The Korean daily media headlines and humor
Thursday, March 22, 2018
Your Excellency:
Here are The Korea Post notices and a roundup of important headlines from all major Korean-language dailies, TV and other news media of Korea today:
Very Respectfully Yours
/s/
Lee Kyung-sik
Publisher-Chairman
Korea Post Media
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Reports prestigious Vietnamese media
‘President Moon Jae-in wants to lift ROK-VN partnership to next level’
The following article on the official state visit of President Moon Jae-in to Viet Nam has been provided by the Embassy of Viet Nam in Seoul to The Korea Post for publication.—Ed.
Hanoi (VNA) – President Moon Jae-in of the Republic of Korea (ROK) has said he intends to further deepen friendship and trust with the Vietnamese leadership to lift the strategic cooperative partnership between the ROK and Viet Nam to a new height during his upcoming State visit to Viet Nam. The President revealed his intention in a written interview granted to Viet Nam News Agency before he, together with his spouse, is making a State visit to Viet Nam from March 22-24 at the invitation of President Tran Dai Quang.The interview dealt with a wide range of issues, including the relations of the two countries and measures to bolster it and matters relating to peace on the Korean peninsula.
(For further details, visit: http://www.koreapost.com/news/articleView.html?idxno=6385.)
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Round-up of important news stories from major Korean dailies today:
The Korea Post media (www.koreapost.com) in English, (www.koreapost.co.kr) in Korean.
U.S. rate hike expected to have little impact on S. Korean market
South Korea's central bank chief said Thursday that the latest interest rate hike in the United States will have little impact on the South Korean market."The U.S. Federal Reserve's decision met market expectations, and as a result, the U.S. market remained steady," Bank of Korea (BOK) Gov. Lee Ju-yeol told reporters before attending an emergency meeting with officials in Seoul. "In South Korea, I expect that the financial market will have little impact from the Fed's decision." The U.S. central bank raised its policy rate to 1.50-1.75 percent on Wednesday as widely expected and has plans to increase the rate two more times within the year.Lee said the Fed will likely maintain its rate hike schedule for 2018, but its tone may have become hawkish.
Adults traveling abroad with parents rise sharply: Hana Tour
The number of adults traveling abroad with their parents nearly doubled in five years amid a growing number of those in their 20s and 30s taking such trips to show filial piety, industry data showed Wednesday.The number of those aged over 19 years and their parents traveling overseas together on group tours surged 91.5 percent to 274,000 last year from 143,000 in 2012, according to Hana Tour, South Korea's biggest travel agency.Their proportion of the total number of group tourists stood at 18.6 percent last year, up from 16.6 percent in 2012.The ratio of people traveling with children under 12 years old, meanwhile, fell to 16.5 percent last year from 19.3 percent in 2012.
Trump says to meet Putin soon to discuss N.K.
U.S. President Donald Trump said Tuesday he plans to meet Russian President Vladimir Putin in the "not-too-distant" future to discuss various issues, including North Korea.Trump announced the plan after holding a phone call with Putin to congratulate him on his reelection."The call had to do, also, with the fact that we will probably get together in the not-too-distant future so that we can discuss arms, we can discuss the arms race," he said ahead of talks with Saudi Crown Prince Mohammed bin Salman at the White House. "And also to discuss Ukraine and Syria and North Korea and various other things."
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KBS (http://world.kbs.co.kr/english/news/)
BOK Chief Expects US Rate Hike to Have Little Impact on Korean Market
Bank of Korea(BOK) Governor Lee Ju-yeol says he will closely watch the situation as the U.S. Federal Reserve raised its key interest rates to higher than South Korea's.The BOK chief told reporters on Thursday that the Federal Open Market Committee's latest statement regarding the rate hike may indicate the Fed is employing a hawkish monetary policy, but the hike has been widely expected in the market. Lee projected the hike will have little impact on the domestic financial market, but promised to keep vigilant and take measures in case of sudden changes in the market. The U.S. Federal Reserve on Wednesday lifted the U.S. key rates up to the one-point-five to one-point-75 percent range, higher than the Korean rate of one-point-five percent. The latest increase of 25 basis points resulted in the first "reversal" of interest rates between the U.S. and South Korea in nearly eleven years.
