KT&G reports record cigarette sales in Q3

KT&G, the nation’s largest tobacco company, said Thursday its cigarette sales hit a new record in the third quarter, largely buoyed by overseas sales. In the July-September period, the company reported 1.04 trillion won ($780 million) in cigarette sales, up 7.7 percent from a year ago and the highest-ever quarterly figure. Operating profit in cigarette sales also soared 23.6 percent to 333 billion won. Overseas sales made up about one-third of its total cigarette sales, worth 419.7 bil

Nov. 7, 2024

Coupang founder to sell $360m of stock

Coupang founder and CEO Bom Kim announced on Thursday plans to sell 15 million shares valued at some $360 million — his first sale since Coupang’s New York Stock Exchange debut on March 15, 2021. He also plans to donate an additional 2 million shares to charity. Kim currently owns 174,802,990 Class B shares and the shares he plans to sell represent almost 9.7 percent of the total holding. The Class B shares, exclusively owned by Kim, have 29 times the voting power of regular shares.

Nov. 7, 2024

Coupang hits record quarterly sales on customer loyalty

New York-listed e-commerce giant Coupang set another quarterly record in the July-September period of this year on enhanced user engagement, with its revenue reaching $7.86 billion, a 32 percent jump from a year ago. The company also returned to profitability in the quarter after posting operating losses in the previous quarter largely from the UK luxury shopping platform Farfetch it acquired last year and antitrust fines in Korea. "The improvements we saw this quarter are most notably driv

Nov. 6, 2024

Mixed outlook for Chinese visa exemption

Beijing's visa exemption for South Korean tourists will take effect on Friday this week, but expectations are mixed about the impact, as it comes after years of waning popularity of China as a travel destination here. China announced Friday that it would allow passport holders of Korea and eight other countries to enter China without visas for up to 15 days for tourism, business, family visits, and transit purposes. Chinese nationals are still required to apply for a visa to enter Korea. Lo

Nov. 6, 2024

Celltrion expands European reach with anti-imflammatory drug

Celltrion has launched Steqeyma, a biosimilar of Stelara (ustekinumab) for autoimmune disease treatment, across Europe, broadening its product portfolio to further strengthen its position in the European biopharmaceutical market. On Friday, Celltrion introduced Steqeyma in Germany, one of Europe’s top five pharmaceutical markets, and in the Netherlands. To expedite the product launch, Celltrion’s German subsidiary completed essential preliminary steps, including drug price listing an

Nov. 4, 2024

Hyosung vice chairman takes helm of 2025 APEC business council

HS Hyosung Vice Chairman Cho Hyun-sang has officially begun his role as the member and incoming chair of the APEC Business Advisory Council (ABAC) for 2025, Hyosung Group announced on Friday. Appointed the ABAC chair in August this year, Cho recently met with Foreign Minister Cho Tae-yul and Second Vice Foreign Minister Kang In-sun. On Thursday, he also met with Trade Minister Jeong In-kyo to discuss the ABAC's role and vision for next year’s APEC meeting, which will primarily take pl

Nov. 3, 2024

[Photo News] AI-driven growth

SK Group Chairman Chey Tae-won delivers his closing remarks during the 2024 CEO Seminar held at SKMS Research Institute in Icheon, Gyeonggi Province, on Saturday. Some 30 top executives across SK companies participated in the three-day annual event. The SK chief stressed to spur growth centering on artificial intelligence amid the ongoing efforts for portfolio rebalancing and operational improvements. (SK Group)

Nov. 3, 2024

[Herald Interview] Lufthansa bets big on Korea’s growing cultural influence in Europe

Celebrating 40 years of direct flights between Korea and Germany, Lufthansa Group is intensifying its focus on Korea with tech-driven travel solutions and sustainability efforts. Earlier this year, the group launched direct services from Seoul to Zurich with SWISS and is continuing to explore opportunities to increase capacity in the Korean market. In a recent interview with The Korea Herald, Leandro Tonidandel, Lufthansa Group’s general manager for Korea, shared insights into how Korea&

Nov. 3, 2024

Sibling leadership made official in Shinsegae Group revamp

South Korean retail giant Shinsegae Group on Wednesday announced a structural revamp dividing its flagship retail business into two companies, E-Mart and Shinsegae Department Store, making official the sibling leadership that for years has formed part of the founding family’s succession plan. In an executive reshuffle, Chung Yu-kyung, president and younger daughter of Chairwoman Lee Myung-hee, was promoted to chair to lead the department store business Shinsegae Inc. Her elder brother Chun

Oct. 30, 2024

Celltrion's Zymfentra secures more insurance coverage in US

Celltrion has secured contracts to list its Zymfentra — the world’s only subcutaneous injection formulation of its infliximab Remsima — across all public and private insurance sectors managed by the top three US pharmacy benefit managers. Celltrion announced Tuesday that it had recently finalized an agreement with a pharmaceutical group purchasing organization representing one of these major pharmacy benefit managers to secure the listing of Zymfentra in private insurance formu

Oct. 29, 2024