South Korea's leading drugmaker Hanmi Pharmaceutical Co. said Thursday that it has signed a $910 million deal with Zentec Pharmaceuticals to export the technology for its self-developed anti-cancer substance.The deal calls for Hanmi to provide Zenetec with its technology for producing and commercializing "HM95573," an inhibitor that targets cancer cells, the South Korean drugmaker said.Sales rights throughout the world, excluding South Korea, are also to be transferred to the Canadian company sh

South Korea's antitrust watchdog said Thursday that it has imposed a fine of 7.17 billion won ($6.5 million) on CJ CGV, the country's largest cinema chain, for awarding a lucrative deal to its affiliate headed by the younger brother of CJ Group Chairman Lee Jay-hyun.The Fair Trade Commission also said it has referred CJ CGV to the prosecution for further investigation.CJ CGV is accused of terminating advertising deals with its existing business partner and awarding the lucrative deals to JS Comm

Cash-strapped Hanjin Shipping Co. said Thursday that it has secured a 60 billion won ($54.6 million) loan from its largest shareholder, Korean Air Lines Co., which will be used to resolve unpaid fees for chartered ships and help its stranded container vessels unload cargo.With the loan, Hanjin Shipping, which is currently under receivership, has raised a total of 110 billion won in cash, including 40 billion won from the personal account of Cho Yang-ho, chairman of the Hanjin Group, the parent c

Bank lending rates on new household loans slightly fell from a month earlier in August and interest paid by banks on new deposits also dropped, central bank data showed Thursday.The average interest rate on fresh household loans extended by local banks came to 2.95 percent last month, down 0.01 percentage point from the previous month, according to the Bank of Korea.The August reading marked the fifth consecutive month of drop.Lower rates could prompt households to borrow more money for investme

South Korea's Navy will build a speedier transport vessel in the next three years to counter growing threats from North Korea along the tense maritime border, a military official familiar with the matter said Thursday. "The plan is part of the government's efforts to beef up preparedness and combat capabilities against relentless provocations from the North along the tense sea border with North Korea," the official told Yonhap News Agency. Starting from 2020, the Navy aims to deploy the new high

South Korea's corporate hospitality culture is in a paradigm shift, just two days into the introduction of a draconian anti-corruption law.Local firms are bent on providing workers, especially those in charge of dealing with the government, the National Assembly and the press, with detailed legal information on the so-called Kim Young-ran Act, named after the former chief of the state anti-corruption body.They struggle to avoid the dishonor of becoming the first violators of the law either delib

South Korea kicked off a nationwide shopping event on Thursday with a variety of promotions, cultural and entertainment events to draw more shoppers at home and abroad and revive the sluggish domestic consumption.The massive shopping campaign called "Korea Sale Festa" runs until Oct. 9, involving major retailers, manufacturers and traditional markets, while cultural and entertainment programs for foreign travelers will be held throughout October. The shopping festival is jointly hosted by the Mi

The US consumer protection agency said Wednesday it's working with Samsung Electronics to address safety issues related to some of its washing machines.The Consumer Product Safety Commission said it's "actively and cooperatively working with Samsung" to resolve the issues "related to certain top-load washing machines made between March 2011 and April 2016.""CPSC is advising consumers to only use the delicate cycle when washing bedding, water-resistant and bulky items. The lower spin speed in the