SK Group Chairman Chey Tae-won highlighted the importance of creating a “financial story” for its affiliates, and how it can lead to a jump in corporate value when added with trust from the market and support from society. In the closing ceremony of the company’s annual CEO seminar held in Jeju Island, Chey spoke to the group management of the group’s vision. “The previous evaluation of corporate value, which centered on financial achievements such as sales and o

Hugel became the first Korean botulinum toxin maker to enter the Chinese market for aesthetic BTX, which is estimated to be worth 1.75 trillion won ($1.55 billion) by 2025. Hugel announced Friday its Botulax gained China’s National Medical Products Administration’s approval for sales under the product name Letybo. Hugel is now one of the four companies authorized to trade in the wrinkle-smoothening toxin in China, which is believed have great demand for the aesthetic product. To

LG Chem, partnering with Chinese firm TransThera Biosciences, has applied for a phase 1 clinical trial of its nonalcoholic fatty liver disease treatment in the US, the company said Friday. LG Chem’s pipeline TT-01025 is an investigational new drug for NASH, short for nonalcoholic steatohepatitis, which is a chronic dysfunction of the liver that can lead to cirrhosis or cancer. “With close collaboration with TransThera Biosciences, we expect to enter clinical trials more quickly t

A majority of business leaders who participated in the 2020 GE Global Innovation Barometer report acknowledged artificial intelligence as a catalyst for innovation, GE said Friday. The GE Global Innovation Barometer is an opinion survey that has been annually commissioned by GE since 2011 to identify changing perceptions of innovation among business executives around the world. This year, 2,307 executives from 22 countries and 1,004 science and engineering students from 10 countries participa

South Korean steelmaker Posco and its affiliates posted an operating profit of 666.7 billion won ($588.6 million) in the third quarter, down 35.9 percent from the same time a year earlier. The total revenue reached 14.26 trillion won in the same period, down 10.8 percent on-year, and the net profit stood at 514 billion won, up 3.5 percent, the company said. While the quarterly performance stands short of the year before, the operating profit still jumped 297.5 percent on-quarter. Looking at

SK hynix Inc.'s acquisition of Intel Corp.'s NAND memory business will bring positive results to the company, analysts here said Friday, as it can beef up profitability and technological prowess in the sector. South Korea's No. 2 chipmaker on Tuesday announced a 10.3 trillion-won ($9 billion) deal to buy Intel's non-volatile memory unit that includes its solid state drive (SSD) business and a NAND flash chip plant in Dalian, China. Local analysts said the deal will help SK hynix achieve econo

South Korea's Hyundai Robotics Co. said Friday it has joined hands with fried chicken franchise KFC Korea Co. to automate the chicken cooking process. Under the preliminary deal with KFC Korea, Hyundai Robotics, a unit of global shipbuilding giant Hyundai Heavy Industries Holdings Co. (HHIH), will develop the automation process to cook chickens by using robots. KFC Korea will provide its stores and cooking know-how under the deal. Food Tech applying high-end technologies to the food industr

LG Electronics Inc. said Friday it has opened a showroom for its luxury built-in kitchen appliance brand in Europe to better expand its presence there. The first European showroom of LG's Signature Kitchen Suite was opened in Milan, Italy, according to the company. The 1,100-square-meter facility is near the Brera District of Milan, a famous area for fashion lovers with its Design Week event. It is the third Signature Kitchen Suite showroom from LG. The other two are in South Korea and the U

Percentage of apartment purchasers in Seoul who are in their 30s

LG Display on Thursday posted third-quarter revenue of 6.7 trillion won ($5.9 billion) and an operating profit of 164.4 billion won, marking the company’s first profit in seven quarters. The revenue was a 27 percent increase from the previous quarter. Net profit was 11.1 billion won. Panels for such information technology devices as computers laptops and tablets accounted for 43 percent of the revenue, with TVs at 28 percent and mobile and others at 29 percent. In a conference call th

The head of South Korea's fair trade watchdog said Thursday her agency will review one of two ongoing probes into Google Inc.'s market competition violations. Since 2016, the Korea Fair Trade Commission (KFTC) has been investigating Google over allegations that it obstructed local smartphone makers from using operating systems from other rivals. It is also investigating whether Google forced mobile game applications to be only released on its Play store. "The KFTC is currently conductin

South Korean consumers are more worried about COVID-19 than consumers anywhere else in the world, and are also the biggest users of online food services, according to a survey by customer data analysis firm Dunnhumby. In a survey report released Thursday, titled “Impact COVID-19 has had on customer attitudes and behavior,” Korea was identified as the country with the most worried consumers concerning the COVID-19 outbreak, with respondents saying their personal finances had weakene

Posco’s trading affiliate brings feed wheat via Ukrainian grain terminal after years of investment to secure supply channel

GE Healthcare on Thursday hosted a seminar on how remote patient monitoring will become a new normal in the post-COVID-19 era. The seminar was part of the annual K-Hospital Fair 2020, which was held at Coex in Gangnam, Seoul. COVID-19 has made telemedicine and its related digital technologies a sudden quest in Korea, according to Professor Kim Kyung-hwan of Seoul National University Hospital’s Department of Thoracic and Cardiovascular Surgery speaking at the seminar. These technologie

Merck has been recognized with the Korea Bioprocessing Excellence Award at the Biologics Manufacturing Korea 2020 event, the company announced Thursday. The event, in its ninth year, annually invites some 400 experts from more than 100 governmental groups, nongovernmental organizations, related businesses and academic institutions to honor them in their respective categories. This year’s event was conducted virtually due to COVID-19. “Merck’s technology was recognized in the