[THE INVESTOR] Hanmi Pharmaceutical’s second-quarter operating profit is projected to grow significantly, while sales will likely suffer a decline, industry data showed on July 11. According to a market data provider FnGuide, Hanmi’s operating profit is expected to grow fourfold in the second quarter on-year to 10.8 billion won (US$ 9.4 million). However, sales will fall 3.56 percent to 235 billion won. Analysts say lower-than-expected growth from Hanmi subsidiaries such as Beijing Hanmi and Han

[THE INVESTOR] POSCO, South Korea’s biggest steelmaker, plans to heavily invest in titanium as a new growth engine, local news reported on July 10. “The use of titanium is expanding and the value addition is high, which will boost profitability in the future,” an official at POSCO said. Titanium is a metal used widely in industries ranging from aviation to munitions. It boasts 43 percent lighter weight than steel, while it has the double the strength of aluminum alloy. With the advancement of te

[THE INVESTOR] South Korean authorities announced July 11 that they will cancel the registration and suspend sales of all Volkswagen vehicles here that cheated on emission tests.The amount is expected to reach up to 60 percent of the total 250,000 units of VW cars that were sold in South Korea since 2007. 　Due to the staggering number, some industry watchers say the move may be designed to eventually kick the brand out of the market for good. The Ministry of Environment said the Seoul Central Di

[THE INVESTOR] South Korea’s electricity industry aims to increase the amount of exports to US$ 15 billion by end of this year, the state-run corporation said on July 8. The Korea Electric Power Corporation held a conference in Seoul to announce its plans and strategies to expand its presence internationally. Over 200 industry officials from major companies such as POSCO, Korea Trade-Investment Promotion Agency and Korea Hydro and Nuclear Power Corporation attended the event. The electricity exp

[THE INVESTOR] Despite the protracted slump in the local shipping industry, South Korean shipbuilders took the largest volume of new orders of vessels in June, industry data showed on July 8. According global research firm Clarkson Research Services, South Korean shipbuilders clinched new contracts of 370,000 compensated gross tonnage, or eight ships, out of the total 960,000 CGT, or 51 ships, in June. DSME shipyardThis is the first time South Korean shipbuilders ranked No.1 in terms of monthly

[THE INVESTOR] South Korea’s second-largest shipper Hyundai Merchant Marine said on July 8 that it will visit major credit rating agencies to explain about its ongoing restructuring measures, in hopes they reevaluate the credit standing of the ailing company. The company will visit the rating agencies Korea Investor Services, Korea Ratings and National Information and Credit Evaluation and talk about their restructuring plan process, including the asset sales, negotiations to reduce charter rate

[THE INVESTOR] Korean pharma firm Green Cross Labcell has applied for international patent protection for its natural killer cells that treat cancer patients, the company said on July 8.The Green Cross affiliate had extracted cord blood from healthy donors to generate natural killer cells, a type of white blood cells in the immune system that attacks infections and potentially cancer-causing cell. Institute of Cell Therapy at the Green Cross LabcellThe cord blood-derived natural killer cells, wh

[THE INVESTOR] South Korean boy group Big Bang made more money last year than the American popular rock band Maroon 5, according to a US media report. Forbes magazine on July 6 (local time) reported that Big Bang’s pretax earnings stood at US$ 44 million in 2015, more than the US$ 33.5 million racked up by Maroon 5, the American group that was selected as one of the highest-paid musicians in 2015 by Billboard. Big Bang members (from left): Seungri, G-Dragon, Taeyang, T.O.P and Daesung. / YG Ente

 [THE INVESTOR] Mid-priced hotels are on the rise in downtown Seoul, especially in Dongdaemun area and Myeong-dong, to meet the demand of rising foreign tourists opting for budget options, industry officials said. Accor-Ambassador Korea recently opened Ibis Ambassador Dongdaemun in the popular shopping district, offering 242 rooms. This is the second hotel in the area by the Korean unit of the French hotel, after Ibis Budget Ambassador Seoul Dongdaemun. Lotte City Hotel Myeongdong located in the

[THE INVESTOR] South Korean government has launched an investigation into a possible defect in Ford Explorers, following the US probe into complaints that exhaust fumes are leaking into the cabin of the SUVs. The Ministry of Land, Infrastructure and Transport on July 7 said it opened the inquiry to see if the Ford units sold here have a similar problem, after the US’ National Highway Traffic Safety Administration began the investigation.  Ford ExplorerAccording to US media outlets, there have be

[THE INVESTOR] South Korea’s growing underground economy may pose vulnerability to terrorism financing, according to experts. “The size of the Korea’s underground economy is large, about 30 percent of the total gross domestic product,” Kang Kyung-hoon, a professor at Dongguk University, said at a public hearing on the danger of money laundering in Korea, hosted by the Korea Institute of Finance on July 7.  “Terrorism funds have been rarely generated (in Korea), but the danger still persists.”The

[THE INVESTOR] Hyosung Group, a South Korean industrial conglomerate, and North Jeolla Province have joined the efforts to help local game start-ups gain a foothold in China. Hyosung Group and four other organizations, including South Jeolla Provincial Office and HN Games, formed a business agreement on July 7 at the Jeonbuk Creative Economy and Innovation Center, the company said. Under the plan, Hyosung plans to invest 1 billion won (US$ 864,650). The company, in partnership with the organizat

[THE INVESTOR] Hyundai Motor Group announced new leadership measures to push employees to shape the corporate culture that drives innovation, the company said on July 7. Hyundai Motor’s 300 managers and high-level officials gathered at the company’s headquarters in Yangjae-dong, southern Seoul, on July 6 to participate in the seminar titled “Hyundai Motor Work Smart Leadership Seminar.” At the seminar, the company introduced 10 guidelines to become a “smart leader” in the workplace. “Lead the or

[THE INVESTOR] The price of biosimilars and new drugs that are covered under the national health insurance will increase from October, government plans showed on July 7. The price of biosimilar drugs will be priced up to 80 percent of the branded drugs, a 10 percent increase from the current 70 percent rate. The Health and Welfare Ministry unveiled a set of measures to foster the local pharmaceutical industry in a trade and investment promotion meeting chaired by President Park Geun-hye on July

[THE INVESTOR] Water purifier rental company Coway has decided to recall its ice water purifiers amid public outcry over the company’s cover-up of defective products containing nickel. “We deeply apologize to consumers regarding some of the ice water purifiers,” the company said in a statement on July 6. “We decided to compensate all buyers of the products to alleviate their concern.”The official apology posted by Coway on its website.The company said it will recall all three disputed models --