Business
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Samsung develops air purification filter technique capable of simultaneously capturing particulate matter and volatile organic compounds
SEOUL -- A research institute affiliated with Samsung Electronics has developed an air purification filter technology capable of capturing particulate matter and harmful air pollutants called "volatile organic compounds (VOCs)" at the same time. Commercialization of the filter that can be used for up to 20 years can help various air conditioning facilities with separate filters for each hazardous material reduce filter regeneration costs and improve space efficiency. Curr
February 16, 2023 -
South Korea's sovereign wealth fund suffers largest loss of $29.7 billion in 2022
SEOUL -- South Korea's sovereign wealth fund showed the worst performance last year since it was created in 2005, logging a loss of $29.7 billion (38 trillion won) due to falling stock prices and volatile debt markets, according to the fund's operator Korea Investment Corporation (KIC) on February 15. In a KIC report submitted to Rep. Yang Kyung-sook of the main opposition Democratic Party of Korea (DPK), the sovereign fund posted a 14.36 percent loss in 2022 as it suffered
February 15, 2023 -
411,000 jobs added in January, posting lowest growth in 22 months amid economic slowdown
SEOUL -- South Korea added 411,000 jobs to the economy in January, recording the lowest job growth in 22 months, Statistics Korea said February 15. The slow job growth was attributed to an economic slowdown and the falling population. The number of employed people increased by a mere 1.52 percent, or 411,000, to 27,363,000 last month from a year earlier, according to the statistical office. The payroll increase has continued to slow down since 935,000 jobs were added in May 20
February 15, 2023 -
CJ Cheiljedang becomes first S. Korean company to exceed $8 billion in food sales
SEOUL -- CJ Cheiljedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, has recorded 11.1 trillion won ($8.75 billion) in food sales in 2022. The company which gained global popularity through a Korean cuisine brand called "Bibigo" has become the first domestic company to exceed food sales of 10 trillion won. Cheiljedang has strived to gain a competitive edge in the global market and nurture Bibigo as a global brand. The company acquir
February 14, 2023 -
Kakao taxi-hailing app fined for giving preferential treatment to franchise caps
SEOUL -- The Korea Fair Trade Commission (KFTC) has decided to impose a fine of 25.7 billion won ($20 million) on the tax-hailing service unit of tech giant Kakao Corp. for having manipulated its algorithm since 2019 to give more calls to cabs under its franchise. On February 14, the KFTC said that Kakao Mobility has strengthened its dominant market status in an unfair manner by giving preferential treatment to its franchise taxis under the KaKao T Blue brand, although the company&
February 14, 2023 -
50 domestic firms' dividend payments down 13.7% in 2022 amid weak economy
SEOUL -- Fifty major domestic companies' combined dividend payments decreased 13.7 percent year-on-year to 15.66 trillion won ($12.35 billion) in 2022 on the back of an economic slowdown, Leaders Index, a corporate analysis institute, said February 14. The institute said the dividend cut was attributed to overall weak corporate performance amid sluggish exports and falling domestic demand in the wake of the global economic slump. Leaders Index selected 50 out of the country
February 14, 2023 -
LegoChem secures licensing agreement with Elthera AG to develop anti-drug conjugate therapy
SEOUL -- LegoChem Biosciences (LCB), a clinical-stage biopharmaceutical company in South Korea, has signed a license agreement with Elthera AG, a Switzerland-based biotechnology company, to adopt utilize a monoclonal antibody capable of attacking proteins that appear in various types of cancers such as pancreatic and ovarian cancer. Using the antibody, the South Korean company will also develop and commercialize antibody-drug conjugate technology. An antibody-drug conjugate (ADC) i
February 14, 2023 -
SK Plasma partners with Janssen Korea to supply cancer medication Dacogen in S. Korea
SEOUL -- SK Plasma, a South Korean producer of plasma-derived blood products, will become the domestic supplier of Dacogen, a cancer medication for a group of blood cell-related disorders called "myelodysplastic syndrome," by partnering with the South Korean office of Belgium-based pharmaceutical company Janssen Pharmaceuticals. Myelodysplastic syndrome takes place when bone marrow, soft tissue found in the center of the bones, is unable to produce enough blood cells. Acc
February 13, 2023 -
Pulmuone partners with eco-friendly food tech company for commercialization of cultivated meat products
SEOUL -- South Korean food product maker Pulmuone has partnered with a domestic green food tech company Simple Planet in a bid to commercialize cultivated meat products targeting vegans and other consumers who do not eat meat because of ethical reasons. According to Euromonitor, a global market research firm, South Korea's alternative meat market stood at about 20 billion won ($15.6 million) in 2022, up 28 percent from 2021's 16.5 billion won. The market is projected to rea
February 13, 2023 -
South Korea to invest $391 million in future car technology
SEOUL -- The Ministry of Trade, Industry and Energy plans to invest 499.4 billion won ($391 million) in developing future car technology this year as part of efforts to find a new growth engine for the Korean economy. The ministry said February 9 that the investments will be injected into 311 projects ranging from research and development to infrastructure building and manpower training. About 229.3 billion won will be set aside for technology development for eco-friendly cars
February 13, 2023
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Veteran actress Kim Soo-mi dies at 75
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VISUALS: Extreme sports festival kicks off at Gwanghwamun
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South Korea, U.S. defense chiefs to hold talks in Washington
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North Korean troops in Russia are Moscow's 'business,' Putin says
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LG Electronics heat pump to win innovation award at US expo
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PHOTOS: Korea observes Dokdo Day
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Hyundai Mobis posts 31.6% jump in Q3 operating profit
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Old movies make comeback to theaters with nostalgic appeal
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Cyclonic storm makes landfall on eastern Indian coast
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TikTok hosts creator summit in Saudi Arabia