Samsung breaks W70tr in Q3 sales first time

Despite the shortages of parts worldwide under the pandemic, South Korea’s No.1 conglomerate Samsung Electronics logged its largest-ever quarterly earnings in the third quarter of 2021, owing mainly to robust sales of chips and foldable smartphones. According to the earnings announced on Thursday, the tech giant posted 73.98 trillion won ($63.15 billion) in sales and 15.82 trillion won in operating profit during the July-September period. It is the first time that the world’s big

Oct. 28, 2021

Naver unveils new AI-powered search service

South Korea's dominant internet portal operator Naver Corp. on Thursday introduced a new personalized search service dubbed AiR Search. The service, powered by Naver's artificial intelligence (AI) technology, will provide results in block units that reflect current trends and individual interests. "AiR Search will be the beginning of a big change representing Naver's new search, as much as the 'integrated search' which has so far been the most differentiated feature," Kim Sang-Bum, d

Oct. 28, 2021

Kolmar Korea inks deal to purchase stake in local beauty platform operator

Kolmar Korea, a cosmetics and health care company based in Seoul, has made a strategic investment in a beauty platform operator in a bid to target Millennial and Generation Z consumers in the local beauty market. According to its announcement on Wednesday, the company purchased an 11 percent stake in Pawcompany. Established in 2003, Pawcompany operates online beauty community Powder Room. The platform currently has 3.7 million members and has held marketing projects with 5,400 beauty firms t

Oct. 27, 2021

S. Korea approves phase 2, 3 trials of Genencell’s COVID-19 treatment

South Korean biotech firm Genencell said Wednesday that the company received approval from the Ministry of Food and Drug Safety for mid- and late-stage trials of its COVID-19 treatment candidate ES16001. ES16001 is an oral COVID-19 drug candidate made with natural ingredients extracted from the leaves of Elaeocarpus sylvestris native to Korea. Genencell has developed the treatment candidate in collaboration with the College of Life Sciences at Kyung Hee University. Genencell currently plans

Oct. 27, 2021

Samsung’s Lee plays role in early supply of Moderna vaccine

Samsung Electronics Vice Chairman Lee Jae-yong was behind Moderna’s decision to supply the first batch of COVID-19 vaccines manufactured here to the Korean government, industry sources claimed Wednesday. The Ministry of Health and Welfare announced Tuesday it had authorized the domestic supply of 2.4 million doses to be finished at Samsung Biologics’ factory in Songdo, Incheon, from next month. The biopharmaceutical affiliate of Samsung has a deal with the US vaccine firm to &ldqu

Oct. 27, 2021

Govt. to introduce 5G-equipped buses nationwide by 2023

The government said Wednesday that it plans to introduce 5G-equipped buses across the country by 2023, giving citizens access to free wireless internet that is up to four times faster. The Ministry of Science and ICT said 29,100 out of 35,000 city buses across the country will be upgraded with fifth-generation (5G) network service by 2023. The upcoming service will offer an internet speed of 400 megabits per second (Mbps), which is up to four times faster than the LTE Wi-Fi connection currently

Oct. 27, 2021

KT apologizes for network outage

South Korean telecommunications provider KT apologized for Monday’s massive network outage, and for mistakenly citing a cyberattack as its cause. “We sincerely apologize for the massive internet disruptions on Monday. While we initially assumed it was from an outside DDoS attack, it appears to have been caused by a network routing error that occurred during our recent equipment update process,” said KT CEO Koo Hyeon-mo in a statement released Tuesday. Pledging to actively

Oct. 26, 2021

[KH Biz Forum] CJ’s journey for digital transformation

Digital transformation is accelerating in a wide range of sectors, but it is unclear what it actually means and what it should entail. Everybody seems to have their own definition of it, and to be conducting their own experiments. CJ Group Chief Digital Officer and CJ OliveNetworks CEO Cha In-hyok, noting his company as among those accumulating trials and experiments, shared the story of how he took the retail-to-entertainment conglomerate on its digital journey. Speaking at the Korea Herald

Oct. 26, 2021

DataStreams, Arkdata sign MOU on enhancing data replication technology

Database replication solution companies DataStreams and Arkdata announced Monday they agreed to cooperate on big data. The two companies signed a memorandum of understanding on exchanging technologies to enhance data replication and create a joint business model to expand into the market. DataStreams has a change data capture, or CDC, solution, which can merge data real-time through its transaction system and sends changes recorded in the source database to the target database. Arkdata was t

Oct. 26, 2021

‘Squid Game’ success reignites debate over Netflix’ free-riding on local networks

Netflix’s global success with “Squid Game” is providing the perfect ground for South Korea to push for legal measures that would make foreign streaming giants stop “free riding” on internet networks here. During the recently concluded National Assembly audit, parliamentarians from both sides of the aisle forged a united front on the issue, pressuring ranking government officials to do something to make Netflix pay. Science Minister Lim Hye-sook said foreign plat

