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Monday, January 22, 2018

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Models show a cheering performance hoping for a successful hosting at an opening ceremony for Korea Grand Sale 2018.

'Korea Grand Sale 2018'

22 January 2018 - 10:45am
Choi Mun-hee

The Visit Korea Committee (VKC) held an opening ceremony for the Korea Grand Sale 2018 in front of Doota Mall in Dongdaemun, Seoul, on January 18, as well as carried out a campaign for local residents and foreigners to encourage friendliness. The ceremony was attended by 100 officials in the tourism industry.

The event, which is held to successfully host the 2018 PyeongChang Winter Olympics and Paralympics, celebrate the opening of the Korea Grand Sale, the nation’s shopping festival for foreigners, and promote a warm welcome to foreigners visiting South Korea, commenced with the...

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Deutsche Bank suggested less than 30% of the current share price as Celltrion’s target price   by raising questions about its profitability in the future.

Due to Uncertain Future Profitability

19 January 2018 - 11:30pm
Choi Mun-hee

Although Celltrion posted record-high earnings on January 19, its share price plummeted due to a foreign brokerage house report that raised questions about its profitability in the future. As the report suggested less than 30% of the current share price as its target price, citing problems of how R&D costs were applied, close to four trillion won (US$3.6 billion) vanished from the company’s market capitalization.

In the KOSDAQ stock market, Celltrion’s stock price closed at 287,800 won (US$259), down 9.87% from the previous day. The stock price, which surpassed 300,000 won on...

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A 'Sapoon Sapoon' cafe at Terminal 2 of Incheon International Airport opened by Korea Ginseng Corporation.

Health and lifestyle café 'Sapoon Sapoon'

19 January 2018 - 5:15pm
Choi Mun-hee

Korea Ginseng Corporation’s health and lifestyle cafe 'Sapoon Sapoon' café will launch a special menu that utilizes the spatial characteristics of the airport in addition to signature menu ‘Gingseng-chino.’

Korea Ginseng Corporation will open health and lifestyle cafe 'Sapoon Sapoon' in line with the opening of Terminal 2 (T2) of Incheon International Airport on January 18.

66-square-meter Sapoon Sapoon is located by Gate 234 on the west side of the departure on the 3rd floor of Terminal 2 of the Incheon International Airport (Duty Free Shopping Zone). The cafe is open space...

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Dong-A ST has signed a license deal with NeuroBo Pharmaceuticals Inc. to grant the US company exclusive rights to develop and commercialize its self-developed herbal drug candidate DA-9801 for diabetic neuropathy.

$180M Drug Deal

19 January 2018 - 11:45am
Choi Mun-hee

Dong-A ST Co. has reached a technology transfer agreement for its diabetic neuropathy treatment with an U.S.-based drug maker for up to US$180 million (192.69 billion won).

Dong-A ST announced on January 28 that it has signed a license deal with NeuroBo Pharmaceuticals Inc. to grant the US firm exclusive rights to develop and commercialize its self-developed herbal drug candidate DA-9801 for diabetic neuropathy. Under the agreement, Dong-A ST will receive US$2 million (2.14 billion won) in advanced free and 5 percent in NeuroBo Pharmaceuticals shares. It will additionally gain up to...

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A ‘Paris Baguette’ store that opened on hot spots of the 3rd floor of Incheon International Airport’s Terminal 2.

For Travelers in New Terminal

19 January 2018 - 11:30am
Choi Mun-hee

The SPC Group landed the right to operate the food and beverage concession business for the central and eastern parts of Terminal 2 of Incheon International Airport through a public tender last January. Therefore, the company has come to operate 26 stores including those of its 18 brands at the center of the land side where the departure and arrival exits are located, the air side which is a duty-free shopping area on the east side, the transportation center and the lounge.

The SPC Group has enhanced convenience for airport users by incorporating cutting-edge IT technology in line...

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A research team led by Professor Oh Deok-kun of Konkuk University developed a substance similar to lipid regulating agents in human body using microbial enzyme.

Microbial Enzyme Drug for Diabetes

17 January 2018 - 11:00am
Choi Mun-hee

The Ministry of Science and ICT announced on January 16 that a research team led by Professor Oh Deok-kun of Konkuk University developed a substance similar to lipid regulating agents in human body using microbial enzyme and confirmed the potential as a drug for diabetes.

The research team successfully compounded substances, such as hepoxilin and trioxilin which are lipid regulating agents that control glucose metabolism with a minute amount of them existing in human body. Lipid regulating agents is a substance that is involved in various biological activities in the...

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Beef had the highest amount of imports with US$2.46 billion (2.62 trillion won), followed by pork with US$1.64 billion (1.74 trillion won) last year.

Increasing Food Import

17 January 2018 - 10:45am
Choi Mun-hee

South Korea imported more than US$25 billion (27 trillion won) worth of food last year, up 7 percent from a year earlier. The biggest shipment in monetary terms coming from the United States and in quantity terms from China.

The Ministry of Food and Drug Safety announced on January 16 that the nation’s food imports in terms of amount stood at US$25.09 billion (26.69 trillion won), weight at 18,293,759 tons and case at 672,268 last year. The figures in quantity and case terms increased 6 percent 7.5 percent, respectively, compared to a year ago.

Imported foods are categorized...

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Foreign limited liability companies (LLCs) operating in South Korea are expected to disclose information on their sales or profits from 2020 fiscal year.

Subject to Audit

17 January 2018 - 9:45am
Choi Mun-hee

A limited liability company (LLC) with a certain amount of sales and a considerable number of employees is required to conduct an external audit from the 2020 fiscal year. Accordingly, foreign LLCs operating in South Korea, which haven’t disclosed their accurate sales or profits such as Google, Apple and Chanel, are expected to disclose related information.

The Financial Services Commission (FSC) held an accounting reform task force meeting on January 16 to discuss detailed ordinances, including subject of external audit, periodic auditor designation system and listed firms’ auditor...

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Once the regulations on gene therapy are minimized, South Korean companies can conduct gene therapy research without limitation on the types of diseases.

Turning into Negative System

16 January 2018 - 11:45am
Choi Mun-hee

The South Korean government is planning to minimize its regulations on gene therapy and organ transplantation. Under the circumstances, research and commercialization of various types of biotechnology, such as CRISPR gene scissors, are expected to be accelerated.

Gene scissors are used to cut and correct certain target genes without touching the others. With this cutting-edge biotech, cancers, AIDS and various genetic diseases can be treated fundamentally. According to industry sources, the size of the global gene scissors market is estimated to increase from US$1.845 billion to US$...

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Due to High-quality Medical Services

16 January 2018 - 10:00am
Choi Mun-hee

The Korea National Enterprise for Clinical Trials (KoNECT) announced on January 15 that the U.S. had the most clinical trials in the world, taking up nearly 24.5 percent of the clinical trial protocol market share, after its analysis of the clinical trials registered with the U.S. National Institutes for Health’s website ClinicalTrials.gov last year.

After the U.S., Germany came in second place with 5.3 percent, followed by the U.K. with 5 percent, Canada with 3.9 percent and China with 3.7 percent. South Korea ranked sixth in the world with a 3.5 percent market share, moving two...

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