Daewoong confirms safety, efficacy of diabetes drug Envlo for dogs

Daewoong Pharmaceutical’s research that confirmed its diabetes drug Envlo’s safety and efficacy in animals has been published in Veterinary Medicine and Science, a peer-reviewed, open-access journal for research in all areas of veterinary medicine, the company said Friday. Daewoong Pharmaceutical’s Envlo is the 36th new drug developed in South Korea. Launched in May last year, Envlo is an SGLT-2 inhibitor that has efficacy in reducing blood sugar levels in humans. According to

June 7, 2024

Seoul shares rise over 1% on revived rate-cut hopes

South Korean stocks ended more than 1 percent higher Friday as investors' hopes for US rate cuts increased after the European Central Bank cut interest rates for the first time in almost five years. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 33.17 points, or 1.23 percent, to close at 2,722.67. Trade volume was heavy at 771.8 million shares worth 12.2 trillion won ($8.9 billion), with gainers outpacing losers 460 to 400. Foreign invest

June 7, 2024

SK, TSMC chiefs agree to boost collaboration on AI chips

SK Chairman Chey Tae-won and TSMC Chairman C.C. Wei agreed to boost collaboration on the development of advanced artificial intelligence chips, including the High Bandwidth Memory chips high in demand, on Thursday. Chey traveled to Taiwan to meet with Wei and other IT leaders in the country, as part of the effort to strengthen SK's network and gain a competitive edge in the burgeoning global AI market. “Together, let’s open the door to the era of artificial intelligence that ben

June 7, 2024

[Innovate Korea] We must control new technology: KAIST president

DAEJEON -- Lee Kwang-hyung, president of the Korea Advanced Institute of Science and Technology, underscored the importance of controlling new artificial intelligence technology ethically in his speech at Innovate Korea 2024, held at the Lyu Keun-chul Sports Complex in Daejeon on Wednesday. “In the era of ‘humanism 2.0,’ we are living with ordinary humans, physically improved humans, mentally enhanced humans and AI," he said. “I think that our country and our society

June 7, 2024

[Innovate Korea] Future of robots depends on AI: Rainbow Robotics founder

DAEJEON -- Oh Jun-ho, founder of Rainbow Robotics and a former mechanical engineering professor at the Korea Advanced Institute of Science and Technology, underscored the future of robots lies in artificial intelligence technology. “Robots are ready to do anything, but on their own, they can’t do anything. Bringing movement to them requires human touch like programming, but in the future, AI will be able to take on that role,” he said in his speech at Innovate Korea 2024, hel

June 7, 2024

[Innovate Korea] Innovate Korea 2024 spotlights ‘new humanity’ in AI era

DAEJEON -- Innovate Korea 2024, a major annual science and information communication technology forum hosted by Herald Media Group, shed light on the new form of humanity in the era of advanced artificial intelligence on Wednesday, sharing insights from various experts across a wide range of professions. This year’s event at the Korea Advanced Institute of Science and Technology in Daejeon featured K-pop star G-Dragon, who took part in a panel discussion. Some 3,000 participants gathered,

June 7, 2024

[Innovate Korea] Naver CEO affirms commitment to develop safe, sovereign AI

DAEJEON -- Naver CEO Choi Soo-yeon highlighted how sincerely the IT giant is approaching the burgeoning artificial intelligence technologies in her speech at Innovate Korea 2024, held in Daejeon on Wednesday. “AI technology is a game changer which is developing rapidly, although it also stirs up several concerns,” she said. “Naver has been sincere about AI and we’ve been putting much effort into making a perfect Korean-language AI model.” The Naver chief pointed out

June 7, 2024

[Bio USA] SK Biopharmaceuticals seeks to expand R&D with surging Xcopri sales

SAN DIEGO -- SK Biopharmaceuticals CEO Lee Dong-hoon expressed increased confidence in solidifying the company's reputation as an "anti-epilepsy treatment franchise," following a surplus in the first quarter of this year, driven by the strong performance of Xcopri, launched in the United States in 2020. "Sales of Xcopri are currently driving our revenue, but our long-term goal is to succeed through our own research and development pipeline," Lee said during press confere

June 7, 2024

Unionized workers of Samsung Electronics set to stage walkout over wages

Unionized workers of Samsung Electronics Co. were set to launch a one-day walkout over wages on Friday, a union official said, in what would be the first walkout at the technology giant. About 28,000 members of the National Samsung Electronics Union were set to collectively take the day off, but some analysts expected the labor action to have no major impact on production. The NSEU said it will not disclose the number of workers joining the walkout, saying the decision should be made voluntarily

June 7, 2024

Seoul shares open sharply higher on tech gains

South Korean stocks opened sharply higher Friday backed by gains of big-cap tech and financial shares. The benchmark Korea Composite Stock Price Index rose 38.36 points, or 1.43 percent, to 2,727.86 in the first 15 minutes of trading. Overnight, the US stock market closed mixed as investors remained cautious ahead of key jobs data to be released later in the day, which will likely set the tone for the Federal Reserve's rate policy. In Seoul, market bellwether Samsung Electronics gained 0.9

