Merck, Celltrion, Hanwha show off progress, boost prospects at specialized eventBiotechnology and medical experts on Wednesday underscored the significance of biosimilars as a key driving force behind the global pharmaceutical industry at a forum in Seoul.Some 250 officials at drug companies, state agencies and consultancies from around the world took part in the 2012 Global Biopharma Technology and Policy Forum hosted by the European Union Chamber of Commerce in Korea and the state-run Korea He

Amid simmering criticism over collusion and price fixing among industry giants, Samsung on Wednesday mapped out a set of measures to head off the rampant illicit practices within Korea’s largest conglomerate.The package, a follow-up to its November program, is aimed at establishing “systemic safeguards against any temptations to collude in tough business environments,” Samsung Group said in a statement. Under the plan, the company will conduct regular monitoring on all affiliates, expand its e-m

Korea Electric Power Corp. has completed its coal-fired power plant in Jordan with a capacity of 373 megawatt, the state-run utility said Tuesday.A consortium led by Korea’s sole power grid operator in July 2008 grabbed the deal worth $460,000, the company’s first in the Middle East. Under the contract, KEPCO will keep a 25 percent stake in the facility for the next 25 years and its affiliate Korea Southern Power will maintain and operate it. The Jordanian government will provide a payment guara

The Asan Nanum Foundation, a charity set up by Hyundai Heavy Industries and its affiliates, said it launched on Tuesday a venture capital fund to help young entrepreneurs.Hyundai Heavy and its affiliates together will channel an additional 100 billion won ($88.8 million) into the fund, the shipbuilder said. Three companies ― KCC, Korea Flange and Hyundai Department ― have joined the initiative. The fund will be operated in consultation with industry experts and angel investors, the company added

Korea’s robotics industry is picking up steam as government-led pilot programs are spurring sales and exports, while carving out new niches in the fledgling market. About 200 local robotics firms are expected to have generated at least 2 trillion won ($1.77 billion) in output last year, an official at the Ministry of Knowledge Economy said Monday, citing preliminary data. The ministry plans to release the final figures as early as June. Yet the tally is up about 12 percent from 2010 and more tha

KT Corp. said Monday that it showcased its Long Term Evolution femtocell, a one-chip solution that combines the central processing unit and modem functionality, at the Mobile World Congress in Barcelona.Dubbed the finest technology being operated on the firm’s internet infrastructure, it is expected to guarantee voice quality not only indoors but also in underground areas, according to KT officials.Femtocell is a small base station which targets improving network connections for small indoor spa

Firm goes forward with first reshuffling move following SK takeoverHynix Semiconductor said Monday that it introduced smart mobile solution products at the Mobile World Congress in Barcelona for the first time in partnership with its new owner SK Telecom.With a theme of “Hynix enabling a ubiquitous world,” the global top memory chipmaker features mobile solutions like 20 nanometer class 4 gigabit DDR3 dynamic random access memory and 30 nanometer class 4 gigabit LPDDR3 DRAM, said Hynix officials

MTU Maintenance Hannover, a German engine maintenance services provider, said Monday it has won an order from Asiana Airlines to provide maintenance, repair and overhaul services.Under the deal, MTU will be in charge of the Korean carrier’s CF6-80C2, an engine made by General Electric Aviation to power its Boeing 767 and 747 fleets, for the next five years. The deal terms were not made public.The German company is an MRO unit of MTU Aero Engines, an engine manufacturer. The deal is its first wit

With crude prices spiraling out of control amid tensions surrounding Iran, concerns are surfacing of a fresh oil shock. Korea’s benchmark Dubai crude jumped to $121.57 a barrel, the highest since August 2008, on Singapore’s spot market on Friday. Brent crude, a global yardstick, touched a nine-month high of $125 a barrel.Korea, the world’s fifth-largest crude buyer, imports almost of its oil needs.Runaway fuel costs are threatening to push up consumer prices and in turn jeopardize the central ba

SK Biopharmaceuticals Co. said Sunday it plans to carry out clinical tests for its epilepsy drug candidate in four countries as part of a government program to cultivate blockbuster drugs, targeting the international market. The drug unit of Korea’s third-largest conglomerate has since 2006 been developing a medicine for intractable epilepsy, a set of chronic neurological disorders typified by seizures. The product, codenamed YKP3089, is currently in small-scale second-phase trials in the U.S. T

