The US International Trade Commission (ITC) said Friday it has delayed the preliminary decision on the battery patent infringement suit between LG Energy Solution Ltd. and SK Innovation Co. to next month. The US trade panel was due to deliver the initial ruling on the battery patent suit between the South Korean rivals Friday (US time) but postponed the date by two weeks to April 2. "Additional time will be needed to complete the initial determination, which will require an extension of t

The number of big-name retailers' beauty stores in South Korea declined for the first time in 2020 as more customers turned to online shopping amid the coronavirus pandemic, data showed Friday. The country's three major health and beauty (H&B) chains -- Olive Young, lalavla and LOHB's -- had a combined 1,484 outlets across the nation as of end-December last year, down 31 from a year earlier, according to the data posted on the electronic disclosure system of the Financial Supervisory Servic

For South Korea’s top carmaker Hyundai Motor, the game changer for this year’s business is the launch of Ioniq 5, its first all-electric vehicle built on their exclusive EV platform. While vying against global competitors such as Tesla, the new model is expected to serve as a key barometer on whether Hyundai Motor Group manages to accommodate to the post-coronavirus market changes and transform into a sustainable, comprehensive mobility operator. Set to kick off mass production

Market expectations grow over LG’s ‘select and focus’ strategy, creation of new holding firm

S-Oil has teamed up with a local gas firm to capture carbon dioxide emitted from its facility and use it for carbonated soft drinks and dry ice. According to the South Korean refinery on Thursday, it has signed an agreement with Dong Kwang Chemical for the project, for which S-Oil will collect by-product gases from its hydrogen production process at the Ulsan plant and supply them through pipelines to the adjacent Dong Kwang facility. There, carbon will be extracted, refined and then trans

LG Energy Solution’s new solar power project in Cheongju, North Chungcheong Province, combines the firm’s social outreach program with a mission to curb carbon emissions. Dubbed the “Power Plant for Hope Green,” the facility built at a bus transfer center in the city last year is expected to cut 4,900 tons of greenhouse gases and generate profits worth 800 million won ($712,000) over the next 20 years. All the proceeds from the 410-kilowatt facility will be donated t

The competition to develop the country’s second COVID-19 treatment continues among South Korea’s major pharmaceutical companies after Chong Kun Dang Pharmaceutical recently dropped out. South Korea’s Ministry of Food and Drug Safety announced Wednesday that it has decided not to approve Chong Kun Dang Pharmaceutical’s candidate, Nafabeltan, based on a review by its advisory board of its efficacy and safety. Chong Kun Dang Pharmaceutical’s acute pancreatitis dru

Daewoong Pharmaceutical said Thursday that the company has out-licensed its gastroesophageal reflux disease agent Fexuprazan to Shanghai Haini Pharmaceutical for 380 billion won. The deal included an upfront payment of 6.8 billion won and 13.6 billion won in milestone payments, the company added. Under the agreement, Shanghai Haini has acquired rights to conduct clinical studies for the agent used to treat a digestive disorder. Shanghai Haini would also be in charge of the entire approval pr

Hanwha Group, a South Korean energy-to-defense conglomerate, plans to sell half of its stake in US electric truck maker Nikola Corp., the two companies said Thursday. Green Nikola Holdings, Hanwha's US subsidiary that holds a 5.65 percent share in Nikola, plans to sell up to 11.1 million shares over a six-month period from June, according to a US Securities and Exchange Commission filing. Hanwha's stake in Nasdaq-listed Nikola is worth about $180 million as of Wednesday's closing price of $16.

OB to bank on All New Cass, Hanmac, Cass Zero for market lead

South Korean fuel cell maker Doosan Fuel Cell Co. said Thursday that it will team up with Korea Shipbuilding & Offshore Engineering Co. (KSOE) to develop solid oxide fuel cells (SOFCs), energy conversion devices that generate electricity, to be used for ships. Under a preliminary deal with KSOE, the subholding company of Hyundai Heavy Industries Holdings Co. (HHIH), Doosan Fuel Cell will design and produce fuel cells, while KSOE will develop technologies to apply the fuel cells to ships, th

CU is launching a beer subscription service to target the increasing number of people enjoying imbibing alone and at home, the convenience store chain operator said Thursday. BGF Retail, the firm behind the convenience store chain, has teamed up with beer subscription app service Dailyshot to roll out its service where a user can get three cans of popular beer products from a nearby CU store at 6,900 won ($6.10) per month. CU is the first to launch such a service for beer in the convenience

Amorepacific, Olive Young lead efforts to go green by reducing waste

SK Holdings Co., the holding firm of the South Korean energy-to-telecom conglomerate, said Thursday it will team up with China's Zhejiang Geely Holding Group Co. to launch a $300 million fund that will invest in future mobility technology firms. SK Holdings and Geely will each chip in $30 million for the proposed fund, and draw the rest of the finances from global investors, including European banks and Asian pension funds. SK said the mobility fund will invest in companies with automated, con

Hyundai Motor Co. said Thursday it has extended its business partnership with Royal Dutch Shell Group through 2026 for cooperation in future mobility solutions. Hyundai Motor has provided Shell's engine oil products to its global customers since 2005 through joint marketing activities, the company said in a statement. The South Korean carmaker has financed the global energy firm's research and development projects to improve the quality of its engine oil product, it said. On top of the existi