GI Innovation registers European patent for allergy drug treatment combined with microbiome therapy

SEOUL -- South Korea's bio-venture company GI Innovation has registered GI-301, an allergy treatment drug, and a microbiome-based combination therapy, at the European Patent Office. Through patent registration, the company can prevent other pharmaceutical firms from commercializing the microbiome by incorporating it into a fusion protein in Europe. GI-301 is a fusion protein capable of effectively handling allergic reactions with its Immunoglobulin E (IgE), a type of antibody tha

July 27, 2023

Hyundai and Kia join hands with global automakers to build EV charging network in N. America

SEOUL -- To gain a competitive edge in North America's electric vehicle charging market, Hyundai and Kia will establish a joint venture with five major automakers -- BMW, General Motors, Honda, Mercedes-Benz, and Stellantis. Without disclosing details on the investment amount, the seven carmakers said they would install at least 30,000 fast chargers in urban areas and highways in the United States and later expand its infrastructure to Canada. The deal can help the South Korean compa

July 27, 2023

Hyundai Motor and Seoul National University open joint research center for next-generation batteries

SEOUL -- In a bid to acquire homemade technology for next-generation high-performance batteries that are used in electric vehicles and energy storage systems, Hyundai Motor and the Seoul National University have opened a joint research center. The establishment of the joint battery research center has been discussed since November 2021 when the South Korean carmaker and the prominent university signed a memorandum of understanding to cooperate in the mid and long-term research of bat

July 26, 2023

Seoul provides Asia-Pacific region's top 5G mobile download speed: data

SEOUL -- Recent market research data by OOKLA, an internet access performance analysis firm, showed that Seoul provides the fastest 5G mobile download speed in the Asia-Pacific region. South Korea, which commercialized 5G mobile data communication in 2019, has some 30 million 5G mobile phone service subscribers. According to OOKLA, the average download speed of 5G data communication in Seoul stood at 533.95 megabits per second while the average 5G download speed in Kuala Lumpur stood

July 26, 2023

GI Biome partners with multi-target antibody developer ProGen to research next-gen obesity treatment

SEOUL -- South Korea's microbiome-based drug developer GI Biome has partnered with ProGen, a Seoul-based company that develops multi-targeted antibodies for anti-cancer and immune disease treatment, to jointly research and develop a next-generation obesity treatment drug. GI Biome said that the company signed a memorandum of understanding with ProGen to cooperate in the research and development of a next-generation obesity treatment drug. The two companies will jointly research GI

July 25, 2023

Daesang starts mass production of low-calorie alternative sweetener product

SEOUL -- South Korea's major food manufacturing group Daesang has started the mass production of allulose, a low-calorie alternate sugar product, in a bid to target the domestic sweet alternative market valued at 330 billion won ($257.6 million) in 2020. The growth of the South Korean alternate sugar product market gained traction over the last five years, especially during the COVID-19 pandemic, when people's awareness of wellness and eating healthy food had increased. One b

July 24, 2023

CGBIO acquires medical aesthetics product company targeting domestic plastic surgery market

SEOUL -- CGBIO, a total healthcare provider in South Korea, has acquired DNC AESTHETICS, a medical aesthetics product maker, to target the domestic plastic surgery market that was valued at $1.95 billion in 2021 with products that are used at plastic and cosmetics surgery hospitals. South Korea has a plastic and cosmetics surgery market that is growing at an average annual growth rate of 13.2 percent, according to Expert Market Research, a global market research firm. For the last deca

July 24, 2023

Online fashion platform Musinsa attracts $157.8 mln through Series C funding led by KKR

SEOUL -- Musinsa, a popular South Korean online fashion platform, has attracted more than 200 billion won ($157.8 million) through Series C round funding led by American investment company Kohlberg Kravis Roberts & Co. with participation from Wellington Management, an American private independent investment management firm. Musinsa made a foray into South Korea's fashion industry in 2003 as a small online fashion community. The startup company opened an online shopping mall i

July 20, 2023

S. Korea to inject $22.7 mln for establishment of 'digitally-collaborative' factories

SEOUL -- As part of the country's big push towards the acceleration of the digital transformation of industries, South Korea will inject 28.8 billion won ($22.7 million) to build six "digitally-collaborative" factories in manufacturing sectors such as shipbuilding, carmaking, and machinery by 2025. The smart factories will connect a factory to various bodies including their clients and management to set up a two-way communication system that will optimize the operation and re

July 20, 2023

S. Korea sets minimum wage for 2024 at 9,860 won per hour

SEOUL -- Through 15 sessions of negotiation meetings, South Korea's Minimum Wage Council finally decided to set the minimum wage for next year at 9,860 won ($7.8) per hour, and the minimum monthly wage at 2,060,740 won, up 2.5 percent from 2023's minimum wage of 9,620 won per hour and 2,010,580 won per month. Through the meetings, labor demanded that the minimum wage should be set above 10,000 won while management claimed that the increase should be frozen or minimized to help

July 19, 2023