Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Aging population to drive down Korea's housing prices from 2040: experts
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North Korea holds drills simulating nuclear counterattack against enemy
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Samsung Biologics to build new facility for genetic medicines in Songdo
Samsung Biologics has purchased land in Songdo, Incheon, to build a production facility for genetic medicines, the Incheon Free Economic Zone Authority said Thursday. The pharmaceutical firm has signed a deal with the authority, which oversees a plan to develop a bio cluster in Songdo, to purchase 10,000 square meters of land in the city. The site was put up for sale in June. There, Samsung Biologics is expected to construct a new facility to produce materials and drug platforms for genetic
Nov. 4, 2021
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Apple Korea’s general manager Brandon Yoon to resign
Apple Korea’s general manager Brandon Yoon will resign from his position, industry sources said Thursday. According to the sources, Yoon tendered his resignation from the position at the company on Thursday. The company refrained from offering a confirmation. Yoon has led Apple Korea since 2018. Before coming to Apple Korea, Yoon worked at Samsung Electronics. He also worked for Microsoft from 2003-2015. Industry sources said Yoon’s resignation is sudden and unexpected, given t
Nov. 4, 2021
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Google to provide alternative payment system at its app store
Google Inc. has pledged to provide an alternative payment system at its app store in South Korea, the telecommunications regulator said Thursday, in what could be a concession amid a tug-of-war over lucrative payment systems in the app market. The commitment is part of follow-up measures to a new South Korean law that restricts app store operators such as Google and Apple from forcing their in-app payment systems on developers. Wilson L. White, Google's public policy and government relations s
Nov. 4, 2021
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W70m fine finalized for Samsung Lee’s illegal drug use
Samsung Group’s leader Lee Jae-yong will have to pay a 70 million won ($59,200) fine for illegal use of propofol, an anesthetic medication, judicial sources said Wednesday. The fine was finalized as both prosecutors and the defendant have not filed an appeal by Tuesday, the last day of the seven-day window to appeal the court order. The Seoul Central District Court last week ordered Lee to pay the fine and an additional forfeiture of 17 million won for violating the Narcotics Control Act
Nov. 3, 2021
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GC Pharma’s Hunter syndrome treatment receives orphan drug designation in EU
GC Pharma announced Tuesday that the European Medicines Agency has granted orphan drug designation to its Hunterase ICV, a novel treatment for mucopolysaccharidosis type II, also known as the Hunter syndrome. The designation brings a variety of significant advantages under the EMA’s effort to encourage the development of drugs to treat rare diseases or conditions. GC Pharma said the company will be able to speed up regulatory procedures to market Hunterase ICV in Europe. Hunterase ICV
Nov. 2, 2021
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42dot raises W104b in series A funding
South Korea’s autonomous driving startup 42dot said Tuesday that it has raised 104 billion won ($88.5 million) in a series A funding. That raised the total investment the firm has secured to date to 153 billion won, the company added. The investors include Hyundai Motor, Shinhan Financial Group, Lotte Rental, Lotte Ventures and several local venture capital firms. 42dot plans to use the funding to accelerate its autonomous driving technologies and beef up human resources. The start
Nov. 2, 2021
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GeneOne Life Science wins EMA nod for phase 2 clinical study of COVID-19 treatment
GeneOne Life Science’s investigational oral drug for COVID-19 has received regulatory approvals from the European Medicines Agency and Bulgaria to conduct a phase 2 clinical trial in Bulgaria, the Korean biotech firm said Monday. The Balkan nation is among the five regions where GeneOne Life Science plans to conduct phase 2 studies of GLS-1027. It is also the last of the five to give the company a go-ahead. The four others are the US, South Korea, Puerto Rico and North Macedonia. Gene
Nov. 1, 2021
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AI can resolve pressing global issues, says Samsung Electronics’ vice chairman
Artificial intelligence may hold the key to many of the world’s pressing issues such as climate change, said Samsung Electronics Vice Chairman Kim Ki-nam on Monday. Speaking at an annual AI forum, hosted by his company, the senior executive stressed the wide-reaching capability of AI, not just for businesses, but for the betterment of humankind. “The advancement of AI is going beyond the electronics industry and expanding to various fields, such as basic science. We expect AI to
Nov. 1, 2021
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Local COVID-19 treatment developers at a crossroads
South Korean drugmakers are at a crossroads on whether or not to continue developing COVID-19 treatments, as vaccination rates rise across the world and the first drug from global pharmaceutical Merck is set to debut soon. Some have already given up. Merck’s recent decision to give away patents related to molnupiravir, which would become the world’s first COVID-19 pill, for developing countries to produce generic drugs, could prompt latecomers to drop out of the race, industry sou
Oct. 31, 2021
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SKT split-off to launch, paves way for chip investment
SK Telecom’s nontelecom split-off SK Square will officially launch on Monday, with a focus on semiconductor and new tech businesses, SK Telecom, the world’s largest telecommunication company said Sunday. The split-off will allow the SK Group company to better respond to changing dynamics in the chip sector through strategic investments, which were partly limited under the fair trade law here. Under the restructuring, the first since SKT Telecom was founded in 1984, SK Square will
