LegoChem Biosciences, a South Korean drug company, announced on Friday that the company signed a technology transfer agreement with US multinational biopharmaceutical company Amgen to transfer antibody-drug conjugate technology. The contract could potentially be worth 1.6 trillion won ($1.2 billion), the Korean firm stated in a public disclosure. ADC is a medicine that can deliver highly potent chemotherapy agents to kill cancer cells. Under the contract, LegoChem Biosciences will transfer an an

South Korean defense company Korea Aerospace Industries said Friday it signed a 302 billion won ($235 million) deal with Korea’s Defense Acquisition Program Administration to provide light armed helicopters (LAH). Under the contract, KAI will supply the South Korean military with 10 LAH units starting in December 2024. The deal also requires KAI to provide integrated product support, including training for first-time operators and a maintenance float. The KAI LAH is the second domestically

Prosecutors questioned the chairman of Hankook Tire & Technology Co., the nation's leading tiremaker, on Friday over alleged unfair intra-affiliate trading. The Seoul Central District Prosecutors Office brought in Cho Hyun-bum for questioning as part of an investigation into the alleged violation of a law that bans unfair business practices among the group's affiliates. The investigation came after the antitrust regulator decided to impose a fine of over 8 billion won ($6.2 million

SK Group Chairman Chey Tae-won painted a gloomy outlook for the semiconductors industry, but predicted the downturn will not last long, as chip cycles have tended to grow shorter. “In the long run, semiconductors have always gone up and down, and recently, semiconductor cycles have become very short. In the old days, it took three years, but these days it seems to be shortened to one year,” said Chey, who also serves as the chairman of the Korea Chamber of Commerce and Industry,

Samsung Bioepis and Chong Kun Dang are expected to launch their biosimilar versions of Lucentis, an age-related macular degeneration, or AMD, medicine sold by Novartis and Roche, according to industry sources as reported in local media on Thursday. AMD is an eye disease that can blur a patient's central vision. In terms of sales, the local market for AMD medicines is estimated to reach around 32 billion won ($25 million) as of last year, while the global market is estimated to be worth 4.4

LG Electronics introduces "viva magenta," the color selected by Pantone as the color of 2023, for its chameleon four-door fridge MoodUp in the high-end Objet Collection. The tech giant added the new color to the self-illuminating doors of MoodUP, which uses light-emitting diodes. With the addition, the model is able to light up in 23 colors, according to the company.

South Korean oil refiner S-Oil on Thursday awarded a total of 90 million won ($71,000) to eight Coast Guard officers for their lifesaving efforts over this year. According to the company, Assistant Inspector Lim Sung-rock was honored with the best hero award for rescuing three fishermen who were isolated in waters off the coast of Ulsan in January. S-Oil has awarded Coast Guard officers each year for their heroics since 2013.

KG Group chairman says SsangYong cars will be released under name of KG

LG Innotek said Thursday it will unveil the most advanced ultra-compact optical zoom camera module for smartphones, at the upcoming Consumer Electronics Show in Las Vegas early next month. The electronic parts supplier said it has succeeded in developing an optical telephoto zoom camera module that enables telephoto cameras for mobile devices to zoom four to nine times without causing image degradation. The new camera module is the world's first to apply the zoom lens mechanism of a mirrorl

Goldman Sachs report prompts calls for measures against plunging birth rate

Cumulative sales of Hyundai Motor vehicles in the United States since the automaker began operations there 36 years ago reached 15 million on Wednesday, according to data presented by the automaker on Thursday. Hyundai Motor America, the automaker’s US subsidiary, delivered on Wednesday its 15 millionth vehicle to a customer at the West Herr Hyundai dealer in Williamsville, New York. Hyundai Motor kicked off its US operations in 1986 when it exported its Excel model. The Excel was Hyundai&

SsangYong Motor Co. will operate under a new name, KG Mobility, its new chief has said, in a move signaling a new chapter in the company's decadeslong history marked by long restructuring efforts. Kwak Jea-sun, new chairman of SsangYong Motor, said he will seek approval for the proposed name change at a shareholders' meeting in March next year. "The name, SsangYong Motor, has a fandom, but also has a painful image. SsangYong's new cars will come out in the world as 'KG,&

Theater admissions sharply recovered in the first 11 months of the year compared with the deep slump a year ago but remained below half of the pre-pandemic level, industry data showed Thursday. A total of 986.3 million tickets were sold in the January-November period, up 89.3 percent from a year earlier when the film industry was hit hard by the COVID-19 pandemic, according to the data from the Korea Film Council. Still, the figure came to 48.3 percent of the tickets sold for the same period in

South Korean battery maker SK On Co. will raise a total of 2.8 trillion won ($2.17 billion) from its parent company and a few other local private equity funds by issuing new shares, in an effort to pool financial resources for business expansion. SK On will sell 36.4 million shares, worth 2 trillion won, to SK Innovation Co. and 14.8 million shares, worth 824.3 billion won, to six local PEFs, including Korea Investment Private Equity, SK Innovation said in a regulatory filing. The investment

ATLANTA – Posco Group has unveiled its ambitious vision to become the most coveted company when it comes to battery materials, a burgeoning industry riding high on the electric push among global carmakers. “The world’s renowned electric vehicle manufacturers have been contacting Posco in recent years,” said Posco America Representative President Do Han-eui during a press conference in Atlanta on Dec. 10. Highlighting the group’s second battery material business va