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  • Fed hike stalls KOSPI as shipbuilders outrun chipmakers
    Fed hike stalls KOSPI as shipbuilders outrun chipmakers SEOUL, Sept. 17 (AJP) — Investors in Seoul rotated out of chipmakers and into shipbuilders on Thursday after the U.S. Federal Reserve raised interest rates for the first time since 2023, leaving the KOSPI flat as foreigners sold for a seventh straight session. Foreign investors dumped a net 2.3 trillion won ($1.6 billion) of shares, lifting their seven-session total above 13 trillion won, as SK hynix and Samsung Electronics slipped and HD Hyundai Heavy Industries jumped 6.6 percent. The same split ran across the region. Chip stocks lagged in Tokyo even as the Nikkei 225 edged higher. Gold miners dragged on Chinese shares. The Korea Composite Stock Price Index (KOSPI), the main board of the Korea Exchange, slipped 2.6 points to 6,715.4. It had been up as much as 1.2 percent before foreign selling deepened and erased the gain. Institutions bought a net 158.6 billion won ($114.8 million) and individuals 413.8 billion won ($299.4 million). The Fed, America's central bank, lifted its benchmark rate by a quarter point to a range of 3.75 to 4 percent in a unanimous vote on Wednesday and signaled another increase could come before year-end. Chipmakers took the brunt of the selling. SK hynix fell 0.8 percent to 1,745,000 won ($1,262.6). Samsung Electronics lost a smaller 0.4 percent to 252,500 won ($182.7). Components maker Samsung Electro-Mechanics sank 3.7 percent to 1,330,000 won ($962.3). HD Hyundai Heavy Industries climbed to 469,500 won ($339.7), with local reports tying the rebound to its steep earlier losses and new growth prospects. Kang Jin-hyuk, a senior researcher at Shinhan Securities, said during the session that industrials and financials were propping up the index while chips paused to digest the hawkish Fed. Gainers outnumbered decliners 453 to 398, a sign the flat close hid wider buying beneath the chip heavyweights. The tech-heavy KOSDAQ, South Korea's secondary market, rose 6.2 points to 822.2. The 0.8 percent rise marked its third straight gain. The won weakened 4.6 won to 1,382.1 per dollar. In Tokyo, the Nikkei 225 rose 0.3 percent to 64,136.3 for a second straight session. Chip-testing equipment maker Advantest fell 1.5 percent to 30,240 yen. Fast Retailing and SoftBank Group each gained 1.0 percent, to 67,700 yen and 6,247 yen. The Bank of Japan opened a two-day policy meeting, with its decision due Friday. In Shanghai, the composite index traded lower as metals producers led losses. Shandong Gold slid more than 6 percent, a drop Chinese market reports linked to the Fed's move. Han Ji-young, an analyst at Kiwoom Securities, argued the post-Fed swings are a chance to buy rather than cut exposure, citing intact earnings momentum. That case rests on foreigners returning. Until they do, a market leaning on shipbuilders rather than chips has little room to absorb another hawkish surprise. AJP Takeaways - After the U.S. Federal Reserve raised interest rates for the first time since 2023, investors in Seoul rotated out of chipmakers and into shipbuilders, leaving the KOSPI flat. - Foreign investors sold a net 2.3 trillion won ($1.6 billion) of shares, extending their selling streak to a seventh straight session. - The split ran across the region: chip stocks lagged in Tokyo even as the Nikkei 225 rose 0.3 percent, and gold miners dragged on Chinese shares. Entity tags: Federal Reserve, Bank of Japan, KOSPI, KOSDAQ, Korea Exchange, Nikkei 225, SK hynix, Samsung Electronics, Samsung Electro-Mechanics, HD Hyundai Heavy Industries, Advantest, Fast Retailing, SoftBank Group, Shandong Gold, Shinhan Securities, Kiwoom Securities, Kang Jin-hyuk, Han Ji-young 2026-09-17 16:00:53
  • Kim Seong-soo Advances in National Assembly, Poised to Become First Supreme Court Justice Under Lee Administration
    Kim Seong-soo Advances in National Assembly, Poised to Become First Supreme Court Justice Under Lee Administration Kim Seong-soo's nomination for Supreme Court Justice has passed the National Assembly's threshold on September 17. If approved by President Lee Jae-myung, he will become the first Supreme Court Justice appointed under the current administration, with an appointment expected as early as this week.During the afternoon session, the National Assembly voted on Kim's nomination, with 227 members in favor, 28 against, and 13 abstentions out of 268 present.Kim is set to succeed former Justice Lee Heung-gu, who retired on September 7. Chief Justice Cho Hee-dae recommended Kim to President Lee on August 18, and the president submitted the nomination to the National Assembly on August 31.The National Assembly's Special Committee on Personnel Hearings held a hearing on September 14 to assess Kim's qualifications and ethics, and on September 16, the committee adopted a report on the hearing's findings with bipartisan agreement. The report included contrasting opinions: the Democratic Party expressed confidence in Kim's qualifications, while the People Power Party criticized his responses to key constitutional and social issues as vague.With Kim's nomination now approved by the National Assembly, only President Lee's final endorsement remains. Given that two Supreme Court positions are currently vacant, there is speculation that the presidential endorsement could occur within the week.Following the retirement of former Justice Noh Tae-ack in March and the recent departure of former Justice Lee, two of the 14 Supreme Court seats have been unfilled for over ten days.If President Lee endorses Kim's nomination, he will immediately begin a six-year term, marking the first Supreme Court Justice appointed since the current administration took office.However, the successor to former Justice Noh has yet to be determined, suggesting it may take some time to fill all 14 Supreme Court positions. Chief Justice Cho recommended Judge Son Bong-ki of the Daegu District Court as Noh's successor on August 18, but the Blue House requested a re-nomination on August 28, citing a lack of prior consultation.The Blue House reiterated its call for a prompt re-nomination on September 11, but Chief Justice Cho has been deliberating for over three weeks.* This article has been translated by AI. 2026-09-17 16:00:20
