Samsung Biologics said Monday it has signed a contract to develop PharmAbcine’s anti-cancer and angiogenesis material PMC-402. The South Korean firm will provide all-step CDO support from cell line development to clinical sample manufacturing and investigational new drug application, as well as produce preclinical and global clinical trial materials. PMC-402, according to PharmAbcine, helps normalize newly formed abnormal blood vessels that feed the growth of tumors, or the condition c

Eastar Jet Co., a South Korean low-cost carrier, said Monday it will cut one-fifth of its workforce as it strives to stay afloat amid the growing impact of the coronavirus on the airline industry, but the proposed layoffs are smaller than originally thought. The planned job cut at Eastar raises concerns over the possibility of industrywide restructuring. The airline originally planned to cut some 750 employees out of its total 1,680-person workforce. Eastar Jet said it also plans to return 1

‘AI has the power to be your assistant during this uncertain time’

South Korean lithium-ion battery maker LG Chem’s leader on Monday highlighted the company’s efforts to preserve cash and reestablish a contingency plan to tackle the “new abnormal,” amid the global fight against the coronavirus pandemic. While the “new normal” time has been endeavored since the 2008 global financial crisis, the coronavirus pandemic has ushered in an era of “new abnormal,” Shin said citing futurists and economists warning of econ

Starbucks Korea said Monday that it will limit seating at its outlets across the country, joining a nationwide social distancing campaign amid the novel coronavirus outbreak. The coffee chain said tables and chairs will be placed between one and 1 1/2 meters apart to keep customers at a distance from one another. Starbucks has already adopted such a system at some of its outlets in Daegu and the surrounding North Gyeongsang Province, the epicenters of the COVID-19 outbreak here. "Socia

The COVID-19 pandemic has fueled trade in Korean personal health and hygiene products. According to the South Korean Ministry of Trade, Industry and Energy on Sunday, exports of hand sanitizers in March reached $5.69 million, a steep climb of more than 600 percent, or 12 times the volume, from the same month a year before. This one-month figure is equal to 84 percent of hand sanitizer exports for the whole of 2019. The spread of COVID-19 has led to explosive in international demand for Kore

As of Friday, South Korean consumers can freely order alcoholic drinks online and pay via internet or with a mobile app. With a ban on online purchases of liquor lifted, convenience stores and hypermarket chains stand to benefit, according to the industry. Changes to the Liquor Tax Act came into effect Friday allowing retailers, including restaurants, hypermarkets and convenience stores, to sell alcoholic beverages on mobile apps and on the internet. But delivery is still banned, so custome

Baedal Minjok’s recently restructured fee system, which involves charging restaurant owners a fixed-rate commission of 5.8 percent, is now facing criticism from restaurants that say it imposes a higher cost burden, industry sources said Sunday. The country’s No. 1 delivery app has expanded its fixed-rate system Open Service by lowering the rate from 6.8 percent to 5.8 percent per order starting Wednesday, while scaling back the other optional flat-sum system, Ultra Call. This

KT Corp., South Korea's leading telecommunications firm, said Sunday it has signed a 24 billion-won ($19.4 million) deal to supply internet protocol television (IPTV) solutions to a Thai firm. Under the deal with 3BB TV Co.., an affiliate of Thailand's telecommunications giant Jasmine Group, KT will provide its various IPTV-related solutions, including content delivery network technology and set-top box management ideas, to help the Thai IPTV operator start its commercial service in the second

Indian carmaker pressures SsangYong to find new investor

A South Korean casino operator said Sunday that it will extend its closure by two more weeks, joining a social distancing campaign here to help contain the new coronavirus outbreak. State-run casino operator Grand Korea Leisure Co. (GKL) said in late March that it had decided to close the establishments from Tuesday to April 6. But the casino operator said it will extend the closure by two more weeks. The company operates three foreigner-only casinos in Seoul and Busan under the brand name S

The number of air passengers in South Korea fell to a record low last month due to the novel coronavirus pandemic, data showed Sunday, as countries around the globe impose lockdowns and restrict travel and people shun travel. The number of air passengers stood at 1.74 million in March, according to industry data, marking the first time that the figure has fallen below 2 million since the country started to record such statistics from 1997. The passenger number was 10.62 million in January bu

Korean game company Nexon said Thursday it had decided to roll back its telecommuting, requiring all staff to report for duty starting next week. According to Nexon, all employees will have to come to work starting Monday, though exceptions will be made for those with special circumstances that need to be considered. “To ensure the safety of employees, Nexon will employ safety measures including placing thermal imaging cameras at the entries of its headquarters, installing cubicles a

South Korea’s antitrust watchdog has approved HDC Hyundai Development Company’s acquisition of shares of Asiana Airlines, officials said Friday. HDC signed a deal to acquire 61.5 percent of the airline’s shares on Dec. 27 and reported it to the Fair Trade Commission on Jan. 30. “There is no concern of restricting competition,” after reviewing the effect of the tie-up on competition in related markets, the FTC said. “(We) judged that the major sectors of

Japan Tobacco International Korea announced Friday that it has launched its odor-reduced tobacco vapor product Ploom Tech on local e-commerce platforms. The product and accessories are currently available on two platforms -- Naver’s Smart Store and Tmon -- at discounted prices. On Naver’s Smart Store, Ploom Tech Starter Kit, which contains a battery, a USB charger, and an adaptor, which is available for 17,500 won ($14.20), at a 50 percent discount from the retail price. On Tmo