Jan 17, 2020

Samsung de facto leader Lee Jae-yong attends fourth hearing of retrial

Samsung Electronics’ de facto leader Lee Jae-yong on Friday appeared at the Seoul High Court with his lawyers to attend the fourth hearing of the retrial on Lee’s bribery scandal involving former President Park Geun-hye. Lee remained silent on questions asked by reporters on the scene. At the entrance to the Seoul High Court, a group of people from local labor unions demonstrated in support of more jail time for Lee. For this hearing, Samsung tried to bring CJ Group Chairman Sohn Kyu

Jan 17, 2020

Hyundai Kona EV reaches highest altitude to set Guinness record

Hyundai Motor Co.'s Kona Electric vehicle has set a Guinness world record for the highest altitude achieved in an electric car, the company said Sunday. The Kona Electric built in Hyundai Motor's Indian plant reached the Saula Himal peak that is 5,731 meters high, beating the previous record height of 5,715 meters set by the ES8 sport utility vehicle of Chinese electric carmaker Nio in September 2018, Hyundai said in a statement.The Kona Electric, which can travel up to 452 kilometers on a singl

Jan 17, 2020

Incheon airport partners with Indonesian firms to win local deal

The operator of South Korea's main gateway said Friday it has partnered with Indonesia's two state-owned companies to win a local airport expansion project. The Incheon International Airport Corp. signed a "consortium agreement" with Indonesia's airport operator PT Angkasa Pura 1 and public builder PT Wijaya Karya to obtain the deal to expand the Batam Hang Nadim Airport, IIAC said in a statement. Batam Indonesia Free Zone Authority began the bidding process in May last year and a

Jan 17, 2020

KT to form alliance with 5 telcoms on 5G mobile edge computing

KT Corp., one of South Korea's major mobile carriers, said Friday it will form an alliance with five global telecommunication firms to develop 5G mobile edge computing solutions.KT said it will create the 5G Future Forum with America Movil of Mexico, Rogers Wireless of Canada, Telstra of Australia, Verizon Wireless of the United States and Vodafone of Britain.The alliance will focus on developing global specifications and standards for 5G MEC interoperability, according to KT.MEC is a key techn

Jan 16, 2020

[Monitor] Asset ranks of conglomerates change in decade

The ranking of fair assets held by large conglomerates in South Korea has changed over the past decade, with only seven out of 59 surveyed firms having maintained the same rank, data from corporate tracker CEOScore showed.CEOScore surveyed assets and capital of firms with assets of at least 5 trillion won ($4.3 billion) -- defined as large conglomerates by the Fair Trade Commission. Among the top six groups, Samsung, Hyundai and SK saw their assets rise rapidly by at least 100 trillion won from

Jan 16, 2020

Celltrion chairman floats possibility of company consolidation

Biopharma to build 120,000-liter plant in China

Jan 16, 2020

Samsung Biologics to open first US entity by April

CDO lab to launch in San Francisco Bay Area as start of global expansion

Jan 16, 2020

[From the Scene] Neuroscience takes center stage at JP Morgan 2020

SAN FRANCISCO -- The key takeaways from the JP Morgan Healthcare Conference 2020 held in San Francisco this week have been the increased attention to neuroscience and cell and gene therapies among global pharmaceutical companies.Neuroscience was a recurring theme in participating firms’ research. Big pharmas Biogen, Roche, Eli Lilly, Takeda and others put forth their pipelines for Alzheimer’s disease, Huntington’s disease and Parkinson’s disease for investors to take a lo

Jan 16, 2020

[Weekender] Korea’s obsession with tallness

Koreans embracing “heightism’ create lucrative niche market

Jan 16, 2020

SK E&C to produce solid oxide fuel cells in Korea with Bloom Energy

SK Engineering & Construction said Thursday that it had formed a joint venture with Bloom Energy, a US-based energy firm, to produce solid oxide fuel cells from this year, a first in South Korea. According to SK E&C, it inked a joint venture agreement with Bloom Energy in September last year, cementing their plans to distribute the fuel cells and build factories in Korea.  A manufacturing facility is under construction in Gumi, North Gyeongsang Province, and the companies will start

Jan 16, 2020

Samsung Biologics readies for potential Alzheimer’s deals

SAN FRANCISCO -- Kim Tae-han, the CEO of Samsung Biologics, said Wednesday that he expects to take on contract manufacturing deals for Alzheimer’s disease treatments, and that the company will be ready when the opportunity arises. Kim, speaking to investors at JP Morgan Healthcare Conference 2020 in San Francisco, said Biogen’s Alzheimer’s pipeline aducanumab has proven its efficacy through data. The only hurdle to US Food and Drug Administration approval, Kim said, was the com

Jan 16, 2020

[Photo News] Top Korean biopharma rivals boast friendship

Celltrion Chairman Seo Jung-jin (left) and Samsung Biologics CEO Kim Tae-han were locked in a warm embrace in front of reporters at the JP Morgan Healthcare Conference 2020 on Wednesday at Westin St. Francis Hotel in San Francisco. Seo and Kim, the heads of Korea’s leading biopharmaceuticals firms, said that despite the aura of competition that is often portrayed, they are actually close friends. Their relationship dates back to the early days when both of them were working at Samsung Elec

Jan 16, 2020

Exports of processed rice goods up 20% in 2019

South Korea's outbound shipments of processed rice products shot up last year amid the booming popularity of Korean dramas, K-pop and other cultural assets abroad, data showed Thursday.Exports of these products reached $106 million in 2019, marking a sharp rise from $89 million posted a year earlier, according to the Ministry of Agriculture, Food and Rural Affairs.It also nearly doubled from $55 million posted in 2015. These products cover a wide range of foodstuff, such as snacks, noodles, drin

Jan 16, 2020

Kora's auto exports down 1.9% in 2019 amid slowdown

South Korea's auto exports moved down 1.9 percent in 2019 from a year earlier amid a global economic slowdown and a lack of new models from local producers, data showed Friday. South Korean carmakers shipped a combined 2.4 million units overseas last year, compared with 2.45 million units a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, auto exports moved up 5.3 percent on increasing popularity of high-end cars, including eco-friend