Business - The Korea Times

Celltrion receives approval to sell anticancer biosimilar Vegzelma in Japan

Lab technicians at Celltrion test drug candidates. Courtesy of CelltrionKorean biopharmaceutical firm Celltrion said Tuesday it has received approval to sell its anticancer biosimilar Vegzelma in Japan.According to the company, Japan's Ministry of Health, Labor and Welfare recently approved the sale of the biosimilar, also known as CT-P16, which referenced Switzerland-based Roche Holding's blockbuster pill Avastin.Avastin, which kills cancer cells by removing blood vessels, is approved to treat numerous cancers, including metastatic colorectal cancer. The nod by Japanese authorities came a month after the European Commission approved the sale of the biosimilar in Europe. Vegzelma was also approved for sale by Britain's Medicines and Healthcare products Regulatory Agency earlier this month.The Incheon-based Korean company also sought approval from the U.S. Food and Drug Administration late last year and is waiting for a decision.A Celltrion official said the company plans to swiftly introduce Vegzelma in the Japanese market and strengthen its anticancer biosimilar portfolio in the fut

Sep 27, 2022

Celltrion receives approval to sell anticancer biosimilar Vegzelma in Japan

Hanwha Group to take over debt-ridden DSME for 2 trillion won

Korea Development Bank (KDB) Chairman and CEO Kang Seog-hoon speaks during a press conference on the planned sale of Daewoo Shipbuilding & Marine Engineering (DSME) at KDB headquarters in Yeouido, Seoul, Monday. YonhapBy Yi Whan-wooHanwha Group will take over debt-ridden Daewoo Shipbuilding & Marine Engineering (DSME) as the two firms signed a preliminary investment deal on a conditional sale, Korea Development Bank (KDB) said Monday.The state-run bank, which is the main creditor and largest shareholder of DSME with a 55.7 percent stake, said Hanwha Group signed a memorandum of understanding (MOU) to acquire a 49.3 percent stake in the ailing shipbuilder.Under the MOU, the group's subsidiaries will participate in DSME's 2 trillion won ($1.39 billion) rights offering for a 49.3 percent stake and managerial control. Hanwha Aerospace will fund 1 trillion won, Hanwha Systems 500 billion won, Hanwha Impact Partners 400 billion won, and three subsidiaries of Hanwha Energy will fund 100 billion won to participate in the rights offering. After the rights issue, KDB will still hold a

Sep 26, 2022By Yi Whan-woo

Hanwha Group to take over debt-ridden DSME for 2 trillion won

SC Bank Korea offers special rates to new customers

Standard Chartered (SC) Bank Korea is offering special interest rates for those subscribing to MMDA products. Courtesy of SC Bank KoreaBy Yoon Ja-youngStandard Chartered (SC) Bank Korea is offering a special interest rate of up to 2.4 percent per year, before tax, to new customers who subscribe to its money market deposit accounts (MMDA) by Sept. 29.According to the bank, account holders are eligible for the special rate up to 60 days from opening the account. MMDAs are savings accounts where one can freely deposit and withdraw money, and the interest rate is adjusted depending on the daily balance of the account with higher deposits earning higher interest. The special rate applies to new customers who subscribe to MMDAs at SC Bank Korea branches by Sept. 29, with a minimum deposit of 100 million won ($70,000) and maximum of 2 billion won. The special event will be closed before Sept. 29 if total subscriptions reach 100 billion won. If the balance of the account falls below 100 million won, standard rates will be applied. The standard interest rates are 1 percent for a balance of 10

Sep 26, 2022

SC Bank Korea offers special rates to new customers

Mirae Asset's IFC purchase deal falls apart

IFC Seoul on Yeouido / Courtesy of Mirae Asset Global InvestmentsAsset management firm files arbitration case for return of depositsBy Anna J. Park Mirae Asset's plan to purchase International Finance Center (IFC) Seoul from Toronto-based Brookfield Asset Management has fallen apart, some four months after the two sides signed a memorandum of understanding (MOU) in May this year agreeing to a 4 trillion won ($2.79 billion) deal. According to investment banking sources, Monday, Mirae Asset has filed a case with Singapore International Arbitration Centers (SIAC) to retrieve a 200 billion won deposit paid to Brookfield Asset under the MOU.Originally, Mirae Asset was to raise about half of the 4 trillion won by establishing a real estate investment trust (REIT) but the plan had to be scrapped, as the Korean government brought a halt to its plans in August, owing to an excessive proportion of debt in the trust's structure. Mirae Asset had been certain that it could recover the deposit money, as the terms and conditions of the memorandum stated that the deposit could be refunded in the eve

Sep 26, 2022By Anna J. Park

Mirae Asset's IFC purchase deal falls apart

UAE begins operations of Korean-built No. 3 nuclear reactor

The first reactor of the Barakah nuclear power plant in the United Arab Emirates is seen in this undated file photo released by Korea Electric Power. YonhapThe United Arab Emirates (UAE) has started up the third unit of the Korean-built Barakah nuclear power plant, the country's nuclear energy corporation and Korea's state-run utility firm said Friday.The Middle Eastern country issued an operating license for the Unit 3 reactor in June, and it wrapped up a test run, according to Korea Electric Power (KEPCO) and the Emirates Nuclear Energy Corporation (ENEC).Its commercial operation will begin next year after being connected to the national grid and further tests, they said.It is one of the four nuclear reactors built in Barakah, 270 kilometers west of Abu Dhabi, under a $20 billion contract won by a KEPCO-led consortium in 2009. The project marked Korea's first export of a homegrown commercial atomic power plant.The first Barakah unit began commercial operations in April 2021, and the second one in March this year.The Unit 3 will add 1,400 megawatts of zero-carbon emission electricit

