Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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More med professors to take day off each week while govt. urges them to stay
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South Korea to launch space security center under spy agency
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'AI technology to halve new drug development period'
The technology of artificial intelligence will be used in every step of developing drugs to cut the time it takes to discover a new drug in half, the newly appointed leader of the Korea AI Center for Drug Discovery and Development said Wednesday. “Starting from designing candidate substances, AI technology can set up clinical trials based on biometric data and minimize uncertainty, time and cost by deriving the optimal patient group,” said Kim Woo-youn, head of KAICD at the Korea P
March 30, 2022
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Cha Medical to build world’s largest CGT manufacturing facility
Cha Medical and Bio Group has officially begun the construction of Cell Gene Biobank, which is expected to be world’s largest single facility in the business of contract development and manufacturing organization for cell and gene therapy, the company said Wednesday. According to the company, it has invested 300 billion won ($248 million) into building CGB that features 10 stories above ground and four below ground to cover a total floor area of 66,115 square meters in Pangyo, Gyeonggi P
March 30, 2022
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Hanmi Global wins plant operation deal from SK Nexilis
South Korean construction management firm Hanmi Global said Wednesday that it has won an order from SK Nexilis to manage the copper foil making unit of SKC Group’s new plant in Poland that has an annual production capacity of 50,000 tons. Located in an industrial complex in Stalowa Wola, southeastern Poland, the plant will start mass production of copper foils – a key material for anode of electric vehicle batteries – from as early as 2014. Under the deal, Hanmi
March 30, 2022
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Hyundai Glovis introduces firefighting system for vehicles onboard cargo ships
Hyundai Glovis, a logistics arm of Hyundai Motor Group, said Wednesday that it has established a firefighting plan for vehicles that are transported on cargo ships, a customized system to prevent risk of fire caught on electric vehicles on board a vessel. According to the company, it will place special equipment such as fire cover and water mist nozzle at all of its car-carrying ships. By putting this specially-coated cloth on a vehicle caught fire, the flow of oxygen will instantly stop and
March 30, 2022
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Regulator OKs SK hynix's acquisition of Key Foundry
South Korea's antitrust regulator said Wednesday it has decided to approve the deal by the country's major chipmaker SK hynix Inc. to buy a local foundry firm, Key Foundry. In October, SK hynix said it inked a deal to acquire a 100 percent stake in the 8-inch wafer foundry manufacturer for 575.8 billion won ($474.85 million) in a move to boost its presence in the non-memory sector. The Fair Trade Commission (FTC) said it has approved the deal, as the takeover is not expected to hamper competitio
March 30, 2022
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GM to add Tahoe SUV to S. Korean lineup next month
GM Korea Co., the South Korean unit of General Motors Co., said Wednesday it will add the Tahoe full-size SUV to its lineup next month to meet a rising demand for SUVs amid the extended COVID-19 pandemic. GM Korea will begin the delivery of the Chevrolet Tahoe SUV to South Korean customers in April, making Chevrolet the first brand in South Korea among domestic and imported brands with an SUV portfolio that ranges from the small to extra-large segments, the company said in a statement. The all-w
March 30, 2022
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Asset managers' net up 67.1% on increased commission revenue
Asset management firms in South Korea saw their 2021 combined net earnings jump 67.1 percent from a year earlier thanks to a rise in commission revenue, data showed Wednesday. The combined net income of 348 firms came to 2.16 trillion won ($2.01 billion) last year compared with 1.3 trillion won a year earlier, according to the preliminary data compiled by the Financial Supervisory Service (FSS). The rise came mostly from an increase in commission revenue from their fund management and investment
March 30, 2022
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Seoul stocks open higher on US gains
South Korean shares opened higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index had increased 13.99 points, or 0.51 percent, to reach 2,755.06 as of 9:17 a.m. Overnight, the tech-heavy Nasdaq climbed 1.84 percent and the Dow Jones Industrial Average advanced 0.97 percent, as investors pulled hopes of easing geopolitical tensions amid the Ukraine-Russia peace talks. In Seoul, market bellwether Samsung Electronics went up 0.28 percent, and No.
