Samsung Electronics Co. on Wednesday introduced its 2021 TV lineup, which includes new Mini LED and Micro LED TVs in various sizes, as the South Korean tech giant eyes to cement its leadership in the global TV market. The world's largest TV maker said at its Unbox & Discover online event that its new Neo QLED TV, which was first unveiled at the all-digital Consumer Electronics Show (CES) 2021 in January, will be launched globally starting in South Korea. The Neo QLED TV, which uses Quantum

Nexon said Monday it would disclose the draw probabilities of its “random” cash items to regain trust from users, as it is engrossed in scandal over the company’s alleged manipulation of game odds. In the second apology posted on the official website of its fantasy adventure PC game MapleStory, Nexon director Kang Won-ki said the company is preparing to disclose data and records that would dispel suspicions surrounding the game’s random item draw system by Friday at th

South Korea’s Hanmi Pharmaceutical announced Tuesday that the US Food and Drug Administration has postponed its commercialization approval of Oraxol. Oraxol is an oral formulation of paclitaxel, a drug used to kill dividing tumor cells. The novel treatment for metastatic breast cancer currently outlicensed to the company’s US partner Athenex. In a statement released Tuesday, Hanmi said its US partner Athenex received a complete response letter, in which the FDA included a review

As South Korea ramps up its COVID-19 vaccination campaigns, two local biopharmaceuticals are leading the supply and distribution of foreign jabs -- Green Cross and SK Bioscience. The state-run Public Procurement Service recently announced that Green Cross has been selected as a local distributor of the mRNA-1237 vaccine developed by US biotech firm Moderna, one of the COVID-19 vaccines that needs to be kept at low temperatures. Green Cross would be in charge of the distribution of the Moder

S. Korea’s No. 2 and No. 3 conglomerates aim to add speed to ‘hydrogen economy’

SK Innovation has asked the US president to intervene in its battery patent fight with LG Energy Solution, saying it might have to “abandon” a $2.6 billion production base in Georgia after its defeat last month in the top US trade court. Making a case for a presidential veto of the court decision, the South Korean firm gave a presentation to US government officials, which the Wall Street Journal reported underscored that the Georgia plant will create 2,600 new jobs and contained

Hyundai Motor has filed a request to the Fair Trade Commission to change the company’s leader from honorary chairman Chung Mong-koo to his son Chung Euisun, according to industry sources Tuesday. If the FTC accepts the request, the corporation would get its first new chief in 21 years. Every May, the FTC releases a list of major conglomerates with aggregate value over 5 trillion won ($4.4 billion), and also those valued at over 10 trillion won and subject to mutual investment restricti

Hyundai Motor Group began construction of its first overseas fuel cell system plant in China, holding a virtual ground breaking ceremony on Tuesday. HTWO Guangzhou is the automaker’s first foreign plant producing fuel cell systems, and the construction is expected to be complete by the second half of 2022. HTWO is the group’s fuel cell system brand. The ceremony to market the official start of the construction work connected officials at Hyundai Motor Studio Goyang in Gyeonggi P

Lotte Confectionery is launching a spicy cheese tteokbokki-flavored ice cream, the company said Tuesday. The new flavor is being introduced as a limited edition of Lotte’s Chal Tteok ice cream line. A total of 500,000 will be sold in retail channels including supermarkets and ice cream discount stores. To make the tteokbokki flavor, the company said it mixed Jalapeno into the orange-colored rice cake, which wraps around the cheddar cheese-flavored ice cream with spicy chips and cookie

LG Innotek said Tuesday it has developed the world’s first automotive Wi-Fi 6E module that would enable passengers to enjoy watching movies or playing games with seamless connections in cars. The electronic parts manufacturing affiliate of LG Group said the automotive Wi-Fi 6E module using 6GHz bandwidth boasts a data transmission speed of 1.2 gigabits per second that is approximately three times faster than the existing Wi-Fi 5. It only takes 2 milliseconds to connect to the network,

South Korea’s share in global research and development spending in technology has waned as China’s is rapidly rising, a comparative report by the Federation of Korean Industries showed on Tuesday. The number of Korean companies that made it to the list of leading 2,500 corporate investors in R&D plunged from 80 in 2014 to 56 in 2019, the report revealed. The Korean firms’ share in the total value of R&D investments also shrunk from 3.9 percent to 3.6 percent during

The number of shoppers at duty free stores stood at 343,983 in January, the lowest since the coronavirus crisis began to affect the South Korean economy last March, according to the Korea Duty Free Shops Association. Some 280,000 South Korean nationals and 59,600 foreign nationals spent a 1.38 trillion won, the latest data from the association showed. The figure is down nearly 80,000 compared to December last year. Sales, however, are up 16.7 percent compared to the previous month. Compared t

SsangYong Motor Co. said Tuesday its sales plunged 61 percent last month from a year earlier on lower demand for its vehicles amid the COVID-19 pandemic. SsangYong Motor sold 2,789 vehicles in February, down from 7,141 units a year ago due to a sharp decline in domestic sales and exports, the company said in a statement. Domestic sales fell 48 percent to 2,673 units last month from 5,100 the previous year, and exports plummeted 94 percent to 116 from 2,041, it said. SsangYong Motor's lineup c

South Korean battery maker LG Energy Solution Ltd. was the No. 2 supplier of electric vehicle (EV) batteries in the world in January after China's CATL, a market research firm said Tuesday. LG Energy Solution, which spun off from LG Chem Ltd. in December last year, shipped 2.5 gigawatt-hour (GWh) equivalents of EV batteries in January, up 50.6 percent from a year earlier, according to SNE Research. But its global market share shrank to 18.5 percent from 23.9 percent in the same month last ye

Financially troubled carmaker SsangYong Motor Co. said Tuesday it has resumed the operation of its local plant after a weekslong suspension due to a glitch in its parts supply. SsangYong Motor halted its plant in Pyeongtaek, 70 kilometers south of Seoul, for two days in December and 16 days last month as its subcontractors refused to supply parts due to outstanding payments. The SUV-focused carmaker filed for court receivership on Dec. 21 after it failed to obtain approval for the rollover of