Kumho Asiana Group, South Korea’s 28th-largest conglomerate, stands on the brink of selling off Asiana Airlines -- the group’s flagship unit and the nation’s second-largest air carrier -- as financial authorities and creditors voiced disapproval over the group’s latest self-rescue proposal.Main creditor state-run Korea Development Bank on Thursday denied the cash-strapped conglomerate’s request for financial help and a grace period.“Creditors found Kumho’s self-rescue plan insufficient to restor

Korea’s top telecom carrier becomes official 5G sponsor of LCK

LG Chem said Thursday it will invest a total of $2 million in five startups based in the United States and United Kingdom as part of efforts to co-develop innovative battery technologies.The South Korean battery manufacturer selected the five startups through the Battery Challenge hosted by the company Wednesday, which brought together global startups to pitch ideas for new battery technologies.  A startup official introduces the company's technologies at LG Science Park in Magok, Seoul on Wedne

The funeral for Hanjin Group and Korean Air’s late Chairman Cho Yang-ho will begin from Friday and extend until Tuesday at Yonsei Severance Hospital in Sinchon, Seoul, the company said Thursday. They will be flying in the body on Friday from Los Angeles, it added.Cho passed away at a hospital in Los Angeles on Monday, where he had been receiving medical treatment for pulmonary fibrosis since December.The company said Cho’s funeral will be led by Hanjin KAL CEO Suk Tae-soo. Cho will be interred a

Samsung Electronics introduced a rotating camera with the launch of its midrange Galaxy A80 smartphone model, designed for the so-called “era of live,” the company announced Thursday. In response to consumer preference for more spontaneous photos and the ability to stream live videos and connect over shared experiences, the world’s biggest smartphone vendor in terms of shipments came up with the A80, an edition that offers the company’s first rotating camera. When users launch the camera and sel

More affordable blood cancer treatment to arrive in Canada, exact launch date to be determined

Clinching globally acclaimed halal certification key to expansion

BMW has unveiled the seventh generation of its best-selling 3 Series sports sedan, the automaker said Thursday.The premium sports sedan series has been the most popular since it was launched in 1975. In the past four decades, at least 15 million units have been sold globally. “The new 3 Series applied BMW’s unique design langauge based on the key concept of ‘precision and poetry.’ We tried to emphasize modern and concise design based on the exterior’s character line,” said a BMW designer Kim Nur

Debt-ridden Kumho Asiana Group called on its creditors to inject 500 billion won ($439.17 million) to address its liquidity crisis through a business revamp plan it submitted to the state-led Korea Development Bank, according to the KDB on April 10. Ex-chairman of Kumho Asiana Park Sam-kooRelated:Kumho Asiana creditors demand asset sell-off, solid loan repayment planCorrected audit report weighs on Asiana AirlinesIn the recovery plan, submitted April 9, the family-owned conglomerate agreed to se

South Korea excels in the field of regenerative medicine, one of three key next-generation gene technologies, said Amit Agarwal, managing director at Deloitte Consulting in San Francisco.Agarwal spoke at Deloitte Anjin’s seminar for Life Sciences and Healthcare Solutions, held at the Korea Pharmaceutical and Bio-Pharma Manufacturers Association in Seocho, Seoul on Tuesday.With worldwide health care spending estimated to top $10 trillion by 2022, global pharma sales are anticipated to reach $1.2

For the first time since it was founded in 2002, South Korean game developer Smilegate is out to list an affiliate in a bid to diversify its portfolio. Smilegate is the developer of hugely popular shooting game “CrossFire,” which boasts about 650 million users in some 80 countries. Its accumulated overseas sales exceeded 10 trillion won ($8.78 billion) as of April 2018. Contrary to company statements saying it is “simply testing the waters,” industry watchers con

　Google has announced plans to operate new data centers for cloud services in South Korea by early 2020, as the global tech giant seeks to diversify its business amid growing competition in the market.　During its annual Cloud Next conference in San Francisco on Tuesday, Google said Seoul is one of the two cities it is eyeing to expand its Google Cloud Platforms. It also plans to tap Salt Lake City in the US to operate new data centers. 　According to Google, Seoul will become the eighth city to o

World’s largest real estate service provider sees opportunity in office space market

Drug wholesalers stuck with having to dispose of unsold pharmaceuticals worth hundreds of billions of won are working with their suppliers to limit the losses.While no industry enjoys zero leftover inventory, an accumulation of specific drugs that are no longer in doctors’ prescriptions spell a particular problem, a KPDA spokesperson said.“Medicines aren’t like clothes that can be sold off at a discount. Unsold drugs have to be discarded. It becomes complete loss,” he said, adding that in most c

The Korean Agency for Technology and Standards has called for setting international standards for new electric vehicle and hydrogen energy technologies. It has also requested support to be elected as a member of the International Organization for Standardization’s council board at the 42nd Pacific Area Standards Congress in Wellington, New Zealand. The Pacific Area Standards Congress is a forum of standardization organizations from the Pacific area that meets to discuss international standardiza