South Korea's drug authorities on Tuesday canceled the license for the gene therapy drug Invossa for the mislabeling and the false reporting of an ingredient used, sending a shock to patients and the country's pharmaceuticals sector.The Ministry of Food and Drug Safety's move came after the manufacturer, Kolon Life Science, acknowledged that a substance in the joint pain treatment drug has been mislabeled since 2003, but failed to clearly explain why it had occurred."Kolon Life Science fals

Starbucks Korea said Tuesday that the number of its upscale Reserve outlets has exceeded that of the United States, reflecting Koreans' growing appetite for premium coffee.The US coffee giant will open its 50th Starbucks Reserve store in central Seoul on Wednesday, Starbucks Korea said in a statement. The coffee chain runs 37 premium stores in the US."We are planning to expand the Reserve stores in Korea to absorb increasing demand for premium coffee," a company spokesman said. Starbuc

Kim Beom-seok, also known as Kim Bom, CEO of South Korean e-commerce company Coupang, has been named one of the most creative business leaders by US business magazine Fast Company, officials said Monday.Kim ranked 23rd on the magazine’s 10th annual list of the 100 most creative people in business this year, in recognition of the company’s innovative delivery system and its impact on the e-commerce industry.The Korean company was especially recognized for its fast delivery system, whi

The corporate social responsibility division of Mercedes-Benz Korea held its fourth annual charity marathon Sunday, saying it hoped to promote a spirit of community sharing and cultivate the philanthropic culture here, the company said Monday.Titled “Give ’n Race,” the annual event was jointly organized by the Seoul Metropolitan Government. Around 20,000 runners took part, raising about 920 million won ($776,000) -- the largest amount since the South Korean unit of the German c

Samsung SDS announced Sunday its strategic investment in Vietnamese information technology services company CMC. The IT unit of South Korea’s major conglomerate group signed a principle agreement that allows it to make major decisions in CMC’s management.  CMC specializes in system integration, software development, cloud computing and IT infrastructure management. It has previously worked with Samsung SDS for smart factories and cybersecurity.Samsung SDS said it will be a strat

Hyundai Engineering & Construction said Monday it will begin the sale of 736 units of Hillstate Dasa in Daegu at the end of this month.  Hillstate Dasa comprises seven 33-story blocks that each have four basement floors. The units come in two different styles and an officetel type, with all at 84 square meters. All three types have a large-sized dress room, storage, a pantry room and an alpha room. The complex is located near Dasa Station on Subway Line No. 2, which runs across Dae

South Korean tobacco manufacturer KT&G began selling its latest e-cigarette, Lil Vapor, Monday, adding to growing competition in the e-cigarette market following the Friday launch of US-based Juul Labs’ vape pen. According to KT&G, Lil Vapor has upgraded the liquid-type e-cigarette by applying “puff signal” technology, which allows the device to tell users how many puffs are left by vibrating. This will be useful for customers who do not notice how much liquid is left i

Korea and China’s Jiangsu agree to boost ties in investment, trade

Reminded of THAAD controversy, Korean firms jittery over potential impact

SK Innovation, South Korea’s top oil refiner and third player in the electric battery market, announced Monday the company will expand its EV battery production capacity 20-fold by 2025, shrugging off concerns about a legal issue raised by competitor LG Chem. During a press conference on the firm’s growth plan, SK Innovation CEO Kim Jun said the company was planning to ramp up its annual battery output from the current 5 gigawatt-hours to 100 GWh by 2025 with an aim to maintain its o

Game associations worldwide issue joint statement appealing for WHO’s reconsideration

GS Home Shopping, a leading home shopping channel operator here, said Sunday that it has invested $1.2 million in Luxstay, a Vietnamese home-sharing platform that targets the Southeast Asian market.The deal marks GS Home Shopping's second such investment in an e-commerce startup based in Vietnam. In January this year, the South Korean company invested $3 million in another e-commerce venture firm, Leflair, which focuses on premium-branded products for women, men, children and homes.Vietnam, one

Sales of e-cigarettes, electronic devices that simulate the experience of smoking a cigarette, have been rising in South Korea as more people make the switch from traditional cigarettes.According to data from the Ministry of Economy and Finance, e-cigarette sales accounted for 21.3 percent of all cigarette sales in Korea in March this year. In the first quarter of 2019, the figure was 10.9 percent.(khnews@heraldcorp.com)

Chinese transport minister refuses to be drawn on inter-Korean rail project

Korea’s largest toy maker aims for global expansion but domestic issues remain unsolved