LG Electronics and LS Electric have teamed up to enhance their smart factory leadership and foray into overseas markets together, the companies said Wednesday. Their strategic alliance, formalized through a memorandum of understanding signed Tuesday, aims to leverage the combined technological prowess and market influence of both entities to forge advancements in the smart factory sector, including digital solutions, automation, and energy efficiency. LS Electric is set to contribute its core te

Industry March 6, 2024

LG Group said Tuesday that Shu Lea Cheang, a Taiwanese-American multimedia artist, has been named this year’s winner of the LG Guggenheim Award for her pioneering artistic journey of integrating art and technology over the past decades. The annual award serves as a cornerstone of the LG Guggenheim Art and Technology Initiative, a dynamic five-year project aimed at supporting innovative contemporary artists dedicated to digital artwork. Cheang, a trailblazer in the realm of Net art, has bee

Industry March 5, 2024

South Korea's Kumho Tire announced Monday a technology licensing agreement with Blatco, a tire company based in Saudi Arabia, the largest automobile consumer and import country in the Middle East. Under the deal, Kumho will provide its tire production technology to Blatco for the next two decades, focusing on tires for passenger vehicles. In alignment with Saudi Arabia's Vision 2030, Blatco is set to expand its factory in Saudi Arabia's western industrial complex to 281,000 square

Industry March 4, 2024

Starbucks Korea said Thursday it has donated 100 million won ($76,150) to the National Trust for Cultural Heritage in commemoration of the 105th anniversary of the March 1 Independence Movement Day. During the donation ceremony at Deoksugung Palace on Wednesday, the coffee chain demonstrated its dedication to preserving cultural legacy and enhancing corporate social responsibility. In anticipation of the forthcoming Liberation Day on Aug. 15, Starbucks Korea has pledged to donate an additional c

Industry Feb. 29, 2024

Shin Ho-cheol, vice president of Kakao Pay, was appointed as new chief executive officer of the stock brokerage arm, Kakao Pay Securities said Wednesday. The appointment was approved during the board of directors meeting on the same day. Pending approval at the group's regular general meeting of shareholders scheduled for March 27, Shin is set to officially assume leadership. “Given the significant responsibility of this position, I will spare no effort in expanding our growth and con

Industry Feb. 28, 2024

Biopharmaceutical giant Celltrion announced Wednesday that the first batch of its new autoimmune disease treatment Zymfentra, also known as Remsima SC, has been shipped for its planned debut in the US next month. Zymfentra is the first and only subcutaneous injection version of Remsima, Celltrion’s infliximab biosimilar, to have been approved by the US Food and Drug Agency. The company said its more patient-friendly administration compared to the current intravenous injection version is ex

Industry Feb. 28, 2024

NH Securities Vietnam, the Vietnamese unit of NH Investment & Securities, said Tuesday it has launched a mobile trading service called NHSV Pro. The launch of the mobile trading service reflects the Korean brokerage firm's strategy to expand sales and enhance financial IT systems by bolstering the Vietnamese unit's presence in Southeast Asia. Designed to cater specifically to the needs of novice stock investors in Vietnam, the service offers a suite of additional services, includin

Companies Feb. 27, 2024

South Korea's SPC Group said Monday its bakery chain Paris Baguette launched its first store in Hawaii in a bid to boost global brand awareness. With the addition of the new outlet, Paris Baguette now runs 160 stores in the United States. Strategically situated on Bishop Street, a prime location within Honolulu's bustling business district, the opening is a part of the company's international expansion strategy. "Hawaii is a world famous tourist destination that can play a st

Companies Feb. 27, 2024

Mirae Asset Global Investments announced Wednesday that it has named Ryan O'Connor, the former global head of ETF products at Goldman Sachs, as the new CEO of its US-based exchange-traded fund subsidiary, Global X. The latest appointment comes after a thorough selection process within Global X's recent strategic repositioning following its acquisition by Mirae Asset Global Investments in 2018, the company added. Starting on April 8, the new head of Global X will be tasked with enhancin

Companies Feb. 21, 2024

SK Telecom said Tuesday that it has jointly released a technical white paper with Japan's No. 1 mobile operator, NTT Docomo, for the adoption of the virtualized Radio Access Network. The joint white paper, titled “Key Considerations for vRAN,” marks two years of cooperation on the metaverse, mobile network infrastructure and media business since the two companies signed a memorandum of understanding in November 2022. VRAN, a technology that incorporates various network functions

Technology Feb. 20, 2024

South Korean pharmaceutical giant Daewoong Pharmaceutical said Monday that it has completed a new drug development system that secures drug candidates based on artificial intelligence technology. It created a collection of 800 million preprocessed molecular models, called Daewoong Advanced Virtual Database, or DAVID, and a separate AI system, called Daewoong AI System, or DAVIS, to nurture new drug candidates throughout the preclinical, clinical and commercialization phases. Daewoong said the ex

Technology Feb. 19, 2024

  South Korean battery materials producer Posco Future M said Wednesday that it has won the “Industry Mover” title from the S&P Global Corporate Sustainability Assessment (CSA) in recognition of its outstanding environmental, social, and governance efforts. The Korean firm earned 69 points in the annual sustainability assessment, a 33 percent jump from a year ago. Out of over 9,400 companies across 62 industries worldwide, only 41 companies, including Posco Future M, were

Companies Feb. 14, 2024

Citibank Korea and its sister firm Citigroup Global Markets Korea won six awards in the Korean market from a leading financial magazine in recognition of their endeavor in sustainable finance, the Korean unit of US banking giant Citigroup said Thursday. At the Asset magazine’s 2024 Triple A Awards, Citibank Korea won “Best Bank for Sustainable Finance” in recognition of its solid growth in the corporate financial business sector, which includes providing differentiated and cu

Companies Feb. 8, 2024

South Korean shipbuilding giant HD Hyundai said Wednesday that it will set up a foundation to support bereaved families of victims of industrial accidents at shipyards – the first of its kind within the industry. According to the group, the idea was proposed by HD Hyundai Chairman and co-CEO Kwon Oh-gap who also donated 100 million won ($75,477) out of his pocket. The group’s three shipbuilding affiliates – HD Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho H

Industry Feb. 7, 2024