LG Electronics said Friday it expected its 2022 fourth-quarter operating earnings tumbled more than 91 percent from a year prior, amid its home appliance unit’s sluggish performance coupled with global recession woes. LG estimated operating profit for the October-December period came in at 65.5 billion won ($51.6 million), down 91.2 percent from the same period a year before, according to the co...

Korean internet portal giant Naver announced Friday that the company has completed its acquisition of Poshmark, a US social commerce marketplace for fashion, a move to penetrate into the global consumer-to-consumer market. Naver's special purpose company Proton Parent acquired all shares and its assets of Poshmark for $1.31 billion. Its enterprise value stands at about $1.2 billion. With the tr...

Samsung Electronics predicted Friday that its 2022 fourth-quarter operating profit would plummet 69 percent from a year earlier, as its main semiconductors business faced major headwinds from weakening demand for chips and home appliances amid recession woes. In its earnings guidance, the South Korean tech giant estimated its October-December operating profit to be 4.3 trillion won ($3.4 billion...

Celltrion announced Thursday that the company has cleared the regulatory hurdle to sell Vegzelma, a biosimilar referencing Roche's Bevacizumab sold under the brand name Avastin, in the Canadian market. Vegzelma, or also known as CT-P16, is used to treat a number of types of cancers including metastatic colorectal cancer and non-small cell lung cancer. According to Celltrion, Canada’s drug regul...

By Jo He-rim Korea Herald Correspondent LAS VEGAS -- LG Electronics Chief Executive Officer Cho Joo-wan underscored the company’s commitment to its “customer-centric vision” at the world's largest home appliance convention Wednesday, highlighting that the key to the tech giant’s successes lies in the customers. During the LG World Premiere press conference held on the sidelines of CES in Las V...

Ching Wan Tang, a professor of chemical engineering at University of Rochester and Hong Kong University of Science & Technology, appreciated LG's hard efforts to manufacture "sensible" products, calling LG "the biggest winner" among OLED TV manufacturers. The professor is known for his co-invention of OLED in 1987. ​Barry Young, president and CEO of OLED Association, also sent a congratulatory m...

LAS VEGAS -- LG Innotek said Thursday it will showcase a series of its latest innovative technologies and products related to autonomous driving and the metaverse at the Consumer Electronics Show 2023 set to be held from Thursday to Monday in Las Vegas. It will mark the first time the electronics component manufacturer opens a booth to the public at the annual event, the world’s largest tech con...

Stock prices of some South Korean biotechnology and pharmaceutical companies have increased based on expectations that China’s sudden spike in COVID-19 cases could positively impact their sales. On early afternoon Wednesday, the stock price of in-vitro diagnostics company SD Biosensor’s stock price went up 5.9 percent to 29,600 won ($23.24). Seegene, another major in-vitro diagnostics company, s...

SK Under the slogan of “together in Action (towards net zero),” SK Group, the country’s second-largest conglomerate, will showcase 44 products and technologies from eight SK companies, including SK Inc., SK Innovation, SK E&S, SK hynix, SK Telecom, SK Ecoplant, SKC and SK Biopharmaceuticals, and 10 other partner companies overseas. The exhibition booth consists of two zones -- Futuremarks and S...

LG Electronics said Wednesday it is boosting existing ties with Magna, one of the largest auto parts maker, to develop new solutions for autonomous vehicles. The two companies will seek synergy between LG’s advanced in-car infotainment technology and Magna’s driver assistance systems and other self-driving car solutions. They plan to develop a prototype for the upcoming solutions and carry out ...

Lotte Group has completed a $160 million acquisition of US drug firm Bristol Myers Squibb, the group’s drug manufacturing unit Lotte Biologics said Tuesday. With the latest deal, the country's fifth-largest retail-chemical conglomerate has made its official debut in the contract manufacturing market, after the group established Lotte Biologics in June last year as its biopharmaceutical subsidiar...

The first photo of Earth and the moon taken by South Korea’s lunar mission Danuri was unveiled Tuesday. Korea became the seventh country in the world to explore the moon on Dec. 28, as its first homegrown uncrewed space vehicle successfully entered lunar orbit.

US chip materials maker Applied Materials (AMAT) will acquire 51 billion won ($39 million) worth of Absolics shares, the chip glass substrate production arm of Korean chemicals company SKC. According to SKC’s regulatory filing on Monday, Absolics will issue new shares to raise 165.9 billion won to expand its production facilities. Of the 130,000 new shares, SKC and AMAT will acquire 90,000 and ...

LG Electronics said Monday that it will debut a smart sleep care solution, called brid.zzz, at the CES trade show that kicks off Thurday in Las Vegas. The earbud-shaped device analyzes the user's brain waves and sleeping habits to help improve sleep quality. Its official market debut is expected to come in the first half of this year, the company added.

South Korea’s major biopharma companies were hit by a combined loss of 55 trillion won ($43.5 billion) in their market capitalization last year, Korea Exchange data showed Sunday. According to Korea Exchange, the KRX Health Care Index, comprising 83 major biotech and pharmaceutical companies listed on either the benchmark Kospi or tech-heavy Kosdaq, fell 29.2 percent on-year to 2,634.49 points a...