South Korean energy company GS Caltex announced Thursday that it has partnered with cosmetics company Summit Cosmetics, a subsidiary under Japanese conglomerate Sumitomo, to supply its cosmetics ingredients. According to GS Caltex, the company signed a memorandum of understanding with Summit Cosmetics for the company’s future supply of GreenDiol, the brand name of GS Caltex’ multifunctional 2,3-Butanediol derived from sugarcane and cassava. The 2,3-Butanediol GreenDiol is produced fr

David Moatazedi, CEO of Evolus, the US company that sells Daewoong Pharmaceutical's botulinum toxin product Nabota, marketed as Jeuveau in the US, has pledged to boost its sales of the botulinum toxin product to $700 million by 2028, the Korean pharmaceuticals company said Wednesday. “Jeuveau is the fastest growing neurotoxin in the US for the past three years, and Evolus is on track to achieve at least $700 million in total revenue by 2028,” Moatazedi said during his visit to D

Posco International began construction of its new traction motor core plant in Brzeg, Opole Voivodeship, Poland on Tuesday, the company announced Wednesday. A traction motor core is a crucial component in the powertrain systems in most eco-friendly vehicles, except the ones powered by traditional combustion engines. Construction of the new factory in Poland, which will be built on a 100,000-square-meter land plot, will be completed in mid-2025. The goal is to begin commercial production of tract

TerraPower, Bill Gates’s energy company that SK Group invested in, is starting the construction of a next-generation nuclear power plant at its Wyoming site, SK Group said Tuesday. According to SK Group, TerraPower held its groundbreaking ceremony Monday at Kemmerer, Wyoming, with Chairman Bill Gates, TerraPower CEO Chris Levesque, and government representatives participating. SK On Vice Chairman Yoo Jung-joon and SK Inc. Executive Vice President Kim Moo-hwan also joined the event. Kemmere

South Korean oil refiner S-Oil on Monday delivered a donation of 325 million won ($235,728) to the Korea Coast Guard (KCG), as part of its ongoing program to support the country’s maritime officers. The donation will be used to award honorary maritime officers, support the officers with medical expenses and provide tuition scholarships for children of officers who died while on duty. “Maritime officers, who take risks to save lives despite difficult sea conditions, are the real heroe

GS Engineering & Construction announced Monday that the company would cooperate with the Seoul Metropolitan Office of Education to open new after-school care facilities for elementary school students to help low-income households and families with working parents. The Seoul Metropolitan Government is currently trying to expand after-school care programs for elementary school students to help families save expenses on private after-school classes. As part of its plan, the government is introd

Value-focused coffee chain operators, such as Mega MGC Coffee and Compose Coffee, have grown rapidly in South Korea, thanks to increasing demand for affordable coffee products. While the number of such stores has been increasing across the country, concerns are mounting as the owners of licensed stores suffer amid low margins from selling cheap beverages, while chain operators enjoy higher operating profit margins. According to earnings reports for 2023, the operating profit margin of Mega MGC C

Daewoong Pharmaceutical’s research that confirmed its diabetes drug Envlo’s safety and efficacy in animals has been published in Veterinary Medicine and Science, a peer-reviewed, open-access journal for research in all areas of veterinary medicine, the company said Friday. Daewoong Pharmaceutical’s Envlo is the 36th new drug developed in South Korea. Launched in May last year, Envlo is an SGLT-2 inhibitor that has efficacy in reducing blood sugar levels in humans. According to

Korea Water Resources Corp. said Thursday that the state-run agency and African leaders held talks to increase their cooperation on water management technology. Several leaders of African countries, who were visiting South Korea for the inaugural Korea-Africa Summit in Seoul, gathered at K-water’s artificial intelligence-powered water treatment facility in Hwaseong, Gyeonggi Province, Wednesday, according to the water agency. Attendees included Central African Republic President Faustin-Ar

Shares of Korean cosmetics firms that produce sunscreen products and materials approved by the United States health regulator soared in May, coupled with returning investor sentiment in the K-beauty industry, according to industry sources, Thursday. "Recently, there were dramatic increases in the stock prices of Korean cosmetic firms that make sun protection products with US Food and Drug Administration approvals, as the US government is expected to soon impose stricter rules on sunscreen p

