdings’ US subsidiary Ampac Fine Chemicals celebrated the opening of its contract development and manufacturing facility with production capacity of 180,000 liters in Petersburg, Virginia, on Sunday. SK Holdings acquired AFC in July 2018, marking the first global acquisition by a Korean pharmaceutical firm. At the time, industry insiders reportedly viewed the acquisition as a milestone for a Korean pharma firm to acquire a 100 percent stake in AFC, a contract development and manu

The 2019 Herald Business 氣 UP Forum on Monday called for bold innovations in the manufacturing and service sectors, and business buoyance through the governmental regulatory sandbox. South Korean Prime Minister Lee Nak-yeon and Herald Corp. CEO Kwon Chung-won gave welcoming remarks at the forum that was held at the Korea Chamber of Commerce and Industry.This is the third year the Herald Business, a Korea Herald sister company, is holding the 氣 UP Forum. The name is a play on words that construct

The fundamental role of forestry in mitigating climate change and natural disasters, and its potential to create jobs and promote regional peace will be highlighted at a gathering of Asia-Pacific forest experts and officials taking place in South Korea this week.  Ko Ki-yeon, the director general of International Affairs Bureau at the Korea Forest Service, told The Korea Herald that regional efforts on redefining forests and forestry would be discussed at the Asia-Pacific Forestry Week 2019

Samsung BioLogics on Friday apologized for the destruction of evidence related to alleged accounting fraud involving its affiliate Samsung Bioepis. Samsung BioLogics and Samsung Bioepis said in a joint statement, “We deeply regret the unsavory circumstances resulting from disgraceful acts such as the destruction of evidence.” “We feel gravely responsible for the arrest of our officials and the subsequent difficulties in management,” they added. “In order to prevent

GC Pharma and affiliate GC LabCell said Thursday they have jointly established a cell therapy development company called Artiva Biotherapeutics. Artiva Biotherapeutics was launched in March in San Diego, the US, with GC Pharma and GC LabCell holding 56.67 percent and 37.77 percent stakes, respectively. “This research and development body is to globalize the cell treatment being developed centering on GC LabCell,” a representative from GC Pharma said.Artiva Biotherapeutics will focus

To promote its 8K display technology, Samsung Electronics sponsored the 8K Display Summit, a gathering of industry experts in Manhattan, New York City, the company said Wednesday.“With the rapid expansion of 5G wireless network technology, (the) 8K display market is expected to make great strides,” said Sonia Chen, director of display marketing at Samsung Electronics’ Device Solutions America, at the event. “In particular, it will receive the spotlight among the millennia

More than 137,000 people entered their names as of Tuesday for the SK Oilro Pass, a travel event that launched a week ago targeting those aged between 25 and 35.The SK Oilro Pass is a 200,000 won ($170) gas charging card by SK Energy that can be used at some 3,600 SK gas stations nationwide. To be given out to 1,000 winning candidates with the most inspirational road trip ideas, each petrol card is enough to power a 5-day trip on the road, the company said.  SK Oilro Pass event kicked off o

A group of Korean game developers and companies said Monday they will oppose the Health Ministry plan to adopt the World Health Organization’s acknowledgement of gaming as a disease, instead labeling the pursuit as a healthy sport for those seeking fun. In a statement directed at the Welfare Ministry and an association of addiction psychiatrists, game developers raised a skeptical voice in opposition to the classification.“We are deeply concerned that the hundreds of papers written s

Lee Jee-ae, a 30-year-old office worker in Seoul who proclaims herself to be a health fanatic, has her own way of choosing medication: YouTube.Type the Korean word for pharmacist -- “yaksa” -- on YouTube, and an endless list of videos showing broadcasters in white gowns providing medicinal information rolls out, she said. YouTube is where Lee learned the maximum magnesium supplement intake a day is 350 milligrams, and that there are different expiration dates for different types of p

Google’s plan of launching cloud-based game streaming platform Stadia in November but to exclude Asia disappointed Korean gamers Sunday, with some raising doubts as to the success of the newest service. Stadia, touted by Google as the “new generation game platform powered by the best of Google,” will launch in just 14 North American and European countries in November. Google’s Vice President for Product John Justice said the company is “working hard to expand Stadia

Government approval for wrinkle-smoothening botulinum toxin Medytoxin is proceeding as planned in China under the name Neuronox, Korean BTX maker Medytox said Wednesday in a regulatory filing.It came in response to a local media report that claimed the China Food and Drug Administration has ceased its review of Neuronox. On Wednesday, shares of Medytox shares closed at 435,000 won ($370), down 7.76 percent from a day earlier. Medytox said the Neuronox is in the final stage of the approval proces

The Minister for Food and Drug Safety on Wednesday apologized for authorizing the use of the gene therapy drug Invossa to treat arthritis. It has since revoked that approval. “I apologize for failing to thoroughly monitor the approval of Invossa and after-care (for patients),” Drug Safety Minister Lee Eui-kyung said at a press conference, adding that the ministry would do its best to prevent any recurrence and pass measures to keep patients safe.Earlier the same day, 10 South Korean

Korea’s second-biggest game company Netmarble will release its new mobile game “BTS World” globally on June 26, the company announced Wednesday. The worldwide release excludes China, where governmental approval is a prerequisite for foreign games to launch. China has been reluctant to grant approval for Korean game companies since a 2017 political rift involving the deployment of US Terminal High Altitude Area Defense system in Korea.Netmarble explained that “BTS World&rd

Big-name game firms should take a more active role in the discourse surrounding local adoption of the World Health Organization’s 11th Revision of the International Classification of Diseases, or ICD-11, which classifies gaming disorder as a health condition, Rep. Kim Byoung-gwan of the ruling Democratic Party of Korea said Monday. Prior to joining the National Assembly, Kim was head of the game venture firm Webzen.Speaking at a panel discussion at the Korea Internet Corporations Associati

Open innovation, a joint effort to discover and develop innovative ideas, has become a major mantra of most industries, with the bio sector firms being no exception in their search for novel drug candidates.Attention toward biotech and novel drugs has spiked particularly in South Korea after the government announcement in May to inject 4 trillion won ($3.36 billion) in the bio-health industry.Against such a backdrop, several global pharmaceutical firms in Korea are engaged in identifying and sup

Wearing all black with condolence pins affixed to their chests to signify the gaming industry’s distress over the adoption of gaming disorder, a committee was launched Wednesday to oppose the move. The committee comprising 90 organizations, announced in a press conference at the National Assembly that it would serve as a watchdog for a healthy gaming environment and review the validity of the World Health Organization’s gaming disorder.The controversy has escalated since Saturday, wh