[Herald Interview] Next & Bio aims to build Asia’s largest library of organoids

South Korean biotech company Next & Bio, which specializes in developing organoid-based medicine solutions, aims to build the largest organoid library in Asia, its CEO told The Korea Herald in a recent interview. Organoids are cell-based in vitro models that mimic many aspects of the complex structure and function of the corresponding human organs. Organoid-based systems have been recently spotlighted as alternatives to animal experimentation in clinical research and precision medicine. &ldq

Sept. 21, 2023

[Photo News] For 2030 Busan World Expo

Hyundai Motor Group is promoting South Korea's bid to host the 2030 World Expo in Busan with the automaker's electric vehicles -- the Ioniq 5 and Ioniq 6 -- bearing the slogan "Busan is ready" near Duffy Square, north of New York's Times Square. The Group has been driving the specially painted vehicles around the city during the UN General Assembly, which is taking place in the city this week. (Hyundai Motor Group)

Sept. 21, 2023

Finance Minister Choo warns of 'higher for longer' rates

Financial Minister Choo Kyung-ho said Thursday high interest rates could persist for longer than expected in response to the US Federal Reserve’s decision to hold its policy rates steady earlier in the day. The US Federal Open Market Committee kept its policy rates unchanged at 5.25-5.5 percent, maintaining the rate gap between South Korea and the US at up to 2 percentage points. The Bank of Korea’s current base rate stands at 3.5 percent. “The FOMC decision shows high rates co

Sept. 21, 2023

Broadcom slapped with W19.1b fine for abusing market power in Korea

South Korea’s antitrust regulator said Thursday it is imposing a fine of 19.1 billion won ($14.2 million) on US chipmaker Broadcom, along with a corrective order, for its unfair business activities against Samsung Electronics. The move came after the US chipmaker forced Samsung to sign a long-term contract to use its telecommunications components in 2020 by abusing its market dominance and using unlawful tactics, including cutting off its supply and technical support, the Fair Trade Commis

Sept. 21, 2023

Hana Financial launches 24/7 day care centers

Hana Financial Group announced Thursday it will launch a five-year project, Hana-run day care centers, that are open 365 days, even 24 hours a day, with the aim of reversing South Korea’s continually falling birth rate. This new project is a part of the program, Hana Life Journey Support, which strives to alleviate the struggles shared by families going through life-changing events such as marriage, childbirth and aging. Aiming to tackle the nation’s record-low birth rate, Hana has f

Sept. 21, 2023

KG Mobility vows to export 200,000 cars by 2026

KG Mobility on Thursday vowed to sell 200,000 cars in global markets by 2026, expanding its global networks from the Asia-Pacific region to Europe. The South Korean carmaker’s planned sales target consists of 200,000 exports -- 100,000 cars and 100,000 units of complete knock-downs -- unassembled car parts -- and 120,000 units of domestic sales in the citied period. “Based on the cumulative $1 billion exports, we are expected to be awarded as one of the Korean companies to have con

Sept. 21, 2023

European automakers call for lower regulatory barriers for EVs

European automakers called for a relaxation of regulations on selling electric vehicles in Korea during a press conference for the publication of a white paper by the European Chamber of Commerce in Korea on Thursday. The ECCK’s passenger vehicles committee chairperson, Kim Hong-joong, said that the recent law amendment requiring automakers to secure the pre-certification of electric vehicle batteries to prevent safety hazards should be aligned with United Nations standards. “We re

Sept. 21, 2023

LG CNS opens coding class for rural students

Korean IT solutions provider LG CNS said Tuesday its employees a one-day class for elementary students in Buyeo-gun, South Chungcheong Province, to promote inclusive access to digital education. The social contribution campaign is a part of the company’s “AI Genius” program to help the youths set their future goals and visions with AI. Following its first activity at Gangneung, Gangwon Province last year, LG CNS once again launched the coding class for students in rural areas,

Sept. 21, 2023

Smartphone shipments in S. Korea fell 13.2% on-year in Q2: report

Smartphone shipments in South Korea declined more than 13 percent on-year in the second quarter, recent data showed Thursday, as demand remained sluggish over economic uncertainties. The total shipment came to approximately 2.8 million units for the April-June period, down 13.2 percent from a year ago, as "demand for smartphones continued to slow down amid economic uncertainties," the Korea branch of International Data Corporation said. But the shipments of premium smartphones, priced

Sept. 21, 2023

Exports up 9.8% during first 20 days of September

South Korea's exports moved up 9.8 percent on-year in the first 20 days of September due to a higher number of working days, but shipments of chips and petroleum products remained sluggish, data showed Thursday. The country's outbound shipments reached $36 billion in the Sept. 1-20 period, compared with $32.7 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports fell 1.5 percent on-year to $36.4 billion during the period, resulting in a trade def

