Korea looks to grant full autonomy, flexibility for new space body

South Korea aims to establish a space agency based on a special law granting a degree of autonomy and flexibility the country’s public sector has never seen, reflecting the government’s all-out efforts to develop and support the space sector. The Ministry of Science and ICT on Thursday announced the beginning of the advanced publication of legislation for the special law on the establishment and operation of the country’s new space agency. The space agency has been tentatively

March 2, 2023

SK Square CEO upbeat about partnership with EQT to nurture global security firm

SK Square Vice Chairman and CEO Park Jung-ho on Tuesday showed high expectations about joint management with Sweden’s EQT Infrastructure to nurture SK Shieldus into a global security firm. In a press conference held on the sidelines of this year's Mobile World Congress in Barcelona, Spain, Park -- who also doubles as SK hynix CEO -- revealed that EQT Infrastructure will purchase a total 68 percent stake to become the top shareholder of the Korean Security firm. EQT Infrastructure is a

March 1, 2023

SKT to expand global presence ifland metaverse platform

South Korean telecommunication giant SK Telecom is launching its metaverse platform ifland in the United States, Europe and Southeast Asia, in cooperation with a number of global telcos, the company said Wednesday. SKT said it inked separate agreements with Germany’s Deutsche Telekom, US’ T-Mobile, Axiata, which operates in 11 countries in Southeast Asia, and Malaysia’s CelcomDigi on expanding the ifland service, on the sidelines of this year’s Mobile World Congress. &ldq

March 1, 2023

GC acquires Catalyst's orphan hematology disorder pipeline

GC Biopharma announced on Tuesday that it has signed an asset purchase agreement with US drug developer Catalyst Biosciences to acquire its orphan hematology disorder treatment candidates. Under the agreement, GC Biopharma will acquire three drug candidates including Marzeptacog alfa (MarzAA), a rare bleeding disorder treatment candidate, which is being tested in a phase 3 global clinical trial. With the latest agreement, GC Biopharma aims to launch a first-in-class novel drug in global markets,

Feb. 28, 2023

Huons to export local anesthetics to Canada

Huons, a local bio company, announced Tuesday that the company received regulatory approvals from Health Canada to export the company’s local anesthetics. According to Huons, both ampoule and vial types of its lidocaine -- the most widely used local anesthetic -- have received approvals from Health Canada. The company will first send 70,000 vials of its lidocaine in the second quarter this year. Formative Pharma, a Canadian firm specializing in the registration and distribution of pharmace

Feb. 28, 2023

Tech leaders flock to MWC to take cue for innovation

Chiefs of South Korea’s major information and communication technology conglomerates attended the Mobile World Congress 2023, which kicked off in Barcelona, Spain, on Monday. As innovative future technologies ranging from telecommunications and mobile to artificial intelligence and robots are showcased at the event, they gathered to foster new growth engines. On the first day of the MWC, SK Group Chairman Chey Tae-won visited the ICT trade show to support the group’s telecommunicatio

Feb. 28, 2023

Swedish EQT Partners to acquire SK security affiliate for W3tr

EQT Partners, a private equity fund operated by Sweden’s largest conglomerate, the Wallenberg Group, is expected to acquire SK Shieldus, a South Korean security firm, for about 3 trillion won ($2.27 billion) sources said Monday. EQT Partners is expected to sign the deal this week to purchase a 30 percent stake in SK Shieldus from the top shareholder SK Square, which holds a 63.13 percent stake. SK Square is the investment arm of South Korea’s No. 2 conglomerate SK Group. The Swedis

Feb. 27, 2023

SKT CEO unveils renewed AI vision at MWC

SK Telecom, South Korea's largest mobile carrier, said Monday it would look to lead the artificial intelligence transformation in all areas of its business with its advanced technologies and to establish an alliance with major AI service providers to foster an ecosystem. SK Telecom Chief Executive Officer Ryu Young-sang unveiled the telecommunications giant’s “AI to Everywhere” strategy to lead innovation in a press conference held a day before the annual Mobile World Cong

Feb. 27, 2023

Medytox's BTX dispute shows no end in sight

Medytox will soon be entangled in another dispute with South Korea’s leading botulinum toxin, or BTX, products maker Hugel, while an ongoing legal dispute with Daewoong Pharmaceutical is expected to continue as the latter appealed to a higher court here. According to industry sources on Sunday, a lawyer from the US International Trade Commission, who is responsible for a pending dispute between Medytox and Hugel, reportedly presented an opinion that objected Hugel's request to close t

Feb. 26, 2023

[Beyond Earth] ‘In space sector, failure is natural’

Innospace, a South Korean startup established in 2017, is gearing up to become the first in the world to successfully launch a hybrid rocket -- its Hanbit-TLV -- from the Alcantara Space Center in Brazil next month. The second trial comes about three months after the first attempt did not get the green light due to a weather issue, problems with a cooling valve and connection errors between systems. “Although the perception has changed a lot, I think the culture that accepts failure is sti

