Local blockchain and metaverse firms forge alliance to grow virtual businesses

Medical experts are divided over the safety and efficacy of an abortion pill poised to soon hit local pharmacy shelves. After a Korean firm sought to bring in the drug Mifegyne -- which is sold in over 70 countries -- under a local brand name Mifegymiso, a group of local experts on Thursday called for a bridging study to verify the pill’s safety and efficacy. A bridging study on a drug is an additional study executed in a new region to compare it with foreign clinical data on safety, e

SK Bioscience is to soon begin the Phase 3 clinical trial of its COVID-19 vaccine candidate, the firm’s CEO Ahn Jae-yong told a local seminar held Wednesday. Ahn also added the company expects the vaccine to be out early next year. SK Bioscience currently has two COVID-19 vaccine candidates, GBP510 and NBP2001, under development. The Seongnam, Gyeonggi Province-based firm is expected to choose one -- GBP510. The company last month applied for a regulatory permission to start the Phase 3

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KT on Thursday announced the launch of pure end-to-end 5G service, becoming the first mobile carrier in South Korea to commercialize a 5G standalone network. Starting from Thursday, users of Samsung Galaxy S20, S20+ and S20 Ultra phones who subscribe to KT’s 5G mobile plans will be able to access the 5G SA connection simply by updating their device software. Standalone refers to it being pure 5G from end to end, without occasional transitioning to 4G Long Term Evolution networks. S

More than 1 in 3 of delivery workers of CJ Logistics, the industry’s largest, are in their 20s and 30s, the company’s data showed Thursday, contrary to the popular perception that couriers come from older generations. Some 8,100 delivery workers fall under the age groups, accounting for 37 percent of some 22,000 delivery workers. The findings are based on an analysis of its staff during the first half of this year. Once considered a “job for older men,” the company exp

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday that it has attained its annual order target by winning a 457.1 billion-won ($398.4 million) order for two LNG carriers. With the deal with an Asian company, KSOE has clinched orders valued at $15.2 billion in total so far this year, surpassing its annual order target of $14.9 billion ifor the year, the company said.       Hyundai Heavy Industries Co., a unit of KSOE, will build and deliver t

South Korea's ICT ministry said Thursday the country plans to invest nearly 30 billion won ($26.2 million) over the next three years to research digital treatment for depression in a move to find new ways to help the growing number of people suffering from the mental disorder. The number of depression patients in South Korea reached 790,000 in 2019, up 5.9 percent on-year, and the number is expected to rise as the pandemic restricts social activities and triggers economic uncertainty. Digital

South Korea's exports of automobiles advanced 28 percent in the first half of 2021 on the back of the global economic recovery and rising demand for premium models, data showed Thursday. Outbound shipments of automobiles reached 1,049,658 units in the January-June period, rising from 820,873 units tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, exports also shot up 50 percent to hit $23.6 billion. It marked the first tim

KT Corp., a South Korean telecom giant, said Thursday it has commercialized standalone 5G, becoming the first mobile carrier in the country to deploy the network technology. Although South Korean carriers first commercialized 5G networks in April 2019, they have been available on non-standalone mode, requiring support from 4G LTE. Standalone 5G offers network services by solely using 5G frequencies, leading to lower latency and better battery life, according to KT. The telecom operator said b

South Korea's major convenience store chain CU said Thursday it has launched two stores in a new international airport in Mongolia as part of efforts to boost its presence in the country. CU said the company has become the first South Korean convenience store chain that has established outlets in the New Ulaanbaatar International Airport. The sole international airport in Mongolia, which opened on July 1 and is also known as Chinggis Khaan International Airport, is about 50 kilometers from the

LG Uplus Corp., a major South Korean telecom operator, said Thursday it has signed a memorandum of understanding with Japan's largest mobile carrier KDDI to find new business applications for 5G network technology and strengthen cooperation to prepare for future 6G networks. Under the agreement, the two aim to share their network technology and solutions in 5G and find more applications of the latest generation network, LG Uplus said in a statement. The South Korean telecom operator has recent

Cyworld Z, the 2021 revival of the once-popular homegrown social networking service of the same name, will feature immersive virtual shops, utilizing its metaverse platform, in partnership with local retail giant GS Retail. GS Retail signed a business agreement with Cyworld Z at the GS Group headquarters in Seoul on Wednesday for the project. Cyworld Z is a consortium of five firms including Kosdaq-listed Intromedic and Sky E&M, which purchased Cyworld in January this year, in hopes of

Hyundai Motor unveiled its high-performance Avante N on Wednesday, expanding its N product lineup to present how the motorsports experience can be enjoyed in daily driving. The Avante N has been redesigned from the entry-level sedan Avante, released in April 2020, to a sports car that can be used in daily commutes and travels. Introduced under the name Elantra N for the global market, the new vehicle made its debut on the global stage in a YouTube video uploaded Wednesday morning, showing of

LG Chem on Wednesday announced plans to invest 10 trillion won ($8.6 billion) over the next four years in battery materials, eco-friendly plastics and new drug development. “LG Chem is no longer a petrochemical company. More than 30 projects including mergers and acquisitions, joint ventures and strategic investments are currently under review to reshuffle the business portfolio,” Vice Chairman Shin Hak-cheol said during an online press conference. Nearly 6 trillion won of the