Go-playing artificial intelligence program AlphaGo won a historic match against Korean Go grandmaster Lee Se-dol with a final score of 4-1.　Although Lee put up a good fight, he resigned after 280 moves in the final showdown, which lasted around five hours -- the longest in the five-game match.    “It is regrettable that I could not wrap up the match by winning the final round.” said Lee, attending a press conference after the final game at Four Seasons Hotel in Gwanghwamun

Technology March 15, 2016

SK Biopharmaceuticals, the new drug developing unit of South Korea’s SK Group, on Monday said that its self-developed epilepsy treatment YKP3089 has become the first of its kind to skip the efficacy testing stage in its forthcoming phase III clinical trials in the United States.The U.S. Food and Drug Administration made the rare decision given SK’s new epilepsy treatment has sufficiently proven its effectiveness in the phase II clinical stage held across the U.S., Europe and Asia over the past f

Industry March 14, 2016

South Korean biotechnology firm Nature Cell on Monday said it has begun Phase II clinical trials on its stem cell-based osteoarthritis treatment in the U.S., drawing a step closer to commercializing the new drug overseas.　Osteoarthritis, sometimes called degenerative joint disease, is the most common chronic condition of the joints, occurring most often in the knees, hips, lower back and neck, according to the U.S.-based Arthritis Foundation. Dubbed “Joint Stem,” Nature Cell’s new therapy uses a

Industry March 14, 2016

South Korean convenience stores have evolved from simple 24-hour corner shops into all-in-one stopovers for foods, goods and services tailored to modern needs.　　Despite sluggish consumption, convenience stores have constituted the country’s fastest-growing retail segment, outpacing offline retailers by a large margin with a 29.6 percent on-year hike in sales in 2015, according to Statistics Korea.　　KDB Daewoo Securities analyst Lee Jun-ki predicts “a continued growth of Korea’s convenience store

Industry March 10, 2016

U.S.-based pharmaceutical giant Amgen has withdrawn its patent infringement suit against biosimilar developer Samsung Bioepis in Canada, clearing the way for the Korean drugmaker’s entry into the North American market.　Last month, Amgen Canada withdrew its prohibition order request on Brenzys, Samsung’s biosimilar replication of Amgen’s original blockbuster rheumatoid arthritis treatment Enbrel (etanercept), according to Samsung Bioepis on Wednesday.In May 2015, Samsung Bioepis had submitted an

Industry March 9, 2016

A price war on everyday products is intensifying with local discount supermarket chains rushing to slash prices on select items to match those offered by online retailers.Sparking this competition is the nation’s No. 1 e-commerce operator Coupang which has been shaking up the local retail market with the lowest prices on daily use products such as diapers, baby formula, tissues and bottled water.Combined with its exclusive “Rocket Delivery” system -- free shipping within 24 hours by Coupang’s ow

Industry March 8, 2016

HANWHA AT PV EXPO 2016 -- Hanwha Q Cells is presenting its solar photovoltaic products and solutions at this year’s PV Expo in Tokyo, Japan, taking place from March 2-4. The solar cell manufacturer will introduce new photovoltaic module lines built with its proprietary Q.ANTUM cell technology as well as a glass-to-glass module prototype, a next-generation module made using a second glass layer instead of a conventional back sheet to enhance the module’s robustness and durability. (Hanwha Q Cells

Industry March 2, 2016

The number of company founders and CEOs who share their wealth with employees is on the rise at home and abroad. Hanmi Pharmaceutical chairman Lim Sung-ki made headlines last year as he shared corporate success with loyal employees by paying them hefty bonuses.The average amount given per employee was 45 million won ($36,400), about the same as an average citizen’s annual salary. In addition to the amount of bonuses given, the 75-year-old chairman continued to surprise the Korean public by donat

Industry March 1, 2016

Hanmi Pharmaceutical posted record-high sales among local drugmakers in 2015, edging out former leaders Yuhan Corp. and Green Cross to newly become the top performing player in the industry.Hanmi’s 2015 sales stood at about 1.32 trillion won ($1.07 billion), up some 73 percent from the previous year, while its operating income jumped 515 percent to 211.8 billion won, according to its regulatory filing.The Hanmi Pharmaceutical headquarters in Seoul (Hanmi)Yuhan Corp. was pushed down to second pla

Industry Feb. 24, 2016

LG Life Sciences’ 5-in-1 vaccine Eupenta (LG Life Sciences)LG Life Sciences, the biopharmaceuticals unit of LG Group, said Wednesday its self-developed 5-in-1 multifunctional vaccine Eupenta has received the World Health Organization’s prequalification approval.　The PQ approval grants LG eligibility to join the United Nation’s procurement bid for 5-in-1 vaccines this year, which means it could become a potential stable vaccine supplier to key U.N. affiliates like UNICEF and PAHO.Eupenta, develop

Industry Feb. 11, 2016

SM Entertainment, South Korea’s leading entertainment agency, said Thursday it has formed a strategic partnership with Chinese e-commerce giant Alibaba Group to strengthen its music marketing in China.Under the deal, Alibaba will purchase 870,000 shares of SM’s newly issued stocks for 40,808 won per share to claim a 4 percent stake in the agency for 35.5 billion won ($29.7 million). SM Entertainment founder and chairman Lee Soo-man (SM Entertainment)The deal will also enable SM to expand its mus

Industry Feb. 11, 2016

TOKYO — Japanese equities have tumbled, to say the least. The country’s lending rates are below zero, and for the first time the interest rates on long-term government bonds are also negative.　On Tuesday, Japan’s stock benchmark Nikkei plunged more than 5 percent. It marked the steepest fall since June 2013.　The results were ironic, since the Jan. 29 move by the Japanese central bank was actually designed to have the opposite effect: boosting stock prices and spur investment. 　And usually, that

Viewpoints Feb. 10, 2016

Green Cross, a South Korean biopharmaceutical company, said Thursday it posted record-high profits of 1.48 trillion won ($1.23 billion) in sales last year, up 7.4 percent over the previous year.　At the same time, its operating profit declined on-year by 5.5 percent to 91.7 billion won in 2015, while its net profit rose by 10.3 percent on-year to 95.7 billion won. The firm cited the decline in its operating profit -- the largest in the industry -- to its expanded research and development spending

Industry Feb. 4, 2016

Korean food-maker Nongshim said Thursday its sales in China surged 16.6 percent to reach $210 million last year, its best performance to date, thanks to the rising popularity of instant noodles in the country.“Our sales growth in China reflects a positive evaluation of Nongshim’s instant ramen noodle products among locals,” Nongshim said in a statement.Chinese consumers buy Shin Ramyun at a supermarket in Shanghai (Nongshim)Nongshim said its rising brand power drove up its online sales by about

Industry Feb. 4, 2016

SPC’s NEW YEAR CHARITY -- Employees at SPC Group, which operates the nation’s largest bakery franchise Paris Baguette, give tteokguk (rice cake with soup) as well as baked goods to the elderly at the Yangjae Senior Welfare Center in Seoul ahead of the Lunar New Year, or Seollal. Since 2003, the company has provided roughly 1 billion won ($820,000) to various social institutions in Korea during Seollal and Chuseok, Korea’s two major holidays. (SPC Group)

Industry Feb. 3, 2016