South Korea’s retail giants Shinsegae Group and CJ Group have agreed to cooperate on logistics and retail businesses to compete with domestic and overseas rivals. The two retail giants signed a memorandum of understanding Wednesday for their partnership centering on the Shinsegae Group e-commerce platform’s utilization of CJ Group’s nationwide logistics network. According to their announcement, CJ Logistics will be in charge of deliveries of goods sold on Shinsegae Group’

South Korea’s leading biosimilar company Celltrion said Wednesday that its Vegzelma, a bevacizumab biosimilar referencing Roche's anticancer drug Avastin, has secured 12 percent share in the Japanese market. Since its launch in January last year, Vegzelma has seen fast growth despite the biosimilar being the latest launched among four bevacizumab biosimilar products in Japan. Celltrion said it was able to ramp up sales of Vegzelma by cooperating with Japanese distribution partners.

Korean Air Chairman and CEO Walter Cho said Sunday that he expects US approval of the planned merger with Asiana Airlines to come by the end of October. “We expect full approval by the end of October this year,” Cho said in an interview with Bloomberg in Dubai, Sunday. He stressed “no further concessions,” saying “We have done everything the US and EU have requested us to do.” His comments come as the US is the last of 14 jurisdictions in which Korean Air need

Lotte Biologics, a South Korean contract development and manufacturing organization, and Merck’s process solutions arm signed a letter of intent for a strategic partnership in biopharmaceutical manufacturing and process development, the company said Friday. Under the partnership, Lotte Biologics plans to purchase raw materials and solutions from Merck for its development and production of pharmaceutical products in the future. “Lotte Biologics expects its partnership with Merck will

The Korea Herald on Wednesday hosted its weekly Global Business Forum (GBF) under the theme “Age of Hyper-Uncertainty: Global Business Opportunities and Trends,” with Gyeonggi Governor Kim Dong-yeon and German Ambassador to Korea Georg Schmidt in attendance as the key speakers. In his welcoming speech, Ambassador Schmidt stressed that the world’s advanced economies, including Germany and South Korea, are faced with similar challenges such as trade protectionism, geopolitical te

German pharmaceutical company Merck Life Science on Wednesday started the construction of a new bioprocessing production center in Daejeon, in which it will invest around 300 million euros ($325 million) -- the company’s largest investment in the Asia-Pacific region. The new bioprocessing production center will be built on a 43,000-square-meter plot of land within Daejeon’s International Science-Business Belt, some 140 kilometers south of Seoul. Merck Life Science will aim to complet

The number of international flight passengers using foreign airlines exceeded that of those using Korean Air and Asiana Airlines, the nation’s top two air carriers, in April – the first time they have done so without pandemic restrictions in place. According to data released by the Land and Transport Ministry on Wednesday, the number of outbound and inbound travelers using foreign airlines was 2.25 million last month, while there were 1.36 million passengers for Korean Air and 877,47

Samsung Biologics, one of the world’s largest contract and manufacturing organizations, said Monday that it will be participating in the upcoming 2024 BIO International Convention, the biopharmaceutical industry’s largest gathering of the year that kicks off in San Diego next week. This year, the event titled “Time for Science to Shine,” will be held on June 3-6 in the US, with some 1,500 companies joining from around the world. Taking part in the event for the 12th conse

South Korean companies’ growing investment in Georgia has led to increases in the number of flights and passengers traveling to Atlanta, the capital and most populous city in the state, according to industry sources Monday. “Delta Air Lines saw a significant increase in the number of business trips from Incheon to Atlanta and decided to deploy extra flights between the two cities,” said an official from Delta Air Lines' Korean office. Starting May 7, Delta Air Lines expand

Korean defense company Hyundai Rotem and trading firm STX signed a $60 million contract with Fabrica de Armas y Municiones del Ejercito SAC, the Peruvian state arms procurement agency, to export K-808 White Tiger wheeled armored vehicles. It is Korea's first export of armored vehicles to Latin America, according to Hyundai Rotem on Wednesday. Under the contract, Hyundai Rotem and STX will supply 30 units of K-808 vehicles to Peru by the end of 2024. Hyundai Rotem will be responsible for pro