US Fed Hikes Rates Higher than S. Korea
The U.S. Federal Reserve has raised its key interest rates by a quarter of a percentage point for the first time in three months. Newly appointed Federal Reserve Chairman Jerome Powell notched his first interest rate increase on Wednesday, pushing the U.S. key rates up to the one-point-five to one-point-75 percent range, higher than the Korean rate of one-point-five percent.The latest increase of 25 basis points resulted in the first "reversal" of interest rates between the U.S. and South Korea in nearly eleven years. The new chief of the U.S. central bank lifted the rate, citing positive economic prospects and indicators.The Fed decided to stick to its plan to raise the key rates three times this year. It will also increase the rates three times next year to keep the current pace.
Parliament Approves BOK Head for Second Term
Parliament has cleared the way for Bank of Korea Governor Lee Ju-yeol to serve a second term. The National Assembly’s Strategy and Finance Committee on Wednesday adopted a confirmation hearing report that unanimously declared Lee fit to serve another four-year term as the central bank chief. It is rare for the Assembly to adopt a report on the day of confirmation hearing.Lee, whose first term is set to expire at the end of this month, is set to become the third person to lead the BOK for a second straight term.
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Yonhap (http://english.yonhapnews.co.kr)
S. Korean president embarks on state visit to Vietnam
South Korean President Moon Jae-in left Thursday for Vietnam for a three-day state visit aimed at improving his country's ties and economic cooperation with the Southeast Asian nation.Moon's trip will begin with a visit to Vietnam's national football team, led by South Korean coach Park Hang-seo, according to his office Cheong Wa Dae.Park's team finished second in the Asian Football Confederation U-23 Championship, held in China in January.In an earlier interview with Vietnam's official newspaper, The People, the South Korean president said Park and his team's recent achievement demonstrated the joint strength of the two countries."I am glad for the team in that it symbolically showed through sport the 'South Korea-Vietnam magic' that Vietnam and South Korea can achieve anything when they join their strength," he said.
U.S. rate hike expected to have little impact on S. Korean market
South Korea's central bank chief said Thursday that the latest interest rate hike in the United States will have little impact on the South Korean market."The U.S. Federal Reserve's decision met market expectations, and as a result, the U.S. market remained steady," Bank of Korea (BOK) Gov. Lee Ju-yeol told reporters before attending an emergency meeting with officials in Seoul. "In South Korea, I expect that the financial market will have little impact from the Fed's decision."The U.S. central bank raised its policy rate to 1.50-1.75 percent on Wednesday as widely expected and has plans to increase the rate two more times within the year.Lee said the Fed will likely maintain its rate hike schedule for 2018, but its tone may have become hawkish.
Gov't to renovate old industrial complexes, make them into incubators for startups
The government said Thursday it will invest heavily in the renovation of old industrial complexes across the country in the coming years so they can serve as incubator venues for startups set up by young people. The Ministry of Trade, Industry and Energy said it will put 132.8 billion won (US$124 million) into six industrial complexes this year to make them youth-friendly. The complexes will be created to help information technology (IT) and knowledge-based industry startups.The ministry also plans to expand the number of the knowledge-based industrial centers to 1,100 by 2022 from the current 685 across the country with financial support, as well as deregulations by the government. These centers could attract over 2.4 trillion won of investment from the private sector.
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The Korea Herald (http://www.koreaherald.com)
Ill-prepared Kim-Trump summit could worsen US-NK relations: Mearsheimer
Despite high hopes for the historic summit between US President Donald Trump and North Korea’s Kim Jong-un, their first-ever encounter carries the risks of ending in failure and bringing tension back to the Korean Peninsula, a prominent US security scholar warned. John Mearsheimer, a professor at the University of Chicago, said there is a chance that the Trump-Kim summit may not materialize, or if the talks fail, the two counties could return to the level of animosity of last year. “It’s not clear whether they will meet … there is hardly any preparations for the meeting and there is a good chance they won’t meet,” Mearsheimer said during a lecture hosted by the Korea Foundation for Advanced Studies on Wednesday.
Attractive but restricted: Foreign firms spill beans on Korean market
The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the first installment. -- Ed. Amid the steady growth of foreign direct investment in Korea in the past decade, foreign companies doing business here say the market and consumers are attractive, but the ambiguous regulations are a headache. Foreign direct investment in Korea has nearly doubled over a decade from $11.7 billion in 2008 to $22.8 billion last year, according to data from the Trade Ministry. The key factor driving investment here is the market itself, according to a survey of 3,410 foreign companies released last week by the Korea Trade-Investment Promotion Agency.
