POSCO labor union takes step closer to launching first-ever strike

Unionized workers of South Korea's top steelmaker POSCO held a ceremony Monday to demonstrate their intention to launch their first-ever strike, officials said. Last week, 72.25 percent of its 7,934 members voted for a walkout, as management has refused to accept the union's demand of an 8.3 percent hike in basic wage and other incentives. If the union goes ahead with the collective action, it will be the first such move since the company's foundation in 1968. "We still have

Dec. 2, 2024

LG CNS gets preliminary nod for market debut

LG CNS Co., an information technology (IT) service provider, on Monday received preliminary approval for a stock market debut with its listing likely to take place during the first half. LG CNS, a unit of South Korea's No. 4 conglomerate LG Group, had sought for an initial public offering in 2022 but dashed its market debut plan amid the coronavirus pandemic. Established in 1987, LG CNS, 49.95 percent owned by LG affiliates, is the only unlisted major IT service company in Asia's fourt

Dec. 2, 2024

Presidential AI committee to devise nat'l AI strategy early next year

The presidential artificial intelligence (AI) committee plans to devise a national strategy within the first three months of next year to make South Korea one of the world's top three leaders in the AI industry, the science ministry said Monday. The committee held its first workshop earlier in the day to kick off its preparations to devise the national AI strategy aimed at fostering the country's competitiveness in the field, according to the Ministry of Science and ICT. The government

Dec. 2, 2024

Lotte Biologics hires pharma veteran as new CEO

Lotte Biologics said Monday that it has hired James Park, former sales chief at Samsung Biologics and CEO of GC Cell, as its new CEO. Park, a 58-year-old industry veteran, holds a bachelor’s degree in chemical engineering from the University of California, Davis, and a master’s degree in industrial engineering from Columbia University. He has held various leadership roles at global pharmaceutical companies, including Merck and Bristol Myers Squibb, where he oversaw drug development a

Dec. 2, 2024

Celltrion files for phase 3 trial of new cancer biosimilar in US

South Korean biopharmaceutical firm Celltrion said Monday it has submitted an investigational new drug application to the US Food and Drug Administration for a Phase 3 clinical trial of CT-P44, its new biosimilar candidate referencing Darzalex. Darzalex, a targeted cancer therapy, inhibits the growth of myeloma cells by binding to specific surface proteins. The Phase 3 trial will evaluate the pharmacokinetics, efficacy and safety of CT-P44 compared to Darzalex in 486 patients with relapsed or re

Dec. 2, 2024

Samsung Biologics promotes global sales chief after record orders

Samsung Biologics has promoted Kevin Sharp, head of its New Jersey office leading global sales, to executive vice president, largely buoyed by the company's record contract manufacturing orders secured this year. In a management reshuffle Friday, the company promoted Sharp and five other executives to recognize their contribution to Samsung Biologics' larger global market presence. Sharp joined the company in 2017 after 10 years at GlaxoSmithKline in the US, where he served as a pro

Dec. 2, 2024

Dunamu’s Viver launches global transaction platform for luxury watches

South Korea’s luxury watch transaction platform Viver said Monday it is launching its cross-border service, largely buoyed by its successful launch at home. Dunamu, the operator of the nation’s largest crypto currency exchange Upbit, established Viver as a subsidiary in 2022 to venture into new markets for physical assets. The platform has seen steady growth, with cumulative transactions surpassing 100 billion won ($71.3 million). More than 16,000 products have been filed and almost

Dec. 2, 2024

Seoul shares end lower on extended tech losses

Seoul shares ended lower Monday, bucking gains on Wall Street on extended tech losses. The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 1.43 points, or 0.06 percent, to close at 2,454.48. The main index ended in the negative territory after opening sharply higher, jumping 23.63 points, or nearly 1 percent, in the first 15 minutes of trading on U.S. gains. On Friday, the Dow Jones Industrial Average rose 0.42 percent to 44,910.65 points, an

Dec. 2, 2024

[KH Explains] Will Northvolt's fall ease talent shortage for Korean battery makers?

Northvolt, backed by Volkswagen Group, was once hailed as Europe’s hope for an electric vehicle battery champion to challenge the creeping presence of Asian competitors. In a bid to spur growth, the Swedish battery maker hired dozens of battery researchers from Korean rivals, promising heftier salaries and a better quality of life -- until recently. After years of financial struggles, however, the company last month filed for bankruptcy protection in the US and its employees reportedly see

Dec. 2, 2024

Global startup accelerators flock to Seoul for Foster Bridge summit

Global players in startup investment and innovation gathered in Seoul on Monday to drive cross-border collaboration and nurture startups in Asia. The inaugural Foster Bridge summit -- co-hosted by Premier Plan, The Garrison, BOWL International and Sugarful Studio -- began its two-day run at Seoul Dragon City in Yongsan-gu, attracting almost 60 investors and business representatives from 20 countries, alongside local stakeholders. Under the slogan, “Building bridges for global innovation an

