Lunit, a provider of artificial intelligence-powered cancer solutions, said Monday that it has received approval from the European Union for the commercial launch of its AI-based medical software used in detecting breast cancer. The solution, dubbed Lunit Insight Digital Breast Tomosynthesis, is an AI-based software solution to help identify suspicious lesions with 3D mammograms. “(Lunit) has laid the groundwork for sales in European countries by earning the CE marking in around one month

Technology March 20, 2023

Samsung Biologics said Friday it is investing 2 trillion won ($1.5 billion) to build its fifth production plant as part of efforts to meet market demands and bolster its manufacturing competitiveness. The company announced the plan after an approval from the board of directors earlier in the day. Last year, the company’s revenue exceeded the 3 trillion-won mark for the first time within the bio pharma industry, with its operating profits reaching some 1 trillion won. While its fourth pla

Technology March 17, 2023

Hyundai Steel, South Korea’s second-largest steelmaker, said Thursday that it would sell its Beijing unit, Hyundai Steel Beijing Process, after years of sluggish sales compounded by the shrunken market share of Hyundai Motor and Kia cars in China. Hyundai Steel will still keep its Tianjin unit for its business in China, the company added. "(Hyundai Steel) has completed signing a memorandum of understanding with a potential buyer for the Beijing plant. The company will soon engage in

Industry March 16, 2023

Posco, the country's leading steelmaker, said Wednesday the company will donate 4 billion won ($3 million) to a state-led fund to compensate the victims of forced labor during Japan’s colonial rule of Korea. The 4 billion won is part of the 10 billion won it pledged to contribute to the public fund in 2012. Earlier this month, the Foreign Ministry announced it would collect “voluntary” donations from local companies to the Foundation for Victims of Forced Mobilization, an

Industry March 15, 2023

LG Chem said Tuesday that the company signed a deal with the United Nations Children's Fund to supply two pediatric vaccines. Under the deal, LG Chem will supply $100 million worth of its polio vaccine Eupolio and $100 million worth of pentavalent vaccine Eupenta, which works for five different indications including tetanus, diphtheria, pertussis, hepatitis B and Haemophilus influenzae. LG Chem will supply Eupolio for two years from 2024, while the supply of Eupenta will begin this year and

Technology March 14, 2023

The government will examine the liquor tax system, which has been propelling recent increases in beer prices amid the persistent inflation. According to the Korean Statistical Information Service’s data on Monday, the price index for beer products at restaurants and outdoor dining establishments has increased to 112.63 in February, up 10.5 percent compared to the same month a year ago. It was higher than the increase of the price index for beer products at discount and convenience stores:

Consumer March 13, 2023

Daewoo Engineering & Construction announced Friday that the company has secured a deal to build gas-fired power plants in Libya. The construction deal, which Daewoo E&C signed with General Electricity Company of Libya, is worth $790 million (1 trillion won), the company added. Under the deal, Daewoo E&C will build gas-fired power stations in Libya’s Mellitah and Misurata regions. The construction order was made as the Libyan government needed additional power plants to manage i

Industry March 10, 2023

It was not just delivery services or online shopping that thrived in South Korea during the pandemic years. The liquor market, especially for high-end whiskeys and wines, has seen dramatic growth, according to Frantz Hotton, CEO of Pernod Ricardo Korea, the Korean unit of the French wine and spirit giant. Hotton, who took the helm in 2021 when COVID-19 was still rampant across the world, said that people's behavioral changes have had a significant impact on how they consume alcoholic bevera

Consumer March 8, 2023

SK Plasma, a blood products unit of SK Discovery, announced Wednesday that the company has clinched a deal to build a blood products plant in Indonesia, which is expected to be worth around $250 million. SK Plasma has received final approval from the Indonesian Health Ministry for construction of a plasma fractionation facility, which will produce products like immune globulin and albumin, used for patients with immunodeficiency diseases and hemophilia. The plant will be capable of producing 1 m

Technology March 8, 2023

South Korean steel giant Posco said Monday it is teaming up with North Gyeongsang Province for recovery efforts in the areas inflicted by Typhoon Hinnamnor last year. Officials of Posco and the local government signed an agreement in Andong, the provincial capital, earlier in the day, with Posco Vice Chairman Kim Hak-dong in attendance. Under the agreement, Posco will supply resources, including steel products, to be used in construction sites in Pohang and Gyeongju, the hardest-hit areas. Pohan

Industry March 6, 2023

Rumors of soju price hikes have stirred public disquiet over the past couple of weeks here, intensifying to the extent that the government decided to intervene in the market. The fuss temporarily ended after Hite Jinro, the country’s largest soju maker, officially announced that it was not planning on any price hikes. “I felt bitter when I heard about possible price hikes in soju, which seemed to hold out well, while everything else is getting more expensive,” said Kim, a 29-

Consumer March 4, 2023

A patent regarding Medytox’s botulinum toxin product can be embroiled in another legal dispute as its domestic rival Hugel filed for a patent invalidation in the US, according to industry sources on Friday. The patent, which could be considered for invalidation at the Patent Trial and Appeal Board in the US, concerns a method for isolating Botulinum toxin from solution. Medytox applied for the patent in 2017, and the patent was issued in May last year. Hugel, however, argues that the paten

Technology March 3, 2023

Seo Jung-jin, the founder and the honorary chairman of Celltrion Group, will return to management after leaving the company in 2021, Celltrion announced Friday. On Friday, the biopharmaceutical group's key affiliates -- Celltrion Holdings, Celltrion, Celltrion Healthcare, and Celltrion Pharma held separate board meetings and recommended Seo as a candidate for director and co-chairman of the board of directors. Seo’s return will be determined at the four companies’ separate share

Technology March 3, 2023

Webtoon, South Korean tech giant Naver’s digital comics platform, has been ranked No. 8 on Fast Company’s list of the World’s 50 Most Innovative Companies of 2023. Fast Company is a monthly American business magazine that publishes an annual ranking of the most innovative companies, this year in 54 different industries and sectors. In the media sector, Webtoon was ranked top, followed by The New York Times. Fast Company said, “Webtoon pioneered a new way to experience dig

Technology March 3, 2023

GC Biopharma announced on Tuesday that it has signed an asset purchase agreement with US drug developer Catalyst Biosciences to acquire its orphan hematology disorder treatment candidates. Under the agreement, GC Biopharma will acquire three drug candidates including Marzeptacog alfa (MarzAA), a rare bleeding disorder treatment candidate, which is being tested in a phase 3 global clinical trial. With the latest agreement, GC Biopharma aims to launch a first-in-class novel drug in global markets,

Technology Feb. 28, 2023