NK's rubber-stamp parliament to hold meeting April 11
North Korea's parliament plans to convene a session next month, state media said Thursday, ahead of its planned summits with South Korea and the United States.The sixth session of the 13th Supreme People's Assembly will be held on April 11, the Korean Central News Agency said in a short dispatch.The SPA is the highest organ of state power under the constitution, but it actually rubber-stamps decisions by the ruling Workers' Party of Korea.The SPA holds a plenary session every April to deal with budgets, cabinet overhaul and other issues. Hundreds of deputies attend the meeting.
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The Korea Times (http://www.koreatimes.co.kr)
Starbucks to test cashless stores in South Korea
Starbucks Coffee Korea, the local unit of the U.S. coffee giant, said Thursday it will begin a test run of cashless stores at three outlets next month amid rising use of credit card and mobile payment systems.The stores at the country's major office districts -- Gangnam and Guro in Seoul, and Pangyo, just south of the capital -- have been tapped to start testing the new system April 23, according to the company.When launched, it will mark the second trial for the global coffee giant, following its first cashless store under test run in Seattle, the United States, it said.Paying with cash has been constantly declining at Starbucks stores in South Korea, from 31 percent of the total in 2010 to 15 percent in 2013 and 7 percent last year, the company said.According to government data, daily credit card spending in South Korea hit a record-high average of 1.76 trillion won ($41.65 billion) last year.
'US interest rate rise of 0.25% to have little impact on Korean market'
South Korea's central bank chief said Thursday that the latest interest rate hike in the United States will have little impact on the South Korean market."The U.S. Federal Reserve's decision met market expectations, and as a result, the U.S. market remained steady," Bank of Korea (BOK) Gov. Lee Ju-yeol told reporters before attending an emergency meeting with officials in Seoul. "In South Korea, I expect that the financial market will have little impact from the Fed's decision."The U.S. central bank raised its policy rate to 1.50-1.75 percent on Wednesday as widely expected and has plans to increase the rate two more times within the year.Lee said the Fed will likely maintain its rate hike schedule for 2018, but its tone may have become hawkish.
Kakao's new paid taxi-hailing service hits brick wall
Kakao Mobility's new taxi-hailing service, which allows users to get priority by paying a fee, faces challenges from the government and users.After CEO John Chung told reporters last week that the company plans to launch the service at the end of this month, the government put a brake on its progress.On Tuesday, Land, Infrastructure and Transport Minister Kim Hyun-mee said she will review whether the firm is allowed to operate the service within the law."It was their unilateral decision," she said at a meeting in the National Assembly. "They have not talked to us about the issue."Under the law, taxi drivers cannot charge customers more than what the meter shows. Kakao's planned service, which allows customers to get a cab faster by paying 2,000-5,000 won ($1.90-$4.70), could be a violation of the law, according to experts such as lawyer-turned-lawmaker An Ho-young of the ruling Democratic Party of Korea.
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Chosun Ilbo (http://english.chosun.com)
Moon Suggests 3-Way Summit with Trump and Kim Jong-un
President Moon Jae-in on Wednesday suggested that a trilateral summit with U.S. President Donald Trump and North Korean leader Kim Jong-un is possible. "A U.S.-North Korea summit following an inter-Korean summit is a historic event. Depending on how they develop, it may lead to a trilateral summit," Moon said in a preparatory meeting for the inter-Korean summit. A key Cheong Wa Dae official said, "If the meetings between the leaders of South and North Korea and North Korea and the U.S. progress smoothly, all three leaders could meet and reach a practical agreement." But Cheong Wa Dae said it has yet to propose the trilateral meeting to the U.S. and North Korea. Kim has made no definitive comments since a South Korean delegation led by National Security Council chief Chung Eui-yong visited Pyongyang, while the U.S. continues to question North Korea's willingness to scrap its nuclear weapons.
S.Korea-U.S. Drills Kick off on April 1
Annual joint military exercises between South Korea and the U.S. kick off on April 1, over a month later than usual because of the Winter Olympics and Paralympics in Pyeongchang. The two sides announced the schedule together on Tuesday. "The Foal Eagle combined field training exercise will be staged for a month throughout April, while the Key Resolve command post exercise lasts two weeks from mid-April," a military spokesman here said. The Foal Eagle exercise has gone on for 50-60 days in previous years but will be shortened this time, and no strategic assets from the U.S. like a nuclear-powered aircraft carrier will take part. The aim seems not to ramp up tensions unduly ahead of summits between the two Koreas and North Korea and the U.S. in late April and May.