Dec. 2, 2024

K-fashion platform Ably secures W100b funding from Alibaba

Ably Corporation, operator of women’s fashion e-commerce platform Ably, announced on Monday that it has secured its first global capital investment of 100 billion won ($75 million) from China’s Alibaba Group. This marks Alibaba's first stake acquisition in a Korean e-commerce platform, with the group reportedly obtaining some 5 percent of Ably's shares. Ably's valuation has tripled in three years, compared to 900 billion won during its pre-Series C funding round in Jan

Dec. 2, 2024

[Photo News] Genesis GV70 EV refined

The 2025 Genesis GV70 Electrified brings a refreshed design inside and out. Updates include a new grille with a gradient pattern, streamlined air intakes and new 20-inch matte gray wheels. A fresh Ceres Blue color option -- offered in matte or glossy finishes -- offers more variety. The interior maintains its spacious layout while incorporating updated oval-themed accents for a modern look. Genesis plans to release more details about pricing and features closer to the launch early next year. (Ge

Dec. 2, 2024

Regulator seeks to revise law to protect small shareholders

South Korea’s top financial regulator said Monday it would seek to revise the Capital Market Act to protect individual shareholders when listed companies undertake a merger and relist after a corporate spin-off. "We prepared a proposal for the revision of the Capital Market Act with the recognition that the protection of the interests of general shareholders should be strengthened to enhance the value of the capital market," Kim Byoung-hwan, chair of the Financial Services Co

Dec. 2, 2024

Hyundai, Kia less dependent than rivals on EV tax credits in US: study

An automotive industry study has found that American buyers of Hyundai Motor and Kia electric vehicles are less likely to have chosen the Korean EVs based on the US government’s tax benefits, raising hopes for the Korean automakers as they gear up for a second Donald Trump administration next year. According to a study published by US auto industry research firm J.D. Power last week, only 32 percent of Hyundai buyers and 24 percent of Kia buyers selected tax credits and incentives as a pri

Dec. 2, 2024

LG makes big push to export chillers for AI data centers

LG Electronics said Monday it is teaming up with the Ministry of Trade, Industry and Energy to expand exports of its cooling solutions for data centers powering AI. The large-scale cooling systems, called chillers, are in high demand as thermal management becomes crucial for operating massive data centers. According to LG, Industry Minister Ahn Duk-geun visited LG’s chiller plant in Pyeongtaek, Gyeonggi Province, earlier in the day and pledged the ministry’s full support to boost t

Dec. 2, 2024

Samsung Biologics launches charity program to support children

Samsung Biologics has introduced a new charity program designed to assist children in need, in cooperation with neighboring restaurants and retail stores, as part of its ongoing efforts to enhance corporate social responsibility. According to the company, the launch ceremony took place Monday at the company’s headquarters in Songdo, Incheon. The event was attended by Rep. Jung Il-young of the Democratic Party of Korea, John Rim, CEO of Samsung Biologics, Park Jae-sung, head of the company&

Dec. 2, 2024

Hyundai Hillstate Deungchon starts sales of apartments

Hyundai Engineering & Construction said Monday it has recently opened a showroom for Hillstate Deungchon in Gangseo-gu, Seoul, to start the housing subscription process. Hillstate Deungchon features 12 15-story buildings with five basement floors, accommodating a total of 543 households. Of these, 274 units are available for general sale. The apartments offer two main layouts: 59 square meters for 103 households and 84 square meters for 171 households. New residents are expected to move in b

Dec. 2, 2024

Weave Living to launch flagship residence in Seoul

Global residence service provider Weave Living said last Thursday it is launching its flagship property “Weave Suites – Sunyu Parkside” in Seoul to attract both locals and expats here with premium serviced apartments. Established in 2017, Weave Living currently operates about 3,000 rental units across the Asia Pacific region under four consumer brands: Weave Studios, Weave Place, Weave Suites and Weave Residences. Weave Suites, in particular, caters to residents seeking superio

Dec. 2, 2024

Hyundai Rotem wins $60m defense contract in Peru

South Korea's sole tank maker Hyundai Rotem said Monday that it has delivered its K808 White Tiger wheeled armored personnel carriers to Peru in a $60 million deal, marking the entrance of Korea-made armored vehicles into the Latin American market. The contract was commissioned by the Peruvian Army Arsenal in May and facilitated by South Korea’s STX Corporation -- a global trading company specializing in defense procurement. Hyundai Rotem will supply 30 K808 vehicles through STX Corpo

Dec. 2, 2024

Rebellions, Sapeon merge to create Korea's first AI chip unicorn

Artificial intelligence startup Rebellions said Monday that it has completed a merger with Sapeon Korea, SK Telecom’s AI chip subsidiary, to officially form Korea’s first AI chip unicorn under the unified name Rebellions. The merger was finalized about six months after the plan was announced in June. Rebellions has valued the merged entity at around 1.3 trillion won ($929 million), based on the agreed merger ratio of 1:2.4 for Sapeon Korea and Rebellions, respectively. The merged ent

Dec. 2, 2024