Celltrion's COVID-19 self-test kit available on Amazon

South Korean biopharmaceutical company Celltrion Inc. said Thursday that its self-diagnostic kit for COVID-19 is available for purchase on global retailer Amazon. Celltrion DiaTrust COVID-19 Ag Home Test, co-developed by local health care business Humasis, received the US Food and Drug Administration's Emergency Use Authorization approval last year. The product is supplied through Amazon after Celltrion directly signed a contract with the world's largest online retailer. Celltrion said Amazon

IndustryJan. 6, 2022

Most exporters don't see improvements in 2022 trade situation: poll

Nearly 9 in 10 South Korean exporting companies expect the global trade situation in 2022 not to improve compared with the previous year due mainly to the coronavirus pandemic, a poll showed Thursday. The survey of 300 exporting firms showed 55 percent of the respondents anticipating this year's world trade conditions to be similar to those in 2021. About 37 percent said the global trade climate would take a turn for the worse this year, with only 14.3 percent forecasting an improvement. The

EconomyJan. 6, 2022

LG's virtual presentation met with mixed reactions at CES 2022

LAS VEGAS -- LG Electronics Inc. on Wednesday welcomed visitors to its massive booth, physically and virtually, at the Consumer Electronics Show (CES) in Las Vegas, offering an alternative approach to exhibiting its latest technology innovations amid the raging pandemic. LG Electronics virtually presented its new consumer electronics products, ranging from an indoor gardening gadget to a duel filter air purifier, in the 2,000-square-foot eco-friendly booth constructed of materials that are upcy

TechnologyJan. 6, 2022

[EXCLUSIVE] SK plans new AI chip collaboration with Qualcomm

LAS VEGAS -- SK and Qualcomm will collaborate on artificial intelligence chips in an effort to lead the burgeoning eco-friendly, low-power AI chip market. Speaking exclusively to The Korea Herald at CES 2022 on Wednesday, SK hynix Vice Chairman and CEO Park Jung-ho said, “SK hynix, SK Telecom and Qualcomm plan to make co-investments and make good AI chips. I‘ll talk to Qualcomm to join in.” “There are about 500 companies that do AI chips. It’s all about who gets i

TechnologyJan. 6, 2022

Hyundai Motor chairman, father sell 10-pct stake in logistics unit to Carlyle

Hyundai Motor Group Chairman Chung Euisun and honorary group chief Chung Mong-koo sold their combined 10 percent stake in Hyundai Glovis to the global private equity firm Carlyle Group, the logistics unit of the group said Wednesday. The junior Chung sold a 3.29 percent stake and his father unloaded a 6.71 percent interest in Hyundai Glovis at 163,000 won (US$136) per share through block trading, the company said in a regulatory filing. The stake sale is valued at around 610 billion won. Th

IndustryJan. 5, 2022

[CES 2022] Hyundai Motor vows to expand human reach with robots, metaverse

LAS VEGAS -- Laying out the groundwork for its future with robotics technology and the metaverse, the chairman of South Korean carmaker Hyundai Motor Group unveiled a new concept that materializes future mobility even in virtual spaces. Speaking at the Consumer Electronics Show taking place in Las Vegas, Hyundai Motor Chairman Chung Euisun introduced “metamobility” -- referring to an integration of robotics and the metaverse -- as the automaker's new growth engine. The concept is a

IndustryJan. 5, 2022

[CES 2022] Hyundai Heavy Industries, Palantir to build new big data platform

Hyundai Heavy Industries and US company Palantir Technologies will work on building a new big data platform, the companies said Wednesday.  The two firms clinched a partnership in Las Vegas a day before the official kickoff of the CES 2022. The deal is reportedly valued at above $25 million, according to the industry. Their multiyear deal will improve the way Hyundai Heavy’s affiliates operate their businesses in shipbuilding, offshore engineering and energy and industrial machiner

IndustryJan. 5, 2022

[CES 2022] Hankook Tire unveils airless tire i-Flex

South Korean tire manufacturer Hankook Tire unveiled an airless tire i-Flex at CES 2022, which has been used for Hyundai Motor Group’s latest robotics module Plug & Drive. According to the company, a 10-inch tire is applied with biomimetic design and requires no air inside unlike a traditional tire.  Inspired by a cell structure of living body, the tire maker said i-Flex adopted multi-layer interlocking spoke design to bolster the load bearing structure and shock absorption.&nbs

IndustryJan. 5, 2022

Seoul stocks sink over 1% on US bond yield woes

South Korean stocks retreated Wednesday on worries the rising long-term bond yields in the United States may hasten the Federal Reserve's tapering move. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) declined 35.27 points, or 1.18 percent, to close at 2,953.97 points. Trading volume was moderate at about 774 million shares worth some 14.6 trillion won ($12.2 billion), with losers outnumbering gainers 554 to 319. Institutions dumped a net 1.3

MarketJan. 5, 2022

[CES 2022] Samsung brings sustainable innovation to fore at CES

Samsung Electronics Vice Chairman and Chief Executive Officer Han Jong-hee said at the world’s largest tech show CES 2022 that the company’s new sustainable technologies would become part of the consumer experience. The green technologies would help Samsung‘s product lifecycle minimize the impact on climate change and encourage its consumers to reduce their carbon footprints, Han said during the keynote speech Tuesday. The green technologies suggested by Samsung range from the

