Articles by Hwang Joo-young
Hwang Joo-young
flylikekite@heraldcorp.com-
LG Chem CEO named business council member of Davos forum
LG Chem Vice Chairman and CEO Shin Hak-cheol has been named a member of the International Business Council, part of the World Economic Forum’s annual meeting in Davos, Switzerland, the Korean chemicals firm said Monday. The WEF, also known as the Davos Forum, kicked off in Switzerland on Monday and goes through Friday. It brings together thousands of leaders from business, government and various other sectors. LG Chem said that WEF Chairman Klaus Schwab invited Shin to be a member of the I
Companies Jan. 15, 2024
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[Weekender] Movie theaters still struggling after pandemic disruptions
South Korea's multiplex cinema industry faced challenges during the COVID-19 pandemic, with strict social distancing measures leading theater attendance to plummet. Yet even with the end of the pandemic, the industry has not experienced a significant recovery. Instead, the rise of online streaming platforms such as Netflix has impacted the traditional theatergoing experience. Meanwhile, all major multiplex cinema chains here have raised ticket prices in response to financial deficits duri
weekender Jan. 13, 2024
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Coupang resumes partnership with LG H&H
South Korean e-commerce giant Coupang said Friday it will resume delivery service of LG Household & Health Care products, reinstating their partnership which has been severed for nearly five years due to a feud between the two companies. LG H&H's household brands including Elastin, Perioe and CNP, as well as its cosmetic line-ups such as O Hui and Sum 37º, will be available on Coupang's delivery service starting mid-January, the e-commerce firm said. A specific date was
Companies Jan. 12, 2024
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Shinsegae’s Better Foods secures funding from Cleveland Avenue
Better Foods, Shinsegae Food's subsidiary specializing in plant-based products, said Thursday that it has secured investment from the US venture capital investment company, Cleveland Avenue. The exact amount of the deal was not disclosed immediately. Shinsegae Food established Better Foods in the US in 2022 in a bid to strengthen its global competitiveness in plant-based products, one of the retail giant's growth drivers. Cleveland Avenue is a venture capital firm established in 2015 b
Companies Jan. 11, 2024
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P&G Korea showcases brand new diaper 'Pampers Baby-Dry Pants'
P&G Korea, the local subsidiary of Procter & Gamble, said Wednesday it has launched the newest addition to its product lineup -- Pampers Baby-Dry Pants -- a baby diaper designed to provide improved absorbency. The company said that the Pampers Baby-Dry Pants diapers stand out for superior absorption capacity, ensuring a moisture-free and comfortable wear for babies throughout the day. A key feature of the diaper product is the "Pee-Lock Technology,” which incorporates dual lea
Companies Jan. 10, 2024
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Orion, nurse team up to provide snacks to kid patients
Orion, a South Korean confectionery manufacturer, has restarted production for a snack item that was no longer on the market, out of consideration for pediatric patients craving the product. On Dec. 15, the snack company donated its snack products to the young patients at Pusan National University Yangsan Hospital in South Gyeongsang Province. Among the child patients was a 3-year-old boy who had expressed a sincere desire to eat Orion's snack products after three days of fasting in prepa
Companies Jan. 9, 2024
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Fila Holdings names first global brand president
South Korean-owned sportswear brand Fila Holdings said Monday it has named Todd Klein, head of the company’s North American subsidiary, for a new position in charge of the global marketing strategy. Appointed as the global brand president, Klein will join the board of Fila Luxembourg, the subsidiary of Fila Holdings that oversees the company’s global businesses. Klein will also continue to report to Fila Holdings and keep his previous responsibilities. Klein joined Fila in January 20
Companies Jan. 8, 2024
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LG Chem to transfer obesity drug rights to Boston-based Rhythm in $305m deal
