The declaration of "Kimchi Day" is not only necessary to raise awareness about the Korean staple food globally, but also to protect it in a decadeslong cultural feud over its origin, according to Kim Choon-jin, CEO of Korea Agro-Fisheries and Food Trade Corp. Kim is a three-term lawmaker who entered South Korea's political scene after having been the dentist of former President Kim Dae-jung. He was appointed as CEO of the state-run food trade agency, known as aT for short, in 2021

SK Square, SK Group’s investment unit, has scrapped negotiations with Singapore-based e-commerce giant Qoo10 on selling shares of its online retail platform operator 11Street, according to local retail industry sources, Sunday. SK Square is not expected to resume talks with Qoo10 and may search for other investors who are interested in making an investment in 11Street, the sources said. Since September this year, SK Square had been in talks with Qoo10 for sale of an 18.2 percent stake in

Daewoo Engineering & Construction will beef up its presence in the Indonesian market where the country has high demand for infrastructure arising from capital relocation and economic development. “Indonesia has the largest construction market among (Association of Southeast Asian Nations) member states, thanks to its (population of) 270 million, large land size and over 5 percent annual economic growth rate,” said Han Seung, executive vice president of Daewoo E&C’s over

South Korea’s beer imports from China decreased by over 40 percent last month after a hygiene incident at a Tsingtao brewery was revealed. Imports of Japanese beer products, on the other hand, increased by over 300 percent. According to data from the Korea Customs Service on Thursday, Korea’s imports of Chinese beer reached 228.1 tons in October, down 42.6 percent on-year. The import value of Chinese beer products shipped to Korea during the same period came to $1.9 million, also dow

Posco International announced Wednesday that the company would join Ukraine’s reconstruction, starting with setting up a factory to manufacture modules for new buildings in war-torn regions of the country. Posco International Vice Chairman Jeong Tak on Tuesday met with Vitaliy Kim, governor of Mykolaiv, in Ukraine's capital Kyiv to sign a memorandum of understanding for the construction of a modular factory in Mykolaiv, the city on the Black Sea in southern Ukraine. Modular constructi

Samsung Bioepis, a biosimilar developer under Samsung Group, will embark on the development of a biosimilar candidate referencing MSD’s Keytruda (pembrolizumab), one of the best-selling drugs in the world. According to the Ministry of Food and Drug Safety on Wednesday, Samsung Bioepis has received approval for its phase 1 clinical trial of SB27, a biosimilar candidate referencing Keytruda. Samsung Bioepis is now the first Korean biosimilar company to receive approval from the government to

Daewoong Pharmaceutical said Tuesday that its botulinum toxin product, Nabota, posted 113.3 billion won ($85.3 million) in sales as of the third quarter this year. Overseas sales made up 93.5 billion won or 83 percent of the total, the company added. Nabota's overseas sales have continued growing in recent years, an outcome of Daewoon's global push. The portion reached 61 percent in 2021 and then surged to 77 percent last year. US sales, in particular, reached 44.5 billion won, making

Celltrion Healthcare, Korean biosimilar giant Celltrion’s sales unit, announced that the company has won the Brazilian Federal Government’s bid to supply biosimilar infliximab Remsima for the third consecutive year. Under its contract with the Brazilian government, Celltrion Healthcare will ship out all 360,000 vials of Remsima during the first half of 2024, the company said. Celltrion Healthcare is currently the sole infliximab provider for the Brazilian government, whose supply of

Posco has avoided the first-ever strike in its 55-year history as its management and union reached an agreement following six months of wage talks. The wage negotiation was concluded as the union voted to accept a tentative agreement made by the two sides on Thursday night. Of 11,245 union members, 10,856 joined the vote, according to Posco. The number of union members who voted in favor of the agreement reached 5,527, accounting for 50.91 percent, while the number of union members who were agai

South Korean confectionery company SPC Samlip said Thursday that it had signed a partnership with H Mart, the largest Asian supermarket chain in North America, as part of efforts to further increase its global presence. H Mart operates some 120 supermarkets in the US, Canada and the UK. In 2022, it posted 4.3 trillion won ($3.28 billion) in sales. Under the partnership, SPC Samlip will increase its supply of confectionery products to be distributed through H Mart's extensive sales network.

