Petrochem firm vows to add fuel to revamping for post-coronavirus market

Samsung Bioepis said Monday that the company has signed a marketing partnership with Yuhan to launch its adalimumab biosimilar Adalloce. Adalloce is a pen type biosimilar of Humira, used in treating active autoimmune and inflammatory conditions such as rheumatism, Crohn’s disease and ulcerative colitis. The drug was launched as Imraldi in European countries in 2018 and posted a cumulative $417 million in sales as of last year. In South Korea, Samsung Bioepis will launch the adalimumab bi

The verdict on the trade secret dispute between South Korea’s two leading battery makers came out weeks ago. But the warring rivals show no sign of ending their hostility, with both parties going to extreme lengths to woo the highest official of the US to their side. US President Joe Biden could make or break SK Innovation’s electric vehicle battery business in the states, as he has the right to overturn the US International Trade Court’s decision last month that slapped a 10

The carmaker to lower prices, introduce gasoline powertrains and new infotainment system to meet consumer demands

Ikea Korea has unveiled its first “Circular Hub” in South Korea at its Goyang branch in Gyeonggi Province, where second-hand items are sold, the Swedish furniture company said Monday. The Circular Hub is a global project introduced by the Ingka Group, in its commitment to prolong the life of its products and contribute to circularity, Ikea explained. “With the launch of ‘Circular Hub,’ we are excited to support the many people with new, more inspiring ways to ea

Pulmuone Foods, a subsidiary of fresh food company Pulmuone, said Monday it had named the ex-vice president of LG’s Global Marketing Center as its new CEO. Kim Jin-hong, the new CEO of Pulmuone Foods, boasts some 20 years of marketing experience under his belt at home and abroad. The 55-year-old took on multiple senior roles while at LG including President of LG Electronics France and was the president of Kellogg Company’s South Korean unit between 2013 and 2014. “As the co

Low cost carrier Jeju Air is under investigation by the Transport Ministry after it was found to have flown one of its planes with a damaged winglet last week. The airline’s 7C264 flight, which left Gimpo Airport on Wednesday morning, attempted landing on the runway at Gimhae International Airport in the afternoon. During the landing, the plane tilted to one side and the plane appears to have damaged its winglet during its second attempt at landing, sources close to the matter said on Mo

Active users of video streaming apps by Netflix Inc. on their mobile devices topped 10 million in South Korea last month, more than doubling from the start of last year, data showed Monday. The video streaming platform recorded 10.01 million Android and iOS users in the country in February, compared with 4.7 million in January last year, according to mobile data tracker IGAWorks. Monthly active users refer to unique users who interacted with a service at least once a month. Netflix was the mo

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has bagged orders worth a combined 823 billion won ($725 million) to build 10 vessels. Under a deal with an African company, three 91,000-cubic meter liquefied petroleum gas (LPG) carriers to be built by Hyundai Samho Heavy Industries Co., a unit of KSOE, will start being delivered in the second half of 2022, KSOE said. In a separate deal with an Oceanian company, Hyundai Mipo Dockyard Co., another unit of KSOE, will const

South Korea's state-run utility Korea Electric Power Corp. (Kepco) said Monday it has started a process to insert fuel rods into the second reactor in the Barakah nuclear plant of the United Arab Emirates (UAE). Kepco and the Emirates Nuclear Energy Corp. (ENEC) said they kicked off the process starting last week. South Korea completed the insertion of fuel rods into the first reactor in March last year. The fuel rod injection came after the UAE issued an operating license for the second unit

Asiana Airlines Inc., South Korea's second-biggest carrier, said Monday it will extend the expiration dates of its mileage that will expire at the end of this year by one year to 2022 amid the COVID-19 pandemic. Asiana Airlines already extended mileage points due to expire at the end of 2020 by one year to 2021 as travel demand dried up due to the pandemic. In January, its bigger rival Korean Air Lines Co. said it will extend mileage points that expired at end-2020 and mileage that expires at

Posco International will sell green bonds worth 80 billion won ($70 million) to finance its efforts on the environmental, social and corporate governance (ESG) fronts, the company said Sunday. The ESG bond issue is part of the firm’s plan to raise 150 billion won in the debt market. The rest, 70 billion won, is to be raised through regular bond offerings. 　 The volume of bond sales could be even greater, the trading arm of steelmaker Posco said, as institutional investors demanded as m

The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their response to environmental, social and corporate governance (ESG) issues, which have become central factors globally in measuring the sustainability of an investment or business decision. – Ed.  Even for South Korea’s leading petrochemical company LG Chem, the global environmental, social and governance drive means the survival of the fittest -- those who

US Consumer Reports picks LG home appliances as best products

 Jang Seong-hwan, 92-year-old South Korean businessman, and his wife decided to donate a real estate worth 20 billion won to the Korea Advanced Institute of Technology, the institution said Sunday. KAIST held a ceremony to mark Jang’s donation at a hotel in Seoul on Saturday, it said. The donation includes a six-floor building with two basement floors on a landmass of 580 square meters in Nonhyun-dong, southern Seoul. Jang is a son of a North Korean family, who crossed the borde