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
Pernod Ricard Group published its 2021/22 CSR report on Jan. 30, unveiling the sustainability and responsibility progress achieved by Martell Mumm Perrier-Jouët (MMPJ).An affiliate of Pernod Ricard Group, MMPJ produces the prestige cognac ‘Martell’, along with the prestige champagne ‘Perrier-Jouët’,
Medytox announced on Jan. 20 that Gentix Limited, a subsidiary of its Chinese business partner Bloomage Biotechnology, filed a claim for damages with the Singapore International Arbitration Center (SIAC). The amount claimed is about 119 billion won.Along with a claim for damages, Gentix filed a clai
SK bioscience introduced a new global partnership model at the Riyadh Global Medical Biotechnology Summit 2023 (RGBMS 2023), which took place from Jan. 25-26 at Hilton Riyadh Hotel in Riyadh, Saudi Arabia.The company's president Ahn Jae-yong shared the successful development history of Korea'
Morgan Stanley said in its recent report that South Korea has become the country with the largest luxury goods consumption per capita based on a surge in real estate prices.According to the report, the consumption per capita in South Korea was US$325 last year whereas those of the United States and
HK inno.N has licensed out K-CAB, a novel drug for GERD that has Tegoprazan as its active ingredient, to Eurofarma, a major pharmaceutical firm in Brazil, the company announced on Jan. 26.Eurofarma is the third-largest pharmaceutical firm in Latin America, with operations in 20 different countries i
Daewoong Pharmaceutical's botulinum toxin “Nabota” (export name: Nuceiva) obtained approval from Australia on Jan. 13, the company announced on Jan. 25.Nabota has been approved in 61 countries around the world, including Australia. Now Daewoong aims to make its botulinum toxin available in more
Teatra, a tea brand operated by SPC Group, has won the Superior Taste Award at the 2023 ITI International Food & Beverage Fair.The ITI International Food & Beverage Fair is an annual event held by the International Taste Institute (ITI), a food and beverage quality evaluation agency located in Bruss
Samsung Electronics and LG Electronics are working on special measures to cope with the steep drop in sales of home appliances.Samsung Electronics has recently divided the Kitchen and Living Development Groups under the Development Team of the Home Electronics Division into five development groups -
SPC Group announced on Jan. 19 that it opened the first branch of Paris Baguette Malaysia in Kuala Lumpur, the capital of Malaysia.The opening of the branch came six months after the establishment of Berjaya Paris Baguette, a joint venture between SPC and its Malaysian partner Berjaya Group, in June
Kolmar Korea announced on Jan. 19 that its research on correlations between androgenic hair loss and intestinal and scalp microbiomes has been published in the Frontiers in Microbiology journal.Androgenic hair loss is one of the most frequent types of hair loss and is characterized by hair becoming