Sept. 21, 2023

Seoul shares open lower after Fed's rate decision

South Korean stocks started lower Thursday after the US Federal Reserve kept its benchmark lending rate unchanged while noting it may push for an additional rate hike later this year. The benchmark Korea Composite Stock Price Index lost 12.91 points, or 0.5 percent, to 2,546.83 in the first 15 minutes of trading. Overnight, US stocks closed lower, with the S&P 500 dropping almost 1 percent and the Nasdaq Composite plunging 1.53 percent amid a slide in tech giants, including Apple Inc. and Te

Sept. 21, 2023

S. Korea to closely monitor economic uncertainties, including US rates

Finance Minister Choo Kyung-ho said Thursday the government will closely monitor rising global economic uncertainties, after the US central bank decided to hold its key rates overnight. The US Federal Reserve on Wednesday announced the decision to hold the rate steady between 5.25 percent and 5.50 percent. It raised the rate by a quarter percentage point to the current level in July. "As shown in the recent FOMC meeting, the possibility over the protracted high interest rates have moved up

Sept. 21, 2023

Foreign virtual assets worth W131tr unveiled

Virtual assets accounted for more than two-thirds of the value held in registered overseas accounts this year, a report by the National Tax Service showed Wednesday, after it added them to the list of assets subject to mandatory registration. Some 130.8 trillion won ($98.3 billion) in virtual asset holdings were recorded out of 186.4 trillion won in the total registered external financial assets. Tax residents or corporations in Korea with foreign financial accounts are required to file a report

Sept. 20, 2023

No more hurdles for Korea's nuclear reactor exports?

A recent favorable ruling in the US may have lifted some pressure on South Korea regarding its export of nuclear reactors, but challenges remain as its US partner shows no sign of agreement in their ongoing legal disputes. The District Court for the District of Columbia on Tuesday dismissed Westinghouse Electric Company’s lawsuit against Korea Hydro & Nuclear Power, ruling that the US energy firm -- which lacks the authority to enforce US nuclear technology export control requirements -- d

Sept. 20, 2023

Late Samsung chairman’s Jindo dog project gets spotlight

Samsung Group late Chairman Lee Kun-hee’s Jindo dog preservation project is getting a renewed spotlight as the group’s guide dog school marks its 30th anniversary this year. According to industry sources, the late Samsung patriarch acquired 30 Jindos in the late 1960s and strove to increase its population and raise its global awareness. “I spent days working with breeders, consulting with foreign experts and striving to create purebred Jindo dogs. When the original 30 dogs I

Sept. 20, 2023

Seoul shares close almost flat ahead of Fed's rate decision

South Korean stocks closed nearly flat Wednesday as investors took a wait-and-see approach ahead of the US rate decision slated for this week. The local currency declined against the US dollar. The benchmark Korea Composite Stock Price Index added 0.53 point, or 0.02 percent, to finish at 2,559.74. Trading volume was slightly thin at 407.3 million shares worth 7.4 trillion won ($5.6 billion), with decliners outpacing winners 517 to 353. Individuals and institutions purchased 88.9 billion won and

Sept. 20, 2023

Hyundai Motor, Georgia Tech team up for future mobility

Hyundai Motor Group has joined hands with the Georgia Institute of Technology, better known as Georgia Tech, to develop future mobility technologies such as battery, hydrogen and software, the South Korean automaker announced Wednesday. According to the announcement, representatives from Hyundai Motor and Georgia Tech including Hyundai Motor Group Executive Chair Chung Euisun and Hyundai Motor Company CEO Chang Jae-hoon signed a memorandum of understanding to collaborate on research and developm

Sept. 20, 2023

New minister vows to revive exports, nuclear power industry

South Korea's new Industry Minister Bang Moon-kyu on Wednesday vowed sincere efforts to expand exports for the country’s economic growth and to restore the ecosystem of nuclear power plants here swiftly. “We will do our best to expand exports that will revive our economy. … It’s important to expand private investment to spread export momentum. For this, the government will mobilize all resources and capabilities,” Bang said in his inaugural speech. Korea'

Sept. 20, 2023

Merck shares digital solutions for chip industry

Merck Korea, the Korean unit of the German chemicals giant, shared the company’s solutions for the future semiconductor industry at an academic conference held by Alumninetzwerk Deutschland-Korea, Tuesday. Under the topic “Unlocking the potential of artificial intelligence and machine learning in semiconductor manufacturing,” Steven Eulig, head of business development for digital solutions at Merck Electronics, delivered a speech on the company’s digital insight. While th

Sept. 20, 2023

SK Pharmteco takes over US contract drugmaker CBM

SK Pharmteco, a global contract development and manufacturing organization under Korean conglomerate SK Group, said Wednesday that it has acquired the Center for Breakthrough Medicines, a US cell and gene therapy firm. The Korean firm exercised its right to acquire a controlling stake in CBM to obtain the management right of the Philadelphia-based cell and gene therapy CDMO, offering pre-clinical to commercial phase therapies. The right was given when SK Pharmteco made its capital investment i

Sept. 20, 2023