Samsung Electronics announced on October 17 that it has acquired a 100% stake in Zhilabs, a company based in Barcelona that specializes in solutions for analysis of next-generation network traffic and service quality. This is the first time Samsung Electronics took over a network business-related co
Anti-cancer drugs developed in Korea are receiving love calls from global pharmaceutical and biotechnology companies.According to the pharmaceutical industry on October 9, overseas pharmaceutical companies are seeking cooperation with Korean companies to increase the effectiveness of their drugs by
National Day Message from Saudi Arabian AmbassadorBy Riyad A. Almubaraky, Ambassador of the Kingdom of Saudi Arabia to the Republic of KoreaThe twenty-third day of September 1932 was a glorious day in our history where the founding King Abdul Aziz bin Abdul Rahman Al Saud had unified the Kingdom of
SK Hynix Inc. is expected to see its operating profit account for more than 80 percent of the total of SK Group this year. As the group is becoming more and more dependent on the semiconductor business, it is getting more and more vulnerable as a whole. Market experts say that it is urgent for the g
Local venture companies are paying attention to the government’s plan to create an 8 trillion won (US$7.12billion) fund to invest in promising startups. In particular, the success of the fund is in fund managers’ hands as they will autonomously decide on which startups are to receive funding.Accordi
Korean biotechnology venture companies with technological power are gaining a lot of investment.The Korea Biotechnology Industry Organization (Korea BIO) announced on August 27 that ABL Bio attracted a total of 70 billion won (US$58 million) from 10 domestic venture capital companies in June, the bi
The governments of North Chungcheong Province and Cheongju City announced on August 21 that they have signed investment agreements with CuraChem, FoodyWorm, and Cosmetic Solution K that decided to build a research center and a production base in Osong Bio Valley.The signing ceremony was attended by
SK Telecom announced on Aug. 21 that it has signed a business agreement with Macrogen, a precision medical biotechnology company, to develop a genome analysis solution based on artificial intelligence (AI).Genomic analysis is to identify DNA mutations, sequence information, and disease information.
Samsung Electronics has denied rumors that it would build vehicles. “There are some rumors that we will manufacture fully built vehicles such as electric vehicles and self-driving cars, but the rumors are not true at all,” it said on its intranet.Earlier, on August 8, Samsung Electronics selected ar
The Kolon Group is striving to boost its competitiveness in the pharmaceutical and biotechnology business through cooperation with Korean and foreign partners. The group plans to become a mid-sized pharmaceutical company by signing co-promotion agreements with global pharmaceutical companies at home
South Korea’s top 10 business groups have increased their investment in research and development (R&D) by 10 percent on average in the first half of this year, according to data released by the Financial Supervisory Service.The data show that the total amount of R&D investments by 69 listed subsidia
Samsung Electronics has decided to invest 180 trillion won (US$150 billion) over the next three years until 2020, and investors are busy searching for the stocks that would benefit from it. Samsung's investment covers future growth businesses such as artificial intelligence (AI), biotechnology,
Korean bio-health venture companies are establishing research centers and production facilities in Osong Bio Technopolis.North Chungcheong Province and Cheongju City have recently signed an investment agreement with six companies including G2GBIO, Optolane and Bio Prism. The aggregate amount of inve
The Korean government is set to launch a 2 trillion won (US$1.78 billion) project to help domestic biotech companies develop new drugs. The move is intended to revitalize the domestic biotech industry, which was recently hit by a string of bad events.According to industry sources on July 24, the thr
Korean refineries and chemical companies are turning their attention to the bio-pharmaceutical market. Experts say that now is the right time for these companies to invest in biotech, a major future growth engine, as they have accumulated enough profits from their prosperous businesses.The SK Group
Samyang Biopharm announced on July 23 that it is planning to establish an overseas subsidiary in Boston next month to strengthen its bio business.The US subsidiary will develop and introduce candidate biomaterials and related technologies at an early stage based on the networking with global compani
Fresh investment in venture companies continues to increase despite sluggish economic growth. This year, 1 trillion won (US$881.06 million) worth of fund of funds has been raised for the second consecutive year, invigorating the venture investment market. If the current trend continues, the size of
Samsung Medison is planning to introduce a next generation ultrasonic medical device this October, aiming to take a leading position in the global market. The company has been all-out to develop strategic products to shake the world’s ultrasonic medical device market.According to the medical and bio
Invossa, Korea's first gene therapy drug for knee osteoarthritis developed by the Kolon Group, made a foray into China, the largest market in Asia. Kolon signed a contract to supply 230 billion won (US$207 million) worth of Invossa to Henan Province in China for five years. The deal represents o
A Korean company announced on July 17 that it has found the hull of a Russian “treasure ship” that sank 113 years ago in waters off Ulleung Island in the East Sea.The ship, dubbed the Dmitrii Donskoii, was a first-class armored cruiser of the Russian Baltic Fleet. It is said to be carrying 5,500 box