SK Bioscience's flu vaccine gets approval in Chile

SK Bioscience has obtained product approval for its flu vaccine, Sky Cellflu, from Chile's health authorities, the first green light in a Latin American country, the South Korean vaccine developer said Thursday. Starting with Chile, SK Bioscience is planning to expand the number of countries licensed for Sky Cellflu in Latin America. Chile's drug approval is widely considered a regional standard among Latin American countries, the company added. Chile is the 10th country to have approv

Feb. 2, 2023

Samsung targets double-digit growth in Galaxy S sales

SAN FRANCISCO -- Samsung Electronics’ mobile head Roh Tae-moon said the South Korean tech titan counts on demand for its premium smartphone devices to drive double-digit growth in sales this year, despite the consumers’ pent-up desire for a phone shopping and macroeconomic headwinds. At a press conference held at the Chase Center in San Francisco, Wednesday, following the Samsung Galaxy Unpacked 2023 event, Roh showed confidence in expanding the tech firm’s presence in a glob

Feb. 2, 2023

Samsung bolsters ties with Qualcomm, Google to deter Apple

Samsung Electronics, the world’s largest smartphone maker by shipments, is bolstering ties with global tech giants Qualcomm and Google to build the next-generation extended reality ecosystem, as its archrival Apple, which tops in revenue, is expected to launch a mixed reality headset this year. At the annual unpacking event showcasing the new Galaxy S23 smartphone series, Roh Tae-moon, Samsung Electronics' president and head of mobile experience, appeared together with Qualcomm Presid

Feb. 2, 2023

LG Energy Solution to supply commercial EV battery modules to FEPS

LG Energy Solution said Thursday it has forged a partnership with Freudenberg E-Power Systems, a US-based clean energy systems provider affiliated with Germany's Freudenberg Group, to provide battery modules for commercial electric vehicles. Under the agreement, the battery maker will supply 19 gigawatt-hour battery modules that can power more than 50,000 heavy-duty EVs such as buses and trucks or 270,000 passenger EVs. FEPS plans to assemble LG Energy Solution’s battery modules int

Feb. 2, 2023

Seoul stocks open higher after Fed decision

Seoul shares opened higher Thursday, tracking overnight gains on Wall Street, after the Federal Reserve delivered a small rate hike while acknowledging progress in its fight against inflation. The benchmark Korea Composite Stock Price Index rose 23.98 points, or 0.98 percent, to 2,473.78 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.02 percent higher at 34,092.96 points, and the tech-heavy Nasdaq Composite advanced 2 percent to 11,816.32. The Fed raised

Feb. 2, 2023

S. Korea closely monitoring financial market over US rate hike

South Korea's financial minister said Thursday the overnight rate-hike decision by the US Federal Reserve has eased market uncertainties, although the government will continue to keep a watchful eye on potential volatility. Earlier in the day, Finance Minister Choo Kyung-ho and other officials, including Bank of Korea Gov. Rhee Chang-yong, held an emergency meeting on macroeconomic situations. The meeting came hours after the Federal Reserve raised its benchmark rate by 25 basis points to a

Feb. 2, 2023

S. Korea's consumer prices up 5.2 % in January on higher energy costs

South Korea's on-year growth in consumer prices accelerated from the previous month in January as energy costs shot up to a record level, data showed Thursday, amid expectations inflation will gradually slow throughout 2023. Consumer prices, a key gauge of inflation, rose 5.2 percent last month from a year earlier, compared with 5 percent growth estimated in December, according to the data from Statistics Korea. Inflation rose by 5 percent or higher for the ninth month in a row. It increased at

Feb. 2, 2023

Samsung Galaxy S returns with faster, more eco-friendly design

SAN FRANCISCO -- Samsung Electronics on Wednesday unveiled its flagship Galaxy S23 smartphone lineup equipped with upgraded camera functions, faster processors and even sustainable features, touting it “the most powerful S series ever.” The South Korean tech giant held the Samsung Galaxy Unpacked 2023 event at the Masonic Auditorium in San Francisco, with some 2,000 journalists and industry people in attendance. It was the first in-person unveiling of the S series phones after thre

Feb. 2, 2023

HLB's anticancer drug receives greenlight in China

The combination use of Jiangsu Hengrui Medicine’s camrelizumab and HLB Bio’s rivoceranib has received a novel drug approval from the National Medical Products Administration of China, HLB Bio announced Wednesday. With the approval, the camrelizumab-rivoceranib combination can be used as the first-line treatment for patients with unresectable hepatocellular carcinoma in China. The approval was given three years and nine months after the company started its phase 3 clinical trial April

Feb. 1, 2023

[Photo News] Insights on metaverse

KB Financial Group Chairman Yoon Jong-kyoo delivers a speech during the investor conference KB Investor Insights 2023, held via the financial giant's metaverse platform on Tuesday. During the event, the chairman pledged to boost investor profitability by upgrading expertise and risk-management know-how. (KB Financial Group)