Decisive Evidence Links Korea's Toxic Haze to China
A new study offers decisive proof that much of the toxic smog covering the Korean Peninsula comes from China. Researchers in Korea have detected substances in fine dust particles collected here that came from Chinese fireworks that were used during the New Year's festival last year. The Chinese government has been dragging its feet on the Korean government's demands to reduce smog levels by citing a lack of definitive evidence.But Jung Jin-sang at the Korea Research Institute of Standards and Science said Tuesday, "We have scientifically proven that atmospheric pollutants from China enter Korea to aggravate the concentration of fine-dust levels."
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HanKyoReh Shinmun (http://english.hani.co.kr)
Trilateral summit between South Korea, China, and Japan may be held in early May
On Mar. 20, Chinese Premier Li Keqiang mentioned the possibility of the leaders of South Korea, China and Japan holding a summit in the first half of the year.“We will actively consider holding a summit with Japan and South Korea in the first half of the year. As our relations with Japan continue to improve, we will consider visiting Japan to attend a summit with Japan and South Korea,” Li said during a press conference held after the closing ceremony of the National People's Congress at the Great Hall of the People in Beijing on Mar. 20.On the same day, Japanese wire service Kyodo News quoted multiple diplomatic sources as saying that South Korea, China and Japan had reached a rough agreement about a plan to hold a summit in Tokyo early in May.It is Japan’s turn to chair the next trilateral summit. If the summit does take place, it would be the first time for Li and South Korean President Moon Jae-in to visit Japan since taking office. It would also be the first time for a Chinese premier and a South Korean president to visit Japan since 2011. The last time that a trilateral summit was held was in Seoul in Nov. 2015, and China has been reluctant to hold any further summits because of its domestic political situation. Kyodo News added that a China-Japan summit and a South Korea-Japan summit could also be held around the time of the trilateral summit.
Blue House seeks to add three more references to democratic movements in preamble to Constitution
“We, the people of Korea, proud of a resplendent history and traditions dating from time immemorial, upholding the cause of the Provisional Republic of Korea Government born of the March First Independence Movement of 1919 and the democratic ideals of the April Nineteenth Uprising of 1960 against injustice. . . .”The preamble to the current Constitution of the Republic of Korea includes references to two historic events, the March 1 Independent Movement and the April 19 Uprising of 1960. A proposed amendment to the Constitution by President Moon Jae-in announced by the Blue House on Mar. 20 would add three more: the Bu-Ma Democratic Protests of 1979, the May 18 Democratization Movement of 1980, and the June 10 Struggle of 1987.
Joint South Korea-US military exercises to begin on April 1
On Mar. 20, South Korean and American military authorities officially announced that the joint military exercises that had been delayed because of the Pyeongchang Winter Olympics will begin on Apr. 1 and last for just over one month on a reduced timeline. This apparently expresses their determination to maintain stability on the Korean Peninsula following the recent decision to hold inter-Korean and North Korea-US summits.“We have decided to hold the Foal Eagle exercises for four weeks, beginning on Apr. 1, and the Key Resolve exercises for two weeks, beginning in mid-April,” said senior officials from the South Korean Joint Chiefs of Staff and the ROK-US Combined Forces Command during a joint press conference on Mar. 20. Foal Eagle is a field training exercises that the South Korean and American militaries hold each spring, while Key Resolve is a command post exercise that is carried out through computer simulations.
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JoongAng Ilbo (http://koreajoongangdaily.joins.com/)
Seoul is proposing a three-way summit
South Korean President Moon Jae-in teased the possibility of a three-way summit for the leaders of the two Koreas and the United States Wednesday during a meeting with his aides at the Blue House, stressing that the summit diplomacy of the next few weeks will have to “completely end” the nuclear crisis on the Korean Peninsula. Moon is expected to meet with Kim Jong-un in late April for his first summit with the North Korean leader, the third of its kind between the two Koreas since 2000 and 2007. Kim is then supposed to meet with U.S. President Donald Trump for what would be a historic summit between the two countries. The timing hasn’t been decided.
