Latest news with #RepublicOfKorea
Zawya
5 days ago
- Business
- Zawya
The Republic of Korea supports vulnerable families in Madagascar
The World Food Programme (WFP) has welcomed a generous contribution of 10,000 metric tons of rice worth US$12.5 million from the Republic of Korea to support the food and nutritional needs of 480,000 vulnerable people in southern Madagascar. The contribution will enable WFP to reach 290,000 people for six months, starting in October, during the upcoming lean season – the period between harvests when families often run out of food stocks. It will also provide school meals to 190,000 students in 586 primary schools from September 2025 to June 2026. The activities will cover ten districts in the Anosy, Androy, Atsimo Andrefana, and Atsimo Atsinanana regions. 'This contribution comes at a critical time for communities facing food insecurity,' said Tania Goossens, WFP Representative in Madagascar. 'Thanks to the Republic of Korea's commitment, vulnerable households will be able to overcome the lean season and thousands of children will receive hot meals in primary school. We sincerely thank the Republic of Korea for their ongoing support and long-standing partnership in Madagascar.' As recurrent climate shocks are aggravating 1.3 million people food insecure in southern and southeastern region, this contribution is especially critical in supporting the most vulnerable communities. 'This donation reaffirms the Republic of Korea's solidarity with the Malagasy people, particularly the most vulnerable children and families in the South affected by climate shocks. We are demonstrating our commitment to collaborating with the Malagasy government, through WFP, in responding to food emergencies and strengthening the school feeding programme' said the Ambassador of ROK in Madagascar HEM. Park Ji-Hyun. Since 2019, the Republic of Korea has provided a cumulative US$30.5 million through various funding mechanisms in support of WFP operations in Madagascar. This strong partnership reflects ROK's growing commitment to combating hunger and strengthening the resilience of vulnerable communities across the country. Distributed by APO Group on behalf of World Food Programme (WFP).
Associated Press
5 days ago
- Business
- Associated Press
Ocugen, Inc. Announces Signing of Binding Term Sheet for the License of OCU400 Modifier Gene Therapy for Retinitis Pigmentosa in Korea
MALVERN, Pa., June 05, 2025 (GLOBE NEWSWIRE) -- Ocugen, Inc. ('Ocugen' or the 'Company') (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, today announced the signing of a binding term sheet to negotiate and enter into a licensing agreement with a well-established leader in the pharmaceutical and healthcare sector in Korea, for exclusive Korean rights to OCU400—Ocugen's novel modifier gene therapy for retinitis pigmentosa (RP). Pursuant to the term sheet, under the license agreement Ocugen will receive upfront license fees and near-term development milestones equaling up to $11 million. The Company will be entitled to sales milestones of $1 million for every $15 million of net sales in Korea in addition to a royalty of 25% on net sales of OCU400 generated by Ocugen's partner. Additionally, Ocugen will manufacture commercial supply of OCU400 under terms of a supply agreement. There are an estimated 15,000 individuals in the Republic of Korea with RP. OCU400 provides the opportunity for our partner to help thousands of patients and become a leader in gene therapy in Korea. 'This regional licensing agreement is aligned with our business development strategy to partner with well-established companies in their respective countries and regions—leveraging their networks and know-how to treat as many RP patients as possible,' said Dr. Shankar Musunuri, Chairman, CEO, and Co-founder of Ocugen. 'A regional approach preserves Ocugen's rights to larger geographies to maximize total patient reach while also generating return for our shareholders.' Additional details will be available once the definitive agreement between the parties is executed, which is expected to occur within the next 60 days. Ocugen is currently advancing OCU400 through Phase 3 clinical development with a target Biologics License Application filing of mid-2026. About Ocugen, Inc. Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene therapies to address major blindness diseases and offer hope for patients across the globe. We are making an impact on patient's lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to address significant unmet medical need for large patient populations through our gene-agnostic approach. Discover more at and follow us on X and LinkedIn. Cautionary Note on Forward-Looking Statements Thispressreleasecontainsforward-lookingstatementswithinthemeaningofThePrivateSecuritiesLitigationReformActof1995,including,butnot limited to, statements regarding the terms of the definitive license and timing of a definitive agreement or if a definitive agreement will be executed at all or the anticipated benefits to Ocugen of the definitive license agreement, qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, 'believes,' 'potential,' 'proposed,' 'continue,' 'estimates,' 'anticipates,' 'expects,' 'plans,' 'intends,' 'may,' 'could,' 'might,' 'will,' 'should,'or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations, including,butnotlimitedto, Contact: Tiffany Hamilton AVP, Head of Communications [email protected]
