The Korea Times

GC Pharma to provide COVID-19 treatment, free

In this May 17, 2020, photo released by Xinhua News Agency, a medical worker collects a sample for COVID-19 testing at the Tongji community in Shulan in northeastern China's Jilin Province. Authorities have tightened restrictions in parts of Jilin province in response to a local cluster. AP-YonhapBy Kim Yoo-chulGC Pharma, a leading South Korean biopharmaceutical company, said Monday it will provide a possible COVID-19 treatment “for free” for patients testing positive with the contagious disease.The company's plasma therapy ― GC5131A ― will be available for patients once its development is completed.“Other than the government's planned financial provision, GC Pharma will cover all costs after the commercialization of GC5131A. No prerequisites, condition, or distribution limit have been set and that means GC Pharma will cover all possible financial losses if COVID-19 spreads,” it said, adding the decision was a result of an “understanding” with its shareholders. “Treatments and drugs for contagious diseases such as COVID-19 should be intended

May 18, 2020By Kim Yoo-chul

GC Pharma to provide COVID-19 treatment, free

Companies

Samsung, Hyundai seeking accessible ways to develop relations

This combined photo shows Samsung Electronics Vice Chairman Lee Jae-yong, left, and Hyundai Motor Executive Vice Chairman Chung Euisun, Sunday. Korea Times fileBy Kim Yoo-chulLast week's rare high-profile meeting between Samsung Electronics Vice Chairman Lee Jae-yong and Hyundai Motor Executive Vice Chairman Chung Euisun at a local battery plant operated by Samsung's battery affiliate Samsung SDI was loaded with surprises given their long yet relatively mediocre relationship.The relationship between Samsung and Hyundai business group isn't comparable to that of Apple and Samsung Electronics, both of which are undeniably the champions of the smartphone race. However, given Samsung's earlier failed attempts to produce finished cars, it's worthwhile to observe that both are apparently praying for each other's success, senior industry sources contacted by The Korea Times said.Samsung launched Samsung Motors in 1997 thanks to technical assistance from Japan's Nissan, and began selling cars in 1998 just before the country was hit by the Asian Financial Crisis. At the time of the Samsung mo

May 17, 2020By Kim Yoo-chul

Samsung, Hyundai seeking accessible ways to develop relations

Tech & Science

KT beats SK, LG in Q1 profit

Commuters walk in front of a 5G advertisement screen at a train station in Bangkok last week. AFP-YonhapBy Kim Yoo-chulKT, the country's top-tier telecom company, has beaten its two local rivals ― SK Telecom and LG U+ ― in first-quarter operating profit.In a regulatory filing, KT, which is also South Korea's dominant fixed-line operator, said its operating profit in the quarter to March 31 was 383 billion won ― down 4.7 percent from a year prior ― compared with SK Telecom's 302 billion won and LG U+'s 219.8 billion won.Analysts and company officials said KT “fared well” during the latest quarter as the telecom firm was struggling in its credit card and hotel affiliates as COVID-19 directly hit consumer demand for on- and off-line purchases using credit cards, and limited outdoor activities.An increase in customers using its fifth-generation (5G) network service helped it achieve 1.9 percent sales growth in its wireless service business division, year-on-year, while the pandemic dented consumers' appetite for KT's roaming service. The wireless business service unit reporte

May 13, 2020By Kim Yoo-chul

Companies

Hyundai to install hydrogen bus chargers at Incheon airport

Hyundai Motor President Han Sung-kwon, second from left, poses with Air Liquide Korea president Guillaume Cottet, left, Incheon International Airport Corp. President Koo Bon-hwan, second from right, and HyNet CEO Yoo Jong-soo, after signing an agreement to build charging facilities for hydrogen buses at Incheon International Airport at the airport's headquarters in Incheon, Monday. / Courtesy of Hyundai MotorBy Kim Yoo-chulHyundai Motor said Tuesday it will install a charging station to fuel hydrogen buses at Incheon International Airport.The installation has been set for completion in March 2021. Hyundai will support the construction cost of the hydrogen refueling station while providing buses as well as their maintenance and service. Air Liquide will provide two high-capacity hydrogen chargers and supply hydrogen gas. The South Korean automotive group will team up with French firm Air Liquide, the world's top supplier of industrial gases, for the project, the statement said. When President Moon Jae-in made a state visit to France, on the sidelines of his meetings wit

May 12, 2020By Kim Yoo-chul

Hyundai to install hydrogen bus chargers at Incheon airport

Companies

SK invests W8 bil. in Singaporean bio venture

A COVID-19 patient who has spent weeks in intensive care exercises with a medical worker, at the Neurological and Functional Rehabilitation Centre of the CHU hospital in Fraiture, Belgium, last week. Reuters-YonhapBy Kim Yoo-chulSK Holdings said Monday it has invested in a Singaporean biotech firm in an effort to secure patented technology for antibody-based medicines.The holding company of the industrial conglomerate SK Group invested 8 billion won ($6.5 million) in Hummingbird Bioscience, which has core strengths in the development of novel antibody-based therapeutics.SK's decision doesn't make the South Korean company the largest stakeholder in the biotech firm, but it is now a “major investor” in the company.Hummingbird Bioscience closed an extended “Series B” funding round of $25 million recently, bringing its total capital raised through financing activities and strategic partnerships to over $65 million to date. Officials said SK led the Series B extension. As the COVID-19 pandemic spreads, Hummingbird plans to use the funds raised to accelerate develop

May 11, 2020By Kim Yoo-chul

SK invests W8 bil. in Singaporean bio venture

Companies

'No second gas leak at LG plant in India'