Feb. 1, 2023

SK hynix, hit with first operating loss in decade, to cut spending

South Korean memory chipmaker SK hynix reiterated Wednesday its plan to halve investment and reduce production of low-profit products this year, as the company witnessed a sharp drop in profit amid severe slump in the global chip market. “Revenues continued to grow last year, but the operating profit decreased compared with a year earlier as the industry entered into a downturn from the second half,” SK’s Chief Financial Officer Kim Woo-hyun said during an earnings call for the

Feb. 1, 2023

S. Korea logs highest monthly trade deficit amid sluggish chip demand

South Korea reached a record-high monthly trade deficit of $12.69 billion in January, mainly due to weakening global demand for semiconductors, according to data compiled by the Ministry of Trade, Industry and Energy on Wednesday. While outbound shipments fell 16.6 percent on-year to $46.27 billion in January -- the largest drop in three years -- imports slipped 2.6 percent on-year to $58.96 billion. This figure broke the previous record high of $9.43 billion in August last year. It is also

Feb. 1, 2023

Geopolitical conflicts pose risk to chip, battery industries: BOK

Central bank warns of negative impact of US-China relations, geopolitical conflicts on Korea's key export industries Korea's export-oriented economy could face threats because of its heavy reliance on raw material imports amid rising geopolitical tensions, a senior researcher at the country's central bank said during a seminar Wednesday. The Bank of Korea stressed a fragmented global trade regime could harm the country's key export sectors such as semiconductors, electric veh

Feb. 1, 2023

KT partners with Mongolia's Monnis Group for rare earths

South Korean telecommunications giant KT Corp. announced Wednesday that it has signed a memorandum of understanding with Monnis Group, a Mongolian industrial holding conglomerate, for a joint business venture into the rare earth minerals industry. This comes after another memorandum previously signed on Jan. 26 between KT and the Mongolian government for the supply of various mineral resources, including rare earth elements. Following this new agreement, KT is now able to utilize Monnis Group&rs

Feb. 1, 2023

Hygiene warning issued for McDonald's stores in Korea

McDonald's was found to have received hygiene warnings from the nation's food safety authorities more frequently than its smaller rivals here, according to a parliamentary report on Wednesday. Citing data submitted by the Ministry of Food and Safety, Rep. Ko Young-in of the main opposition Democratic Party of Korea said in the report that the US hamburger chain with some 400 outlets nationwide received a total of 91 penalties in the 2018-2022 period. The data showed that McDonald'

Feb. 1, 2023

Mercedes-Benz Korea pins high hopes on EVs to retain top spot

Mercedes-Benz Korea said Wednesday it will expand electric vehicle models to account for more than 15 percent of total car sales this year, underscoring its green push in the fourth-largest market of the German carmaker. “Last year, EV sales were less than 10 percent of the total sales. But starting from this year, we will offer more EV lineups (for customers), accelerating shift towards electrification,” said Lee Sang-kuk, vice president of sales department at Mercedes-Benz Korea

Feb. 1, 2023

[Photo News] Insights on metaverse

KB Financial Group Chairman Yoon Jong-kyoo delivers a speech during the investor conference KB Investor Insights 2023, held via the financial giant's metaverse platform on Tuesday. During the event, the chairman pledged to boost investor profitability by upgrading expertise and risk-management know-how.

Feb. 1, 2023

1 in 5 Koreans is Starbucks member

Starbucks Korea, the nation’s No.1 specialty coffee chain, said Wednesday that the cumulative users of its customer membership "Starbucks Rewards" has recently hit the 10 million mark. The figure is twice as high as the 4.1 million members of Twosome Place and the 6 million of Ediya Coffee -- the second and third-largest coffee franchises in Korea by sales. Having started the membership service in September 2011, the company said more than 100 people signed up as Starbucks member

Feb. 1, 2023

[Photo News] New Niro

Kia on Wednesday unveiled the 2024 Niro, a revamped version of the carmaker's top-selling eco-friendly brand. The upgraded Niro comes in both hybrid and fully electric models, with prices starting at 27.1 million won ($22,000) and 48.5 million won, respectively.

Feb. 1, 2023

Samsung Heavy wins W609.7b order for 2 LNG carriers

South Korean shipyard Samsung Heavy Industries Co. said Wednesday it has won a 609.7 billion-won ($495 million) order to build two liquefied natural gas (LNG) carriers for an Oceanian shipper. Samsung Heavy said in a regulatory filing that it will deliver the vessels to the undisclosed shipping company by mid-January 2027. So far this year, Samsung Heavy has clinched orders worth some $2 billion, or 21 percent of its 2023 target of $9.5 billion. Early last month, Samsung Heavy obtained a $1.5 bi

Feb. 1, 2023