South Korean biopharmaceutical giant Celltrion said Tuesday it posted record earnings in the third quarter, largely buoyed by upbeat sales of biosimilar products and solid contract manufacturing orders. Celltrion's revenue in the July-September period climbed 4.1 percent on-year to 672.3 billion won ($514 million). Operating profit also went up by 25.2 percent to 267.6 billion won during the same period, while the operating margin came to 39.8 percent. Celltrion said sales of the company&rs

Daewoong Pharmaceutical said Monday the company will develop a microneedle-based obesity treatment drug. The South Korean pharmaceutical company aims to start a phase 1 clinical trial next year and launch the treatment in 2028. Daewoong Pharmaceutical’s new obesity treatment will contain a synthetic peptide semaglutide, which is similar to glucagon-like peptide-1 (GLP-1), a hormone produced in the gut released in response to food to reduce appetite and the release of insulin. The patch-typ

Korean Air's acquisition of Asiana Airlines got a step closer to getting antitrust approval from the European Commission, as the nation’s largest air carrier submitted a revised merger plan that includes a selloff of Asiana’s cargo operation and giving up more routes to European cities. Industry watchers, however, say uncertainty remains about the high-profile 1.8 trillion won ($1.3 billion) deal that also awaits approval from Japan and the US. “The chances are now higher

The board of Asiana Airlines, the nation’s second-largest air carrier, on Thursday approved a plan to sell off the company’s cargo business, a decision widely seen as crucial for its high-profile merger with its bigger rival Korean Air. Asiana said in a regulatory filing that its board approved the sell-off plan. Korean Air said in the afternoon that the company had immediately submitted its revised merger plan, including Asiana’s cargo unit sell-off, to the European Commission

Paris Baguette, South Korean bakery giant SPC Group's flagship bakery chain, announced Thursday that the company has signed a sponsorship deal with French football club Paris Saint-Germain. Of around 30 companies that have partnered with the Paris-based football club, including Nike, Qatar Airways, Coca-Cola and McDonald’s, Paris Baguette is the only Korean brand. Paris Saint-Germain is an internationally popular French football club which is widely known for its superstar, Kylian Mba

Posco International announced Wednesday that the company will provide 6 trillion won ($4.4 billion) worth of raw materials for Lotte Energy Materials’ high-end copper foil production. Posco International said the company and Lotte Energy Materials signed a memorandum of understanding at Signiel Seoul on Wednesday. Under the agreement, Posco International will supply around 600,000 tons of raw materials to Lotte Energy Materials through 2033. The two companies have also established a joint

Celltrion Healthcare, South Korean biosimilar giant Celltrion’s sales unit, announced Wednesday that the company has won the United Nations Development Program’s tender to supply anticancer drugs to Turkmenistan. The UNDP is a UN agency dedicated to eradicating poverty and reducing inequalities through the sustainable development of nations in more than 170 countries and territories. Celltrion Healthcare said the company joined the tender that opened in May this year, and that the re

Asiana Airlines board members plan to hold another round of meetings soon after they failed to reach an agreement on the previous day on whether to sell the air carrier’s cargo business to clear the way for approval of its planned merger with Korean Air. On Monday, Asiana’s five board directors discussed the sell-off plans but failed to reduce their differences even after a seven-hour meeting. Some members reportedly opposed the plans, saying that the sale of the cargo unit could pot

BARCELONA, Spain -- Lotte Biologics will begin antibody-drug conjugate manufacturing at its site near Syracuse, New York, starting in the first quarter of 2025, according to CEO Lee Won-jik, who also goes by Richard Lee. The company expects its ADC production to account for some 10 percent of its total sales in 10 years, Lee added. “Lotte Biologics is building an ADC facility within its Syracuse facilities. The company expects the construction to be completed by 2024 and the operation to b

Daewoong Pharmaceutical announced that the company aims for annual sales of its two new drugs, gastroesophageal reflux treatment Fexuclue and diabetes drug Envlo, to reach 1 trillion won ($736 million) by 2030. "Daewoong Pharmaceutical anticipates new launches and outlicensing deals involving Fexuclue and Envlo in the global pharmaceutical market," said Kim Do-young, head of Daewoong Pharmaceutical's Global Business Development Center, during a press conference held at the com