Helixmith to announce results of Engensis’ second phase 3 clinical trials next month

Local gene therapy biotech firm Helixmith will announce the results of Engensis’ second phase 3 clinical trials for diabetic peripheral neuropathy next month, officials said Tuesday. “We were hoping to announce the results of Engensis’ second phase 3 clinical trials today, but the (independent Data Monitoring Committee) has requested additional data,” said Kim Sun-young, CEO of Helixmith, in a press conference. According to the CEO, the requested documents included En

TechnologyJune 28, 2022

4 years in, Koo’s leadership still in making

LG Group Chairman Koo Kwang-mo on Wednesday marks his fourth anniversary at the helm of the nation’s fourth-largest conglomerate, with his leadership taking shape, though not yet completed. Koo, then 40, took office as chairman and CEO of LG Corp., the holding unit, on June 29, 2018, following the death of his father, Chairman Koo Bon-moo. He was the youngest person to lead one of the nation’s top four chaebol groups, which also include Samsung, SK and Hyundai Motor. Pragmatism i

IndustryJune 28, 2022

Court greenlights KG Group’s acquisition of SsangYong Motor at W900b

A Seoul bankruptcy court on Tuesday approved a local consortium led by chemical-to-steel firm KG Group to acquire a 58.85 percent stake in SsangYong Motor at a reported 900 billion won ($700 million), ending a two-way race to acquire the debt-ridden South Korean SUV maker. SsangYong has been under court receivership for 14 months after its Indian parent Mahindra & Mahindra failed to attract fresh funding amid worsening financial health during the pandemic.  Following the court&rs

MobilityJune 28, 2022

Posco opens sample house for Geochang project

Posco Engineering & Construction, a construction unit under steel giant Posco, opened a second sample house of The Sharp Geochang Porsiel as it prepares to start its official sale, the company said Friday. The second Sharp Geochang Porsiel complex comprises six 20-story buildings, and a total of 443 households. Interior designs and sizes vary from medium-sized flats to penthouses, the company said. Residents of Geochang-gun, Gyeongsang Province, Busan, and Ulsan aged 19 or older who hold

IndustryJune 28, 2022

Seoul shares rise for 3rd day on bargain hunting, US data eyed

Seoul shares ended higher Tuesday to extend their winning streak to a third day as auto and technology stocks advanced on bargain hunting, with investors keeping an eye on upcoming U.S. economic data and Federal Reserve policy. The local currency rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 20.17 points, or 0.84 percent, to close at 2,422.09. Trading volume was moderate at 555.34 million shares worth 7.03 trillion won ($5.4 billion), with gainers outpacing decli

MarketJune 28, 2022

Korean Air to bring back flights to half of pre-pandemic level by Sept.

The country’s largest air carrier, Korean Air, is gearing up to restore international flights that had plunged during the last three years due to the outbreak of the COVID-19 pandemic. “We plan to restore international flights to 50 percent of pre-pandemic levels by September,” the company said Tuesday. Currently, Korean Air’s international flights are only one-third of the pre-pandemic level, but it plans to gradually increase flights starting in July, when the summer

MobilityJune 28, 2022

KAI to build test version of UAM aircraft in 2 years

Korea Aerospace Industries is venturing into the air taxi business with an aim to develop a small-sized Urban Air Mobility aircraft by 2024 so it can be used as a test model. KAI said it will later develop a full-scale UAM aircraft that can be used as a standardized model for the air taxi business in Korea amid the government’s push to commercialize air taxis by 2025.  According to industry sources, KAI is building a small-sized UAM aircraft that will be 25 percent to 40 percent sma

MobilityJune 28, 2022

Hyundai Steel applies AI, big data for advanced production management

Hyundai Steel has built a so-called Smart Enterprise system, an advanced management program that oversees from production to sales and infrastructure management through AI technology, officials said Tuesday. The new system features AI technology and big data to advance the entire process from manufacturing to sales at steel mills, Hyundai Steel said.  “The company will complete the Smart Enterprise system by forming the most optimized decision-making process centered in customers b

IndustryJune 28, 2022

[Photo News] Lone Diner

A diner is seen eating alone at a university cafeteria in Seoul on Tuesday. The cost of eating out at a restaurant for a four-person household in the first quarter of this year jumped 17 percent from the previous year, while the sharp rise in the cost of dining out has driven a 3.8 percent surge in the Consumer Price Index on-year, according to recent data by Statistics Korea.

