Samsung BioLogics has come under pressure as the country’s financial authorities have claimed that the evaluation of its affiliate violated accounting rules. Dubbed as one of Samsung Group’s future growth engines, the contract drug-manufacturing firm has enjoyed blowout days with its stock price jumping nearly fivef...
[THE INVESTOR] SKINFOOD has decided to shut down its outlets at major hypermarket chains in Korea, industry sources said on Oct. 16.Although SKINFOOD declined to confirm the news, it has reportedly called for emergency meetings with hypermarket chain operators, including E-mart and E-Land Retail, to discuss the closure of its stores.“We have agreed with SKINFOOD to close down its 22 outlets at our stores in November,” an E-Land Retail spokesperson told The Investor. However, an E-mart official s
[THE INVESTOR] Renault Samsung Motors on Oct. 16 launched its Master van in Korea, with an aim to achieve 10 percent of the domestic light commercial vehicle market by 2020. The country’s LCV market of 250,000-260,000 units a year is currently dominated by Hyundai Motor’s Porter and Starex and Kia Motors’ Bongo. The three models each have 1-ton cargo capacity, a Renault Samsung spokesman said. The 1.3-ton Renault Master comes with a three-year or 100,000-kilometer powertrain and auto component
[THE INVESTOR] Hyundai Motor has won the Red Dot Design Award 2018 as the brand of the year, the company said on Oct. 16. “The company won the award as it has sought partnerships with non-auto companies in a creative manner to provide a differentiated brand value of its vehicles to customers,” Hyundai said in a statement.Red Dot is one of the world’s three leading design awards, along with the International Forum Product Design Award in Germany and the International Design Excellence Awards in
[THE INVESTOR] An affiliate of Korean biopharmaceutical firm Celltrion said on Oct. 15 that the market share of its biosimilar drug Truxima surpassed 30 percent in Europe during the second quarter. The combined market share of the biosimilar, which can be used to treat blood cancer, came to 32 percent in 18 European countries during the April-June period, Celltrion Healthcare said in a press release. The drug is based on Rituxan, originally developed by Swiss pharmaceutical giant Roche Holding.
[THE INVESTOR] Hanjin Group and Korean Air Chairman Cho Yang-ho was indicted for several charges including embezzlement and breach of trust on Oct. 15 without detention. Cho, 69, is accused of causing losses to the airline by embezzling some 19.6 billion won (US$17.30 million) from company funds between 2013 and May 2018 by unfairly awarding business contracts to companies controlled by his family. He is also suspected of taking 152 billion won from the state health insurance agency in medical
[THE INVESTOR] CJ CGV Vietnam Holdings has decided to delay its plans to be listed on the main KOSPI bourse, according to industry sources on Oct. 15.The firm had originally planned to start the demand forecast for listing on Oct. 18-19, but has delayed it to Nov. 1-2. It has also moved its subscription period, which was set to happen on Oct. 24-25, to Nov. 7-8. The firm, a special vehicle based in the British Virgin Islands, currently operates the largest multiplex chain in Vietnam through its
[THE INVESTOR] Sales of imported commercial vehicles fell 27 percent last month from a year earlier on lower demand, a local automobile association said on Oct. 15. The number of newly registered imported commercial vehicles fell to 271 units in September from 367 a year ago, the Korea Automobile Importers and Distributors Association said in a statement. “Local demand for imported trucks, buses and vans declined recently as the Korean economy is slowing down amid rising rates and debts. As a re
[THE INVESTOR] Schindler Group, the second-largest shareholder of Hyundai Elevator, has officially filed for an investor state dispute settlement against the Korean government seeking US$300 million in compensation for losses over its approval of paid-in capital increase of the Korean lift maker from 2013 to 2015. According to the Ministry of Justice on Oct. 15, Schindler has notified the government that it has filed for arbitration, proposing Hong Kong International Arbitration Center to handle