LG Chem said Friday it has signed an agreement with Boston-based Rhythm Pharmaceuticals to transfer the development and sales rights of a new anti-obesity drug candidate named LB54640. The deal amounts to $305 million, which includes upfront payments worth $100 million and milestone payments worth $205 million for the development and commercialization of the drug. Under the agreement, LG Chem will receive royalties depending on product sales from Rhythm Pharmaceuticals each year. Rare forms of o
Companies Jan. 5, 2024
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Government vows more cash to cushion Taeyoung E&C fallout
The South Korean government said Friday that it will put utmost efforts into minimizing the fallout from Taeyoung Engineering and Construction's debt-restructuring program, amid growing concerns that it could lead to liquidity constraints across the industry. “The creditors, led by the main lender, Korea Development Bank, plan to discuss ways to normalize Taeyoung E&C's business while adhering to strict restructuring principles based on Taeyoung Group's intense self-resc
Industry Dec. 29, 2023
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Taeyoung E&C files for debt workout, government urges self-rescue efforts
The South Korean government said Thursday that it will seek to normalize the business of Taeyoung Engineering and Construction, which applied for a debt-restructuring program on the same day, under the premise of the construction firm’s intense self-rescue efforts. Earlier in the day, Taeyoung E&C, the 16th-largest builder in the country in terms of construction capacity, applied for a debt workout with its main lender, the state-owned Korea Development Bank. The company has been suffe
Companies Dec. 28, 2023
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Coupang to buy British online retailer Farfetch
South Korean e-commerce giant Coupang announced Tuesday it plans to acquire the British luxury online platform Farfetch, in a bid to strengthen its competitiveness in the fashion and luxury industry. Coupang will inject $500 million into the London-based retailer that sells high-end fashion and jewelry from more than 1,400 luxury brands. The funding will give a boost to Farfetch, which has struggled with weak sales amid an economic slowdown. By combining its logistics know-how with Farfetch'
Companies Dec. 19, 2023
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Celltrion's Cosentyx biosimilar gets nod for phase 1 study in Japan
South Korean biosimilar giant Celltrion said Monday it has gained approval for a phase one clinical trial of CT-P55 from a Japanese regulatory authority. CT-P55 is Celltrion's new biosimilar candidate referencing Novartis’ psoriasis treatment Cosentyx (Secukinumab). Upon approval from the Tokyo-based Pharmaceuticals and Medical Devices Agency, Celltrion will conduct a phase one clinical study with a total of 171 Japanese adults to compare the pharmaceutical equivalence of CT-P55 to
Industry Dec. 18, 2023
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[Weekender] Korea's elderly poverty reveals itself in heart of Seoul
The streets of Nakwon-dong behind Tapgol Park in central Seoul are often referred to as a place for older adults, in particular, those living on limited means. “Here, a 10,000 won ($7.58) bill is enough to make your day," said Kim, 74, at a small restaurant in Nakwon-dong. "A bowl of hot soup with rice costs only 3,000 won, and you can even get coffee for an additional 200 won. If you want a haircut, it costs only 6,000 won. That's the reason why people like me, who are down
Consumer Dec. 16, 2023
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LG Electronics supplies automatic frying machines to BHC
BHC, one of South Korea’s biggest fried chicken franchises, said Friday it has adopted automatic frying machines from LG Electronics on a trial basis. “BHC has introduced LG Electronics' automatic frying machines to some BHC stores in the country. The company plans to expand the adoption of the machine after testing its efficiency,” the BHC official said. The automatic frying machine, known as Tuiibot, developed by an internal venture unit under LG Electronics’s busi
Industry Dec. 15, 2023
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Korea to build cold chain logistics center in Netherlands by 2027
South Korea’s Busan Port Authority will build a cold chain logistics center in the Netherlands by 2027 in order to accelerate food exports to Europe, Seoul’s presidential office said Tuesday. The Busan Port Authority and its Dutch counterpart, the Rotterdam Port Authority, plan to sign a letter of intent on the new facilities upon President Yoon Suk Yeol’s state visit to the Netherlands. Under the agreement, Busan’s port operator will lease a site within the Port of Rotte
Industry Dec. 12, 2023
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