Oct. 31, 2021
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SK hynix acquires Key Foundry for W575.8bn
SK hynix said Friday the chipmaker inked a deal to acquire a 100 percent stake in domestic foundry firm Key Foundry for 575.8 billion won ($492.55 million). Key Foundry, based in Cheongju, North Chungcheong Province, is a foundry-specialized firm producing chips for its customers using 8-inch wafers. It can produce non-memory products such as power management ICs, display driver ICs and microcontroller units. Key Foundry was formerly LG Semiconductor, which was established in 1979.&n
Oct. 29, 2021
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Kotra preparing for Korea pavilion at CES 2022
The Korea Trade-Investment Promotion Agency said Thursday that it will take innovative products of small local companies to next year’s CES, the world’s largest tech show held annually in Las Vegas. For the Korean pavilion at the CES 2022, some 210 companies and 13 institutions will travel to the US, according to Kotra. Among them, some 14 local companies had a chance to showcase their latest products at Korea Electronics Show 2021, underway at Coex in southern Seoul, from Tuesda
Oct. 28, 2021
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LG Electronics hits record high Q3 sales, 49.6% decline in operating profit
LG Electronics hit a new high in quarterly sales in the third quarter, owing to the continued consumption in the consumer electronics sector under the pandemic, the company announced Thursday. The tech giant, the largest home appliance provider in South Korea, posted 18.78 trillion won ($16.1 billion) in sales, the highest-ever in the firm’s history. Compared to the same quarter last year, sales soared 22 percent. But the Q3 operating profit stood at 540.7 billion won, a 49.6 perce
Oct. 28, 2021
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Kakao Games co-CEOs to push for oversea expansion
Kakao Games Corp. said Thursday its two co-CEOs will assume regional responsibilities as it pushes to expand its foothold in major markets overseas. Namkoong Whon, who currently oversees the company’s management and development as well as new business projects, will now also be representing Kakao Games’ North America and Europe studio, the firm said. Fellow CEO Cho Kye-hyun will be directing business in Asia on top of his existing responsibilities on the company’s publishin
Oct. 28, 2021
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Samsung breaks W70tr in Q3 sales first time
Despite the shortages of parts worldwide under the pandemic, South Korea’s No.1 conglomerate Samsung Electronics logged its largest-ever quarterly earnings in the third quarter of 2021, owing mainly to robust sales of chips and foldable smartphones. According to the earnings announced on Thursday, the tech giant posted 73.98 trillion won ($63.15 billion) in sales and 15.82 trillion won in operating profit during the July-September period. It is the first time that the world’s big
Oct. 28, 2021
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Naver unveils new AI-powered search service
South Korea's dominant internet portal operator Naver Corp. on Thursday introduced a new personalized search service dubbed AiR Search. The service, powered by Naver's artificial intelligence (AI) technology, will provide results in block units that reflect current trends and individual interests. "AiR Search will be the beginning of a big change representing Naver's new search, as much as the 'integrated search' which has so far been the most differentiated feature," Kim Sang-Bum, d
Oct. 28, 2021
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Kolmar Korea inks deal to purchase stake in local beauty platform operator
Kolmar Korea, a cosmetics and health care company based in Seoul, has made a strategic investment in a beauty platform operator in a bid to target Millennial and Generation Z consumers in the local beauty market. According to its announcement on Wednesday, the company purchased an 11 percent stake in Pawcompany. Established in 2003, Pawcompany operates online beauty community Powder Room. The platform currently has 3.7 million members and has held marketing projects with 5,400 beauty firms t
Oct. 27, 2021
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S. Korea approves phase 2, 3 trials of Genencell’s COVID-19 treatment
South Korean biotech firm Genencell said Wednesday that the company received approval from the Ministry of Food and Drug Safety for mid- and late-stage trials of its COVID-19 treatment candidate ES16001. ES16001 is an oral COVID-19 drug candidate made with natural ingredients extracted from the leaves of Elaeocarpus sylvestris native to Korea. Genencell has developed the treatment candidate in collaboration with the College of Life Sciences at Kyung Hee University. Genencell currently plans
Oct. 27, 2021
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Samsung’s Lee plays role in early supply of Moderna vaccine
Samsung Electronics Vice Chairman Lee Jae-yong was behind Moderna’s decision to supply the first batch of COVID-19 vaccines manufactured here to the Korean government, industry sources claimed Wednesday. The Ministry of Health and Welfare announced Tuesday it had authorized the domestic supply of 2.4 million doses to be finished at Samsung Biologics’ factory in Songdo, Incheon, from next month. The biopharmaceutical affiliate of Samsung has a deal with the US vaccine firm to &ldqu
Oct. 27, 2021
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Govt. to introduce 5G-equipped buses nationwide by 2023
The government said Wednesday that it plans to introduce 5G-equipped buses across the country by 2023, giving citizens access to free wireless internet that is up to four times faster. The Ministry of Science and ICT said 29,100 out of 35,000 city buses across the country will be upgraded with fifth-generation (5G) network service by 2023. The upcoming service will offer an internet speed of 400 megabits per second (Mbps), which is up to four times faster than the LTE Wi-Fi connection currently
Oct. 27, 2021