TechnologyJan. 5, 2022

State-run banks eye overseas expansion for net-zero, corporate financing in 2022

South Korea’s state-run banks are gearing up for major overseas business expansions this year, in line with the global economy adopting measures to return to normalcy from the pandemic. Korea Development Bank, the nation’s development financial lender that provides local firms risk capital, is likely to upgrade its current office in Frankfurt, Germany, to a branch by the end of the year. KDB Chairman Lee Dong-gull visited Germany in August last year to prepare for the office’

MarketJan. 5, 2022

[Herald Interview] Young designers launch brands through Han Sung Motor’s Dream Gream project

Jung Ji-won, a graphic designer at a fashion company, always thought it was a waste to discard countless pieces of leftover fabric every day.  Inspired by the piles of discarded cloth samples and fabric pieces, Jung came up with an idea to create a brand that makes hats from recycled fabric, such as Mipan regen that is made from reclaimed waste. “I believe that the MZ generation spend money based on their values. That’s why I thought the brand I created, Crayon Studio, could a

IndustryJan. 5, 2022

CJ Bioscience eyes global microbiome market leadership

CJ Bioscience, a biotechnology subsidiary of CJ CheilJedang, has been officially launched with its eyes set on becoming a global leader in the microbiome sector, the Korean food giant said Wednesday. The establishment of the biotechnology firm is part of CJ Group Chairman Lee Jay-hyun’s earlier pledge to strengthen the group’s wellness business, one of the four growth engines he had vowed to cultivate for the future. CJ Bioscience on Tuesday held an inauguration ceremony with key

IndustryJan. 5, 2022

All-in-one banking service launched

South Korea’s financial institutions -- including banks, brokerages and credit card companies -- launched an all-in-one banking service Wednesday for customers to manage their financial data spread across financial firms in one place. Called “MyData,” the service was put on a trial run in December before 33 financial institutions officially started offering it this week to help customers make more informed financial decisions looking at their account balances, loans and insura

EconomyJan. 5, 2022

Regulator looking into market interest rates amid complaints over widening deposit-loan rate spread

South Korea's chief financial regulator said Wednesday that he is looking into loan and interest rates set by financial institutions amid complaints that their spread is widening, deepening the financial burden on many consumers. Jeong Eun-bo, head of the Financial Supervisory Service (FSS), made the remarks as criticism has grown that banks and other financial firms are quicker to increase their loan rates than raise rates on deposits. The rate hikes are in line with the central bank's push t

EconomyJan. 5, 2022

Exports of agro-fisheries goods hit new high in 2021

South Korea's exports of farm and fishery products surged more than 15 percent on-year to touch a new record high in 2021, government data showed Wednesday. Outbound shipments of agricultural, livestock and fisheries goods came to $11.36 billion last year, up 15.1 percent from a year earlier, according to the agriculture and fisheries ministries. It marks the first time in history that South Korea's exports of those products have exceeded the $10 billion level. Exports of agricultural and liv

IndustryJan. 5, 2022

Hyundai Heavy signs MOU with US firm for data platform

Hyundai Heavy Industries Group, the world's biggest shipbuilder by sales, said Wednesday it has signed a pact with a US data analytics firm for the big data platform business. At the Consumer Electronics Show held in Las Vegas, the South Korean shipbuilder signed a memorandum of understanding (MOU) with Palantir Technologies Inc. to establish a big data platform and a joint venture, the company said in a statement. "The partnership will substantially improve the competitiveness of the gro

IndustryJan. 5, 2022

[CES 2022] Samsung working on asymmetrical foldable display for flip smartphone

Las Vegas -- Samsung Display unveiled an asymmetrical foldable display for flip smartphones at a private media showcase held at Encore in Las Vegas. During the tour, Samsung officials showcased a prototype flip smartphone where the upper half is shorter than the lower half. When folded, the bottom part of the display is exposed, where basic information such as time and weather showed up. “By exposing the bottom screen, flip smartphones no longer need a secondary screen on the exterior

BusinessJan. 5, 2022

[CES 2022] Samsung unveils portable beam projector

LAS VEGAS -- Samsung Electronics on Tuesday unveiled a portable beam projector, “the Freestyle,” to overcome the physical constraints of TVs and bring screen experience everywhere. According to the South Korean tech giant, the Freestyle weighs just 830 grams and offers a minimal design that fits in one hand, a perfect option for travelers and campers. “The Freestyle can rotate freely in 180 degrees and support screen size up to 100 inches. It can project a screen anywhere f

BusinessJan. 5, 2022

Imported car sales down 24% in Dec. amid chip shortages

Sales of imported vehicles in South Korea plunged 24 percent in December from a year earlier as chip shortages continued to disrupt vehicle production, an industry association said Wednesday. The number of newly registered foreign vehicles fell to 23,904 units last month from 31,419 units a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. "Chip supply issues continued to weigh on vehicle sales last month despite a variety of new models,

EconomyJan. 5, 2022