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Baek Byung-yeul

Korea Times K-Culture Reporter

Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.

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Companies

HanAll Biopharma set to expand presence in Asia with autoimmune treatment

A HanAll Biopharma researcher conducts experiments in this photo provided by the company, Monday. Courtesy of HanAll BiopharmaBy Baek Byung-yeulLocal biotech company HanAll Biopharma is seeking to expand its presence in Asia, as the company is set to begin Phase 3 clinical testing of its autoimmune disease treatment candidate in Japan in the second half of 2022, the company said Monday.“HanAll plans to deliver innovative therapy to patients around the world by launching a Phase 3 clinical trial in MG in Japan in the second half of this year. As HanAll holds the rights to batoclimab outside its region including Korea, Japan and Oceania, the company's aim to introduce a global blockbuster into the market is not building castles in the air,” a company spokesperson said.MG stands for myasthenia gravis. It is a rare, severe autoimmune disorder of the neuromuscular junction characterized by weakness in muscles. In the U.S. around 65,000 patients are suffering from the disease.The current therapies are limited due to inadequate efficacy, safety issues and limited access to the t

Jul 11, 2022By Baek Byung-yeul
HanAll Biopharma set to expand presence in Asia with autoimmune treatment
Companies

SD Biosensor to acquire US diagnostic firm Meridian for $1.53 bil.

SD Biosensor's COVID-19 test kit / Captured from SD Biosensor's web pageBy Baek Byung-yeulSD Biosensor, a local biotech company known for its COVID-19 test kits, said Friday that it agreed to acquire U.S.-based diagnostic company Meridian Bioscience for 2 trillion won ($1.53 billion). This is the largest amount for an M&A deal in the domestic bio industry. SD Biosensor jointly took part in the acquisition with local private equity firm SJL Partners. Their plan is to acquire a 100 percent stake in Meridian with 60 percent held by SD Biosensor and 40 percent with SJL Partners.SD Bioscience expects the acquisition to help strengthen its presence in the North American market.“The U.S market accounts for 40 percent of the global in vitro diagnostic device market and this deal will play an important role in accelerating SD Biosensor's entry into the North American market and becoming a global top-tier company,” the company said in a statement.Established in 1976, Meridian has two business divisions ― a diagnostics business that deals with immunodiagnostics, molecular diagno

Jul 8, 2022By Baek Byung-yeul
SD Biosensor to acquire US diagnostic firm Meridian for $1.53 bil.
Companies

PM, KCCI chief vow to make all-out efforts to host World Expo 2030 in Busan

Prime Minister Han Duck-soo, left, and Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), attend the meeting of the Bid Committee for World Expo 2030 Busan held at the KCCI's headquarters in central Seoul, Friday. Courtesy of KCCIBy Baek Byung-yeulPrime Minister Han Duck-soo and Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry (KCCI), vowed to go all out to make Busan the host city of the World Expo 2030, they said Friday.“Busan's hosting of the World Expo is not an event for just the city, but the whole nation should play as one team taking it as a national goal,” the prime minister said during the first meeting of the Bid Committee for World Expo 2030 Busan, at the KCCI's headquarters in Seoul.“If we gather the capabilities of the public and private sectors and engage in attraction activities as team Korea, we can certainly succeed,” Han added.Chey, who co-chairs the bidding committee with Han, said Korea will be able to win support from other countries by creating study groups for each country and b

Jul 8, 2022By Baek Byung-yeul
PM, KCCI chief vow to make all-out efforts to host World Expo 2030 in Busan
Companies

LG Chem issues $300 mil. in green bonds for battery material biz

Shin Hak-cheol, vice chairman and CEO of LG Chem / Courtesy of LG ChemBy Baek Byung-yeulLG Chem issued green bonds worth $300 million to raise funds to improve its capability in materials for rechargeable batteries such as cathodes and separators, the company said Friday. The company said it succeeded in issuing global green bonds ― a type of international bond issued and distributed in the global financial market.“It is a body that is limited in its use in eco-friendly projects and infrastructure investments such as climate change and renewable energy,” the company said in a statement.LG Chem has revealed that it is making efforts to strengthen its business competitiveness after spinning off its battery cell-manufacturing subsidiary, LG Energy Solution.The company said it would invest 10 trillion won ($7.7 billion) by 2025 in battery materials, eco-friendly plastic materials and the development of new drugs.In the first quarter of 2021, it announced that it will implement 4 trillion won worth of facility investments every year.To that end, the company is expected to secu

Jul 8, 2022By Baek Byung-yeul
LG Chem issues $300 mil. in green bonds for battery material biz
Companies

SK Telecom, SK hynix offer AI, chip curriculum to universities

A model promotes SK ICT Curriculum for undergraduate school students, jointly developed by SK Telecom and SK hynix, Thursday. Courtesy of SK Telecom, SK hynixBy Baek Byung-yeulSK Telecom and SK hynix jointly developed the SK ICT Curriculum education course to share practical knowledge on artificial intelligence (AI) and semiconductor technologies, which has been introduced at over 20 domestic universities so far, they said Thursday.The information and communication technology arm of SK Group said it developed the academic program in a bid to help train young future workers in the technologies and show the students what experts in the fields of AI and semiconductors are doing.“SK Telecom and SK hynix held an online conference introducing the curriculum to professors and faculty at more than 20 universities nationwide,” the two companies said in a statement.“Through this program, the two companies plan to help solve the labor shortage in high-tech industries such as semiconductors by establishing an online education platform, developing a regular curriculum and openin

Jul 7, 2022By Baek Byung-yeul
SK Telecom, SK hynix offer AI, chip curriculum to universities
Companies

Samsung Electronics' Q2 operating profit inches down on sluggish smartphone, TV sales