Moon tinkers with public land idea in charter
The Blue House unveiled Wednesday President Moon Jae-in’s desire to clarify the public concept of land in the Constitution and deepen the economic democracy to reduce the wealth gap. Cho Kuk, senior presidential secretary for civil affairs, announced the second part of Moon’s constitutional amendment bill in a live press conference. Proposed changes unveiled on Tuesday concerned basic rights and changes to the preamble. “The parts I am announcing today are about the future of the country, so it is very important,” Cho said. According to Cho, Moon’s amendments will reinforce the concepts of economic democracy and the public concept of land, both of which are already cited in the Constitution.
Finance minister warns of trade friction at G-20
Korean Finance Minister Kim Dong-yeon slammed the Trump administration’s protectionist policies at a G-20 Finance Ministers meeting in Buenos Aires, saying they could invite a spiral of retributions.According to the Finance Ministry, Kim on Tuesday warned that recent conflict over trade has become a major risk for the global economy. Kim made his remarks a day after meeting U.S. Treasury Secretary Steve Mnuchin to ask him to exclude South Korea from new tariffs on imported steel. “The recent trade conflict could start a chain of other trade regulations by other countries as retaliation,” Kim said. “These situations are highly contagious.” He said there is a need for layered policies that prevent trade conflict from escalating into an actual threat to the global economy.
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The KyungHyang Shinmun (http://english.khan.co.kr/)
President Moon Should Apologize for the Massacre of Vietnamese Civilians
On March 22-24, President Moon Jae-in will visit Vietnam. During the visit, President Moon will attend a summit with Vietnamese President Tran Dai Quang and meet with major leaders to discuss bilateral developments as the two nations celebrate 25 years of diplomatic relations. Vietnam is number one among the ten ASEAN countries when it comes to trade, investment and cooperation for development. It is also a key partner in the South Korean government's "southern policy." But between the two countries lies a tragic history he massacre of Vietnamese civilians by South Korean soldiers. During the Vietnam War, South Korea dispatched the second largest number of troops, 320,000, to Vietnam following the United States. Accordingly, the damage suffered by the South Korean military was big, but so was the damage caused by the South Korean soldiers. Veteran groups deny the massacre or argue that it was inevitable when conducting operations, but in the case of the Ha My massacre in March 1968, most of the victims were women and children. If South Korean soldiers brutally sacrificed the lives of infants, this cannot be seen as a legitimate operation.
More than 160 South Korean Artists to Visit North Korea on March 31: Two Performances in Pyongyang During April 1-3
From the "King of Singers" Cho Yong-pil to the girl band, Red Velvet, South Korean singers from a variety of generations and genres will stand on a stage in Pyongyang early next month.On March 20, North and South Korea held working-level talks at Tongilgak in the North's side of Panmunjom and adopted a joint press release on five issues concerning the Pyongyang performance by the South's music troupe. South Korean musicians will perform in Pyongyang for the first time in thirteen years since Cho Yong-pil's concert in 2005.The composer and singer Yoon Sang, who led the South Korean delegation in the working-level talks, returned to the South Korea and held a press briefing at the government office in Seoul this day. He said, "Our first task is to touch the hearts of our fellow Koreans in North Korea and make them feel at home just as we do in South Korea."
Prosecutors Claim "Risk of Destroying Evidence" and Request an Arrest Warrant for Lee Myung-bak on Bribery Charges
On March 19, prosecutors requested an arrest warrant for former President Lee Myung-bak (77, illustration) for allegedly receiving 11 billion won in bribes and embezzling 35 billion won of funds from DAS, an auto parts maker that Lee is suspected of owning. The arrest warrant for the former president was requested five years and a month after he stepped down as the president in February 2013. If the arrest warrant is issued, former President Lee will become the fourth former president to be arrested following former presidents Chun Doo-hwan, Roh Tae-woo and Park Geun-hye. The investigation team at the Seoul Central District Prosecutors' Office announced this afternoon that they requested an arrest warrant for the former president. Yoon Seok-yeol, the chief of the Seoul Central District Prosecutors' Office delivered the investigation team's request that they needed to keep the former president under arrest during the investigation to Public Prosecutor General Moon Moo-il on March 16 and the public prosecutor general decided to request the warrant after a three-day review.
