January 21, 2019

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Samsung Bioepis’ breast cancer biosimilar gains FDA approval

[THE INVESTOR] Samsung Bioepis’ Ontruzant, a breast cancer treatment biosimilar referencing Roche’s Herceptin, won US Food and Drug Administration approval on Jan. 19, expanding the list of Herceptin successors in the US market to three. Ontruzant is the third FDA-approved biosimilar of Switzerland firm Roche’s blockbuster breast cancer antibody. Its FDA approval is preceded by Mylan’s Ogivri in December, 2017, and Celltrion’s Herzuma in December, 2018. The three firms’ biosimilars

KB, Shinhan regroup as competition heats up for ‘leading bank’ title

[THE INVESTOR] Korea’s KB Kookmin Bank and Shinhan Bank held nationwide meetings to review and recognize last year’s business performance and set fresh operational strategies for 2019, as the country’s two largest banking groups step up their competition to clinch this year’s “leading bank” title. Over the weekend, KB Kookmin Bank held a strategy meeting that brought together the bank’s CEO Hur Yin and the deputy directors at the bank’s nationwide branches to discuss the bank’s performance la

Korea's pension fund suffers loss in investment in 10 conglomerates

[THE INVESTOR] Korea's state-run pension fund suffered valuation losses from its investment in the country's 10 major conglomerates due to declines in their stocks, data showed on Jan. 20.The National Pension Service held an average 7.76 percent stake in the conglomerates at the end of 2018, compared with 6.62 percent at the end of 2017, according to data compiled by Chaebul.com, which tracks Korean conglomerates.But the value of the NPS's stock holdings in the 10 conglomerates fell to 66.45 tri

Pearl Abyss works on mobile game for Samsung’s foldable smartphone

[THE INVESTOR] Korean game publisherPearl Abyss will likely roll out a specially tailored version of its hit MMORPG “Black Desert,” for Samsung Electronics’ upcoming foldable smartphone, according to sources on Jan. 18.The release schedule of the game has not been confirmed yet, but it could coincide with the launch of the long-awaited foldable phone in February. According to a source quoted by Korean news outlet Asia Today, half of the screen can be used when playing the mobile game, while the

Four foreign banks fined W693m for price-fixing of FX derivatives

[THE INVESTOR] Korea's antitrust watchdog said on Jan. 20 that it has fined four foreign banks 693 million won (US$618,000) for fixing the prices of foreign exchange derivatives and selling them to five Korean companies.The Fair Trade Commission said Standard Chartered Bank Korea and the local units of Deutsche Bank AG, JPMorgan Chase & Co. and HSBC agreed on prices of foreign exchange derivatives on seven occasions between March 2010 and February 2012.Deutsche Bank, JPMorgan Chase & Co. and HSB

Court rules in favor of Celltrion’s Truxima biosimilar

[THE INVESTOR] Korea’s leading biosimilar firm Celltrion announced on Jan. 18 that it has won a lawsuit over invalidating Samsung Biogen’s patent on Rituxan, a blockbuster drug for treating non-Hodgkin’s lymphoma. The court’s decision upholds the legitimacy of the previous ruling of the Intellectual Property Trial and Appeal Board, which also ordered the nullification of the patent.The lawsuit was filed because under the current law biosimilar makers must invalidate the patent of the original dr

Crypto exchange Bithumb scales down on poor market conditions

[THE INVESTOR] BTC Korea, operator of Korea’s largest cryptocurrency exchange Bithumb, is paring down its workforce as the market is showing no signs of an upturn, according to industry sources on Jan. 17.Once the largest crypto exchanges in the country, Bithumb has retrenched 30 employees, accounting for about 10 percent of its workforce. The company offered retirement packages that included support to help them change jobs.  Passengers look at the price board of cryptocurrencies in front of Bi

