An immunodeficiency drug developed by Green Cross, a South Korean biopharmaceutical company, has been accepted for review by the U.S. Food and Drug Administration.Green Cross said Tuesday that that FDA accepted the drugmaker’s biologics license application for IVIG-SN -- human normal immunoglobulin G for intravenous administration -- on Jan. 22.IVIG-SN (Green Cross)The news prompted the company’s stock price on the main Korean bourse KOSPI to surge by 2.01 percent on Tuesday to close at 228,000

A treatment for a rare obesity treatment, originally developed by South Korea’s Chong Kun Dang Pharmaceutical and licensed to Zafgen in 2009, is geared to fully resume clinical trials in the near future.Zafgen, a U.S. biopharmaceutical company, said last week that beloranib has shown proven effectiveness in reducing body weight in a final-stage clinical study which was temporarily halted by the U.S. Food and Drug Administration last year.The FDA took the decision after the company confirmed the

PHILIPS LAUNCHES AQUA VACUUM CLEANER -- Philips Korea launched the PowerPro Aqua (FC6401/01), a cordless vacuum cleaner equipped with both vacuuming and mopping features for heightened cleaning convenience, in South Korea on Monday. Priced at 369,000 won ($310), the PowerPro Aqua is available for purchase through local online retailers. Promotional discounts of up to 70,000 won are available throughout February. For more information, visit the Philips Korea website or its Facebook page. (Philips

Dayou Winia, a South Korean consumer electronics company best known for its kimchi refrigerator brand Dimchae, is planning to launch its new rice cooker, the Dimchae Cook, in China this year.As the premium rice cooker officially began sales at Lotte Hi-Mart stores nationwide on Thursday, a Dayou Winia executive revealed plans to “introduce Dimchae Cook in Chinese markets within the first half of this year.”Dayou Winia’s business operations director Choi Jun-bong (right) and a model hold up a Dim

Hanwha Q Cells, the solar energy unit of South Korea’s Hanwha Group, has sold off its three solar power plants in operations in the United Kingdom to NextEnergy Solar Fund in a 100 billion won block deal.　 (Hanwha Q Cells)The company said Wednesday it sold Fenlend Farm (20.4 MW), the Green End PV parks (24.8 MW) and the Tower Hill Solar Park (8.1 MW) to the U.K.-based fund earlier this month.The block deal also marks the first time that Hanwha has sold its solar plants -- built exclusively with

LG Life Sciences, the biopharmaceuticals unit of LG Group, said Wednesday it plans to begin selling its self-developed diabetes treatment Zemiglo in five countries in Central America and India starting in March. The scheduled launch comes after the Korean drugmaker sealed a licensing partnership with French-based pharma giant Sanofi and Mexico’s Stendhal in 2013 to distribute and market the new diabetes drug in 104 countries globally.Sanofi will handle Zemiglo’s local marketing in India whereas

As global oil prices have been continuously falling over the past few months, the average price of diesel in South Korea hit a 9-year low this week, according to the Korea National Oil Corporation on Wednesday.The average price of diesel sold at gas stations nationwide this week stood at 1,169.93 won ($1) per liter, cheaper than the 1,162.44 won recorded during the second week of 2007, according to KNOC-operated Opinet.Diesel, which reflects changes in global crude oil prices faster than gasolin

SK Group chairman Chey Tae-won and high-level group officials including the CEOs of SK’s core affiliates are scheduled to attend this year’s World Economic Forum. The forum, scheduled to draw some 2,500 politicians, business leaders, activists and officials from around the world, is set to begin Wednesday in Davos, Switzerland and continue until Saturday.Eyeing forthcoming changes in the global business landscape following the Paris Climate Conference last month, SK’s top leadership plans to foc

Celltrion is drawing closer to launching its rheumatoid treatment Remsima in the U.S. 　The company said Monday that the U.S. Food and Drug Administration is scheduled to hold a committee meeting Feb. 9 (local time) to review and discuss Remsima’s approval in the North American market. 　Remsima is a biosimilar replication of Johnson & Johnson’s blockbuster rheumatoid arthritis treatment Remicade.The entrance to Celltrion's headquarters in Incheon (Yonhap)　The news prompted Celltrion shares to sur

Samsung Bioepis said Sunday it has won official approval from the European Commission to begin selling Benepali, its biosimilar replication of Amgen’s blockbuster rheumatoid arthritis treatment Enbrel (Etanercept), in Europe.The approval marks an important milestone in Samsung Group’s latest push to expand into the promising field of biosimilar production, and elevates the drugmaker’s market value in a forthcoming public listing on the U.S. Nasdaq this year.Benepali is the first Enbrel biosimila

