South Korea has raised its automotive industry's concerns with the United States over Washington's inquiry and envisioned rules to address potential security risks from "connected vehicles" that use technology from China and other countries of concern. On April 30, the South Korean government submitted its comments to the US Department of Commerce as the department has requested public feedback on its rule-making process designed to tackle those risks stemming from supply cha

In the first quarter of this year, the proportion of domestically registered diesel cars fell below 10 percent for the first time. As more consumers in South Korea avoid diesel cars due to decarbonization regulations and the need to import urea for them mainly from China, the decline in sales is expected to accelerate this year. According to data from the Carisyou data research institute, a total of 39,939 diesel vehicles were registered in the domestic market during the first quarter of this

Hanwha Life, a major insurer under the Korean conglomerate Hanwha Group, is set to expand its presence in Southeast Asia, having secured a stake in Indonesia's Nobu Bank, according to the insurer on Monday. Hanwha Life acquired a 40 percent stake in Nobu Bank through a deal signed with Indonesia’s Lippo Group, a major conglomerate with businesses spanning Southeast Asia. The deal signing event was held in Jakarta on Friday, with Hanwha Life Vice Chair and CEO Yeo Seung-joo, its Presid

Chey Tae-won says backpedaling on green initiatives will carry costly consequences

After years of pandemic disruptions, Korea’s No. 1 travel agency posts threefold surge in sales in 2023, betting big on Chinese recovery in H2

Financial group expects merger with digital brokerage house would give edge in mobile stock trading services

Naver logs all-time high quarterly sales in Q1 thanks to growth in search platform, e-commerce and cloud services

Samsung Electronics Chairman Lee Jae-yong returned to Seoul on Friday after his trip to Europe, where he made a surprise visit to Vatican City to meet with Pope Francis, and met with business counterparts for cooperation. During the 10-day trip, Lee traveled to Germany, France and Italy, and checked on the company's business operations there. “The spring has come,” he told reporters without further explanation, upon his arrival at the Seoul Gimpo Business Aviation Center. He did

Samsung Life Science Fund, an investment fund created by Samsung affiliates, will invest in Latus Bio, a US gene therapy development company, according to Samsung Bioepis on Friday. It is the sixth investment made by the fund between Samsung Biologics, Samsung C&T and Samsung Bioepis, to explore new business opportunities in the biotechnology sector. The exact amount of investment has not been disclosed. Latus Bio is a US biotech that develops novel gene therapy candidates for disorders of t

Hugel has started its development of new botulinum toxin products using a botulinum toxin type that has a faster onset and shorter duration of effect, the aesthetics firm said Friday. According to Hugel, botulinum neurotoxins that are currently used for therapeutic and cosmetic applications have been botulinum neurotoxin type A and B. The onset of action of botulinum toxin A, which is most widely used for cosmetic applications, ranges from three to seven days, while its therapeutic effect usuall

Korea’s new state space agency, the Korea AeroSpace Administration, or KASA, will focus on rearranging roles with the private sector to support companies to lead commercial space developments while the government concentrates on long-term space projects, the nominee for the top leadership position at KASA said Thursday. “So far, Korea’s space sector has been led by the government out-sourcing projects to the industry,” said Yoon Young-bin, an aerospace engineering profess

Celltrion announced Thursday that the company has won public tenders in Peru to provide its autoimmune disease treatment Remsima (infliximab) and anticancer product Herzuma (trastuzumab) to the South American country. According to Celltrion, Remsima has won a tender held by the Peruvian Workers' Insurance System (EsSalud), which is the largest of its kind, accounting for 81 percent of the total infliximab volume in Peru. The company will supply Remsima for a year starting this month. Celltr

LG CNS said Thursday that the company has entered the steel scrap market by setting up a joint venture with local steel firm Daehan Steel. The new entity, called Aimos, will develop a cloud and artificial intelligence-based solution that can sort out scrap steel from metallic waste. “The demand for steel scrap is increasing along with the wider adoption of environment-friendly electric arc furnaces that use steel scrap as its raw material,” an official from LG CNS said. Its new sol

Nobuo Tanaka underlines importance of Korea, US, Japan collaboration to develop sustainable nuclear power system

Korea’s antitrust regulator has approved IT giant Kakao’s acquisition of a 39.87 percent stake in SM Entertainment, the K-pop agency behind EXO, aespa and NCT, contingent upon the implementation of corrective measures. The Fair Trade Commission said Thursday that it imposed two forms of corrective measures to address concerns that the merger of Kakao, a major IT company that owns both the music streaming service Melon and SM Entertainment, may pose a threat to competition in the loca