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AJU Business Daily (http://eng.ajunews.com/korea)
President Moon hints at three-way summit with Trump and Kim
South Korean President Moon Jae-in on Wednesday left open the door for a three-way summit involving the United States and the two Koreas, saying it depends on progress at a historic meeting between U.S. President Donald Trump and North Korean leader Kim Jong-un.The U.S.-North Korea summit that will follow an inter-Korean summit in April will be a global event, Moon told a summit preparation committee. "Depending on the location, it may even more dramatic," he said, according to pool reports. "Depending on progress, it may lead to summit talks between the two Koreas and the United States," Moon said, calling for complete denuclearization and peace on the Korean peninsula.Moon said the agenda should include denuclearization, a permanent peace system, the normalization of North Korea-U.S. relations, the development of inter-Korean ties, and economic cooperation among the three countries.
Daewoo shipyard unswayed by defeat in court battle with European contractor
Daewoo Shipbuilding & Marine Engineering, a debt-stricken South Korean shipyard controlled by creditors, feels unswayed by a defeat in a legal battle to recoup losses from a troubled deal with Songa Offshore, a European offshore drilling contractor, officials said.In 2011, Daewoo Shipbuilding received an order from Songa Offshore to build rigs, but due to delays in construction and changes in design, the shipyard saw an unexpected increase in costs and launched arbitration proceedings seeking damages of 373 million US dollars.In July last year, the arbitration tribunal in London ruled in favor of Songa Offshore and a British high court rejected Daewoo Shipbuilding's right to appeal.Daewoo Shipbuilding, which is still under a rehabilitation program by creditors, insisted that losses have already been reflected in 2015 and 2016. "There will be no particular impact on our company" as a result of the British court's decision, one official said on condition of anonymity.
S. Korea's first geothermal power plant suspended amid quake concerns
South Korea's first geothermal power plant was suspended under an order from a court which ruled in favor of citizens stricken a series of earthquakes and ceaseless tremors in the southeastern city of Pohang.
In its ruling on Wednesday, the court in Pohang asked Nexgeo Inc. to suspend the operation of its geothermal power plant until government officials civilian experts complete their one-year site assessment that began after a 5.4-magnitude earthquake hit Pohang about 270 kilometers (167 miles) southeast of Seoul in November last year.The quake triggered numerous aftershocks, leaving about 60 people injured. Safety concerns grew after the city was rattled by a 4.6 magnitude quake in February. Citizens filed for an injection to stop the operation of the geothermal plant, and international and domestic experts were brought in for seismic analysis.
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Maeil Business News Korea ( http://www.pulsenews.co.kr/)
SK Innovation to buy U.S. shale oil developer Longfellow Nemaha
South Korea’s top refiner SK Innovation Co. is set to acquire a U.S. shale oil company Longfellow Nemaha LLC to accelerate its shale oil development business in North America. The Korean company said Wednesday its U.S.-based subsidiary SK E&P America signed an agreement with the U.S. firm to buy 100 percent of its stake, including an interest in two of its shale oil assets in the U.S. The refiner plans to finalize the deal within the first half of this year. Earlier, SK Innovation revealed in a disclosure its plans to invest about 485.3 billion won ($453.1 million) in SK E&P America for funding M&As and other businesses in the U.S., including lease and drilling.
Emicizumab designated as orphan drug in S. Korea: JW Pharma
Emicizumab, a new antibody treatment for hemophilia A with inhibitors, has been designated as an orphan drug in South Korea, raising hopes that Korean patients with the disease would soon benefit from significantly less treatment administration burden. According to JW Pharmaceutical Corp., which has exclusive domestic marketing rights for emicizumab in Korea, on Wednesday, the Ministry of Food and Drug Safety has designated emicizumab, which was developed by Japan’s Chugai Pharmaceutical Co., a subsidiary of Switzerland-based F. Hoffman-La Roche Ltd., as an orphan drug. The ministry designates orphan drugs to promote pharmaceutical companies’ research and development on rare diseases and expand treatment opportunities for patients. Its latest decision to designate emicizumab as an orphan drug has placed the drug on a fast-track approval process for its sale in Korea.
S. Korea’s Binex invests in CAR-T therapy developer PeproMene Bio in U.S.
Binex Co., South Korea’s biomedicines developer and contract manufacturing organization (CMO), has invested $10 million in PeproMene Bio Inc., a U.S.-based developer of novel immune-oncology therapies such as chimeric antigen receptor T cell (CAR-T) therapy, making an inroad into the immuno-oncology treatment market. The Korean company said on Wednesday that it has signed a mutual investment agreement with PeproMene Bio under which Binex will invest $10 million in PeproMene Bio to own a 10.3 percent stake in the California-based biotechnology company while PeproMene Bio will invest $5 million in Binex.
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