South Korean researchers have added new evidence that mRNA vaccinations can prevent severe symptoms in breakthrough infections of omicron and other variants of the coronavirus that causes COVID-19, the Institute for Basic Science said Monday. The research team led by Shin Eui-cheol, professor at KAIST graduate school of medical science and engineering, has analyzed the bloodwork of participants who received mRNA vaccine and those who were vaccinated after contracting COVID-19. The team found

Industry May 17, 2022

Even 100 days after South Korea’s new industrial safety law has come into effect, almost 7 out of 10 companies here say they still cannot fully understand the law and face difficulty complying with it, a survey showed Sunday. According to a survey on 930 local companies by the Korea Chamber of Commerce and Industry, 68.7 percent said they still have a hard time coming up with countermeasures to respond to the new law aimed at better protecting workers from fatal industrial accidents. On

Industry May 15, 2022

Despite rapid digital transformation shaking up industries from manufacturing to finance, South Korea still lacks companies that can provide digital solutions to business challenges, a tech chief executive officer of retail and food giant CJ Group said Wednesday. “It’s the ugly truth that although it is crucial to use cutting-edge digital technologies to improve business operations and satisfy customers, these initiatives are not being delivered fast enough,” said Cha In-hyuc

Technology May 12, 2022

SK Shieldus, the South Korean security service subsidiary of SK Group’s ICT arm SK Square, said on Friday that it has scrapped its plans for market debut, citing dampened investor sentiment. “We have submitted a delisting notice to the Financial Supervisory Service because the recent demand forecasting, which decides initial public offering prices, showed that our corporate value may not be well received,” the company said. Stressing that market sentiment has turned sour fol

Technology May 6, 2022

Aiming to become a next Coupang, e-commerce platform 11st said Wednesday that it would work on raising its corporate value before its market debut slated for next year. “Based on our premium e-commerce service and joint membership service with SK Telecom, we will expand our business, boost sales and garner traction within the market this year,” said Ha Hyung-il, CEO of 11st. Ha said the company will strengthen its cross-border online shopping segment, Amazon Global Store, which wa

Consumer May 4, 2022

With digital technology becoming the key drivers for growth across industries, South Korea’s tech behemoths Naver and Kakao are going all-in to win the tech war using artificial intelligence through AI-powered search engines and logistics solutions businesses. Naver announced Tuesday it has made upgrades to its AI search engine, called “Airsearch,” now offering more optimized search results for users. “Since the Naver mobile app has access to users’ personal info

Technology May 3, 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

Technology May 1, 2022

South Korea biotech firm Seegene is expected to build production facilities for molecular diagnostics in West Coast of the US in a bid to expand its presence in the all-important market, its US chief hinted in a recent media interview. “Seegene Technologies will move beyond serving as a distribution channel of Seegene-made products and self-produce bio products tailored to the needs of the US market,” Richard S. Creager, CEO of the US affiliate Seegene Technologies, said in an int

Industry May 1, 2022

South Korea’s cosmetics giant Amorepacific Group said Thursday its first-quarter net profit plummeted on-year by 13.4 percent to 171.2 billion won ($134.6 million), as sales dropped in duty-free business and in the Asian market due to the coronavirus pandemic. The group’s sales revenue decreased to 1.3 trillion won, down 9 percent in the cited period. Amorepacific Group’s domestic sales, accounting for approximately 60 percent of the total sales, decreased by 9.9 percent to

Consumer April 28, 2022

A sibling feud over Ourhome, a Korean food company, has reignited as Koo Bon-sung, Ourhome’s former vice president and the eldest heir, launched a legal challenge against his sister and Vice President Koo Ji-eun. Koo Bon-sung and Koo Mi-hyeon, the eldest sister of the Koo family, released a statement Tuesday saying that they have filed a requisition to Seoul Southern District Court to convene a temporary shareholders meeting. They are seeking to pass a vote to appoint 48 new board of dir

Consumer April 27, 2022

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

Technology April 25, 2022

The Korea Skating Union said Friday it has nominated Kim Jae-youl, president of Samsung Global Research, an in-house think tank, and formerly KSU president, as a presidential candidate for the International Skating Union. The KSU said Kim, equipped with vast experience in sports administration, has made significant contributions to the growth of the nation’s skating sports. “While serving as president (2011-2016), Kim played a pivotal role in the nation’s hosting of nine maj

Olympic Games April 22, 2022

South Korean tech giant Naver said Friday it is not joining a bidding war for SM Entertainment, the K-pop powerhouse behind EXO and aespa. “The company is looking into various options to bolster business competitiveness, but it has decided not to participate in the deal,” Naver’s Chief Financial Officer Kim Nan-sun said in a regulatory filing. The statement comes after months of rampant speculation that crosstown rivals Naver and Kakao had been competing to acquire a 19.21

Market April 22, 2022

The combined sales of luxury houses Hermes, Louis Vuitton and Chanel in South Korea marked a record high of 3 trillion won ($2.4 billion) last year, amid the frenzy over high-end goods sparked by the coronavirus pandemic. According to Chanel Korea, the company’s sales revenue surged by 31.6 percent to 1.2 trillion won last year. Net profit skyrocketed by 67 percent to 249 billion won in the citied period. Louis Vuitton Korea’s sales rose 40 percent to 1.4 trillion won, while its n

Consumer April 21, 2022

The pressure to accelerate the digitalization of industries as a result of the coronavirus has spread to the real estate sector. Using big data, the industry is automating the buying, selling and leasing of homes and office spaces instead of traditional real estate transactions through agencies. But some important information-gathering still has to be done by humans, according to the CEO of a local commercial real estate platform. “It is difficult for tenants to access necessary informat

Technology April 20, 2022