LG Electronics unveils AI-equipped digital X-ray detector

LG Electronics Inc. on Tuesday unveiled a digital X-ray detector (DXD) with artificial intelligence (AI) solutions as the South Korean tech giant eyes to expand its presence in the medical equipment field. LG's latest DXD was introduced at Arab Health 2021, the largest medical equipment expo in the Middle East, which will run through Thursday in Dubai. The company plans to launch its new DXD in global markets, including South Korea and the United States, in the near future. The product is co

June 22, 2021

Celltrion founder's eldest son joins boardroom of Iksuda

Celltrion founder Seo Jung-jin’s eldest son Seo Jin-seok has obtained a seat in the boardroom of Iksuda Therapeutics, a UK-based antibody-drug conjugates developer, according to industry sources Monday. The latest change in Iksuda‘s boardroom came after Celltrion and Mirae Asset Group announced earlier this month a $47 million joint investment in Iksuda to acquire a controlling stake of the British company. According to Celltrion, Iksuda has agreed with the appointment of Seo Jin

June 21, 2021

State-led R&D expenditures near W24tr in 2020

South Korea spent nearly 24 trillion won ($21.26 billion) on state-led research and development (R&D) projects last year, up 16 percent from the previous year, the science ministry said Monday. The country's R&D expenditures last year amounted to 23.88 trillion won, up 15.8 percent from the previous year and the fastest rise in 15 years, according to the Ministry of Science and ICT. State-led R&D spending has increased by 7.2 percent on average annually from 2017 to 2020 under the

June 21, 2021

[News Focus] Coupang bets on Olympics to grow streaming service

E-commerce platform operator Coupang has once again surprised the market by winning the exclusive rights to broadcast the Tokyo Olympics online, apparently beating out local tech giants Naver and Kakao. For the deal, which has not yet been officially announced, Coupang may have agreed to pay up to 50 billion won ($44 million), industry observers said Monday, adding that it testifies the Nasdaq-traded firm’s strong intent to expand into the over-the-top content business. Since launching

June 21, 2021

Samsung launches upgraded Odyssey gaming monitors

Samsung Electronics Co. on Monday announced the global launch of its upgraded gaming monitors as the South Korean tech giant tries to boost sales amid the stay-at-home trend. The 2021 edition of Odyssey gaming monitors -- G70A, G50A and G30A -- will be available in major markets, including South Korea, according to Samsung. The 28-inch G70A comes with a price tag of 950,000 won ($840) here, while the 27-inch G50A will be sold at 650,000 won. List prices for the 27-inch and 24-inch G30A monit

June 21, 2021

Kakao rises to Korea’s 5th largest biz group

Kakao Group, which started off as a mobile messenger app operator and has aggressively expanded into new business territories, is now the country’s fifth-largest business group in terms of market cap, data shows. According to financial data from Korea Exchange and market researcher Infomax, the aggregate market capitalization of all Kakao firms stood at 73.9 trillion won ($65.1 billion) as of Friday. After a dizzying array of spinoffs, mergers and acquisitions in past years, Kakao ha

June 20, 2021

LG spurs expansion of OLED TV market with new sizes

LG Electronics, the world’s leading manufacturer of organic light-emitting diode TVs, is continuing to expand the market of self-emissive TVs by rolling out new size choices. The company is releasing in Korea and the US this month 83-inch OLED TVs, which it said will be the biggest 4K OLED TV in the world. In Korea, the new model will be available for 10.9 million won ($9,600). It is the latest addition to LG’s OLED TV lineup, which has consisted of 48 inches, 55 inches, 65 inc

June 20, 2021

DataStreams recognized for contributions to big data industry

DataStreams, a local big data solutions provider, has been recognized for its contributions to the development of the local big data industry by the Korea Society of Management Information Systems, the Seoul-based tech firm said Sunday. It has been chosen as the recipient of the 10th KMIS award, which recognizes and honors an outstanding corporation in information technology. DataStreams, with its persistent focus on research and development, has churned out a stream of innovative products an

June 20, 2021

Watching ‘meokbang’ can lead to health issues such as obesity: report

“Meokbang” (also known as “mukbang”), a compound word for “eating” and “broadcast” in Korean, is a popular form of content found on video platforms such as Youtube, AfreecaTV, Twitch, and Kakao TV. Meokbang streamers show themselves consuming large platefuls of junk food while simultaneously interacting with viewers. Along with the rise of one-person households in the country, people have gotten in the habit of watching meokbang while eating alon

June 19, 2021

Celltrion's COVID-19 treatment shows promise in variant cure

South Korean biopharmaceutical company Celltrion’s monoclonal antibody treatment Regkirona, or CT-P59, has shown initial promise in treating patients infected with COVID-19 variants, the company said Friday, quoting preclinical results from its recent animal test. Celltrion said it found that the injection of its COVID-19 treatment Regkirona significantly reduced viral titers in 50 experimental mice infected with the South African variant. The mice injected with Regkirona showed a 100 p