Sep 23, 2022

UAE begins operations of Korean-built No. 3 nuclear reactor

Mirae Asset, IBK sign MOU to expand digital payment services

Mirae Asset Securities Chairman Choi Hyun-man, left, and IBK CEO Yoon Jong-won pose after signing an MOU to cooperate on digital payment service expansion, Sept. 14. Courtesy of Mirae Asset SecuritiesBy Yoon Ja-youngMirae Asset Securities and Industrial Bank of Korea (IBK) signed an MOU to work together on various projects, including digitalization of transactions for small and medium-sized enterprises (SMEs), improving payment services for customers and joint research and searching for new businesses related to digitalization.According to Mirae Asset and IBK, Mirae Asset Securities Chairman Choi Hyun-man and IBK CEO Yoon Jong-won recently signed the MOU and discussed directions for further cooperation.They agreed that they can combine the core expertise of each, to provide more convenient payment services for small merchants and other consumers as well as enable customers to experience a variety of new financial services.The brokerage plans to provide its simple payment services, including Mirae Asset PAY, for IBK's wireless payment terminal system BOX POS. By digitalizing the trans

Sep 22, 2022

Mirae Asset, IBK sign MOU to expand digital payment services

Kyobo Lifeplanet Life Insurance appoints new CEO

Kyobo Lifeplanet Life Insurance CEO Kang Tae-yoon / Courtesy of Kyobo Lifeplanet InsuranceBy Anna J. ParkKyobo Lifeplanet Life Insurance has appointed Kang Tae-yoon as the new CEO to lead the company for the next two years. His term is slated to end in September 2024. Kang's appointment ended the era of the firm's long-serving former CEO, Lee Hak-sang, who led the company during the past decade, since the firm's official launch in 2013.After graduating from Soongsil University and earning an MBA from the University of Washington, Kang started his career at Kyobo Life Insurance in 1997, assuming various roles ranging from being on an e-business taskforce to strategic business planning. He has been working at Kyobo Lifeplanet since 2013 and is known for his achievements in digital management innovation during that period.“As the CEO of the company, I will focus on strengthening solid ground for the firm as a digital life insurer, while securing new growth engines to lead the market,” Kang said. “The company aims to continuously innovate itself to be a leader acknowled

Sep 22, 2022By Anna J. Park

Kyobo Lifeplanet Life Insurance appoints new CEO

K bank unlikely to go public in 2022

K bank's headquarters in Seoul / YonhapBy Lee Min-hyungK bank's much-anticipated initial public offering (IPO) is not in sight by the end of 2022, even after the internet-only bank won the qualification to go public on the local stock market. The Korea Exchange's listing notification committee confirmed Tuesday that the bank is qualified for listing here. Given that the qualification is effective for the next six months, K bank has to complete the process of the public subscription of shares by mid-March.But the lender will take a wait-and-see attitude for the time being due to the unfavorable stock market environment here. The outlook for a stock rebound remains bleak for the latter half of this year, as the U.S. Fed and the Bank of Korea step up their hawkish rhetoric with additional rate hikes throughout 2022.The overall IPO market sentiment has also frozen for similar reasons. A group of companies that planned to go public this year withdrew their plans, as they cannot be properly valued amid the ongoing bearish stock market sentiment.K bank is a first-generation mobile bank esta

Sep 21, 2022By Lee Min-hyung

POSCO Chemical, OCI begin construction of joint factory for battery coating material

POSCO Chemical anode material plant in Sejong / Korea Times filePOSCO Chemical, a Korean producer of advanced materials, said Wednesday the construction began for a domestic plant to produce a key coating material used in secondary batteries under a joint venture with chemical company OCI. The factory, to be located in the central region of South Chungcheong Province, will annually produce 15,000 tons of pitch, a carbon material used for coating the surfaces of anodes, a key component in rechargeable batteries, the chemical unit of steel giant POSCO Holdings said in a release. The two companies held the sod-turning ceremony at the construction site Wednesday. POSCO Chemical signed the 51:49 joint venture with OCI in 2020 to bolster its edge in the advanced materials sector. A total of 96.3 billion won ($69.2 million) will be spent for the pitch factory, with the construction to be completed by 2023. The pitch, made through heat treatment of residue obtained by distilling petroleum, has a high softening point that helps improve the charging and discharging efficiency of the battery an

Sep 21, 2022

POSCO Chemical, OCI begin construction of joint factory for battery coating material

KIC posts worst investment loss during H1

Korea Investment Corporation (KIC) headquarters in downtown Seoul / Courtesy of KICBy Anna J. Park The Korea Investment Corporation (KIC), a sovereign wealth fund in the country, posted its worst investment loss in its asset evaluation for the first half of this year. According to data submitted by the KIC to main opposition Democratic Party lawmaker Yang Kyung-sook, the KIC logged a 13.83 percent investment loss during the first six months of this year. Given that the KIC's assets stood at around $205 billion at the end of last year, it means that the sovereign fund's evaluated asset has been reduced by around 39 trillion won ($28 billion) during the first half of the year. The sovereign wealth fund's investment loss in overseas stocks stood at 21.17 percent, and in bonds at 14.04 percent. Stocks account for about 40 percent of KIC assets, while bonds take up some 35 percent. The KIC is also estimated to witness losses in alternative investments, including real estate and infrastructure investments, for the first quarter. Market insiders explain that the losses by the KIC are just a

Sep 20, 2022By Anna J. Park

Banking & Finance