Korea to tighten measures for ESS safety as batteries catch fire

The Energy Ministry on Tuesday proposed a new set of tightened measures to prevent lithium-ion batteries mounted on energy storage systems in South Korea from catching fire. The government will seek to revise the law to force battery vendors in Korea to make sure that the ESS field has ground-fault detectors to prevent current flow from running on the ground, a fire extinguishing system and devices to mitigate the internal pressure of a battery cell, in the event of a thermal runaway where the

May 3, 2022

Experts, businesses discuss building new reality, opportunity in metaverse

Experts and entrepreneurs got together in Seoul Monday to discuss the ways industries in South Korea and the US are enthusiastically embracing emerging technologies required for the metaverse, and the legal framework that is adapting to the new ecosystem in Korea. Taglined “The Rise of Metaverse and What It Holds for the Future,” the Metaverse Forum 2022, co-hosted by The Korea Herald, the nation’s largest English-language newspaper, and the American Chamber of Commerce in Ko

May 2, 2022

AMAXG begins DAO project to foster musical talents, pursue shared values

An affiliate of blockchain company AMAXG has begun a project to protect music copyrights, and find and foster musical talent through a decentralized autonomous organization (DAO). A DAO is a member-owned community without centralized leadership and represented by transparent rules fixed in computer code. DAO’s financial transaction records and program rules are maintained on a blockchain. AMAXG IX, AMAXG Group’s affiliate specializing in DAOs, said it has begun the BIZA M DAO proje

May 2, 2022

The Korea Herald, AmCham Korea to hold Metaverse Forum 2022

With the growing buzz around the metaverse driven by every sector of industry around the world, The Korea Herald and the American Chamber of Commerce (AmCham) in Korea are co-hosting a forum on Monday to discuss what the hyper-interactive virtual world holds for the future. The two-hour forum, held from 1 p.m. at Four Seasons Seoul, has invited a number of business leaders and experts, who are leading the rise of the metaverse to share their insights on the recent frenzy and how it will shape

May 1, 2022

Samsung under fire for controversial ad of women running at night

Samsung Electronics is under fire for being “tone deaf” over women‘s safety, as the South Korean tech giant issued an apology Friday for an advertisement of a woman running down a street after midnight. The advertisement was meant to promote health and wellness as part of its “Night Owls” campaign, as well as a multidevice experience using Samsung’s wearable devices such as wireless earbuds and a smart watch. The advertisement, created by Ogilvy, had over 15

April 29, 2022

LG reports record quarterly earnings on upbeat TV, appliance sales

LG Electronics on Thursday reported its best quarterly earnings in the first quarter this year, largely driven by the pent-up demand for TVs and home appliances amid the protracted coronavirus pandemic. For the January-March period, the firm posted 21.11 trillion won ($16.6 billion) in sales and 1.88 trillion won in operating profits, up 18.5 percent and 6.4 percent, respectively, from a year ago. Both were the highest quarterly figures for the South Korean tech giant. Its home appliance and

April 28, 2022

IFA 2022 to bar Russia from joining

Organizers of Europe’s biggest consumer electronics show, Internationale Funkausstellung Berlin, said Thursday it plans to ban companies from Russia and Belarus from the event this year in the German capital, as it pledged to go ahead with in-person exhibitions for the first time in three years. The comment signals IFA’s decision against Russian firms as being similar to that of the Mobile World Congress in 2022 in Barcelona, Spain. GSMA, the organizer of MWC 2022 in early March, al

April 28, 2022

Samsung Electronics profit jumps 51% on strong server chip demand, S22 Ultra sales

South Korean chip-to-consumer electronics giant Samsung Electronics posted a record quarterly revenue for three quarters in a row and logged a 51 percent increase in operating profit in the first quarter, its earnings guidance showed Thursday. Samsung Electronics said the solid chip demand for servers and high-end applications, as well as strong sales of the Galaxy S22 Ultra, which started replacing its Note lineup this year, dwarfed macroeconomic uncertainties and supply chain issues due to Ru

April 28, 2022

DataStreams CEO speaks about big data cooperation in Kazakhstan

Data Streams CEO Lee Young-sang attended a conference in Kazakhstan on April 15 to discuss the country’s information and communication technology and share the company’s big data technology. About 80 people, including Kazakhstan’s IT minister and vice ministers, attended the forum, titled “Appraisal of the Needs-Assessment Survey Results on Digitalization,” to discuss digital transformation, according to the company on Tuesday. At the event, the CEO shared the c

April 27, 2022

Lemonex starts phase 1 clinical trials for gene therapy drug

Korean biotech company Lemonex said Wednesday that it will begin phase one clinical trials for its new siRNA gene therapy drug LEM-S401, following the approval of its investigational new drug application on April 15 by the Ministry of Food and Drug Safety. siRNA drugs inject small-interfering RNA molecules to augment or inhibit disease-related genes. LEM-S401 is a siRNA drug used to treat and prevent thick scars. The new drug is administered through DegradaBall, the company’s proprieta