June 18, 2021

S. Korea to develop over 100 mini satellites by 2031

South Korea said Friday it will develop over 100 miniature satellites over the next decade with the aim of establishing a national security monitoring system and testing next generation network communications in its latest push to strengthen its space industry. The Ministry of Science and ICT said it would pursue such satellite development to encourage the private sector's involvement in the space industry as the mini satellites can be manufactured in a short amount of time at a relatively low

June 18, 2021

Korea revokes approvals for 1,700 communication equipment, devices

South Korea’s Ministry of Science and ICT said Thursday it has revoked approvals for around 1,700 pieces of network equipment and communications devices manufactured by a nearly 400 companies, including China’s Huawei and Korea’s Samsung Electronics. The decision affected a total of 1,696 pieces of equipment from 378 companies that were found to have test records certified by an entity not approved by the Korean government. Under the country’s radio wave law, communi

June 17, 2021

KT invests W23.6b in country’s largest enterprise fintech firm

KT, the second largest telecom business in South Korea, is moving to expand its presence in the financial sector by making an investment in a local fintech firm, the carrier said Thursday. The mobile carrier signed a deal to invest a total of 23.6 billion won ($20.8 million) in WebCash Group that owns WebCash, BizPlay and Roum IT, as part of forming a strategic partnership with the financial IT platform group for enterprises. It is KT’s second investment made in a financial firm afte

June 17, 2021

Local pharma to begin phase 2 clinical trial for Lou Gehrig’s disease therapy

The Ministry of Food and Drug Safety has granted approval for a phase 2a clinical trial of Engensis, an investigational gene therapy for treating amyotrophic lateral sclerosis, also known as Lou Gehrig’s disease, under development by South Korean biotechnology company Helixmith, the company said Thursday. Engensis is a gene therapy that utilizes a plasmid, a small circular DNA molecule, to provide the hepatocyte growth factor gene to patients’ nerve and nerve-supporting cells, whi

June 17, 2021

Kakao to launch new subscription-based content platform in August

Kakao, the nation’s largest mobile messenger operator, is preparing to launch a new subscription-based content platform in August, according to the company on Thursday. The company is currently running a closed beta test of the new platform among its content partners, it said. The platform will allow producers to create, edit and publish various forms of content including news, videos, music and texts. Users can choose the content they want and subscribe via KakaoTa

June 17, 2021

Cha Vaccine Institute to begin clinical study of hepatitis B third-generation vaccine

South Korean biotechnology company Cha Biotech has received approval from the Ministry of Food and Drug Safety for its plan to conduct a phase 1 clinical trial of a hepatitis B third-generation vaccine, the firm said Thursday. Following the green light, Cha Vaccine Institute, the firm’s vaccine development subsidiary, will begin administrating the vaccine candidate to adults between the ages of 19-65, aiming to complete the study by October 2023. The hepatitis B vaccine candidate is dev

June 17, 2021

KT to invest W23.6b in fintech Webcash Group

KT Corp., a major South Korean telecom operator, said Thursday it will invest a total of 23.6 billion won ($20.9 million) in three companies under the fintech-focused Webcash Group in a move to strengthen its foothold in financial services. A KT spokesperson said the company will invest 14.4 billion won in Webcash, which operates Kyungrinara, a bookkeeping solution for small businesses, and a combined 9.2 billion won in bizplay, a business expense management platform operator, and Roumit, also

June 17, 2021

The ‘impossible’ race for leftover vaccines

In South Korea, real-time information on leftover COVID-19 vaccines is available to everyone on the country’s No. 1 portal Naver and No. 1 messenger app KakaoTalk. Thanks to the easy access and people’s zeal to get vaccinated early, the no-show vaccine slots have become nearly impossible to grab, many Koreans complain. “I was able to find a local hospital in Suwon with six does of AstraZeneca this morning on the reservation system on KakaoTalk. I hesitated for about one s

June 16, 2021

LG Display readies new offensive with innovative OLED solutions

Poised for a turnaround after years of restructuring efforts, LG Display is rolling out new innovative OLED products, including transparent panels. The world’s largest provider of organic light-emitting diode display panels said Wednesday it will be taking part in the Korea Railways & Logistics Fair 2021 that kicked off a three-day run on Wednesday in Busan to showcase its transparent OLED technology. Transparent OLED panels are what the company believes could be a new cash cow in

June 16, 2021

Samsung Display labor union set to go on 1st-ever strike next week

The labor union of major display maker Samsung Display Co. said Wednesday its union leadership plans to go on strike next week, as the union and the management failed to narrow differences in wage talks, marking the first-ever walkout for the company and any Samsung Group affiliate. The labor union said its six officials will first stage a walkout on Monday and will encourage more members to join the move. It will be the first strike for any Samsung affiliate since Samsung Electronics Vice Cha

June 16, 2021