The presidential artificial intelligence (AI) committee plans to devise a national strategy within the first three months of next year to make South Korea one of the world's top three leaders in the AI industry, the science ministry said Monday. The committee held its first workshop earlier in the day to kick off its preparations to devise the national AI strategy aimed at fostering the country's competitiveness in the field, according to the Ministry of Science and ICT. The government

Lotte Biologics said Monday that it has hired James Park, former sales chief at Samsung Biologics and CEO of GC Cell, as its new CEO. Park, a 58-year-old industry veteran, holds a bachelor’s degree in chemical engineering from the University of California, Davis, and a master’s degree in industrial engineering from Columbia University. He has held various leadership roles at global pharmaceutical companies, including Merck and Bristol Myers Squibb, where he oversaw drug development a

South Korean biopharmaceutical firm Celltrion said Monday it has submitted an investigational new drug application to the US Food and Drug Administration for a Phase 3 clinical trial of CT-P44, its new biosimilar candidate referencing Darzalex. Darzalex, a targeted cancer therapy, inhibits the growth of myeloma cells by binding to specific surface proteins. The Phase 3 trial will evaluate the pharmacokinetics, efficacy and safety of CT-P44 compared to Darzalex in 486 patients with relapsed or re

Samsung Biologics has promoted Kevin Sharp, head of its New Jersey office leading global sales, to executive vice president, largely buoyed by the company's record contract manufacturing orders secured this year. In a management reshuffle Friday, the company promoted Sharp and five other executives to recognize their contribution to Samsung Biologics' larger global market presence. Sharp joined the company in 2017 after 10 years at GlaxoSmithKline in the US, where he served as a pro

South Korea’s luxury watch transaction platform Viver said Monday it is launching its cross-border service, largely buoyed by its successful launch at home. Dunamu, the operator of the nation’s largest crypto currency exchange Upbit, established Viver as a subsidiary in 2022 to venture into new markets for physical assets. The platform has seen steady growth, with cumulative transactions surpassing 100 billion won ($71.3 million). More than 16,000 products have been filed and almost

Volkswagen-backed Swedish battery maker files for bankruptcy after failing to narrow gap with Asian rivals

Global players in startup investment and innovation gathered in Seoul on Monday to drive cross-border collaboration and nurture startups in Asia. The inaugural Foster Bridge summit -- co-hosted by Premier Plan, The Garrison, BOWL International and Sugarful Studio -- began its two-day run at Seoul Dragon City in Yongsan-gu, attracting almost 60 investors and business representatives from 20 countries, alongside local stakeholders. Under the slogan, “Building bridges for global innovation an

Ably Corporation, operator of women’s fashion e-commerce platform Ably, announced on Monday that it has secured its first global capital investment of 100 billion won ($75 million) from China’s Alibaba Group. This marks Alibaba's first stake acquisition in a Korean e-commerce platform, with the group reportedly obtaining some 5 percent of Ably's shares. Ably's valuation has tripled in three years, compared to 900 billion won during its pre-Series C funding round in Jan

The 2025 Genesis GV70 Electrified brings a refreshed design inside and out. Updates include a new grille with a gradient pattern, streamlined air intakes and new 20-inch matte gray wheels. A fresh Ceres Blue color option -- offered in matte or glossy finishes -- offers more variety. The interior maintains its spacious layout while incorporating updated oval-themed accents for a modern look. Genesis plans to release more details about pricing and features closer to the launch early next year. (Ge

Korean automakers brace for Trump administration’s uncertainties with flexible approach

LG Electronics said Monday it is teaming up with the Ministry of Trade, Industry and Energy to expand exports of its cooling solutions for data centers powering AI. The large-scale cooling systems, called chillers, are in high demand as thermal management becomes crucial for operating massive data centers. According to LG, Industry Minister Ahn Duk-geun visited LG’s chiller plant in Pyeongtaek, Gyeonggi Province, earlier in the day and pledged the ministry’s full support to boost t

Samsung Biologics has introduced a new charity program designed to assist children in need, in cooperation with neighboring restaurants and retail stores, as part of its ongoing efforts to enhance corporate social responsibility. According to the company, the launch ceremony took place Monday at the company’s headquarters in Songdo, Incheon. The event was attended by Rep. Jung Il-young of the Democratic Party of Korea, John Rim, CEO of Samsung Biologics, Park Jae-sung, head of the company&

Hyundai Engineering & Construction said Monday it has recently opened a showroom for Hillstate Deungchon in Gangseo-gu, Seoul, to start the housing subscription process. Hillstate Deungchon features 12 15-story buildings with five basement floors, accommodating a total of 543 households. Of these, 274 units are available for general sale. The apartments offer two main layouts: 59 square meters for 103 households and 84 square meters for 171 households. New residents are expected to move in b

Rental accommodation provider Weave Living said last Thursday it is launching its flagship property “Weave Suites – Sunyu Parkside” in Seoul to attract both locals and expats here with premium serviced apartments. Established in 2017, Weave Living currently operates about 3,000 rental units across the Asia Pacific region under four consumer brands: Weave Studios, Weave Place, Weave Suites and Weave Residences. Weave Suites, as serviced apartments, in particular, caters to resid

South Korea's sole tank maker Hyundai Rotem said Monday that it has delivered its K808 White Tiger wheeled armored personnel carriers to Peru in a $60 million deal, marking the entrance of Korea-made armored vehicles into the Latin American market. The contract was commissioned by the Peruvian Army Arsenal in May and facilitated by South Korea’s STX Corporation -- a global trading company specializing in defense procurement. Hyundai Rotem will supply 30 K808 vehicles through STX Corpo