Oct. 25, 2021

KT launches interactive AI assistant for business calls

South Korean telecom firm KT is introducing an interactive call assistant service backed by its artificial intelligence technology, the firm said Monday. During an online press conference, KT showcased how the AI assistant can help businesses respond to consumers’ calls past their business hours to receive orders or handle other requests. “The aim is to make the AI response system part of our life 24/7 by spreading it to business customers and public institutions,” said Ku Hy

Oct. 25, 2021

Family marks 1st anniversary of Lee Kun-hee’s death

The family of the late Samsung Group Chairman Lee Kun-hee marked the first anniversary of the tycoon’s passing in a small family gathering on Monday. Family members attended a memorial ceremony held at the family’s graveyard in Suwon, Gyeonggi Province, including the deceased’s son and current group chief Lee Jae-yong. After the ceremony, the junior Lee, who is the vice chairman of Samsung Electronics, headed to Samsung’s employee training center in nearby Yongin to o

Oct. 25, 2021

[News Focus] Samsung still lost a year after Lee Kun-hee’s death

Monday marks the first anniversary of the death of Lee Kun-hee, the chief of South Korea’s largest conglomerate Samsung and its flagship unit Samsung Electronics. But the world’s No. 1 producer of smartphone and memory chips still seems to lack a clear direction, with the charismatic leader gone. Amid news about a global “chip war,” or aggressive bets by chipmakers in the US, Taiwan and elsewhere to alter market dynamics for their strategic interest, Samsung is seen to

Oct. 24, 2021

Celltrion begins phase 1 clinical trial of inhalable COVID treatment in Australia

South Korean pharmaceutical giant Celltrion has started a phase 1 clinical trial of an inhalable form of COVID-19 treatment Regkirona in Australia, according to industry sources Friday. The sources said Celltrion’s US-based partner, Inhalon Biopharma, started administering the drug this month, following a regulatory approval from Australian authorities in August. In the first-stage study, 24 volunteers will be given a nebulized form of Regkirona, which can be inhaled through a mouthpiece

Oct. 22, 2021

The silent pandemic of antimicrobial resistance deserves everyone’s attention

It happened back in 2014 when I was in Geneva, Switzerland, serving as a delegate of Permanent Mission of the Republic of Korea. I had a skin rash so I visited a local hospital, where they tested my antimicrobial susceptibility before giving me any treatment. The hospital ran this test to see if there were any antibiotics that my body was resistant to. Little did I know before I got tested that there were not many effective antibiotics left for me. Fewer antibiotic options meant fewer treatm

Oct. 22, 2021

Korea sees silver lining in Nuri launch

South Korea’s first homegrown satellite launch vehicle has failed to put its payload into the targeted orbit after what appeared to be a successful liftoff, the government said Thursday. The satellite launcher, dubbed the Nuri, or Korean Space Launch Vehicle-II, lifted off from the Naro Space Center in Goheung, South Jeolla Province, Thursday at 5 p.m. According to the Korea Aerospace Research Institute, it successfully traveled into a low orbit 700 kilometers above the Earth. The liqui

Oct. 21, 2021

LG CNS completes Korean Air’s digital transformation

LG CNS said Thursday the company has completed the transformation of Korean Air’s corporate information technology system into a public cloud service. The LG affiliate embarked on the project three years ago in partnership with Amazon Web Service. Turning a company’s IT system into a public cloud is a newly growing business for IT solution providers like LG CNS as companies start to accelerate their digital transformations. Korean Air’s cloud project marked a first in the

Oct. 21, 2021

LG pledges to create 39,000 jobs for young people

LG Group, the fourth-largest conglomerate in South Korea, on Thursday pledged to create a total of 39,000 new jobs over the next three years. The group’s Chairman and CEO Koo Kwang-mo unveiled the plan during a meeting with Prime Minister Kim Boo-kyum at LG Science Park in Magok, western Seoul. The meeting was attended by the top brass of LG Group, including Vice Chairman Kwon Young-soo and President Lee Bang-soo. The meeting was part of the Korean government’s youth employment p

Oct. 21, 2021

Nuri rocket blasts off

Nuri, South Korea’s first domestically made satellite launch vehicle, lifted off from the Naro Space Center in Goheung, South Jeolla Province, at 5 p.m. Thursday. The launch vehicle, weighing 200 metric tons, is now on its maiden flight to put a 1.5-ton dummy into low orbit some 600-800 kilometers above the Earth. Korea Aerospace Research Institute says it will know if the launch is a success around 30 minutes after liftoff. Designed and built entirely using Korean technology and

Oct. 21, 2021

Samsung, world's global brand value ranks 5th two years in a row

Samsung Electronics Co., the world’s leading maker of smartphones and memory chips, was ranked fifth among the world’s top 100 corporate brands for the second year in a row, according to a consulting firm Thursday. The brand value of South Korea’s IT giant was estimated at $74.6 billion this year, increasing 20 percent from $62.3 billion last year, according to the list of 100 Best Global Brands announced by US-based Interbrand. This is the highest gain observed since 2013 an

Oct. 21, 2021