April 27, 2022

LG Energy Solution to invest W7tr this year to ramp up production

LG Energy Solution said Wednesday it plans to invest 7 trillion won ($5.54 billion) this year to boost its production capacity in key markets while improving profitability overall by offsetting the impact from supply chain constraints and rising costs. The South Korean battery giant unveiled its plans during an earnings conference call earlier in the day. The big spending, up more than 10 percent from 6.3 trillion won announced in February, will be poured into the US, a burgeoning EV market w

April 27, 2022

SK hynix logs best Q1 earnings, sets aside W380b for compensation over chip defects

South Korean memory chipmaker SK hynix saw its best first-quarter revenue in history, while its operating profit jumped more than twofold compared to the previous year, despite weakening demand for consumer electronics and external uncertainties such as lockdowns in parts of China and Russia’s invasion of Ukraine. According to an earnings guidance, SK hynix logged 12.16 trillion won ($9.63 billion) in revenue for the first quarter, up 43 percent on-year. This beat earnings consensus of lo

April 27, 2022

SK Inc. to buy controlling stake in local EV chip design firm

SK Inc., a holding company of South Korea’s second-largest business group, said Wednesday it would become a controlling shareholder of local electric vehicle semiconductor firm Yes Power Technix in a 120 billion won ($95 million) deal. The strategic investment involving a share sale and a new rights offering means that SK Inc. will control a 95.8 percent stake in the company. Based in Pyeongtaek, Gyeonggi Province, Yes Power Technix is dedicated to silicon carbide power semiconductor desi

April 27, 2022

Lam Research opens $100m R&D center in Korea

US chip equipment maker Lam Research on Tuesday opened a new technology center in South Korea, extending its global research network connecting the United States and Europe.  The new center, called Lam Research Technology Center, is located on a 30,000 square-meter site within an industrial complex in Yongin, some 50 kilometers southeast of Seoul. The company has spent about $100 million for the new facility.  With the completion of the new center, Lam Research said its responsivenes

April 26, 2022

SK's cybersecurity arm IPO to boost cross-border M&A: CEO

SK Shieldus, the cybersecurity service arm of South Korea’s third-largest conglomerate, is poised to use the proceeds from its imminent initial public offering to pursue cross-border mergers and acquisitions, its Chief Executive Officer Park Jin-hyo told reporters Tuesday. Cloud computing security firms would be the major target for a strategic investment, which would allow the nation‘s No. 1 security service firm to make a foray into overseas markets, Park said. “We are pr

April 26, 2022

Lam Research opens technology center in S. Korea

US semiconductor equipment maker Lam Research Corp. opened a technology center in South Korea on Tuesday, which the company hopes will serve as a key hub of its global research and development (R&D) network. Lam Research completed its Korea technology center at an industrial site in Yongin, about 50 kilometers southeast of Seoul, in February this year after breaking ground in July 2020. Lam Research, the world's No. 3 chip equipment maker, said some 100 researchers will work at the center, w

April 26, 2022

Yoon vows full vaccine development support

President-elect Yoon Suk-yeol on Monday pledged to provide the utmost support for Korean companies developing vaccines and treatment, highlighting that vaccine development is crucial for securing the nation’s economic security. “The essence of the country’s growth lies here,” Yoon said during his visit to SK Bioscience’s headquarters in Seongnam, Gyeonggi Province, adding that South Korea’s economy and security depend on developing drugs. The President-elec

April 25, 2022

S. Korea develops world’s 1st computer to save data without power

South Korean researchers have developed a computer that can save data even after the power is turned off, facilitating ways to reduce electric power consumption, the Korea Advanced Institute of Science and Technology said Monday. The research team led by Jung Myoung-soo, an electrical engineering professor at KAIST, has invented the Lightweight Persistence Centric System or Light PC, which can retain data regardless of power supply, according to KAIST. KAIST said most existing computers use d

April 25, 2022

[Photo News] Food tasting is back

A staff prepares for drink tasting at a discount store chain in Seoul on Sunday, as eating food at public places including movie theaters, indoor sports centers and department stores become available starting on Monday.

April 24, 2022

What does rise of metaverse hold for future?

As the metaverse becomes more prevalent across all industries on the back of greater investments and technological advancements, The Korea Herald and the American Chamber of Commerce in Korea are co-hosting a forum to discuss what the next web revolution holds for the future. The joint forum, slated to be held on May 2 at Four Seasons Seoul, has invited a number of business leaders and experts in the metaverse sector to share their insights on the ascending metaverse and how it will play an in

April 24, 2022