August 20, 2019

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How can startups rise as driving force behind Korean economy?

Home to nine unicorns, South Korea is the world’s No. 5 in terms of the number of startups with valuation of over $1 billion. Also, the combined amount of direct investments in innovative startups by 500 Korean major enterprises reached 458 billion won ($379 million) in 2018, jumping nearly 30-fold in four years. These figures demonstrate not only the size of growth in the Korean startup ecosystem, but also the growing possibility of tech-driven startups becoming the driving force behind t

Celltrion establishes Irish unit to expand in European biosimilar market

Celltrion in May established Celltrion Biopharma, its first unit in Ireland, for further expansion in the European biosimilar market, according to industry sources on Aug. 20.At the new unit, the Korean company plans to mainly conduct clinical trials to prove the safety of its biosimilars to local medical staff, and also prepare for sales after achieving the European Medicines Agency’s approval.Celltrion has finished the stage 3 clinical trial of its biosimilar Remsima SC in Europe and is

Korea Kolmar expands in Vietnam

Korea Kolmar has established a new unit in Vietnam recently, according to sources on Aug.19.The Korean cosmetics maker injected around 10 million won ($8,260) in Hankol Healthcare Vina and plans to raise more funds by issuing additional shares worth 500 million won later this year.Hankol Healthcare Vina will be selling mainly health beverages of CJ Healthcare, which Korea Kolmar acquired for about 1.3 trillion in 2018. Industry sources also say that the unit is likely to play a crucial role when

5G adds connectivity to baseball

KT aims to bring next-gen mobile technology to global sports marketThe new 5G telecom network, which is 20 times faster than 4G, is expected to change many aspects of our lives -- how we communicate, drive, work, shop and more.Although the technology is still a long way from taking off, it is already changing how fans enjoy games at the baseball stadium in Suwon, Gyeonggi Province. The stadium is home to KT Wiz, run by KT Sports, a subsidiary of South Korean telecom firm KT. The team curren

Raising the bar of ethical farming, startup offers ‘disruptive’ agritech

ULikeKorea set to enter Australia, UAE with bio capsule system for livestockULikeKorea is a livestock health care startup that has introduced a first-of-its-kind bio capsule designed to lodge inside a cow’s first stomach and stay there to monitor the animal’s food and drug intake, real-time core body temperature and breeding cycle for quality meat production.The company became one of the eight winning candidates in the third SoftBank Innovation Program that took place in June, 2018,

IBK to launch Indonesian unit in September

South Korea’s state-run Industrial Bank of Korea said Aug. 18 it will launch a bank in Indonesia after receiving the green light from authorities for the merger of PT Mitraniaga and PT Bank Agris it acquired last year. The merged banks will be launched as PT Bank IBK Indonesia on Sept. 5, the lender said. In Feb. 2018, IBK acquired 87.34 percent stake in Bank Agris in its first overseas acquisition to make a foray into the Southeast Asian country with a population of 265 million. In April

KT launches epidemic prevention app in Ghana

Korean telecom company KT said Aug.18 it has launched a mobile application to help prevent epidemics in Ghana, Africa. Called the Global Epidemic Prevention Platform, the app allows users to access information on epidemic diseases. It supports three functions: GEPP Public, GEPP Clinic and GEPP Gov.GEPP Public alerts people who enter an epidemic region of the potential dangers. GEPP Clinic receives real-time notifications from people who have experienced an epidemic breakout and displays loc

Signs of global recession haunt S. Korean economy

A shadow of global recession looms over key economies as major markets have been dealing with some of their worst days in recent weeks. This is sparking concerns that chances of recession may also be growing on home turf, in South Korea. Last week, the yields on US 10-year Treasurys fell below two-year yields for the first time since 2007 – a phenomenon known as an inverted yield curve. Investors and experts alike are regarding such trend with wariness -- every recession in the last 60 yea

SKT ‘opens virtual zoo’ in Seoul

South Korea’s biggest mobile carrier SK Telecom, on Aug.16  began providing augmented reality images of animals at public parks in Seoul as part of its efforts to boost the popularity of its advanced mobile network. Those visiting Olympic Park and Yeouido Park can see AR images of animals running around on their Android-based smartphones. The service is currently not available on Apple’s iPhone operating system, the company added.The virtual images seemingly come to li

Incheon Airport expands overseas business portfolio

Incheon International Airport Corp. said on Aug.18 it has signed a memorandum of understanding with Indonesia’s state-run airport operator Angkasa Pura I for cooperation in overseas airport projects. The signing ceremony, attended by IIAC CEO Koo Bon-hwan, President Director of AP I Faik Fahmi and some 20 officials from both companies, took place at Paradise City in Incheon on Aug. 14.Under the memorandum, IIAC and AP I will upgrade relations to a strategic partnership to closely

Can LG smart fridge actually tweet?

A tweet by a teenager living in Kentucky, the US, made LG Electronics’ smart refrigerator go viral globally this week, raising the question of whether the fridge could be used to tweet. A fan of singer Ariana Grande, named Dorothy, tweeted Aug. 8 that she was posting via LG’s smart fridge as her mother had taken away her smartphone. “I do not know if this is going to tweet. I am talking to my fridge, What the (explicit) my mom confiscated all of my electronics again,&rdquo

WeMade turns profitable, share price jumps

WeMade Entertainment, a South Korean game developer best known for The Legend of Mir, said it turned profitable in the second quarter, backed by growing income from royalties. The company’s sales rose 22 percent on-year to 33.9 billion won ($27.9 million) while operating profit soared more than 3000 percent to 2.8 billion won to snap its three straight quarters of losses.  Royalty income jumped 58 percent from the previous quarter thanks to new sales of its intellectual property. Seve

Samsung Display CEO confirms QD-OLED plan

LG H&H closes $125m acquisition of New Avon

Korea Kolmar expands in Vietnam

Korean investors risk losing W127b on crashing German bond yields

Celltrion establishes Irish unit to expand in European biosimilar market

BAT launches liquid-type e-cigarette Glo Sens in Korea

5G adds connectivity to baseball

Samsung Galaxy Note 10 to be powered by LG Chem batteries

Samsung unveils enhanced Galaxy Note 10 models in New York

Despite criticism, Kakao sees boosted numbers in Q2

Top Samsung exec says global trade tensions could hurt biz

Majesty Golf Korea looks to buy remaining 49% stake in Majesty Golf

Dongwha Enterprise acquires battery electrolyte firm Panax Etec

Krafton invests w10b in Neptune

JB Financial’s Phnom Penh Commercial Bank logs record profit of W10b

Hanwha Q Cells tops US residential solar module market in Q1

Kia launches upgraded Sportage SUV

Korean Air, Asiana to reorganize cargo services amid losses

Q3 profit outlook for 61% of listed firms cut on Japan trade row

Coinduck aims to bring more efficiency to mobile payments

Himedi names former Kakao Mobility exec as CPO

[INTERVIEW] Now Pick aims to open over 40 new centers by 2020

Toss operator Viva Republica secures $64m at $2.2b valuation

Why birth order is a big deal at LG

New thinking needed on GM Korea

Fall of the ‘Angel of Death’?

Wherever you end up going