Police and other people carry a man, center, who lost consciousness following a gas leak incident to transport him to a hospital in Visakhapatnam, Thursday. AFP-YonhapBy Kim Yoo-chulLG Chem, the world's top electric vehicle (EV) battery supplier, said Friday it's been cooperating with Indian authorities and the Korean Embassy in India to take “all possible and available measures” to protect everyone affected by the latest gas leak.At least 11 people were confirmed dead and hundreds more have been hospitalized as the result of a gas leak at LG Polymers plant in India, which lies near a town of at least 3,300 people on the outskirts of the Indian city of Visakhapatnam. Some 1,000 people were directly exposed to the gas and about 20 to 25 people are in critical but stable condition, said Kamal Kishore from the National Disaster Management Authority.LG Chem's headquarters in South Korea denied foreign media reports that there was a second leak at the plant, forcing the firm to initiate evacuation procedures. “Regarding reports that there was a second gas leak at the LG

May 8, 2020By Kim Yoo-chul

'No second gas leak at LG plant in India'

Tech & Science

'Samsung won't seek family governance'

Samsung Electronics Vice Chairman Lee Jae-yong bows before a nationally-televised apology over the company-involved past various wrongdoings at Samsung Seocho Tower, Wednesday afternoon. YonhapBy Kim Yoo-chulSamsung Electronics Vice Chairman Lee Jae-yong, the de-facto head of the country's most-powerful conglomerate, said Wednesday he will lead the changes needed to the group's web-like holding structure, vowing not to pass on the management to his children.“I will not pass the company's management on to my children. This was always my idea, but I've been hesitant to share and open up on it, because I think it's not right to talk about issues relating to management succession before a thorough evaluation of my managerial ability, as Samsung is facing an unfavorable business environment,” Lee said in a nationally-televised statement from Samsung Seocho Tower in which he issued a formal apology.“I am offering my sincere apology to the public. Yes, Samsung and I have been criticized over succession-related issues. Specifically, I was the center of criticism over Samsun

May 6, 2020By Kim Yoo-chul

Tech & Science

Korea leads in managing COVID-19 crisis with info-tech

A thermal camera monitor shows the body temperature of passengers as they wait in line before boarding airplanes at the domestic flight terminal of Gimpo airport in Seoul, April 29. AP-YonhapBy Kim Yoo-chulIn the midst of an economic lockdown unprecedented in modern times, the question facing governments across the globe is how to effectively restart their engines.Several policy papers from public health experts provide a roadmap, and countries around the world have begun to announce their own paths, largely based on these policy recommendations.It's fair to say the key to keeping new COVID-19 infections down as demonstrated in Asia will be identifying new cases quickly before they spread the virus to others. This is a feat made difficult by both the long incubation period and the asymptomatic nature of the novel coronavirus in many patents. This is a labor-intensive process as it requires widespread diagnostic testing.Simply put, technology can help. The little devices that nearly everyone carries around all day such as mobile phones can do a remarkably thorough job of “contac

May 5, 2020By Kim Yoo-chul

Korea leads in managing COVID-19 crisis with info-tech

Tech & Science

Samsung chief set to apologize over wrongdoings

Samsung Vice Chairman Lee Jae-yong checks out display panels supporting QD-OLED viewing technology during his recent visit to Samsung Display's plant in Asan, South Chungcheong Province, in this file photo. Korea Times fileBy Kim Yoo-chulSamsung Electronics Vice Chairman Lee Jae-yong, the de facto head of the Samsung group, is set to issue a public apology for previous misdeeds by the conglomerate in helping him “inherit” the top job there from his father Chairman Lee Kun-hee.On Monday, senior Samsung sources contacted by The Korea Times said they expect the vice chairman to make a public apology before a May 11 deadline set by the group's external compliance monitoring committee.“Honestly, lots of scenarios are under constant review. But one viable option is for the vice chairman to make a public apology by reading a prepared statement. It's all about timing and if the vice chairman makes the deadline, then it will probably have an impact, which I cautiously think would be pretty positive,” one of the sources said requesting anonymity.Regarding the details of

May 4, 2020By Kim Yoo-chul

Samsung chief set to apologize over wrongdoings

Companies

Despite poor Q1, SDI expecting solid 2020

Toyota-backed self-driving company Pony.ai demonstrates an autonomous electric vehicle delivery from local e-commerce platform Yamibuy in Irvine, Calif., April 28, during the coronavirus outbreak (COVID-19). Reuters-YonhapBy Kim Yoo-chulDespite Samsung SDI's “not-that-impressive” first-quarter results, senior fund managers said Sunday they will further strengthen their positions in the company given its expected positive business outlook.“I would say although short-term headwinds remain, SDI's long-term electric vehicle (EV) focus is still intact,” a fund manager from a U.S.-based investment bank in Seoul said.But the manager said the bank is yet to address coronavirus-related supply chain concerns after Samsung SDI's assessment on the outlook for its business in its first-quarter earnings announcement. SDI said it was expecting to see a “substantial impact” in the second quarter from the uncertainty brought on by COVID-19.“But that doesn't mean we will lower our target on Samsung SDI,” he said, asking not to be identified as he wasn't

May 3, 2020By Kim Yoo-chul

Kim Yoo-chul

Read more

GC Pharma to provide COVID-19 treatment, free

Samsung, Hyundai seeking accessible ways to develop relations

KT beats SK, LG in Q1 profit

Hyundai to install hydrogen bus chargers at Incheon airport

SK invests W8 bil. in Singaporean bio venture

'No second gas leak at LG plant in India'

'Samsung won't seek family governance'

Korea leads in managing COVID-19 crisis with info-tech

Samsung chief set to apologize over wrongdoings

Despite poor Q1, SDI expecting solid 2020

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