S. Korea ups cyber threat warning as attacks increase

South Korea's ICT ministry said Wednesday it raised the country's cyber threat warning level by one notch higher from the lowest level to respond to growing cyberattacks and threats related to the country's COVID-19 relief funds. The government has a five-tier cybersecurity alert system, which is set at the second-lowest level as of 11:30 a.m. Wednesday, according to the Ministry of Science and ICT. Under the higher alert level, the Korea Internet & Security Agency will expand monitoring o

Aug. 4, 2021

Boryung‘s blood pressure drug Kanarb reduces risk of strokes, vascular events: report

Boryung Pharmaceutical on Tuesday disclosed clinical trial results that showed its hypertension drug Kanarb is effective in controlling the blood pressure of patients who have experienced a stroke. By keeping patients’ blood pressure under control, the drug helped reduce the risk of recurrent strokes and major vascular events, it added. The clinical study was conducted at 27 medical institutions in Korea during a 24-week period, involving 1,035 patients who previously experienced an i

Aug. 3, 2021

Korea’s IPTV operators attempt to carve out ‘tablet TV’ niche

IPTV operators in South Korea are attempting to nurture a new segment -- “tablet TV” -- to meet growing demand for another TV screen, as more people tend to stay home due to the prolonged COVID-19 pandemic. Streaming on-demand video via mobile phones and tablet computers is nothing new, as millions of Koreans already enjoy Netflix and other services. For IPTV operators that rely heavily on fixed-line networks, however, such a “cord-cutting” trend in which viewers dit

Aug. 3, 2021

[Battery+] ‘Solid-state batteries are exaggerated’

The idea is so simple but powerful. By replacing inflammable liquid solution inside conventional lithium-ion batteries with solid materials, solid-state batteries would eliminate fire concerns, have a greater life span, support faster charging, offer a lighter weight and provide greater capacity. The race has already begun among rising solid-state battery startups and established lithium-ion players, including the South Korean trio LG Energy Solution, SK Innovation and Samsung SDI, to debut

Aug. 3, 2021

Manta aims to become ‘Netflix of webcomics’

Manta, a global webcomic subscription service launched by South Korean digital content firm RIDI, is fast gaining a foothold in the North American market, the company said Tuesday. Three months after its November launch, Manta had become the most popular app in the free cartoon chart of Google’s app store in the US. After six months, it achieved the milestone of 1 million downloads, the firm said. It is now available in 175 countries.  The early success of Manta comes amid the grow

Aug. 3, 2021

Samsung’s QLED TVs receives carbon foot print certification

Two Neo QLED TVs from Samsung Electronics were carbon footprint certified by the Carbon Trust, a UK-based global climate change consultancy, the company announced Tuesday. The models -- the 75-inch Neo QLED 8K and 65-inch Neo QLED 4K -- are the first TV products with resolutions higher than 4K to receive recognition from the British organization. The Carbon Trust certificate is awarded to products that reduce carbon footprint over the product’s entire life cycle.  Samsung said it

Aug. 3, 2021

Ransomware attacks on Korean companies on the rise: KISA

The number of ransomware attacks on Korean companies, organizations and schools is on the rise and hackers are using more sophisticated techniques to exploit vulnerabilities in security systems, the country’s state-run cybersecurity body warned. Ransomware refers to malware that infects computer and mobile devices by exploiting system vulnerabilities, and threatens to destroy data unless a ransom is paid. According to the Korea Internet & Security Agency, 78 ransomware attacks on

Aug. 2, 2021

Bill aims to force game makers to compensate for ‘unfair’ rollbacks

A revision bill has been proposed to allow game players to withdraw from their contracts with game developers and get refunds when faced with unfair practices. “If game developers and publishers decide to roll back their games to a previous version as a result of their own mistakes, they must provide proper compensations to game players,” said Rep. Yang Jung-suk, an independent lawmaker, who authored the draft of the revision bill to the Act on the Consumer Protection in Electronic

Aug. 1, 2021

S. Korean government launches central IRB to expedite clinical trials of COVID-19 vaccines, treatments

South Korea‘s first centralized institutional review board kicked off operations Friday, amid hopes it would expedite the review of drugs and treatments used to treat serious conditions, including COVID-19. An institutional review board, or IRB, is a constituted group designated to review and monitor biomedical research involving human subjects. Many hospitals, universities and other medical institutions in South Korea have their own IRB, but there was no state-authorized central IRB. &l

July 30, 2021

Kakao founder becomes richest person in S. Korea

Kim Beom-su, the founder of the company behind South Korea’s most popular messaging app KakaoTalk, is now the richest person in the country, according to the Bloomberg Billionaires Index on Friday. Kim has seen his fortune reach $13.4 billion this year, surpassing Samsung Electronics Vice Chairman and de-facto leader Lee Jae-yong, whose net worth was estimated at $12.1 billion. Kim’s assets grew by $6 billion in 2021 alone as Kakao shares soared 91 percent, boosted by the stock m