Analysts expect firm's chip business to slow down in 2nd halfBy Baek Byung-yeulSamsung Electronics suffered a slight decrease in earnings in the second quarter from the previous three-month period, due to lower demand for its smartphones, TVs and other home appliances, according to tentative data the company unveiled Thursday.Samsung released its preliminary earnings results for the April-June period, with sales falling 1 percent to 77 trillion won ($59.2 billion) and operating profit edging down 0.85 percent to 14 trillion won compared to the first quarter. Sales surged 20.94 percent year-on-year, while operating profit rose 11.38 percent.Second-quarter sales were the second-highest in the company's history. The highest sales record so far was 77.78 trillion won achieved in the first quarter of this year.The tech giant did not break down the earnings figures by business division. But industry analysts said Samsung was able to maintain solid earnings in the second quarter thanks to strong memory chip sales despite sluggish smartphone and home appliance earnings.Samsung was able to ma

Jul 7, 2022By Baek Byung-yeul
Samsung Electronics' Q2 operating profit inches down on sluggish smartphone, TV sales
  • LG Electronics estimates Q2 operating earnings down 12% on weaker demand
People & Events

'Stable environment needed to nurture Korean mathematicians': June Huh

June Huh, left, a Korean American mathematician and winner of this year's Fields Medal, speaks during an online press conference at Korea Science and Technology Center in Seoul, Wednesday. YonhapBy Baek Byung-yeulJune Huh, who won the prestigious Fields Medal given to talented mathematicians under 40, said Wednesday that there should be an environment where young math scholars in Korea can conduct stable research with long-term goals in order to nurture prominent domestic researchers.“A lot of young mathematicians are doing so well in Korea. I am just one of them and I feel pretty uncomfortable saying what needs to be done to produce more people like me. I hope that young mathematicians will be provided with a stable research environment where they can freely pursue long-term projects, instead of just trying to achieve short-term goals,” Huh told reporters during an online press conference at Korea Science and Technology Center in Seoul.The International Mathematical Union (IMU) announced on Tuesday that this year's Fields Medal went to the 39-year-old mathematician, who

Jul 6, 2022By Baek Byung-yeul
'Stable environment needed to nurture Korean mathematicians': June Huh
  • June Huh becomes 1st scholar of Korean descent to win Fields Medal
Tech & Science

LG Innotek to invest $1.07 bil. to beef up substrate, camera biz

Seen is LG Innotek's plant in Gumi, North Gyeongsang Province. The company said Wednesday it will invest 1.4 trillion won ($1.07 billion) to expand production facilities in the city for chip substrates and camera modules. Courtesy of LG InnotekBy Baek Byung-yeulJeong Cheol-dong, CEO of LG Innotek / Courtesy of LG InnotekLG Innotek will invest 1.4 trillion won ($1.07 billion) to bolster next-generation substrate and camera module production at its manufacturing facilities in Gumi, North Gyeongsang Province, the IT component affiliate of LG Group said Wednesday.Its CEO, Jeong Cheol-dong, signed a memorandum of understanding in the southeastern city with Gumi Mayor Kim Jang-ho, inviting government officials including Lee Cheol-woo, the governor of North Gyeongsang Province.The investment will be used to build a fifth plant in the city and establish a manufacturing line for next-generation semiconductor packaging substrates called flip chip ball grid arrays (FCBGA). The money will also go into expanding the production capacity of camera modules.The fourth plant is 230,000 square meters i

Jul 6, 2022By Baek Byung-yeul
LG Innotek to invest $1.07 bil. to beef up substrate, camera biz
Tech & Science

KT aims to foster local chip-design industry

KT headquarters in Gwanghwamun, Seoul / Courtesy of KTMobile carrier injects $23 mil. into fabless firm RebellionsBy Baek Byung-yeulKT went all out to foster the country's capability in semiconductor design, as the telecommunications company said Wednesday that it had invested 30 billion won ($23 million) in local fabless company Rebellions.The company revealed it decided to invest in the local chip design firm in order to contribute to upgrading Korea's capability in the fabless or chip design industry, which is lagging way behind other sectors of the semiconductor industry such as memory chips and the contract-based foundry business.“While Korea ranks first in memory chip production and second in foundry, its global market share in chip design is only 1 percent,” a KT spokesperson said. “We thought there should be a win-win cooperation between large domestic companies and fabless startups to improve the country's capability in the sector, and KT's full investment and business cooperation are expected to serve as a priming water for that.”Rebellions is KT's s

Jul 6, 2022By Baek Byung-yeul
KT aims to foster local chip-design industry
Tech & Science

Samsung, Apple to face off in premium smartphone market

Samsung Electronics' Z Fold 3 foldable smartphone, left, and the Z Flip 3 foldable smartphone / Courtesy of Samsung ElectronicsNew Galaxy Fold, Flip likely to be unveiled on Aug. 10By Baek Byung-yeulSamsung Electronics will clash with Apple in the premium smartphone market in the second half of this year as the Galaxy maker is set to unveil new foldable phones ― the Z Fold 4 and the Z Flip 4 ― in August to challenge the new iPhone, according to industry officials and analysts, Tuesday. As it has always done in previous years, industry watchers expect Samsung to introduce the two new foldable smartphones on Aug. 10, although the company didn't officially confirm it.Samsung has held its unpacked event for new gadgets only online for the past two years due to the COVID-19 pandemic. But Samsung is likely to hold an offline unpacked event for the new Z Flip and the Z Fold in New York next month.A Samsung spokesman denied to confirm whether it will actually unveil the devices on Aug. 10 and hold both offline and online events. “Nothing has been decided yet,” he said.Apple's iPh

Jul 5, 2022By Baek Byung-yeul
Samsung, Apple to face off in premium smartphone market
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