More than 200 policymakers, industry specialists and startup founders gathered on Friday at a forum in Seoul to discuss ways to boost venture capital funding and foster healthy business environments for young entrepreneurs.The Asan Nanum Foundation, a charity run by Hyundai Heavy Industries and its affiliates, hosted the one-day event as the latest in a string of its programs to back startup hopefuls in Korea.  Among the participants were the charity’s founder and ruling party lawmaker Chung Mon

Negotiations collapse between construction, cement, ready-mixed concrete companiesThe rift deepened on Thursday between Korea’s construction, cement and ready-mixed concrete companies as a series of price negotiations ended in stalemate with all sides refusing to compromise.Squeezed by soaring raw material costs, some 750 manufacturers of premixed concrete across the country halted production on Wednesday, saying they are only losing money by running the plants.They demand that builders accept a

Korean companies, think tanks and universities will team up with Boeing to jointly develop advanced materials and parts for aircraft as part of a government program to boost their competitiveness in the global market.The Ministry of Knowledge Economy said it signed an agreement with the world’s largest aerospace company on Wednesday to crank up technological collaboration. Five research institutes and eight firms in Korea will take part in the project.  Among the participants, the Korea Institut

KT&G plans to release a new brand of menthol cigarettes with capsule filter technology on Thursday, Korea’s top tobacco maker said Wednesday.The Bohem Mojito Double is a follow-up to the company’s other menthol product, the Bohem Mojito, which has been popular with young smokers since its launch in June, claiming a 2 percent share in the domestic market. The latest product will give an extra burst of lemon mint flavor when customers pop a small ball in the filter, KT&G said in a statement. The B

A recent study found that Nokia, Qualcomm and Samsung Electronics have secured the highest number of patents related to the fourth-generation communications network technology Long Term Evolution.In a study unveiled by global patent research community Article One Partners and Thomson Reuters, three technology firms ― Nokia, Qualcomm and Samsung ― were equipped with the strongest LTE portfolio, taking leadership in future LTE technologies.Together, the top three firms owned more than 43 percent o

CEO vows to tackle social bias and external pressure, while planting sound gaming culture at resort complexCorruption, bankruptcy and broken homes have been typical of the images of gambling in the minds of Koreans. The risks of addiction and ethical degradation have also put the gaming business under heavy government regulations and civic scrutiny.Kangwon Land, the sole domestic casino complex accessible to Koreans, is striving to head off these hurdles as it seeks to establish gambling as a lu

BUSAN ― Pernod Ricard Korea has donated 100 million won ($88,800) to Busan to help the local government promote bicycling, the local unit of the French drinks group said Sunday.The funds will be used to help create a bike park and set up related facilities in the southeastern port city, said the company, which distributes Ballantine’s and Imperial whiskies, Chivas Regal scotch and Absolut Vodka. The donation also coincides with the launch of a limited edition of the company’s Imperial whisky ded

 Peach Aviation, AirAsia Japan, Jetstar Japan and Spring Airlines tapping Korean marketCompetition between Asia’s low-cost airlines is poised to heat up this year as carriers from Japan and China are lining up to launch new routes to Seoul, seeking to gain an upper hand in one of the world’s fastest growing aviation markets. That will bring fresh challenges to Korea’s two full-service airlines, which are already being pummeled by volatile fuel prices, lower cargo demand and a weaker local curren

Knowledge Economy Minister Hong Suk-woo said Thursday that Korea’s trade balance would swing back into the black this month as exports pick up, driving a turnaround from January’s painful deficit. “We’ll post a surplus this month, albeit small, despite tough economic conditions,” he told reporters at a dinner meeting, without providing numbers. Hong’s forecast backs the remarks made early this month by Han Jin-hyun, deputy minister for trade and investment policy that he anticipates slight expor

KT&G Corp. plans to roll out a new version of its Raison cigarettes starting Feb. 22, Korea’s largest tobacco company said Thursday.The Raison Aero is designed to provide a refreshing taste for customers by empting the tip of the filter to screen out tar and nicotine, the company said in a statement.The latest product comes in two types, containing 1 milligram and 5 milligrams of tar. It costs 2,500 won a pack ($2.22).(heeshin@heraldm.com)