SK chairman calls on CEOs to turn misfortune into gain

  SK Group Chairman Chey Tae-won called on chiefs of the group’s affiliates to navigate business uncertainties by setting up case-by-case scenarios in order to turn misfortunes into gains, South Korea's second-largest business conglomerate said Sunday. The implementation of a data-driven action plan and internalization of sustainability factors, under the mantra of "SK Management System 2.0" unveiled in June, will allow the energy-to-biotechnology group to take a leap forwar

Oct. 23, 2022

Turning 25, International Vaccine Institute launches new expert advisory group

The International Vaccine Institute, which marked 25 years since its founding on Thursday, launched an advisory group of outside experts to complement its scientific advisory group and help advise on diplomatic matters. The IVI said the Global Advisory Group of Experts, will be chaired by Dr. Deborah Birx, who was formerly the US special representative for global health diplomacy and the White House COVID-19 response coordinator. “The IVI is an international organization, a part of the

Oct. 21, 2022

KakaoTalk raises W2.6tr in ad revenue over 1 1/2 years

KakaoTalk, South Korea’s immensely popular messaging app, has raised nearly 2.6 trillion won ($1.8 billion) in advertising revenue over the past 1 1/2 years, antitrust data showed Friday. According to data submitted by the Fair Trade Commission to Rep. Kang Min-guk of the People Power Party, KakaoTalk’s revenue from its ad platform Talk Biz amounted to 2.558 trillion won until the second quarter this year from January 2021. Talk Biz has two revenue sources -- KakaoTalk Biz Board

Oct. 21, 2022

EcoPro-Samsung SDI JV builds world's largest cathode active material plant

South Korean electric vehicle battery material firm EcoPro EM announced Friday that the world's largest cathode material production line has completed construction in Pohang, North Gyeongsang Province. All of the critical material produced in the facility, named CAM7, will be supplied to Samsung SDI, the world's sixth-largest battery supplier, with some 5 percent of the global market share. The facility is ready to go online beginning the first quarter of 2023. The newest facility of E

Oct. 21, 2022

FuriosaAI to begin producing first silicon chip in November

South Korean artificial intelligence-powered chip design house FuriosaAI plans to mass-produce its first-generation product beginning later this year, its Chief Executive Officer June Paik said Thursday. The semiconductor product, dubbed Warboy, will be mass-produced in tech giant Samsung Electronics' chip plant, using Samsung's 14-nanometer node with fin field-effect transistor technology. “Following a series of internal tests and assessments, (Warboy) is ready to begin limited

Oct. 20, 2022

Robot dogs, snakes to patrol industrial sites for safety

Robots that resemble animals such as dogs or snakes patrolling industrial facilities will soon be a familiar sight as manufacturers look for high-tech solutions to prevent human casualties or injuries which could hold them legally responsible. Hyundai Steel Co. is testing a four-legged walking robot to help prevent damage to humans in case of accidents or disasters. The robot, called Spot, can check whether oxygen gas valves are open or shut and inspect areas that pose safety risks. Therefore, i

Oct. 20, 2022

Scientists develop world’s 1st ‘elephant’s trunk-like gripper’

A team of researchers have developed the world’s first gripper that can work like an elephant’s trunk, the Korea Institute of Machinery and Materials said Thursday. Inspired by how an elephant picks up smaller objects by folding the end of the trunk and grabs bigger objects by inhaling air, the newly-developed gripper can pick up things by either gripping or adsorbing them. The researchers put together a flexible structure consisting of a wire that can transform its shape and a flexi

Oct. 20, 2022

SK C&C denies ignoring fire alerts at Kakao data center

SK C&C, the operator of the fire-hit Kakao Corp.’s data center, on Thursday denied a report that it had ignored two fire alerts made hours before the servers went down last week due to a fire in batteries. The company said its battery management system worked properly until the fire broke out at the SK facility in Pangyo, Gyeonggi Province, on Saturday, revealing the actual graph showing a stable movement both in electricity and voltage. A BMS monitors the temperatures across the batte

Oct. 20, 2022

LG Energy Solution to strike natural graphite supply deal with Syrah Resources

South Korean lithium-ion battery maker LG Energy Solution announced Thursday it has signed a provisional deal with Australian graphite supplier Syrah Resources to diversify its supply sources for making graphite anodes typically used in electric car batteries. Under a memorandum of understanding, LG and Syrah on Wednesday tentatively agreed on a 2,000 metric ton graphite supply deal in 2025 as Syrah's graphite mines become operational. The two companies will ink the final supply contract by the

Oct. 20, 2022

[KH Biz Forum] Lessons from COVID-19 pandemic and the way forward

The COVID-19 pandemic has marked a turning point in the history of vaccine development, two top experts told The Korea Herald Biz Forum held in Seoul on Wednesday. Speaking at a special session titled “Technology for cure,” Moderna co-founder Robert Langer and International Vaccine Institute Director-General Dr. Jerome Kim shared their thoughts on how the global health crisis led to major advances in vaccine technology and what lessons humanity learned from it. The session was mode