Russia Today
6 days ago
- Business
- Russia Today
‘Korean Donald Trump' emerges from the chaos in Seoul
On June 3, 2025, a snap presidential election was held in the Republic of Korea in which Democratic candidate Lee Jae-myung won with over 49% of the vote. The election followed an attempt on December 3, 2024 to impose martial law in the country, which led the Constitutional Court to unanimously vote for the impeachment of then-President Yoon Suk-yeol. There were several candidates, but the main contest took place between the ruling conservative People Power Party and the opposition Democratic Party. Chairman Lee is a striking and controversial figure. During the presidency of the previous Democrat, Moon Jae-in, Lee led an independent faction within the party and was considered an even more leftist populist than Moon. Moon viewed him as a dangerous rival and tried to remove him via a series of criminal cases. Lee managed to fend off these attacks and eventually became the Democratic Party's presidential candidate in 2022 after all of Moon's protégés lost the primaries. Although he once called himself the 'Korean Bernie Sanders' due to his populist slogans and ideas such as universal basic income, his circle now prefers the term 'Korean Donald Trump', as both share a flamboyant style and peculiar reputations. Even before entering the presidential race, Lee was implicated in several criminal cases involving corruption, abuse of power, perjury, election law violations, and even cash smuggling into North Korea. The accusations were serious – several of Lee's close associates were imprisoned. He was, however, saved by a series of miraculous coincidences: Five key witnesses in different cases who could testify against him either committed suicide or died from various causes. Though his enemies consider the deaths highly suspicious, police found no evidence of foul play. The constitutional crisis that led to the snap election began when, on November 15, 2024, Lee received a suspended sentence. Although conditional, the verdict threatened his political career. If upheld by the Supreme Court, Lee would be barred from holding public office for five years. With nearly two-thirds of the seats in parliament, the Democrats intensified their opposition. Yoon attempted to 'cut the Gordian knot' by declaring martial law, but the public saw this as a return to military dictatorship, which unsurprisingly failed. After a long deliberation and despite contentious points, the Constitutional Court unanimously impeached the president, as reinstating him would plunge the country into chaos. Lee easily won his party's primary with 89.77% of the vote. His opponents were the former independent left-centrist Kim Dong-yeon and ex-Governor Kim Kyung-soo, an ally of Moon Jae-in. Before the parliamentary elections, Lee either subdued or pushed out strong figures from other factions, earning accusations that he turned the Democratic Party into a personal fan club. Still, Lee's path to the presidency was not easy. On March 26, 2025, the Seoul appellate court overturned Lee's conviction, formally reopening his political path. This surprised legal experts, especially conservatives. The reason became clear: The presiding judges were members of a progressive NGO associated with the Democratic Party. However, on May 1, 2025, the Supreme Court reversed the acquittal and sent the case for retrial. Theoretically, this could disqualify Lee if the outcome was unfavorable, but the Democrats launched protests, calling the court's decision a coup comparable to martial law. Facing threats of impeachment (parliament can impeach any official, including judges), the judiciary made a 'compromise' decision: Lee's retrial and other investigations would resume only after the election. Disqualifying Lee would decapitate the opposition, which lacked a viable substitute. But there's an unusual dilemma: The Constitution states that a sitting president can only be imprisoned for treason or rebellion. Yet, if someone under criminal investigation wins and is later