[News Focus] Google’s new billing policy for Korea is under scrutiny again. Why?

When Google announced on Nov. 4 that it was changing its controversial in-app payment policy in South Korea to comply with a revision to the Telecommunications Business Act, dubbed the “anti-Google law,” it appeared that Korea had become the first country in the world to check the US tech behemoth’s growing control of the app ecosystem. But, less than a week after the announcement, Seoul officials are finding themselves caught in yet another tussle between Google and local d

Nov. 11, 2021

Hugel says will fight Drug Ministry on botulinum toxin case

T he Ministry of Food and Drug Safety said Wednesday it will revoke licenses of six botulinum toxin products manufactured by Hugel and Pharma Research Bio for failing to obtain due authorization. Hugel, South Korea’s leading botulinum toxin products maker, however, said it would fight the ministry’s move, saying their products, produced for overseas sales, were not subject to the regulation. Under the Drug Ministry’s order, the six botulinum toxin products -- two types of P

Nov. 10, 2021

Samsung, SK withhold sensitive client info from US data submission

Samsung Electronics and SK hynix on Tuesday confirmed their submission of chip supply chain data to the US Commerce Department, but stressed no sensitive client data was included. “(Samsung) submitted its response today, in accordance with the guideline of the Department of Commerce,” the world’s largest producer of memory chips said in a statement. “Due to contractual obligations and after consultation with the department, no information on customers was disclosed. SK

Nov. 9, 2021

Samsung Electronics develops world’s fastest mobile DRAM

Samsung Electronics announced Tuesday that it has successfully developed the world’s first next-generation mobile DRAM LPDDR5X (Low Power Double Data Rate 5X). According to the world’s leading maker of memory chips, the 14-nanometer-based 16-gigabit LPDDR5X with enhanced speed and storage as well as less power consumption, is expected to become the optimal memory chip solution for the advanced technology industry growing exponentially with 5G, artificial intelligence and the shift t

Nov. 9, 2021

S. Korean minister to discuss cooperation on chips with US

South Korea’s Industry and Trade Minister Moon Sung-wook will discuss measures to strengthen the country’s cooperation with the United States on ongoing supply chain issues, at a time when the US is asking chipmakers to reveal their trade secrets. Minister Moon is scheduled to depart for Washington, DC, on Tuesday, to meet with his US counterpart, Commerce Secretary Gina Raimondo, the government said Monday. The list of agenda items includes issues like supply chains, reduction

Nov. 8, 2021

[Feature] Digital rush triggers war over developers

As artificial intelligence, big data and digital technologies emerge as the forces driving change in many traditional industries, companies that previously did not need many IT workers are hiring tech talent. But digital skills are in such a short supply nationwide there is a war for talent. One company feeling the talent crunch is Ably, a fast-growing online fashion platform that currently consists of more than 200 employees among which some 20 percent are software engineers or developers.

Nov. 7, 2021

LG TVs get top scores in 14 countries

South Korean electronics giant LG Electronics said Sunday that its premium OLED TV lineup had aced recent evaluations conducted by consumer magazines from 14 countries. In particular, the OLED evo introduced this year was recognized for its outstanding performance, earning the best score from consumer outlets in seven European countries, it said. French consumer magazine Que Choisir gave LG’s OLED evo a score of 16.2, the best among the 264 TVs it reviewed. The magazine said the prod

Nov. 7, 2021

Eyes on Apple after Google changes in-app payment policy in Korea

After Google’s move to allow a free choice of payment options for digital purchases made on its app store in South Korea, attention is turning to Apple, the other global tech giant targeted by a new law here. As of Friday, Apple remained silent on how it plans to comply with the law, which was passed by the National Assembly in August as the world’s first aimed at curbing the dominance of Google and Apple in the app ecosystem. On Thursday, the Korea Communications Commission said

Nov. 5, 2021

SK Bioscience reports positive results from phase 1, 2 clinical trials

SK Bioscience announced Friday positive results from phase 1 and 2 clinical studies of its COVID-19 vaccine candidate GBP510, increasing the prospect of Korea’s first homegrown coronavirus vaccine debuting next year. The Korean firm said people who received the vaccine candidate had neutralizing antibodies at levels 3-6 times higher than those of people who recovered from COVID-19. No severe side effects were reported during the clinical studies, it added. The phase 1 and 2 clinical

Nov. 5, 2021

Samsung Biologics to build new facility for genetic medicines in Songdo

Samsung Biologics has purchased land in Songdo, Incheon, to build a production facility for genetic medicines, the Incheon Free Economic Zone Authority said Thursday. The pharmaceutical firm has signed a deal with the authority, which oversees a plan to develop a bio cluster in Songdo, to purchase 10,000 square meters of land in the city. The site was put up for sale in June. There, Samsung Biologics is expected to construct a new facility to produce materials and drug platforms for genetic

