Samsung Biologics has purchased land in Songdo, Incheon, to build a production facility for genetic medicines, the Incheon Free Economic Zone Authority said Thursday. The pharmaceutical firm has signed a deal with the authority, which oversees a plan to develop a bio cluster in Songdo, to purchase 10,000 square meters of land in the city. The site was put up for sale in June. There, Samsung Biologics is expected to construct a new facility to produce materials and drug platforms for genetic

South Korea's top power plant builder Doosan Heavy Industries & Construction Co. said Thursday that it has built an 18-megawatt wind farm in the southern tip of the country. The six 3-megawatt wind turbines built in Jangheung, about 400 kilometers south of Seoul, could generate enough electricity to power about 12,000 four-member households per year. Doosan Heavy has 3-megawatt and 5.5-megawatt wind turbines and is developing 8-megawatt wind turbines with the aim of commercial production

Apple Korea’s general manager Brandon Yoon will resign from his position, industry sources said Thursday. According to the sources, Yoon tendered his resignation from the position at the company on Thursday. The company refrained from offering a confirmation. Yoon has led Apple Korea since 2018. Before coming to Apple Korea, Yoon worked at Samsung Electronics. He also worked for Microsoft from 2003-2015. Industry sources said Yoon’s resignation is sudden and unexpected, given t

A former world champion boxer was sentenced to six months in prison Thursday on charges of sexually harassing a woman at a Seoul restaurant earlier this year. The Seoul Central District Court handed down the sentence to the 58-year-old man, surnamed Moon, and ordered him to complete 40 hours of a sexual offender treatment program. Moon was indicted on charges of inappropriately touching a body part of a woman who was dining at a table beside his at a restaurant in southern Seoul in June. Moon

Shinhan Financial Group Chairman Cho Yong-byoung vowed to contribute to South Korea’s swift transition into a carbon neutral society with the financial giant‘s net-zero goals at the 2021 United Nations Climate Change Conference in Glasgow, Scotland, the firm said Thursday. The chief of Korea’s second-largest banking group by total assets on late Wednesday introduced Shinhan Financial’s own plans to achieve carbon neutrality in finance dubbed the “zero carbon drive

To ease a nationwide shortage of emissions control fluid for diesel vehicles, the South Korean government is getting hold of a key ingredient needed to make it from the industrial sector, officials said Thursday. In Seoul and major cities across the country, diesel exhaust fluid, without which diesel trucks cannot run, is in short supply, triggering fears for disruptions in cargo delivery. There is due to be a sharp drop in urea imports from China, which supplies more than 60 percent of the

Netflix Vice President of Public Policy Dean Garfield, decked in a green tracksuit costume from the hit Netflix show “Squid Game,” entered the press conference room at JW Marriott Dongdaemun Square Seoul on Thursday, accompanied by the theme song from the drama series. Garfield began his speech by talking about how Netflix is willing to invest more into creating Korean content. However, when addressing the most heated issue on paying internet service providers bandwidth usage fees,

Hybe, the K-pop powerhouse behind BTS, said Thursday that it has teamed up with South Korea’s top cryptocurrency exchange operator to establish a joint venture to branch out into the nonfungible token marketplace. The music agency is poised to acquire a 2.48 percent stake in Dunamu for 500 billion won ($423.7 million), as the operator of cryptocurrency exchange Upbit plans to issue 861,004 ordinary shares for third-party rights, offering to invite Hybe as a new shareholder. Dunamu also

Singapore-based battery startup challenges Li-ion paradigm with world’s largest Li-metal battery

The change of season has brought about bright reds, oranges, yellows and browns to the city, while some remaining greens bid a final farewell to the summer.  Indeed, Seoulites do not have to leave the city to enjoy the colors of the season. To enjoy the deepening autumn atmosphere and the crunch of fallen leaves under your feet, look out for Seoul Metropolitan Government’s “96 Fall Foliage Roads,” released last week. The list includes areas with spectacular colors of map

South Korean stocks advanced Thursday, as the US Federal Reserve signaled "patience" in raising interest rates. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.51 points, or 0.25 percent, to close at 2,983.22 points. Trading volume was moderate at about 759 million shares worth some 14.4 trillion won ($12.2 billion), with losers outnumbering gainers 580 to 295. Foreigners bought a net 326 billion won, while retail investors s

A spinoff of the popular SBS variety show “Running Man” will be the first original content from South Korea on Disney+, the streaming platform said Thursday. The Walt Disney Company announced that “Outrun by Running Man” will star three members of the original cast -- Jee Seok-jin, Kim Jong-kook and Haha. While the original show’s main producer, director Im Hyung-taek, is behind the spinoff, its main star, Yoo Jae-suk, is not part of the upcoming series. “

Six municipalities, including Seoul, called upon the central government on Thursday to provide support to make up for their losses incurred by the free subway ride policy for the elderly and other people. The Seoul city government said the capital and five other cities -- Busan, Daegu, Incheon, Gwangju and Daejeon -- issued a joint statement calling for state compensation for financial losses caused by the free subway use policy for seniors, the disabled and those who have received national mer

The Ministry of Trade, Industry and Energy said on Thursday that the leaders of South Korea and Hungary and business leaders from South Korea and the Visegrad Group met to discuss cooperation in sectors such as EV batteries and biotechnology. The Visegrad Group, also known as the V4 countries, include Czech Republic, Hungary, Poland and Slovakia. The V4-Korea Business Forum was held in Budapest, Hungary on Wednesday where President Moon Jae-in is visiting on a state visit until Thursday. Dur