convicted, there is no clear precedent. Democrats are preemptively addressing this: A parliamentary committee has reviewed a law that would terminate all criminal proceedings against an elected president and amend the penal code to decriminalize the charges Lee faced. Such legal manipulation doesn't please everyone. Hence, Lee enjoys both the highest approval and disapproval ratings – meaning a sizable bloc could unite under the slogan 'anyone but Lee Jae-myung'. While Lee achieved party unity, the conservatives have been plagued by infighting. The party has factions – center-rights, Yoon loyalists, and traditional conservatives. Initially, eight candidates entered the race, and a three-stage process narrowed the field. The first round eliminated four weaker or controversial figures, such as ex-Speaker Na Kyung-won. In the second round, moderate An Heol-su ('the Korean Kaspersky') and classical conservative Won Joon-pyo – who ran against Moon Jae-in in 2017 and might have been the nominee again if not for Yoon – were dropped. Two finalists remained. One was Han Dong-hoon, Yoon's longtime ally from the Prosecutor's Office, former justice minister and party leader. However, Han opposed martial law and voted against it. After Yoon's impeachment, Han resigned. Analysts saw in him a fresh conservative image, but he lost the final round. Instead, the 2025 conservative candidate is ex-Labor Minister Kim Moon-soo. He has two notable qualities: A former union activist repressed under military rule, he later joined the conservatives. And he was the only cabinet member who refused to apologize after the failed martial law attempt. Instead, he argued that Yoon may have erred in methods, but the problem required resolution. Kim became a symbol of uncompromising conservatism. But party leaders worried whether he could attract undecided voters – those alienated by both Lee and Yoon. Fortunately, they had an alternative. After some thought, Prime Minister Han Duck-soo (also acting president post-impeachment) entered the race. Once a leftist and prime minister in the 2000s, he too joined the conservatives. Some see him as a centrist technocrat; others, a political opportunist. On May 2, 2025 – after the conservative primaries ended – Han announced his independent candidacy. He vowed to act as a transitional 'technical president' to reform the government and step down, ushering in a 'Seventh Republic.' In fact, all major candidates proposed constitutional reforms. Most advocated limiting presidential power and replacing the current five-year single term with two four-year terms, US-style. Given nearly 40 years since the last constitution, some anti-dictatorship clauses seem outdated. Han's resignation triggered a mini-government crisis. Finance Minister Choi Sang-mok, next in line, resigned minutes before a parliamentary impeachment vote against him. The role of acting leader passed to Education Minister Lee Joo-ho. Han effectively represented the conservative camp. Yoon's allies saw him as a unifying, rational figure. A split right would guarantee Lee's win. The party pressured Kim Moon-soo to withdraw for Han, even voiding the primary results. Kim denounced this as betrayal, demanded a new vote – and won again. The old leadership resigned. Han withdrew, urging support for Kim. Meanwhile, Kim softened his rhetoric and leaned toward the center. This showed in debates about whether Yoon should leave the party. While a symbol for conservatives, his presence burdened them with his failures – especially martial law. Ultimately, Yoon left People Power, but might form a new party post-election. There were more candidates. Some from truly left-wing parties, as Lee has shifted right – dropping the idea of basic income and even proposing Donald Trump for the Nobel Peace Prize. Independents include ex-conservative leader Hwang Kyo-ahn, now ultra-right. But only one got over 5%: Lee Jun-seok, leader of the Reform Party. A center-right former conservative leader ousted for opposing Yoon, Lee is youthful and energetic. Though his party failed to become a 'third force', he remains popular. Conservatives wanted him to quit and unify the right. Some party members disenchanted with him have even joined the Democrats. Many promises were made by all candidates, and listing them all here is pointless – each of them essentially promises good things and opposes bad things. Beyond key issues such as North Korea-US relations, party platforms differ little. Where they do, differences stem more from factional struggles than ideology. If conservatives say a cat is black, Democrats will insist it's white – regardless of the truth. As for where Lee's victory will take South Korea, that remains to be seen – stay tuned for the next article.
