Korea's patent agency seeks global expansion in intellectual properties

The Korean Intellectual Property Office is ramping up efforts to lead a global intellectual property ecosystem by expanding strategic partnerships globally. Its renewed efforts come amid the country's rising number of patented properties worldwide and its expanding presence in the global IP market. South Korea has ranked fourth in the number of International Patent Cooperation Treaty applications, a system that allows one patent application filed with the World Intellectual Property Organiz

July 27, 2023

[From the Scene] Digitized hospital provides glimpse into next-generation diagnoses

By Lee Yoon-seo Korea Herald correspondent SINGAPORE -- A masked resident pores over a piece of uterine fibroid -- a tumor developed in the uterus -- and cautiously slices it with a scalpel. The thinly sectioned tissue specimen, after going through various processes including chemical treatment, flattening and staining, is then put on a small glass slide by a scientist. With whole slide imaging, the tissue on the glass slide is virtually copied into a highly magnified image, to be uploaded ont

July 27, 2023

Number of trading firms tumbles in 2022 amid economic uncertainties

The number of trading firms in South Korea moved down 0.7 percent in 2022 from a year earlier, data showed Thursday, as economic uncertainties hampered business activities. Asia's fourth-largest economy had 251,246 trading companies last year, down 1,812 from 2021, according to the data from the Korea Customs Service. The value of their trade, however, jumped to a record high of $132 billion, advancing 10.8 percent over the period. The number of exporters moved up 0.4 percent on-year to 95,

July 27, 2023

S. Korea's seaport cargo down 1.6% in Q2 amid global economic slowdown

Cargo processed at South Korean seaports fell 1.6 percent on-year in the second quarter on sagging global trade amid an economic slowdown, the oceans ministry said Thursday. Cargo handled at the country's ports nationwide came to 373.16 million tons during the April-June period, compared with 379.33 billion tons a year earlier, according to the Ministry of Oceans and Fisheries. Of them, export-import cargo came to 316.95 billion tons, down 0.5 percent on-year, it added. Container cargo proc

July 27, 2023

Seoul shares open higher after Fed rate hikes

South Korean stocks opened slightly higher Thursday, as investors digested the Federal Reserve's latest interest rate hike and corporate earnings reports. The benchmark Korea Composite Stock Price Index added 6.39 points, or 0.25 percent, to 2,598.75 in the first 15 minutes of trading. On Wednesday, the Fed raised interest rates by a much-anticipated quarter of a percentage point to the 5.25 percent to 5.50 percent range, the highest level in more than 22 years. Chair Jerome Powell suggeste

July 27, 2023

S. Korea to monitor volatility in finance sector amid Fed's rate hike

Finance Minister Choo Kyung-ho said Thursday he will closely monitor potential volatility in the financial sector following the latest US Federal Reserve rate hike, which pushed the gap between the two countries' key rates to an all-time high. The Fed raised its benchmark lending rate by a quarter percentage point Wednesday, sending it to the highest level since 2001. "The decision by the FOMC did not deviate from the market's expectations, with the global financial market remaini

July 27, 2023

US Fed raises key rate by 25 basis points to highest level since 2001

WASHINGTON -- The US Federal Reserve on Wednesday raised its benchmark lending rate by a quarter percentage point, sending it to the highest level since 2001. The rise increases the key rate to a range between 5.25 percent and 5.5 percent, while further widening the gap between the key rates of South Korea and the United States to an all-time high of 1.75-2.0 percentage points. South Korea's central bank kept its benchmark rate frozen at 3.5 percent earlier this month. Higher rates in the US are

July 27, 2023

[From the Scene] Samsung's new foldable phones unveiled in festive mood in Seoul

Samsung Electronics on Wednesday unveiled its new Galaxy foldable smartphone series in Seoul in front of nearly 2,000 people, including journalists, industry experts, celebrities and influencers from around the globe. The South Korean tech giant held the summer edition of the Samsung Galaxy Unpacked 2023 event, at Coex in southern Seoul to introduce its latest foldable smartphone lineup -- the Galaxy Z Flip5 and the Galaxy Z Fold5. Samsung also unveiled the new Galaxy Watch 6 series and Galaxy T

July 26, 2023

Samsung's new foldable phones return with upgraded hinges, bigger screens

Samsung Electronics on Wednesday unveiled its new Galaxy foldable smartphone series with a bigger screen, lighter weight and a new hinge design, expressing confidence in realizing an “innovative foldable phone experience” for users. The South Korean tech giant kicked off the summer edition of the Samsung Galaxy Unpacked 2023 event at Coex in southern Seoul at 8 p.m., with some 1,500 journalists and industry people in attendance. Wednesday’s event was all the more special to Sam

July 26, 2023

Philips seeks to fight health care shortcomings with digitization

By Lee Yoon-seo Korea Herald correspondent SINGAPORE -- Philips APAC, the multinational health care solution provider Philips' headquarters for the Asia-Pacific region, on Wednesday said it is committed to digitizing the APAC health care industry to enable better patient outcomes and drive greater work satisfaction, focusing on its state-of-art technologies as the health care sector grapples with escalating financial pressures and staff shortages. Via a media event at Philips APAC's