March 30, 2022
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Huawei to place R&D first
Chinese tech giant Huawei Technologies pledged to put research and development as a top priority to weather uncertainties and maintain its business continuity, as its R&D expense reached the highest in a decade last year. “Both our R&D expense quantity and R&D expense ratio reached a 10–year high last year,” Karl Song, vice president of corporate communications at Huawei, told reporters in Seoul Tuesday. “The harder things get, the more we are investing in
March 30, 2022
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KRX delays lifting trading halt on Osstem Implant
The Korea Exchange said Tuesday that it had decided to postpone its decision on whether to allow Osstem Implant to resume trading, after hours of deliberation that failed to reach consensus on the fate of the company, which had reported insider theft amounting to 221 billion won ($181 million). The largest dental implant maker in the Asia-Pacific region, which used to trade on the tech-heavy Kosdaq board, reported the theft on Jan. 3 and the KRX suspended trading that day. A month l
March 29, 2022
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Posco launches control tower for carbon neutrality goals
Posco said Tuesday it has launched a new committee to act as a control tower that supervises carbon neutrality efforts across affiliates and makes timely decisions under its goal of going carbon neutral by 2050. “Posco requires a prompt decision-making process to proactively respond to global needs for carbon neutrality efforts, as well as to accelerate our production system based on carbon neutrality goals by 2050,” said Posco Vice Chairman Kim Hag-dong, who leads the new committe
March 29, 2022
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[Herald Interview] Samsung CEO’s apology over GOS throttling not enough: US lawyer
A public apology delivered by a Samsung Electronics CEO earlier this month and a software update are not enough to conciliate customers’ anger, a US attorney claimed, urging the tech giant to provide compensation. Customers are disappointed largely because Samsung sold devices that are not what they meant to be and not as premium as they were promoted in terms of phone and battery performance, said David Buchanan, a partner at Seeger Weiss in New Jersey who is suing Samsung on behalf of
March 29, 2022
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IMF suggests to Korea to keep tight mortgage policy
SEJONG -- The International Monetary Fund has recommended South Korea keep practicing policies for tight mortgage regulations, showing a substantial difference from policy directions suggested by the incoming Yoon Suk-yeol administration. In a report on its yearly consultations with Korean officials, the IMF recommended that the government draw up “measures to improve housing supply.” But the US-based organization suggested that Korea keep on practicing policies of conducting tight
March 29, 2022
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Yoon reaches out to business leaders over labor unions
President-elect Yoon Suk-yeol is set to meet soon with the country’s largest group of trading companies, his transition team said Tuesday, in a move largely seen as stepping up efforts to rebuild ties with big businesses and win support for his economic plan for private sector-led growth. The meeting will follow Yoon’s gathering last week with chiefs of Korea’s six major business groups, such as the Federation of Korean Industries. It highlights Yoon’s push to reverse pr
March 29, 2022
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With first kimchi factory in US, Daesang gears up for global expansion
South Korean food giant Daesang Group has completed construction of the first kimchi factory in the US, setting up an overseas base not only to penetrate the local market but also to expand exports to Europe and Oceania. Located in the City of Industry in LA, home to industrial facilities from overseas with business links to Asian countries, the factory can produce 2,000 metric tons of kimchi annually. The company has invested 20 billion won ($16.4 million) for building production lines and w
March 29, 2022
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BIZA Metaversity brings educational institutions together
BIZA Metaversity is AMAXG Group’s decentralized two-way artificial intelligence platform for education. A compound of “metaverse” and “university,” Metaversity expands the scope of educational institutions to the virtual world and brings different institutions together. It is a non-face-to-face web conferencing smart educational platform where anyone can be a lecturer. Educational institutions around the world including elementary, middle and high schools, uni
March 29, 2022
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Digital asset NFT trading platform BIZA UVIT pioneers new genre
AMAXG Group’s BIZA-UVIT is a digital asset trading platform for non-fungible tokens (NFT) in content, culture, art, e-sports, movable assets and real estate. AMAXG built strategic partnerships with a number of organizations including the Federation of Artistic and Cultural Organizations of Korea (FACO), the Global Medical Aesthetic Exchange Association (GMAEA) and the Korea Blockchain Enterprise Promotion Association, and is quickly entering the business of digitally tokenizing user&rsquo
March 29, 2022
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Anything is possible at BIZA-Metaworld, AMAXG says
BIZA-Metaworld is a blockchain-based metaverse platform where the virtual world is almost seamlessly interwoven with the physical world, bridging the gap between the two realms. The term metaverse brings together the Greek prefix “meta” meaning after or beyond, and “universe,” which refers to physical reality. This “universe beyond real life” invites users to do practically anything that is possible in the real world, from shopping to socializing, and even m
March 29, 2022
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With BIZA-CarnegieMall, AMAXG wants to deploy fintech services
BIZA-CarnegieMall is the world’s first blockchain-based peer-to-peer (P2P) shopping mall, an application of blockchain technology to an e-commerce platform. According to AMAXG, any entrepreneur can run their own store on the platform, without additional charges on signing up to the shopping mall or registering products. Transactions will be conducted through the company’s own digital currency, BIZA, while BIZA wallets will be used as payment gateway -- the virtual equivalent of a
March 29, 2022
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Samsung Bioepis buyout to bolster Samsung Biologics’ portfolio: CEO
INCHEON -- With the buyout of Samsung Bioepis’ stake, Samsung Biologics will become a global bio company based on the three pillars of contract development and manufacturing, biosimilars and new drugs, CEO John Rim said Tuesday. “Through issuing new stocks to raise about 3 trillion won ($2.46 billion) this year, we will take a full-fledged leap into becoming a global comprehensive bio company and lay the groundwork for sustainable growth,” said Rim during the company’s
March 29, 2022