July 30, 2021

LG at top of its game in global home appliance market

Not long ago, bulky refrigerators with the logos of Whirlpool of the United States or Miele of Germany were the symbols of well-off families in South Korea. Now, a neat collection of appliances from local brands that boast sleek designs, delicate colors and high-tech functions have become a self-esteem booster for many Koreans. Behind this shift, which is by no means driven by old-fashioned patriotism, is LG Electronics, dubbed by many locals as the king of white appliances. Proving itsel

July 30, 2021

Samsung profit hits 3-year high on chip boom

Samsung Electronics’ operating profit in the second quarter soared 54.3 percent on-year to reach 12.5 trillion won ($10.9 billion), its best quarterly performance since the third quarter of 2018. According to the firm’s earnings report on Thursday, sales in the April-June period increased 20.2 percent to 63.67 trillion won, the highest for any second quarter to date. The robust performance was largely driven by the semiconductor business. When broken down, the semiconductor busi

July 29, 2021

[Herald Interview] Lithium-metal batteries will save Li-ion industry: SolidEnergy Systems CTO

As lithium-ion batteries near their full potential, new challengers are preparing a coup d‘état with their next-generation technologies. If successful, the coup would render conventional lithium-ion batteries obsolete overnight and subvert decades-long industrial order led by Asian battery firms. Are the days of lithium-ion battery manufacturers coming to an end? SolidEnergy Systems, a Singapore-based battery developer, is one of the most threatening contenders, with its lith

July 29, 2021

Effectiveness of parental control apps thrown into doubt

A growing number of clashes between parents and their children revolve around the use of parental control apps that filter out obscene content on online platforms, but there are concerns these apps may not even be working. The prolonged COVID-19 pandemic is forcing students to study from home through smartphone apps, prompting parents to apply filtering apps to block harmful online content. Parental control apps can be installed on computers and mobile devices, with a comprehensive list of

July 28, 2021

Korean firms in Southeast Asia ask for vaccine help

South Korean companies operating in virus-stricken Southeast Asian countries have asked for the government’s help in procuring COVID-19 vaccines for its workers there, the Ministry of Trade, Industry and Energy said Wednesday. They also called for relaxed quarantine requirements on inbound business travel to Korea at a recent online meeting with ministry officials. The meeting was organized as a number of Southeast Asian countries are reporting explosive surges in infections driven by

July 28, 2021

[Management in Korea] Breaking the mental health taboo in South Korea

Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed. The suicide of a Naver employee in May reignited concerns over workplace harassment and bullying in South Korea. In this incident, an employee wrote in his suicide note that he was physically and verbally abused by an executive in the company, and emails and records of the company’s internal messagi

July 28, 2021

iPhones likely to be sold at LG stores

iPhones could be made available for purchase at LG Best Shops across South Korea as early as next month, after LG Electronics cleared a key hurdle – opposition from small phone distributors. The Korea Commission for Corporate Partnership, a private consensus-based body promoting shared growth between big and small businesses, said Wednesday that LG Electronics has reached a new agreement with the Korea Mobile Distribution Association, representing the phone distributors, regarding its i

July 28, 2021

Global chip shortage continues, affecting a range of sectors

The prolonged global semiconductor shortage is having a sweeping impact on a wide range of sectors ranging from cars and computers to smartphones and gaming devices. South Korea, home to major chipmakers and tech players, is keen to soften the effect, but the outlook remains mixed, experts said. Last week, German automakers Daimler and BMW were forced to temporarily slow down or halt assembly lines, citing the global semiconductor drought. Automakers elsewhere faced similar disruptions caused

July 27, 2021

Samsung Biologics posts all-time high earnings in Q2

Samsung Biologics, a biopharmaceutical unit of South Korea‘s top conglomerate Samsung Group, posted all-time high earnings for the second quarter, according to a regulatory filing on Tuesday. The company’s sales in the April-June period reached 412.2 billion won ($357.1 million), up 34 percent from a year earlier. Operating profit soared 106 percent on-year to reach 166.8 billion won during the same period. Samsung Biologics said the improved earnings were backed by new contra

July 27, 2021

Vaccine rollouts for major factories begin

Factory workers at Samsung Electronics, Hyundai Motor, SK hynix and other major manufacturers in South Korea began getting their vaccine shots on Tuesday, the health authorities said. They are part of the 303,159 workers from 43 large companies that operate large production facilities here and have in-house clinics, covered by the country’s first factory vaccine rollout program, according to the Korea Disease Control and Prevention Agency. The shots to be injected have changed from Mod

July 27, 2021