A Seoul court on Tuesday turned down a request by Kolon Life Science to suspend the government's decision to prohibit the production and sale of its gene therapy drug Invossa.The firm initially received approval for the medication from South Korea's Ministry of Food and Drug Safety in 2017. But this was revoked earlier this year after the drugmaker was found to have falsely reported an ingredient used in Invossa and violated labeling rules.Although Kolon acknowledged that a substance in the join

Industry Aug. 13, 2019

South Korea will actively seek ways to deal with Japan's planned discharge of water contaminated as a result of the 2011 Fukushima nuclear power plant meltdown, Seoul's foreign ministry said Tuesday, amid concern storage space will soon run out.The treatment of radioactive water stored in tanks in Fukushima has drawn international concern in recent months following reports that the Japanese government is considering releasing the water into the Pacific Ocean, among other options. Tokyo Electric

Foreign Affairs Aug. 13, 2019

[THE INVESTOR] For many students in South Korea, acing tests at school and going to prestigious universities remain the primary goals. Students and parents still tend to believe academic qualifications ensure success in the form of jobs, income and future relationships.In an effort to send as many of their students as possible to top-tier colleges and universities, high schools also focus on preparing students for the national college entrance exam. But according to Jung Chan-pil, secretary-gene

Technology Aug. 5, 2019

Region is fast becoming Asian hub for startups based on advanced technologies[THE INVESTOR] BANGKOK -- Southeast Asian countries such as Thailand and Vietnam are well-known tourist destinations. What is not so evident is how fast they are transforming into startup hubs, implementing a range of support measures and adopting advanced technologies like smartphones and artificial intelligence.The likes of startup unicorns Grab and Gojek are prime examples of the exponential growth of the ecosystem i

Technology Aug. 1, 2019

Brexit hardliner Boris Johnson won the contest to lead Britain's governing Conservative Party on Tuesday and will become the country's next prime minister, tasked with fulfilling his promise to lead the U.K. out of the European Union.Johnson resoundingly defeated rival Jeremy Hunt, winning two thirds of the votes in a ballot of about 160,000 Conservative members. He will be installed as prime minister in a formal handover from Theresa May on Wednesday.  In a brief speech Tuesday meant to ra

World News July 23, 2019

Bank of Korea (BOK) Gov. Lee Ju-yeol hinted at an additional rate cut Tuesday, less than a week after the central bank slashed the key rate to help spur growth in Asia's fourth-largest economy."(BOK) maintains its stance that it will take measures if necessary, depending on the (rate of) economic growth," Lee said while speaking in front of the parliamentary finance committee. Lee's remarks came five days after the central bank cut the key rate by 25 basis points to 1.50 percent despit

Market July 23, 2019

GWANGJU —Water sports competitions are not the only attraction during the 2019 FINA World Aquatics Championships, being held July 12-28. There are a wide range of sideline events for spectators and visitors.Upon entering the gate of Nambu University, the main FINA championships venue, visitors will encounter what is called Market Street, featuring an IT showroom, food trucks and cultural performances. At the IT showroom, visitors can get hands-on experience of 5G networks, including autono

Culture July 12, 2019

More than 2,000 athletes from around the world are flocking to Gwangju, 330 kilometers south of Seoul, to compete in the 2019 FINA World Aquatics Championships from Friday to July 28. While the athletes vie for medals, electronics and telecom companies will try to gain global attention during the biennial international event. As one of the main sponsors for the FINA championships, South Korea’s leading telco KT will showcased its latest fifth-generation technologies, ranging from advanced

Technology July 11, 2019

Shuttle Delivery was among the first companies to start delivering foreign food and gourmet dishes in Itaewon in 2016, targeting expatriates, foreign tourists and Koreans. It has since grown into the biggest food delivery platform for the expat community in Seoul with 49,500 registered customers. Recently, it has begun to expand outside of Itaewon to areas such as Pyeongtaek in Gyeonggi Pronvice. It is now eyeing plans to enter Busan City.Shuttle Delivery CEO Jason Boutte said it all started wit

Technology June 6, 2019

DAEJEON -- Scientists, government officials and representatives of global environmental organizations gathered in Daejeon City on Thursday to discuss water shortage around the world and possible response measures at the 2019 International Drought Forum.Organized jointly by Korea Water Resources Corp., or K-water, the South Korean Ministry of Environment and Asia Water Council, the forum running through Friday touches upon a range of issues related to water scarcity, such as countermeasures by gl

Industry May 23, 2019

DAEJEON -- Established in January, 2016, The Shortcut, a community-based Finnish organization, has been offering pro-bono training programs for people with diverse backgrounds, including refugees, immigrants, and multicultural youth, to help them get a breakthrough in the technology sector.While nurturing people to have skill sets, the organization also helps quench the thirst for skilled personnel in the startup world. “What we do is accelerate people from diverse backgrounds to thin

Technology May 22, 2019

DAEJEON--Government officials, investors, and startup CEOs flocked to Daejeon City, the nation’s fifth-largest city, on Tuesday to participate in EXIT Daejeon 2019, a startup conference being held from Tuesday to Thursday.At Daejeon Convention Center, the main venue of the conference, fledgling startup CEOs took the stage to pitch disruptive ideas in front of a panel of judges early in the morning Tuesday.The Investor Editor-in-Chief Kim Ji-hyun (from left) and panelists -- Slush Head of VC Moaf

Industry May 21, 2019

DAEJEON -- Slush, which first started as a small nonprofit event for startups in Finland in 2008, has grown into one of the leading events where investors, government officials and entrepreneur wannabes rub shoulders and discuss how to bring disruptive ideas to life.Andreas Saari, Slush head and CEO of Wave Ventures, the first student-run venture capital fund in the Nordic region, said market conditions in Finland have become more favorable for startups since the establishment of the startup con

Industry May 21, 2019

All over the world, countless startups come and go. For investors, this means it has become tougher to pick the right one.According to Moaffak Ahmed, a Finnish serial entrepreneur and early-stage investor, team dynamics usually provide a good gauge in the early days of a startup.Slush board member Moaffak Ahmed“In the very early stage, when there are little or no metrics and evidence about business success, it’s really mostly about the team,” Ahmed said in an email interview with The Investor. “

Technology May 19, 2019

BANGKOK -- Lacking proper governing systems, the Thailand real estate market has a sort of Wild West feel to it. There are no rules to appraise the value of properties, and self-proclaimed real estate agents put a price on and sell properties in an arbitrary manner. Many traditional real estate platforms often do not screen out fake listings to allure buyers. Even the government is unable to track property transactions.Frustrated by the unstructured market, Natthapon Asswisessiwakul, a former pr

Technology May 13, 2019