Samsung Electronics said Thursday that it has acquired Oxford Semantic Technologies, a UK-based startup, to enhance the on-device AI integrated into its Galaxy series. According to the tech giant, the acquisition was formalized Tuesday, though the financial details have yet to be disclosed. The acquired firm, founded in 2017 by three professors from the University of Oxford, leads in knowledge graphs, a key technology for advancing and personalizing artificial intelligence. This technology, whic

Technology July 18, 2024

Celltrion’s subcutaneous injection formulation of the autoimmune disease treatment infliximab, known as Remsima SC or Zymfentra, has secured a bigger footing in Europe, the Korean biosimilar giant said Wednesday. Citing the global pharmaceutical market research firm IQVIA, Celltrion said that Remsima SC made up about 21 of the market share across Europe in the first quarter of this year, the highest figure since its European launch in 2020. The company attributed the robust growth to its

Industry July 17, 2024

Posco International said Tuesday that it is supporting the nation’s small- and medium-sized enterprises to expand their business abroad by offering its own networks and infrastructure around the world. As part of the shared growth initiative, a group of 11 business people visited Canada last week to meet with potential buyers and nurture new business opportunities. Posco International, the trading and energy arm of Posco Group, plans to operate a field trip program in eight countries, in

Industry July 16, 2024

SK Telecom said Monday that it has sealed partnerships in Canada and the US to expand its proprietary artificial intelligence-driven veterinary diagnostic service, X Caliber, into the North American pet market, the largest globally. Originally launched in Korea in September 2022, X Caliber executes diagnostic results through AI analysis of X-ray images. This expansion into North America follows its recent launches in Australia and Indonesia. Expansion in Canada has been confirmed through a distr

Technology July 15, 2024

LG Energy Solution said Sunday that it has developed an artificial intelligence solution to substantially shorten the battery cell design period from two weeks to just one day. This significant leap in the initial stage of battery production leverages generative AI techniques to output battery cell designs from clients' specific requirement input. Harnessing the proprietary battery design algorithm, which uses data from approximately 100,000 design cases, the AI model ensures optimal cell

Mobility July 14, 2024

South Korean design software developer Zyx Technology has globally launched its proprietary computer-aided design (CAD) application program, Works. Works offers approximately 270 utility functions tailored to various industries utilizing CAD. CAD is a computer program that generates two- or three-dimensional graphic representation. It is employed in various fields, such as computer animation, industrial, civil and architecture design. Notable features offered by Works are the multiplot feature,

Technology July 10, 2024

HD Hyundai Samho, a shipbuilding division of HD Hyundai, said Wednesday it extended its vessel berthing facility to accommodate rising orders for high-value, eco-friendly ships. The company held a ceremony to celebrate the completion of its second dolphin quay earlier in the day at its shipyard in Yeongam-gun, South Jeolla Province. HD Hyundai Chairman Kwon Oh-gap and HD Hyundai Samho CEO Shin Hyun-dai joined the event, along with Mokpo Mayor Park Hong-ryul and Yeongam-gun's head, Woo Seu

Industry July 10, 2024

SPC Group, the Korean operator of Baskin Robbins, said Wednesday that it is set to launch a new ice cream flavor co-developed by Google’s artificial intelligence model Gemini. The new flavor, named Tropical Summer Play, is Baskin Robbins’ first attempt globally to use AI to create an ice cream flavor. The Korean operator said the attempt comes as part of its business initiative to integrate AI and big data analytics into the food industry. “Through this project, we have confirm

Industry July 10, 2024

The state-run Export-Import Bank of Korea said Monday that it will provide $150 million in project financing for a major solar power generation project in the United Arab Emirates, the first of such to be undertaken by South Korea. This financial procurement comes after the state-owned Korea Western Power Co.’s joint win of the bidding with EDF-Renewables, a subsidiary of Electricite de France, which will now fully organize the entire process of the project. Korea Eximbank has long expre

Industry July 8, 2024

Posco Future M, the battery materials company affiliated with Posco Group, said Thursday it has conducted technical training for key employees of its joint venture project with General Motors in Quebec, Canada. A total of 21 members of Ultium CAM, the cathode material-making joint venture set up with the US auto giant General Motors in May 2022, participated in a monthlong program held at the firm’s training center in Seoul and its cathode materials plant in Pohang, North Gyeongsang Provin

Mobility July 4, 2024

The American Chamber of Commerce in Korea said Wednesday that it has kicked off the Young Professionals Program to empower emerging leaders and strengthen Korea-US ties. Hosted and supported by AmCham, YPP provides young professionals in their 20s and 30s with networking opportunities with industry leaders, government dignitaries and seasoned experts. This also sets the ground for delicate discussions on business initiatives and policies pertinent to AmCham member firms in Korea. AmCham Chairman

Industry July 3, 2024

LS Cable & System said Tuesday that it has signed a deal worth 100 billion won ($72 million) with LS Power Grid California, a transmission network operator in the US. LS Power Grid California, a subsidy of LS Power -- a New York-based energy and power infrastructure operation and investment company -- will be a key partner in the venture. With the contract, LS Cable & System will be the first supplier of submarine cables to the western region of the US. The newly secured deal involves th

Companies July 2, 2024

South Korea’s top tobacco maker KT&G on Monday released its 2023 business report, renewing its commitment to advancing its carbon neutrality goals and improving corporate governance. The report, an amalgam of its annual strategic reports and publications on activities tied to environmental, social, and governance, outlines a quantitative account of the company’s eco-friendly management vision and advancements in corporate governance. “Our ESG capabilities are the driving fo

Industry July 1, 2024

Korea Exchange CEO Jeong Eun-bo held a roundtable meeting with mid-sized companies listed on the nation’s main bourse Kospi to encourage their active participation in the government-led corporate “value-up” program. This is the third meeting of its kind following Jeong's previous ones with large corporations and financial firms. Earlier this year, the government announced the value-up program aimed at elevating the undervalued stock prices of Korean firms, a phenomenon w

Economy June 27, 2024

Samsung Electronics plans to unveil its highly anticipated next-generation Galaxy Z series infusing Galaxy AI at the upcoming event titled "Galaxy Unpacked 2024: Galaxy AI is Here” in Paris on July 10. The Korean tech giant released a teaser trailer through its YouTube channel on Wednesday, offering a tantalizing glimpse into the event that will be broadcast globally. The 15-second clip features iconic imagery of the Eiffel Tower, the Galaxy AI logo and a silhouette of Samsung’s

Industry June 26, 2024