KPBMA aims to make Korea pharma powerhouse

[THE INVESTOR] Korea’s largest biopharmaceutical business association announced on Jan. 17 that it aims to boost the local industry in 2019 and make it a global powerhouse.“This year, we must use all our capabilities to establish a foundation to become a global pharma powerhouse.” Korea Pharmaceutical and Bio-Pharma Manufacturers Association Chairman Won Hee-mok said during a New Year’s press conference in Seoul.  Korea Pharmaceutical and Bio-Pharma Manufacturers Association Chairman Won Hee-mok

KT, Hyundai Mobis to jointly test 5G-enabled cars

[THE INVESTOR] Telecom firm KT said on Jan. 17 that it will work with auto parts maker Hyundai Mobis to develop technologies for connected vehicles running the 5G network.As the first step, the telco has installed 5G facilities and devices at the Hyundai Motor Group subsidiary’s test-driving center in Seosan, South Chungcheong Province. The two companies had signed a memorandum of understanding in August. Deployment of the 5G network for a private company’s research project is the first of its k

Korea sees rebound in M&As in 2018

[THE INVESTOR] Korea’s merger and acquisition deals in 2018 have turned around after two consecutive years of a pullback, amounting to US$53.1 billion, according to data and intelligence provider Mergermarket on Jan. 16. The Korean M&A market recorded 449 deals, which was the highest number in its database since 2001. “The local market had an active year as conglomerates were accelerating restructuring to finalize holding company structures and complying with regulatory restrictions over intra-g

Bukwang Pharma sells Anterogen shares worth W40b

[THE INVESTOR] Bukwang Pharmaceutical announced on Jan. 15 that is has sold its 7.11 percent stake, worth around 39.7 billion won (US$35.40 million), in Anterogen through an after-hours block deal.Anterogen, which was established in 2000 by former Bukwang Pharma CEO Lee Sung-gu, specializes in developing cell therapies. Bukwang invested in the firm when it was first established.When Anterogen was listed on the second-tier KOSDAQ bourse in 2016, Bukwang was the biggest shareholder with 28.78 perc

FSC head promises support and deregulation for fintech firms

[THE INVESTOR] The head of Korea’s financial regulator on Jan. 16 vowed to ease regulations and support the promotion of domestic fintech industry. “Based on the fintech infrastructure we built last year, 2019 will become a golden time to boost the fintech industry,” Financial Services Commission Chairman Choi Jong-ku said during a meeting with fintech executives. By the fintech infrastructure he was referring to new legislation and budget allocated for related companies. “We will lend our unlim

LG Electronics to unveil foldable smartphone for VIPs at MWC: source

Samsung Bioepis’ breast cancer biosimilar gains FDA approval

Four foreign banks fined W693m for price-fixing of FX derivatives

Woori Financial poised for M&A binge

Korea's pension fund suffers loss in investment in 10 conglomerates

Court rules in favor of Celltrion’s Truxima biosimilar

[CES 2019] LG chief puts greater focus on robotics

FTC claims Apple exploited local mobile carriers

Samsung to launch Galaxy A8s in Korea this month

Kakao puts carpool beta service on hold indefinitely

Kakao likely to show strong growth this year

Mirae Asset picked as preferred bidder for State Tower Namsan

Orchestra PE reshuffles digital imagery firm Vision Holdings

SC Bank Korea gets W100b investment from parent firm

Regulator approves Shinhan’s takeover of Orange Life

Mercedes-Benz to add EV, hybrid models to lineup

Lotte Chemical takes over Turkish engineered stone maker

SsangYong Motors to raise W50b for new car, facility investment

NPS to decide on Korean Air’s management intervention in Feb.

Experts urge exemption for startups from new VAC bill to curb red tape

Kakao Mobility’s woes over carpooling service expected to linger

SoCar receives W50b funding from VCs

More investment to the startups: Woori group chairman

Why birth order is a big deal at LG

New thinking needed on GM Korea

Fall of the ‘Angel of Death’?

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