Nov. 4, 2021

Apple Korea’s general manager Brandon Yoon to resign

Apple Korea’s general manager Brandon Yoon will resign from his position, industry sources said Thursday. According to the sources, Yoon tendered his resignation from the position at the company on Thursday. The company refrained from offering a confirmation. Yoon has led Apple Korea since 2018. Before coming to Apple Korea, Yoon worked at Samsung Electronics. He also worked for Microsoft from 2003-2015. Industry sources said Yoon’s resignation is sudden and unexpected, given t

Nov. 4, 2021

Google to provide alternative payment system at its app store

Google Inc. has pledged to provide an alternative payment system at its app store in South Korea, the telecommunications regulator said Thursday, in what could be a concession amid a tug-of-war over lucrative payment systems in the app market. The commitment is part of follow-up measures to a new South Korean law that restricts app store operators such as Google and Apple from forcing their in-app payment systems on developers. Wilson L. White, Google's public policy and government relations s

Nov. 4, 2021

W70m fine finalized for Samsung Lee’s illegal drug use

Samsung Group’s leader Lee Jae-yong will have to pay a 70 million won ($59,200) fine for illegal use of propofol, an anesthetic medication, judicial sources said Wednesday. The fine was finalized as both prosecutors and the defendant have not filed an appeal by Tuesday, the last day of the seven-day window to appeal the court order. The Seoul Central District Court last week ordered Lee to pay the fine and an additional forfeiture of 17 million won for violating the Narcotics Control Act

Nov. 3, 2021

GC Pharma’s Hunter syndrome treatment receives orphan drug designation in EU

GC Pharma announced Tuesday that the European Medicines Agency has granted orphan drug designation to its Hunterase ICV, a novel treatment for mucopolysaccharidosis type II, also known as the Hunter syndrome. The designation brings a variety of significant advantages under the EMA’s effort to encourage the development of drugs to treat rare diseases or conditions. GC Pharma said the company will be able to speed up regulatory procedures to market Hunterase ICV in Europe. Hunterase ICV

Nov. 2, 2021

42dot raises W104b in series A funding

South Korea’s autonomous driving startup 42dot said Tuesday that it has raised 104 billion won ($88.5 million) in a series A funding. That raised the total investment the firm has secured to date to 153 billion won, the company added. The investors include Hyundai Motor, Shinhan Financial Group, Lotte Rental, Lotte Ventures and several local venture capital firms. 42dot plans to use the funding to accelerate its autonomous driving technologies and beef up human resources. The start

Nov. 2, 2021

GeneOne Life Science wins EMA nod for phase 2 clinical study of COVID-19 treatment

GeneOne Life Science’s investigational oral drug for COVID-19 has received regulatory approvals from the European Medicines Agency and Bulgaria to conduct a phase 2 clinical trial in Bulgaria, the Korean biotech firm said Monday. The Balkan nation is among the five regions where GeneOne Life Science plans to conduct phase 2 studies of GLS-1027. It is also the last of the five to give the company a go-ahead. The four others are the US, South Korea, Puerto Rico and North Macedonia. Gene

Nov. 1, 2021

AI can resolve pressing global issues, says Samsung Electronics’ vice chairman

Artificial intelligence may hold the key to many of the world’s pressing issues such as climate change, said Samsung Electronics Vice Chairman Kim Ki-nam on Monday. Speaking at an annual AI forum, hosted by his company, the senior executive stressed the wide-reaching capability of AI, not just for businesses, but for the betterment of humankind. “The advancement of AI is going beyond the electronics industry and expanding to various fields, such as basic science. We expect AI to

Nov. 1, 2021

Local COVID-19 treatment developers at a crossroads

South Korean drugmakers are at a crossroads on whether or not to continue developing COVID-19 treatments, as vaccination rates rise across the world and the first drug from global pharmaceutical Merck is set to debut soon. Some have already given up. Merck’s recent decision to give away patents related to molnupiravir, which would become the world’s first COVID-19 pill, for developing countries to produce generic drugs, could prompt latecomers to drop out of the race, industry sou

Oct. 31, 2021

SKT split-off to launch, paves way for chip investment

SK Telecom’s nontelecom split-off SK Square will officially launch on Monday, with a focus on semiconductor and new tech businesses, SK Telecom, the world’s largest telecommunication company said Sunday. The split-off will allow the SK Group company to better respond to changing dynamics in the chip sector through strategic investments, which were partly limited under the fair trade law here. Under the restructuring, the first since SKT Telecom was founded in 1984, SK Square will

Oct. 31, 2021

SK hynix acquires Key Foundry for W575.8bn

SK hynix said Friday the chipmaker inked a deal to acquire a 100 percent stake in domestic foundry firm Key Foundry for 575.8 billion won ($492.55 million). Key Foundry, based in Cheongju, North Chungcheong Province, is a foundry-specialized firm producing chips for its customers using 8-inch wafers. It can produce non-memory products such as power management ICs, display driver ICs and microcontroller units.  Key Foundry was formerly LG Semiconductor, which was established in 1979.&n

Oct. 29, 2021