Oct. 19, 2022

[KH Biz Forum] 'Web 3.0 to change the way people live'

The world is shifting toward a world of Web 3.0, the emerging blockchain-based platform, and the new era will drastically change the way people live, according to chairman of BOSagora Foundation Kim In-hwan, who spoke at The Korea Herald Biz Forum held at Four Seasons Seoul on Wednesday. As Web 3.0 moves away from having a central authority that governs the operations of the web, it will utilize its blockchain-based decentralized structure to strengthen individuals' ownership rights over their c

Oct. 19, 2022

[KH Biz Forum] Brace for second era of the digital age: Don Tapscott

Humanity is entering a second era of the digital age, with the rise of new technologies such as blockchain and the virtual world. In its transition, new leaders will emerge, which could include South Korea, renowned tech visionary Don Tapscott said. “There’s no reason why one of the global centers can’t be Korea,” Tapscott, the executive chairman of Toronto-based Blockchain Research Institute, said Wednesday in Seoul pointing to this Asian country’s strength in rel

Oct. 19, 2022

[KH Biz Forum] Naver’s AI evolving to eliminate care blind spots

Tech giant Naver is delving deeper into artificial intelligence with its supersized HyperClova platform trained in the Korean language, and hopes to use the technology to connect to users on a deeper level to identify their needs, said a ranking executive leading the development. Portraying how society would be a much warmer place for the elderly and those with health conditions with advanced AI, Naver Clova CIC Executive Officer Sung Nako introduced the firm’s voice AI-powered services,

Oct. 19, 2022

[KH Biz Forum] Virtual human aims to go beyond human: Locus-X CEO

Virtual humans, or digital representations of human beings, have already started to take over human jobs, and are now on their way to strengthen their presence in the virtual world, according to Locus-X CEO Baek Seung-yeop. “In the early stages of virtual humans, they tried to be more ‘human-like.’ But now, they aim to go ‘beyond human’ and show great potential in the virtual world,” said Baek during his speech at The Korea Herald Biz Forum 2022 held at the

Oct. 19, 2022

[KH Biz Forum] 'Science communicator’ underscores human connection

Mammals survived because their social ability to get information from other beings evolved. An animal cub may not know that a volcano has erupted, but once it sees other animals run in fear, it feels their fear and knows that it has to run with them to survive. Human children start to acquire social intelligence by reading non-linguistic signs such as other humans’ facial expressions, gestures and actions, in addition to learning language. Human brains have the ability to understand and em

Oct. 19, 2022

KakaoTalk loses 2 million users; Line, Telegram see bump in new members

Popular South Korean messaging app KakaoTalk lost some 2 million users following an outage which began Saturday and lasted hours, industry tracker data showed. The number of KakaoTalk users was estimated at 39.05 million on Sunday, down 2.07 million from Friday when the figure stood at 41.12 million, according to an analysis by industry tracker WiseApp on Monday. But as the country’s most popular messaging app suffered a loss of users in the wake of the app's longest outage to date si

Oct. 18, 2022

Kakao, SK C&C begin quiet dispute over data center shutdown

Kakao Corp. and SK C&C on Tuesday voiced subtle differences over how the weekend server outage went down at the SK facility -- which houses Kakao’s data center -- foreshadowing possibilities of future legal disputes over damage compensation. According to each company’s officials, SK C&C claimed that only some of the electricity to the data room containing Kakao’s servers were cut off by the fire, while Kakao insisted that a majority of its servers at SK C&C’s

Oct. 18, 2022

Is US export ban forcing Korean chipmakers to exit from China?

The long-term business prospects of South Korean memory chip giants like Samsung Electronics and SK hynix are at their lowest points in China, despite being granted a one-year waiver to temporarily steer clear of chipmaking tool import restrictions to their Chinese fab plants. Experts say the uncertainties will inevitably force Korean chipmakers to relocate their chipmaking facilities, especially the most advanced fabs. "It’s possible that Korean memory chip manufacturers may try to u

Oct. 18, 2022

[Newsmaker] Kakao Outage: What happens when a country heavily relies on one super app?

Tech giant Kakao has said most of its services have been restored following an extended outage that began Saturday. But as the country suffered a digital blackout for many hours, the dominance of its "super app" has been called into question. Launched in 2010 as a messaging app, KakaoTalk grew in popularity exponentially over the years and branched out to other areas such as shopping and banking. Kakao also launched in-house apps that work in connection with KakaoTalk, such as ride-hai

Oct. 17, 2022

Up to W22b sales loss estimated for Kakao over service disruption

The aftermath of Kakao’s sudden shutdown continued Monday, as South Korea’s largest messenger app operator claimed its service failures due to a fire at SK C&C’s data center over the weekend would have limited financial impacts, while analysts predicted Kakao would suffer up to 22 billion won ($15.3 million) in sales loss in the fourth quarter. Kakao has set up an emergency committee, headed by its co-CEO Hong Eun-taek, to investigate the cause of the disastrous shutdown, c

Oct. 17, 2022