KT announced on Feb. 16 that it will donate 1 billion won to the Community Chest of Korea for the victims of the massive disasters in Turkey and Syria.KT will receive recommendations for relief organizations in dire need of on-site support from Turk Telekom, the No. 1 mobile carrier in Turkey. Then
Coway Co. reported its financial results for the fourth quarter and fiscal year 2022 on Feb. 15.In the fourth quarter, the company earned 163.7 billion won (+17.5% YoY) in operating profit and 76.1 billion won (-12.9% YoY) in net profit on sales of 980.2 billion won (+3.6% YoY).For the whole of 2022
The Incheon Free Economic Zone (IFEZ) Authority announced on Feb. 14 that Sartorius Korea Operations broke ground for production and research facilities in Songdo International City.Sartorius Korea Operations is a company set up by Sartorius AG, an international pharmaceutical and laboratory equipme
HK Innoen inno.N said on Feb. 14 that its gastroesophageal reflux disease drug K-CAB Tab. has been approved by Mexico's Federal Commission for the Protection against Sanitary Risk (COFEPRIS).In 2018, HK inno.N signed a contract with Laboratorios Carnot, the No. 1 pharmaceutical company in the pe
Hyosung Group announced on Feb. 13 that it will donate US$100,000 for Turkey’s recovery from earthquake damage.The relief funds will be delivered to the Disaster and Emergency Management Presidency of Turkey (AFAD) through Hyosung Turkey for earthquake damage recovery and support for victims.“I conv
EOFlow Co. announced on Feb. 14 that GulfDrug LLC of the United Arab Emirates (UAE), its partner in the Gulf region, launched its tubeless, wearable, and disposable insulin pump “EOPatch” in the UAE.Beginning in February 2023, it becomes possible in the UAE to control and manage insulin infusions wi
Pernod Ricard Korea donated 100 million won in scholarships to 54 Gugak talented students at the National Gugak School to foster performers who will lead the next generation of Korean traditional arts and music culture.Frantz Hotton, CEO of Pernod Ricard Korea, congratulated scholarship recipients a
SK bioscience announced on Feb. 8 that the company’s board of directors has officially decided to initiate the establishment of the ‘Songdo Global Research & Process Development (R&PD) Center.’The R&PD Center will be built on a 30,413.8 square meter site in Songdo, Incheon, with a total investment o
A delegation of the Ministry for Foreign Affairs of Finland visited Daewoong Pharmaceutical on Feb. 7.The delegation headed by Health and Wellness Ambassador Päivi Sillanaukee looked around the South Korean company’s facilities and they shared information on the two countries’ health-related industr
Samsung Biologics announced on Feb. 8 that it has received awards in all six categories of the 2023 CDMO Leadership Awards. CDMO stands for contract development and manufacturing organization, a company that provides pharmaceutical development and manufacturing services to drug companies.The biotech
Coupang took the wraps off the automated logistics system based on artificial intelligence (AI) and big data at the Daegu Fulfillment Center (Daegu FC) in Daegu, Korea. The center was completed in March 2022.Daegu FC is one of the largest logistics centers in Asia and integrates Coupang's logist
Chong Kun Dang announced on Feb. 3 that it has licensed antibody-drug conjugate (ADC) technology from Synaffix B.V., a Dutch biotechnology company.The contract amount is approximately US$132 million including the down payment and development, licensing and sales milestones.With this contract, Chong
Kim Dong-seon, the third son of Hanwha Group chairman Kim Seung-yeon and head of Hanwha Solutions Galleria Department, is hooked on Iberico. Last month, he posted several pictures of Iberico pigs with the caption, "Happy and healthy purebred Iberico pigs eating acorns." Kim visited an Iberico farm i
SK bioscience has received an upgrade in its MSCI (Morgan Stanley Capital International) ESG (Environmental, Social, Governance) rating from B to BBB in one year, the company announced on Feb. 3. According to the rating report, SK bioscience was recognized for its human resources development in the
Dongwon Group is moving to take over McDonald's Korea. Dongwon Industries, the group's holding company, was the only bidder in a preliminary tender for McDonald's Korea held on Jan. 17. The first round of due diligence was conducted last week. The two sides started negotiating on the pri
Last month, Nongshim’s Shin Ramyun Black Tofu Kimchi Bowl Noodles were suspended from retailing in Taiwan and Thailand due to the detection of harmful substances in them. Nongshim said that contrary to media reports, the products did not contain carcinogens. But as consumer groups have insisted that
Hanmi Pharmaceutical's U.S. partner Spectrum announced in a press release on Jan. 31 that sales of Rolvedon (product name in Korea: Rolontis), which was launched across the United States in October 2022, reached US$10 million in three months.Spectrum said in the press release that 70 clients hav
Yoon Hong-keun, a former chairman of the fried chicken franchise Genesis BBQ, has been indicted for a breach of trust.The Seongnam Branch of Suwon District Prosecutor’s Office announced on Feb. 1 that it indicted Yoon without detention on Jan. 16 on charges of violating the Act on the Aggravated Pun
SPC Paris Baguette announced on Jan. 30 that it has opened its 100th franchised store in the United States.Paris Baguette has opened the Red Bank store in Monmouth County in the U.S. state of New Jersey. It is planning to sign 160 additional franchise deals this year and aims to open 1,000 stores ac
LVMH chairman Bernard Arnault criticized resellers in China and South Korean duty-free shops that have increased their profits by resorting to those resellers.Those shops have paid them a lot in order to increase their market shares. COVID-19 led to a drop in the number of Chinese tourists in South