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CMG Pharmaceutical wins FDA approval for Schizophrenia treatment

CMG Pharmaceutical, a chemical drug affiliate of CHA Biotech, has received approval from the U.S. Food and Drug Administration (FDA) for its schizophrenia treatment, Mezofy, the company said Wednesday. Mezofy is an oral film-type drug based on aripiprazole, a widely used antipsychotic for treating a variety of mood and psychotic disorders. This is the fourth case of a Korean pharmaceutical company securing approval for an incrementally modified drug and the first done by changing the formulation. Patients with schizophrenia and other mental health conditions often stop taking their medication voluntarily, making consistent treatment a challenge. To address this, CMG Pharmaceutical formulated Mezofy into an oral film, enabling it to be taken without water and dissolving easily in the mouth. CMG Pharmaceutical said that Mezofy’s approval is significant because it was approved as an incrementally modified drug (IMD) whose chemical structure or formulation is altered from an already approved drug. IMDs are eligible for higher prices compared to generic drugs and can be marketed under brand

Apr 16, 2025By Nam Hyun-woo
CMG Pharmaceutical wins FDA approval for Schizophrenia treatment

KT dedicated to employing AI in media business

KT has rolled out its strategy to bolster its media business, KT Media New Way, pledging a 500 billion won ($350.2 million) investment to 2026 as it seeks a breakthrough in a struggling media industry landscape. “The entire value chain of content production is being rapidly restructured, revolving around global streaming services,” Kim Chae-hee, executive vice president of KT Media Group, said during a press conference in Gangnam District, Seoul, Wednesday. “Our media division was founded (late last year) with the purpose of making the media business one of KT Group’s three major portfolios. As simply following past success strategies has clear limitations, we believe we must find a new path unique to KT Media.” The new strategic plan includes three pillars: implementing an artificial intelligence (AI) agent in its media platform, using AI technology in the overall production of its original content and revamping its IPTV service to adopt a new business model. The company will be implementing an AI agent, which it developed in collaboration with Microsoft, on its IPTV platform

Apr 16, 2025By Lee Gyu-lee
KT dedicated to employing AI in media business

US curbs on Nvidia chips to have only limited impact on Korean chipmakers: experts

Korean chipmakers will likely face only limited impact from the new U.S. restrictions on exports of Nvidia's H20 artificial intelligence (AI) accelerators to China, experts here said Wednesday. Nvidia said it has been notified by U.S. authorities that the company now requires a license to export its H20 chips to China for the indefinite future. The H20 accelerators were the most advanced AI chip the company could still export to China under the existing U.S. export ban on high-performance AI chips. SK hynix supplies its eight-layer HBM3E, the fifth-generation high bandwidth memory (HBM), for the H20 chips. Samsung Electronics does not supply HBM for this particular chip. Experts say the new regulation is unlikely to significantly affect the Korean semiconductor firms in the short term, as SK hynix is currently focused on its latest 12-layer HBM3E, a key component in high-performance AI chips destined for markets outside China. Additionally, SK hynix has already finalized its HBM sales contracts for the H20 chips, meaning the new export restrictions will not affect its balance sheet, accor

Apr 16, 2025By Yonhap
US curbs on Nvidia chips to have only limited impact on Korean chipmakers: experts

Acting president visits HD Hyundai Heavy Industries' shipyard

Acting President Han Duck-soo visited HD Hyundai Heavy Industries's shipyard on Wednesday, as South Korea prepares for trade negotiations with the United States by leveraging cooperation in the shipbuilding sector. Han toured the world's largest shipyard located in Ulsan, about 410 kilometers southeast of Seoul, where an 8,200-ton Aegis destroyer and other naval vessels are currently under construction. During the visit, Han was briefed on the shipyard's capabilities by company officials and boarded a Navy corvette, according to a pool report. The shipbuilding industry is one of the key areas the Seoul government plans to emphasize during the upcoming talks, as U.S. President Donald Trump has expressed interest in bolstering cooperation to improve America's shipbuilding capacity, which lags behind China's. Han's visit comes a day after he toured Kia's auto plant, where he pledged expanded government support for the key industry, which has been impacted by 25 percent tariffs imposed by the U.S. on imported vehicles.

Apr 16, 2025By Yonhap
Acting president visits HD Hyundai Heavy Industries' shipyard

Korea’s trade organization expands US outreach amid tariff risks

The Korea International Trade Association (KITA) is stepping up its outreach activities to the United States. It hosted a trade conference on Wednesday with a U.S. delegation led by Maryland Gov. Wes Moore to explore potential partnerships in advanced tech and bioscience. The bilateral conference brought together the six-member U.S. delegation, which also included Maryland’s Secretary of Commerce Harry Coker Jr. and 27 officials from KITA and Korea’s business circle. Maryland is recognized as a biotechnology hub in the world’s largest economy. The state is also known as a research base for state-of-the-art technologies in areas such as cybersecurity. Both sides reached a consensus to boost their practical business collaboration on the sidelines of the latest trade conference, according to the trade organization. “Maryland is gaining global spotlight as a hub for biotechnology and other cutting edge industries, including aerospace, IT and cybersecurity,” KITA Chairman Yoon Jin-sik said. “We expect the event to serve as a key momentum for Korea and the state of Maryland to build

