The Ministry of Food and Drug Safety has revoked the license of Kolon Life Sciences' osteoarthritis gene therapy "Invossa" as it contained an ingredient that derived from a kidney instead of from cartilage.The ministry said on May 27, "One of the main ingredients of Invossa was identified as kid

Korean biotechnology startups are seeking to enter the U.S. market, the largest biopharmaceutical market in the world.The Korea Trade-Investment Promotion Agency (KOTRA) said on May 26 that 12 Korean biotechnology companies will participate in the 2019 Bio International Convention, which is a large-

Precision medical biotechnology company Macrogen has been designated by the Ministry of Food and Drug Safety (MFDS) as a clinical trial specimen analysis institution, which performs specimen analysis of blood and urine collected from clinical test subjects.Macrogen can now perform next-generation se

GM Korea will build a new painting factory for the next-generation cars for the world market at its factory in Changwon, South Gyeongsang Province. Starting with this, the automaker will invest a total of US$750 million to overhaul the outdated production lines of the Changwon plant.The newly-built

Lotte Group's Chemical Business Unit (BU) plans to invest about 3.7 trillion won in Korea by 2022 and create 30,000 jobs. Based on this, it plans to boost its global sales to 50 trillion won by 2030, becoming the world's seventh-largest chemical company.Shin Dong-bin, chairman of the Lotte G

SK Innovation announced on May 27 that it would ramp up its battery production 20-fold from the current level by 2025. Kim Joon, president of SK Innovation, declared his company's determination to pursue innovation to achieve the new goal at a press conference at the Four Seasons Hotel in Seoul.

Competition is heating up among Korea’s top four business groups -- Samsung, Hyundai Motor, SK, and LG -- to preempt the "e-mobility" market.SK Innovation, a major affiliate of SK Group, said on July 27 that it was discussing cooperation with various business partners to expand its electric vehicle

KEB Hana Bank said on May 27 that its subsidiary incorporated in Mexico was inaugurated on May 24.Mexico is a strategically important market to South Korean companies because the country serves as a gateway to North America thanks to the North America Free Trade Agreement (NAFTA) and the United Stat

Korea East-West Power Corp. has declared that it would create social value totaling 2.5 trillion won by 2022.The company's goal includes creating 845.4 billion won worth of social value by reducing particulate matter through advanced power generation, 1.1 trillion won by generating power through

Daewoong Pharmaceutical is conducting stem cell research. The company announced on May 26 that it presented the results of its stem cell therapy research for the first time at the third Spring forum for future medicine held at Seoul National University Hospital Biomedical Research Institute on May 1

Work to establish an investment fund to help Korean battery companies solidify their lead in the global market has virtually come to a deadlock. LG Chem and SK Innovation, which should take the initiative in establishing the fund, are currently at loggerheads over trade secrets.In November last year

Sluggish demand due to China's economic downturn and the U.S.-China trade war is cutting into the profitability of Korean oil refining and chemical industries.Industry sources forecast on May 26 that the operating profit of major oil refiners and chemical companies such as SK Innovation, LG Chem

LG Electronics will increase its output of household appliances for the first time in five years. The company has been suffering an output reduction as it continued to scale back production of low-priced products due to a price war with Chinese companies. But this year, the company is ramping up pro

The operation rate of Kia Motors' plant in Georgia, the United States, has exceeded 80 percent. Full-scale production of the Telluride, a large sport utility vehicle (SUV) model, has boosted the plant's operation from 70 percent last year. The North American automobile market is expected to

Hanwha Q CELLS announced on May 23 that it was ranked first place in the U.K. photovoltaic (PV) market for two consecutive years. According to a recent survey on U.K. solar panel installers by EuPD Research, Hanwha Q CELLS’ market share was 13.6 percent last year, up 3.8 percentage points from a yea

The global energy storage system (ESS) market will grow by about 40 percent this year but the Korean ESS market will suffer a contraction, a research report forecasts.In 2019, the global ESS battery market is expected to grow to 16 GWh, up 38 percent from 11.6 GWh in the previous year, market resear

Hyundai Motor is ready to launch the Kona EV in China as the purely electric SUV has been certified in China. The Korean automaker hopes to see a recovery in its sales as competitive new models, including the Kona EV, will be launched in the Chinese market.Hyundai Motor's Kona (Chinese name Enci

Hyundai Heavy Industries announced on May 23 that it has won an order for two large liquefied natural gas (LNG) tankers from European shipping companies. The two ships are worth US$390 million in total, with each measuring 299 meters long, 48 meters wide and 26.6 meters tall.Hyundai Heavy Industries

Companies in a growing number of countries are joining the anti-Huawei campaign launched by the United States, further isolating the Chinese tech giant from the international community.An increasing number of U.S. allies, such as the United Kingdom, Japan and Taiwan, are taking part in the anti-Huaw

The United States Department of Commerce recently fixed its countervailing duty on POSCO’s hot-rolled steel sheets at 41.57 percent after the United States Court of International Trade told the department to recalculate it for lack of reasonable grounds. Earlier, the department imposed a countervail