LG Chem announced on Wednesday that Rhythm Pharmaceuticals, which had acquired the global license for LB54640 -- a new oral drug for a rare form of obesity developed by LG Chem -- has begun giving doses to the first participants in a phase 2 clinical trial. For the phase 2 trial, Rhythm Pharmaceuticals recruited 28 patients aged 12 and older with hypothalamic obesity -- a condition caused by congenital or acquired damage to hypothalamic function, resulting in difficulties in appetite control. Th

Hyundai Motor Group’s premium auto brand Genesis on Wednesday announced a five-year partnership with the Metropolitan Museum of Art in New York to provide various inspirational experiences for global audiences visiting the museum. The partnership marks the beginning of Genesis Art Initiatives, established to celebrate art as an authentic experience to discover truly meaningful and valuable aspects of life. Genesis will support the Met’s annual contemporary art commission series for t

The South Korean government recently celebrated a significant milestone: The state-run Korea Hydro & Nuclear Power was chosen as the preferred bidder for a nuclear power project in the Czech Republic valued at 24 trillion won ($17.3 billion). It is being hailed as a “remarkable achievement after 15 years” by the government, reminiscent of a $20 billion nuclear plant deal in the United Arab Emirates in 2009. However, not everyone shares the government’s enthusiasm. Some expe

Korea Institute for Advancement of Technology is collaborating with the Ministry of Trade, Industry and Energy to bolster financial and direct investment support for companies approved under their collaborative regulatory sandbox. On Wednesday, KIAT hosted the first Investor Relations Day event for companies joining the regulatory sandbox initiative in Seoul. The event featured business presentations and one-on-one funding consultations. The regulatory sandbox permits the government to temporari

South Korean beauty giant Amorepacific said Wednesday that several of its brands topped sales during Amazon Prime Day, the global online retailer's largest shopping event. Amazon Prime Day is an exclusive annual event for its Prime members that took place on July 16 and 17 this year. Amorepacific’s key brands, including Cosrx, Laneige and Aestura, joined the event this year. In the beauty and personal care category, the Advanced Snail 96 Mucin Power Essence, Cosrx's flagship prod

Hana Financial Group Chairman Ham Young-joo (right) shakes hands with members of the South Korean Paralympics badminton team at the KPC Icheon National Training Center in Icheon, Gyeonggi Province, Tuesday. Ham visited the center to show support and deliver an encouragement fund for the athletes participating in the upcoming 2024 Summer Paralympics in Paris. (Hana Financial Group)

Samsung Electronics and its largest labor union resumed wage talks Tuesday but failed to reach an agreement, informed sources said. The ninth round of talks was represented by Son Woo-mok, head of the National Samsung Electronics Union, and Kim Hyeong-ro, the company's vice president, according to the source. It was the first wage talks between the two sides since the NSEU declared a full-scale strike July 8. They held a preparatory meeting last week to discuss schedules for the talks. The

Seomjae, a Seoul-based education solutions developer, is set to launch officially its AI Retrieval-Augmented Generation model-based mathematics learning program at the Consumer Electronics Show in Las Vegas next January. In preparation for the launch, Seomjae announced on Tuesday that it completed gathering beta testers for the program. The beta test, starting on July 29 and lasting about a month, will involve 50 students from Seoul, Ulsan, and Boston. The program, developed over two years by a

Popularity of Korean beef, clear exit point lure investors in their 20s to 70s

Hanlim Architecture Group announced Tuesday that it signed a memorandum of understanding with CONINCO, a Vietnamese construction supervision company, to reinforce strategic partnerships and create new opportunities for construction management services in Vietnam and beyond. Hanlim Architecture Group Chairman Park Jin-sun, CONINCO General Director Phan Ngoc Cuong and company officials attended the signing ceremony held at the headquarters of CONINCO on July 16. Representatives from both sides dis

Korea Water Resources Corp., or K-water, is officially set to commence a water management platform in Saudi Arabia jointly with Korean internet giant Naver, for the next five years, the state-run water management agency said Tuesday. The project was announced in a statement by Naver and Saudi Arabia's Ministry of Municipal and Rural Affairs and Housing. This official agreement builds on a partnership initially established between Naver and K-water earlier this month, aiming to penetrate t

Tech giant in danger of losing No. 1 stockholder position of Kakao Bank

Nongshim announced on Tuesday that it has been selected for South Korea's smart farm export project that aims to establish and operate a pilot greenhouse in Saudi Arabia. The project is initiated by the Ministry of Agriculture, Food and Rural Affairs and led by the Korea Agriculture Technology Promotion Agency, according to the company. The agreement ceremony took place at Nongshim's headquarters in Seoul, attended by Nongshim CEO Lee Byung-hak, Korea Agriculture Technology Promotion A

Hyundai Motor Company is expanding its presence in Japan’s commercial vehicle market by supplying electric buses to the Iwasaki Group for use on Yakushima Island, a UNESCO World Natural Heritage Site. Last Thursday, Hyundai signed a letter of intent with Iwasaki Group, a transportation and tourism service provider in Kagoshima Prefecture, Japan, at the Imperial Hotel in Tokyo. The agreement sets the stage for Hyundai to supply its “Elec City Town” zero-emission electric buses t

Bacardi Korea has partnered with The Shilla Seoul for a luxury summer room package "Simply Perfect Vacation," featuring its premium tequila brand, Patron, the company announced Tuesday. As part of Bacardi Korea’s premium marketing strategy, the Simply Perfect Vacation package focuses on providing consumers with a unique experience with Patron, a premium tequila made from the finest blue weber agave from Jalisco, Mexico. With the package running throughout August, Bacardi Korea an