July 26, 2023

Samsung Biologics posts all-time-high earnings for H1

Samsung Biologics said Wednesday that the company’s earnings in the first half reached all-time highs, with 1.59 trillion won ($1.23 billion) in sales and an operating profit of 445.2 billion won, supported by a solid contract-winning spree. Compared with the first half of last year, Samsung Biologics' sales increased by 36 percent, while its operating profit climbed 29 percent. Samsung Biologics’ attributed its improved earnings this year to the large-scale contract manufacturi

July 26, 2023

Hyundai Motor posts record earnings on upbeat US sales

Hyundai Motor said Wednesday it posted record-high sales and profits in the second quarter this year, largely buoyed by strong sales in key markets, including the US. The carmaker’s sales revenue surged by 17.4 percent to 42.2 trillion won ($33 billion) from a year earlier, surpassing the previous record posted in the fourth quarter last year. Operating profits exceeded the 4 trillion won mark for the first time to reach 4.2 trillion won, a 42.2 percent jump on-year. Of the 1.06 million

July 26, 2023

SK hynix remains in red for 3rd consecutive quarter

SK hynix, the world’s second-largest memory chip maker, reported an operating loss of 2.8 trillion won ($2.1 billion) in the second quarter of this year, falling into the red for the third consecutive quarter amid a severe market downturn. While the quarterly loss is the second-largest since SK Group acquired the chipmaker in 2012, the company said earnings are on track for recovery with market demand increasing for high-value-added chips related to artificial intelligence technology. In a

July 26, 2023

Mastern America, BuildBlock join hands to expand presence in US commercial development market

Mastern America, the US arm of Mastern Investment Management, said Wednesday it has joined hands with real estate platform operator BuildBlock to expand its presence in the US commercial development market. The two firms recently signed a memorandum of understanding to bolster their ties and cooperate on diverse investment projects. BuildBlock is a real estate platform operating in major cities and regions in the US, including Silicon Valley, Los Angeles, Hawaii, New York and Texas. The plat

July 26, 2023

End of IPO drought?

Expectation for end of interest hikes and IPO market reform to boost slowed listing activities The initial public offering pipeline for the second half of the year appears to be strong, with high-profile companies, including a fabless chip startup and a battery material maker, pushing for their listings on the Korean stock market to raise equity capital amid relaxed IPO rules. The IPO market here remained sluggish in the first half of the year due to deteriorating investor sentiment on the

July 26, 2023

Seoul shares end 3-day rise ahead of Fed decision

South Korean stocks ended markedly lower Wednesday, led by tech losses, as investors took a breather after three days of gains, awaiting the Federal Reserve's interest rate decision. The local currency advanced against the US dollar. The benchmark Korea Composite Stock Price Index fell 44.10 points, or 1.67 percent, to close at 2,592.36. Trading volume was heavy at 825.02 million shares worth 36.01 trillion won ($28.23 billion), with losers far outpacing gainers 871 to 50. The index moved w

July 26, 2023

Battery stock frenzy drives Kosdaq volatility

The total market capitalization of the secondary bourse Kosdaq surpassed 458.4 trillion won ($354.8 billion), reaching an all-time high on Wednesday morning. However, in the afternoon, stock prices began fluctuating. Just a day after hitting a record-high of 454.57 trillion won on Tuesday, the Kosdaq market capitalization continued to expand, surpassing the previous day's record. The recent rise and drop can be attributed to significant influence of the market capitalization of battery mate

July 26, 2023

GS E&C to join UK's largest modular housing project

GS Engineering and Construction announced Wednesday that its UK-based subsidiary modular company Elements Europe has secured a construction contract for the Camp Hill project, the largest modular housing project in the UK. The project, valued at around 210 billion won ($164 million), is a city redevelopment project by the UK's Goodstone Living at Camp Hill site located around 1.6 kilometers from the Birmingham city center. The project aims to construct six buildings, spanning three to 26 f

July 26, 2023

[Photo News] Hyundai Avante N debuts

Hyundai Motor Group’s all-new Avante N, a high-performance version of the carmaker’s popular compact sedan, made its official debut on Wednesday. The car comes with a gasoline-powered 2.0 turbo flat engine and two six-speed and eight-speed transmission options. Its price starts at 29.4 million won ($23,000).

July 26, 2023

Hanwha Aerospace to develop fighter jet engine materials

Hanwha Aerospace on Wednesday said it is poised to develop engine materials for fighter jets in a move to bolster the nation’s self-defense capabilities. The defense and aerospace unit of Hanwha Group signed a memorandum of understanding with the Korean Institute of Metals and Materials, the Korea Aerospace Technology Research Association, the Korea Evaluation Institute of Industrial Technology and Seoul National University on developing, forging and casting materials for Inconel 718, a sp

July 26, 2023