June 7, 2024

K-water to cooperate with African nations on water infrastructure

Korea Water Resources Corp. said Thursday that the state-run agency and African leaders held talks to increase their cooperation on water management technology. Several leaders of African countries, who were visiting South Korea for the inaugural Korea-Africa Summit in Seoul, gathered at K-water’s artificial intelligence-powered water treatment facility in Hwaseong, Gyeonggi Province, Wednesday, according to the water agency. Attendees included Central African Republic President Faustin-Ar

June 6, 2024

Korean cosmetics stocks soar on FDA-approved sunscreen

Shares of Korean cosmetics firms that produce sunscreen products and materials approved by the United States health regulator soared in May, coupled with returning investor sentiment in the K-beauty industry, according to industry sources, Thursday. "Recently, there were dramatic increases in the stock prices of Korean cosmetic firms that make sun protection products with US Food and Drug Administration approvals, as the US government is expected to soon impose stricter rules on sunscreen p

June 6, 2024

Shinsegae, CJ forge all-round partnership to beat retail rivals

South Korea’s retail giants Shinsegae Group and CJ Group have agreed to cooperate on logistics and retail businesses to compete with domestic and overseas rivals. The two retail giants signed a memorandum of understanding Wednesday for their partnership centering on the Shinsegae Group e-commerce platform’s utilization of CJ Group’s nationwide logistics network. According to their announcement, CJ Logistics will be in charge of deliveries of goods sold on Shinsegae Group’

June 6, 2024

Samsung, Verizon chiefs join hands to promote Galaxy series

Samsung Electronics Chairman Lee Jae-yong took off for the US on a trip tightly packed with business meetings with tech leaders and government officials there, with the goal of strengthening existing partnerships for the company's future development, the tech giant said on Thursday. Lee will participate in some 30 meetings scheduled "minute by minute" with heads of major technology firms, and lawmakers and government officials across the US until mid-June, Samsung said. The places

June 6, 2024

[Bio USA] Samsung Biologics CEO confident in luring Big Pharma clients

Korea Herald correspondent SAN DIEGO -- With Samsung Biologics securing as clients 16 of the top 20 global pharmaceutical companies based on market capitalization, up from 14 last year, its CEO John Rim expressed confidence in the company's continued expansion in the coming years. The CEO announced Wednesday during a press conference at the Bio International Convention in San Diego that their clients' orders have more than doubled this year. While industry sources suggest that this has

June 6, 2024

LG Electronics introduces AlphaWare at US auto tech show

LG Electronics introduced AlphaWare, its suite of software solutions for software-defined vehicles, at AutoTech: Detroit 2024, revamping its commitment to expanding business in the automotive market. According to the tech giant on Thursday, it joined the global automotive tech show for the first time to share its insights on software-defined vehicles and discuss the challenges and future prospects. During LG’s presentation dubbed, "Beyond the Road: Navigating the SDV Transition,"

June 6, 2024

Hana Financial launches 18th Smart Ambassador cohort

Hana Financial Group has launched a team of honorary ambassadors composed of college students to promote the financial conglomerate, the firm announced Thursday. The 50 student representatives belong to the 18th team of the Smart Ambassador program. A total of 963 college students have participated in the program since it was launched in 2012. This year, one in 13 applicants was selected for the program. The team will promote the banking group's brand for three months until the end of Augus

June 6, 2024

Dried seaweed prices rise sharply in May

The price of dried seaweed in South Korea increased by 17.8 percent in May compared to the same period last year amid surging demand from overseas markets, according to Korea Statistics on Thursday. This rise surpasses both the average increase in seafood prices, which was 0.1 percent, and the overall consumer price increase of 2.7 percent during the same period. The rate of increase in seaweed prices has been steadily rising, from 1.2 percent in January to 3.1 percent in February, 6.6 percent i

June 6, 2024

S. Korea, US, Japan discuss supply chains, emerging technologies at economic security dialogue

South Korea, the United States and Japan held an economic security dialogue in San Diego on Thursday to discuss cooperation on supply chains and emerging technologies, the presidential office said. The fourth session of the dialogue was attended by Wang Yun-jong, presidential secretary for economic security; Tarun Chhabra, senior director for technology and national security on the White House National Security Council; and their counterpart from the Japanese prime minister's office, Yasuo

June 6, 2024

S. Korea, US, Japan, India, EU launch Biopharmaceutical Alliance

An alliance involving South Korea, the United States, Japan, India and the European Union has been launched to put joint efforts to build a resilient supply chain in the biopharmaceutical sector, the presidential office said Thursday. The inaugural meeting of the Biopharmaceutical Alliance was held in San Diego during the Bio International Convention 2024, the world's largest biopharmaceutical exhibition. Government officials and representatives from bio and pharmaceutical companies from th

June 6, 2024