Apr 16, 2025By Lee Min-hyung
Korea’s trade organization expands US outreach amid tariff risks

Hyundai Steel obtains US certification for nuclear reactor parts

Hyundai Steel, Korea's second-biggest steelmaker, said Wednesday it has become the first Korean steelmaker to obtain U.S. quality certification for its products used in nuclear reactors, paving the way into the nuclear reactor market in the United States and elsewhere. Hyundai Steel has received the quality system certificates for nuclear material organization (QSC) for its steel products from the American Society of Mechanical Engineers (ASME), the company said in a press release. "The ASME QSC certification means the company has been globally recognized in terms of product quality, given those products have satisfied highly demanding quality standards in the global nuclear industry," it said. The certified products include reinforced bars (rebars), section steel and thick steel plate products. It is the first time for a Korean steelmaker to obtain the ASME QSC certification. Hyundai Steel expects the U.S. certification will help it win orders to supply its products to small modular reactors (SMRs) in the United States and other markets.

Apr 16, 2025By Yonhap
Hyundai Steel obtains US certification for nuclear reactor parts

'Power struggle' intensifies among Korean transformer makers in US

Korean manufacturers of power transformers and switchgear systems are ramping up efforts to increase their production in the United States to counter lingering uncertainty over the Donald Trump administration's tariff policies. LS Electric said Wednesday it has completed construction of its manufacturing facility in Texas, which is expected to begin full-scale production this year of medium- and low-voltage power equipment and switchgear systems for data centers operated by major U.S. tech firms. The company expects the new plant to mitigate risks related to U.S. tariffs and trade barriers by producing strategic power products locally. "We will invest an additional $240 million by 2030 to expand production facilities, hire local talent and grow the campus into a North American power solutions hub that thrives alongside the local community," LS Electric Chairman Koo Ja-kyun said Monday (local time) during a ceremony marking the completion of the company's Bastrop Campus. With its switchgear manufacturing subsidiary in Utah, LS Electric aims to close the gap with Schneider, Siemens, Eaton

Apr 16, 2025By Park Jae-hyuk
'Power struggle' intensifies among Korean transformer makers in US

LS Electric to invest $240 mil. for expanded US production on Trump's tariffs

LS Electric, a Korean electric equipment maker, said Wednesday it will invest $240 million to expand its U.S. production facility by 2030 in response to U.S. President Donald Trump's import tariffs. LS Electric has recently upgraded its existing production facility in Bastrop, Texas, to add research and development (R&D) and planning functions, the company said in a press release. The U.S. market and the upgraded Bastrop Campus will serve as a steppingstone for LS Electric to become a global electric equipment company, the release said. Starting this year, the company will additionally produce mid-voltage electric equipment and switch gears in the Texas plant for supply to local big tech firms as part of its localization strategy to cope with the "tariff risks," according to the company. The plant has mainly produced circuit breakers and low-voltage electric equipment for Samsung Electronic's semiconductor plant in Texas and local data centers. "We will make an additional investment of $240 million in the Bastrop Campus by 2030 to foster it as an electric equipment solution hub of the Nor

Apr 16, 2025By Yonhap
LS Electric to invest $240 mil. for expanded US production on Trump's tariffs

Hyundai Mobis to showcase China-focused automotive tech at Auto Shanghai 2025

Hyundai Mobis said Wednesday it plans to showcase a slate of new automotive technologies geared for the Chinese market at the upcoming Auto Shanghai 2025. The auto parts unit of Korea's Hyundai Motor Group will operate a 300-square-meter booth at the biennial Chinese auto trade show at the National Exhibition and Convention Center in Shanghai starting next Wednesday. Hyundai Mobis plans to exhibit eight advanced equipment prototypes, alongside newly developed technologies from its China-based research centers. The company operates two research and development hubs in the country. The two China-specialized technologies that will be showcased are the company's augmented-reality heads-up display, which projects a 70-inch virtual image on the car's windshield, and a new sound system that delivers theater-like audio immersion. Hyundai Mobis said it has recently ramped up promotional efforts in the Chinese market, targeting both local automakers and global clients operating in the country. The company aims to secure $200 million in orders from China this year.

Apr 16, 2025By Yonhap
Hyundai Mobis to showcase China-focused automotive tech at Auto Shanghai 2025

Average length of employment at 80 major firms rises

The average length of service of employees at 80 major Korean companies has increased in the past five years despite frequent job changes among young workers and retirement programs for senior workers, a corporate data tracker said Wednesday. In its survey of 80 companies that released data on their employees' average years of service for the 2020-2024 period, CEO Score found the workers' average length of service rose to 14.03 years in 2024 from 13.55 years in 2020. The 80 firms belong to the country's top 100 companies in terms of sales. The average period of employment for female workers jumped to 12.94 years from 11.38 years over the cited period, while that of male employees climbed to 14.41 years from 14.29 years, the data firm said. SK Networks, an information technology (IT) solutions unit under SK Group, reported the sharpest growth in the employment period, with it increasing to 13.92 years in 2024 from 9.05 years in 2020. In contrast, leading automaker Hyundai Motor saw its workers' years of service fall by the most, dropping to 15.8 years from 18.8 years. In 2024, topped others

Apr 16, 2025By Yonhap
Average length of employment at 80 major firms rises
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