Feb. 26, 2023

Telecom carriers to show off future tech in Barcelona

South Korea’s top mobile service and device suppliers are set to introduce their latest future technologies involving advanced artificial intelligence and next-generation networks at the world's largest mobile tech show, slated to kick off Monday. At this year's Mobile World Congress taking place in Barcelona, Spain through Thursday, leading telecommunications firms SK Telecom and KT will put up exhibitions focused on their latest AI technologies, enabling various services to boo

Feb. 26, 2023

Samsung kicks off global tech seminar to introduce QLED, OLED TVs

Samsung Electronics said Friday it had kicked off its annual tech seminar series in Frankfurt, Germany, Thursday, showcasing cutting-edge technologies behind its 2023 TV lineup, which includes Neo quantum dot light-emitting diode and organic light-emitting diode TVs. The tech seminar sessions have served as a platform for picture and sound experts around the globe, delivering detailed information and exclusive hands-on experiences with new Samsung products for the last 12 years. This year&rsqu

Feb. 24, 2023

European businesses in Korea offer mixed outlook this year: survey

A majority of European companies doing business in Korea posted robust sales last year, but offered a mixed outlook for 2023, a business confidence survey conducted by the European Chamber of Commerce in Korea showed Thursday. The business lobby conducted the survey together with the Korea-German Chamber of Commerce and Industry and nine other European national chambers and business councils supported by consultancy Roland Berger Seoul. A total of 184 companies, representing over 60,000 employ

Feb. 23, 2023

Samsung-Dish 5G partnership in progress

Samsung Electronics said Thursday it has launched a virtual open radio access network site running on the ultra-fast 5G network along with Dish Network, the fourth-largest telecommunications carrier in the US. Earlier, Samsung had supplied an initial shipment of 24,000 Open RAN-compliant radios and 5G virtualized RAN software solutions to accelerate Dish’s network deployment across the US, which will allow to provide reliable and fast nationwide coverage to its network users. “Samsun

Feb. 23, 2023

Hanwha looks to secure drone defense technology

Hanwha Aerospace and a group of investors including Lockheed Martin have invested $17.8 million in Fortem Technologies, a US airspace security firm specialized in drone defense, Hanwha officials said Wednesday. Fortem Technologies operates its own air defense system based on an artificial intelligence radar that can monitor and detect dangerous drones or unmanned aircrafts and catch them by sending autonomous flying drones equipped with nets. The system is being used in Ukraine’s efforts a

Feb. 22, 2023

Posco International ready to help rebuild Ukraine

Posco International, a commodities trader affiliated with South Korean steel giant Posco Holdings, said Tuesday that it is eager to take part in reconstruction projects in Ukraine after the war to help the country rebuild. The Posco unit is the only Korean company that has maintained its business operations in the war-torn country since the onset of Russia’s invasion on Feb. 24 last year. It operates a grain terminal in the southern city of Mykolaiv, about 480 kilometers away from the Ukra

Feb. 21, 2023

Samsung, Naver join forces against Apple on payments

As IT behemoth Apple will likely launch its mobile payments service Apple Pay in Korea next month, Samsung Electronics appears to be reacting to the rival’s move by strengthening its digital payment service Samsung Pay through a strategic partnership with internet giant Naver. Samsung announced Monday that it signed a partnership agreement with Naver Financial to promote its mobile payment system, making digital payments more convenient for its users. Samsung has gained a stronger online p

Feb. 21, 2023

Former SK hynix VP named chief economist for US team overseeing chip development fund

A former vice president and chief economist for SK hynix has joined the US government team overseeing a $52.7 billion fund to boost development and manufacturing in the chipmaking industry. On Friday, the US Commerce Department announced that Dan Kim has joined the CHIPS Program Office as chief economist and director of strategic planning and industry analysis. The program is aimed at spurring manufacturing and innovation in the US semiconductor industry under the CHIPS and Science Act signed in

Feb. 20, 2023

[KH Explains] Samsung returns to OLED TV market after 10 years, renews competition with LG

Almost a decade after Samsung Electronics ditched the organic light-emitting diode TV business, the tech giant has returned to the market where crosstown rival LG Electronics dominates almost 60 percent of sales. Following its global launch last year, Samsung said Monday it would take preorders for its brand-new OLED TV at home, ahead of its official release on March 9. Samsung debuted 55-inch and 56-inch OLED TVs in Latin America, Oceania and Southeast Asia in March last year, but their Korean

Feb. 20, 2023

Korea aims to showcase pre-6G network in 2026

South Korea will demonstrate the sixth generation of wireless technology to the world in 2026, the Ministry of Science and ICT said Monday as it unveiled the government’s network advancement plan called the "K-Network 2030" strategy. In order to carry out the technical display, the Korean government will host an international event, tentatively called 6G Vision Fest, to invite leading telecommunication companies, experts and ministerial-level state officials from across the world

Feb. 20, 2023