GS Energy, the holding company of GS Group’s energy businesses, is facing delays and structural hurdles in selling its majority stakes in its two city gas affiliates in South Korea, according to industry sources Tuesday.　Since officially putting its 49 percent stake held in each of its two gas-providing affiliates, Haeyang City Gas and Seorabeol City Gas, on the market last month, GS has halted further procedures on the deal.“All proceedings have been put on hold, and no future agendas regarding

Hanwha’s 2016 braille calendar. Hanwha GroupHanwha Group said Tuesday it has produced and distributed tens of thousands of 2016 braille calendars to the blind as part of its year-end social contribution efforts.Some 50,000 braille calendars were delivered for free to the Korea Blind Union and some 300 local organizations for the blind, as well as thousands of individuals, according to Hanwha.The conglomerate has been making braille calendars for 16 consecutive years since 2000, when Hanwha chair

SK Group chairman Chey Tae-won has revealed that he “has a child with another woman” and plans to divorce his wife Roh Soh-yeong, personally putting an end to the speculations surrounding his shaky marriage.In a three-page letter to the daily Segye Ilbo, which was confirmed by SK Group on Tuesday, Chey said his marriage with Roh “had been falling apart over the past 10 years” despite “several efforts to restore the relationship.”  SK Group chairman Chey Tae-won and his wife Roh Soh-yeong. Yonhap

For the last 25 years, a billboard inscribed with messages of hope, courage and love has been hanging on the Kyobo Life Insurance headquarters in southern Seoul.“Though simple, the words have consoled me during times of hardships and reminded me of life’s priorities during busy periods,” said 35-year-old Kim Yong-bae, who passes by the billboard on his way to work every day. The Kyobo Life Insurance billboard featuring a quote from an essay by American poet Mary Oliver is hung at the firm’s head

South Korea’s debit and credit card spending surged in October, when the government-led “Korea Black Friday” sales took place, the Credit Finance Association said Wednesday.Last month’s total card spending reached 55.68 trillion won, up 13.1 percent compared to the same period last year. Individually-owned credit and debit card spending rose by 8.5 percent last monthThe CFA credited the spending hike mainly to increased consumer spending during two-week sales event held by the government from Oc

Though design is often discussed as a craft that walks the line between form and function, Israeli-born Paris-based contemporary designer Arik Levy holds a more unconventional understanding of the concept.Driven by a philosophy that “the world is about people, not objects,” Levy believes that design should focus on improving people’s everyday lives in new ways. His human-oriented philosophy is well reflected across his lighting, furniture and interior designs.Arik Levy (Park Hyun-koo/The Korea H

 The two sons of the Lotte Group founder once again clashed over control of the main office of their father, Lotte general chairman Shin Kyuk-ho, Tuesday, as a bitter fraternal battle over ownership of the South Korean retail giant continues to escalate.　Lotte Group, led by younger son Shin Dong-bin, demanded that SDJ Corporation, a company established and led by older son and former vice chairman of Lotte Holdings Shin Dong-joo, step out of the general chairman’s office, located on the 34th flo

Shin Seong-suk, compliance director at France-based pharmaceutical company Sanofi-Aventis Korea, sent her 11-year-old son Lee Yu-jin to Paris this summer to spend 10 days with a French family she had never met before.Last week, she welcomed Marceau Dabert, the 12-year-old son of the French family Yu-jin had stayed with, to South Korea for the first time. Shin took the children in and around Seoul, seeking to grant the young French visitor an unforgettable experience of a lifetime in a foreign co

SK Innovation, South Korea’s top oil refiner, and Japan-based JX Nippon Oil & Energy have agreed to strengthen their partnership in order to overcome structural challenges faced by the global oil and petrochemical industries, according to the Korean refiner.Executives from the two companies ― including SK Innovation CEO Chung Chul-khil and JX Nippon Oil & Energy CEO Yasushi Kimura ― discussed joint measures to pursue in line with changing conditions in the global oil market at a high-level meeti

South Korean train-maker Hyundai Rotem, owned by Hyundai Motor Group, is seeking to become a bigger global player by stepping up efforts to bring its railway vehicles and systems to developing markets overseas.“Having established a presence in 35 countries, our core strategy is to use the positive reputation we have built up in the industry to enter new markets in countries with aging or no railway infrastructure in Central America and South America, such as Peru and Colombia,” said a Hyundai Ro