EconomyJune 28, 2022

LG Innotek’s high-performance radar module detects life in cars

LG Innotek said on Tuesday it has developed an in-cabin radar module for cars that detects living things and movements with electromagnetic waves. Used to avoid leaving small children in cars or to prevent theft, in-cabin radar modules are made by combining radar chips, antennas and communication chips on substrates, and are usually installed in the ceiling above the rear seats or around the rearview mirror. The global demand for interior sensing devices, including radar modules, has been risi

IndustryJune 28, 2022

Fiscal chief urges businesses to restrain drastic wage hikes

SEJONG -- The nation’s fiscal chief on Tuesday called for employers to refrain from excessively raising wages, stressing that a sharp pay raise could possibly fan consumer prices growth. Deputy Prime Minister and Finance Minister Choo Kyung-ho expressed the worries during his meeting with business leaders, including Korea Enterprises Federation and CJ Group Chairman Sohn Kyung-shik, in Seoul. “There have been drastic pay raises in the information technology-oriented firms and some

EconomyJune 28, 2022

Korea to invest W24.7tr in science R&D next year

The South Korean government will invest 24.7 trillion won ($19.2 billion) into the country’s research and development efforts in 2023, a 1.7 percent increase on year, the Ministry of Science and ICT said Tuesday. According to the ministry, the R&D budget is focused on the three pillars of strengthening strategic investment for developing core technologies, working towards carbon neutrality and achieving digital transformation. The ministry said it plans to invest a total of 1.1 tri

TechnologyJune 28, 2022

ViBac 2022 organizers, ASOK sign deal for cooperation

Organizers of an international expo on the virus and bacteria industry said Tuesday that they signed a memorandum of understanding with the Association of American State Offices in Korea to host the 2022 International Virus and Bacteria Industry Expo, or ViBac. Under the memorandum, which was signed June 16, ASOK will encourage companies in the US to participate in ViBac, which will kick off July 18 at Coex in Samseong-dong, Gangnam-gu, Seoul, for a two-day run. Founded in 1989, ASOK is a non

IndustryJune 28, 2022

Chungho Nice’s iced coffee maker sales triple

Water purifier company Chungho Nice said that sales of its iced coffee machine in the first five months of the year more than tripled from a year prior. The Espre Caffe, which comes in four models, including a countertop version and a large, standing model, is a combination of an ice-dispensing water purifier and a capsule coffee machine that can be used at both home and the office. The taste and aroma of Italian roasted coffee made with clean water filtered through membrane filters as well as

IndustryJune 28, 2022

Retail sales up 10.1 pct in May amid eased virus curbs

Retail sales in South Korea rose 10.1 percent on-year in May on the back of growing demand for fashion-related items and other services amid the government's relaxation of COVID-19 curbs and the growth in people's outdoor activities, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers reached 14.45 trillion won ($11.24 billion) last month, up from 13.1 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Indus

ConsumerJune 28, 2022

Seoul shares open higher despite US losses

Seoul shares opened higher Tuesday, bucking overnight losses on Wall Street, with investors remaining concerned about higher interest rates and a slowdown in the global economy. The Korea Composite Stock Price Index (KOSPI) rose 6.04 points, or 0.25 percent, to 2,407.96 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.2 percent to 31,438.26 points and the tech-heavy Nasdaq shed 0.7 percent to 11,524.55 points. Auto, airline and refiner stocks were lead gaine

MarketJune 28, 2022

Finance chief calls for corporate restraints on 'excessive' wage increase amid inflation woes

Finance Minister Choo Kyung-ho asked companies Tuesday to refrain from excessively raising wages for employees as the move could further accelerate inflation. Choo made the request during a meeting with members of the Korea Enterprises Federation (KEF), including Sohn Kyung-shik, federation chief and CJ Group chairman, and Rhee In-yong, president of Samsung Electronics Co. "We're concerned that some IT companies and large conglomerates have recently jacked up wages, and such a trend ha

EconomyJune 28, 2022

Hyundai Heavy Industries to build six new offshore patrol vessels for Philippine navy

Hyundai Heavy Industries obtained an order worth $573 million on Monday to make six 2,400-metric-ton Offshore Patrol Vessels for the Philippine Department of National Defense. The Philippine Navy OPVs will be built at Hyundai Heavy Industries’ Ulsan shipyard until 2028. The vessel is to be equipped with a 76-millimeter main gun, two 30-mm secondary guns, a helideck capable of operating a helicopter and unmanned aerial vehicles. The OPV was designed by incorporating the Philippine Navy&r

IndustryJune 27, 2022

S. Korean chaebol attend wedding of Hyundai Motor chief's daughter

South Korea’s top business leaders assembled for the wedding of Hyundai Motor Group Chairman Chung Euisun’s eldest daughter at a small church in Seoul on Monday. The VIP list included Samsung Electronics Lee Jae-yong and his daughter, Lee Won-ju. The Samsung chief and his daughter, in a $2,000 Versace sleeveless mini dress and a pair of Gianvito Rossi Portofino sandals, grabbed attention as they made a rare appearance together. The 19-year-old reportedly traveled from the US to atte

IndustryJune 27, 2022

Kepco raises electricity rate by 5 won per kWh for Q3

State-run utility Korea Electric Power Corp. said Monday that it would raise the electricity rate by 5 won (0.4 cent) per kWh, the maximum level it can raise, starting July in response to rising fuel costs and record losses.  Following the rate hike, both electricity and gas rates will be increased from next month, imposing heavier burdens on businesses and households already being concerned of steep inflation. Under the new pricing system, a household with four members will see an increa

IndustryJune 27, 2022