  • Ministry of Science and ICT and Broadcasting Media Commission Accelerate Establishment of Korean Broadcasting Media Communication Promotion Agency
    Ministry of Science and ICT and Broadcasting Media Commission Accelerate Establishment of Korean Broadcasting Media Communication Promotion Agency The Ministry of Science and ICT and the Broadcasting Media Commission have reviewed the progress of cooperation in the fields of artificial intelligence (AI) and over-the-top (OTT) services. They also discussed key issues including the preparation for the establishment of the Korean Broadcasting Media Communication Promotion Agency, terrestrial UHD policy, and user protection from infringement incidents.On September 17, the two agencies held their first working-level meeting as a follow-up to a high-level policy consultation. This meeting came after the two ministries convened a policy consultation for the first time in two years in June 2024.During the meeting, the establishment of the Korean Broadcasting Media Communication Promotion Agency, terrestrial UHD policy, and user protection from infringement incidents were key topics of discussion.The two agencies agreed to actively collaborate on the establishment of the Korean Broadcasting Media Communication Promotion Agency to support the promotion of broadcast media, protection of user rights, and revitalization of the broadcasting advertising industry. They will include two members recommended by the Ministry of Science and ICT in the establishment committee of the agency, which is set to be established by the Broadcasting Media Commission, and will continue discussions on the scope of transfer of affiliated organizations. The organizations under consideration for transfer include the Korea Broadcasting and Communications Promotion Agency, the Korea Internet & Security Agency, the Korea Intelligent Information Society Agency, the Korea Information and Communication Promotion Association, and the Korea Radio Promotion Association.They also agreed to discuss the construction of a terrestrial UHD broadcasting network and frequency policy.Furthermore, the two ministries will strengthen policy cooperation to protect citizens. They agreed to actively collaborate in designing and operating the user protection evaluation system for infringement incidents, which will be established through amendments to the Telecommunications Business Act.Park Dong-joo, Secretary General of the Broadcasting Media Commission, stated, "We will enhance practical cooperation in key areas that are highly relevant to citizens, including major issues, user protection, and response to complaints."Choi Woo-hyuk, Director of the Information Security Network Policy Office at the Ministry of Science and ICT, added, "We will continue to develop response measures for key issues such as AI, media, and OTT through policy consultations and working-level meetings."* This article has been translated by AI. 2026-09-17 16:00:20
  • SBI Savings Bank Partners with KakaoPay and KCB to Expand Loans for Low to Mid-Credit Borrowers
    SBI Savings Bank Partners with KakaoPay and KCB to Expand Loans for Low to Mid-Credit Borrowers SBI Savings Bank is collaborating with KakaoPay and Korea Credit Bureau (KCB) to enhance financial access for low to mid-credit borrowers. On September 17, SBI Savings Bank announced that it has signed a memorandum of understanding (MOU) with KakaoPay and KCB to expand financial services for this demographic. The agreement aims to improve access to finance for vulnerable groups who may not be adequately assessed by traditional credit information alone. SBI Savings Bank plans to utilize KakaoPay's alternative credit evaluation model, known as the 'KakaoPay Score,' in its loan assessment strategy, while also strengthening its evaluation capabilities through KCB's credit evaluation infrastructure. The bank intends to leverage alternative data based on KakaoPay's MyData to assess customers' repayment abilities from multiple angles. A new financial product incorporating the KakaoPay Score is also set to be launched. An SBI Savings Bank representative stated, "This agreement is significant in providing new financial opportunities to customers who have not been sufficiently evaluated by traditional credit assessment methods. We will continue to enhance financial access for low to mid-credit borrowers through our alternative credit information-based assessment strategy."* This article has been translated by AI. 2026-09-17 16:00:10
  • Gyeongnam, Daejeon, Jeonbuk, and Chungnam Designated as Specialized Zones for Materials, Parts, and Equipment
    Gyeongnam, Daejeon, Jeonbuk, and Chungnam Designated as Specialized Zones for Materials, Parts, and Equipment 경남과 대전, 전북, 충남이 제3기 소재·부품·장비(소부장) 특화단지로 새로 지정됐다. 조선·방산·반도체 핵심 소재·부품의 국내 공급망을 강화하기 위해 2030년까지 민간에서 7조7000억원을 투자하고 정부도 연구개발(R&D)과 기반 구축 등에 1600억원을 투입한다.산업통상부는 17일 한국수출입은행에서 김정관 장관 주재로 '제18차 소재·부품·장비 경쟁력강화위원회'를 열고 신규 소부장 특화단지 지정안을 심의·의결했다고 밝혔다.새로 지정된 곳은 경남 거제 조선해양플랜트, 대전 방산 전자·광학부품, 전북 군산·익산 반도체 화학소재, 충남 천안·아산 반도체 후공정 특화단지 등 4곳이다.이번 지정에는 지난 3~4월 진행된 공모에 11개 시·도가 총 16개 특화단지 육성계획서를 제출했다. 정부는 소부장 집적과 경쟁력 강화 효과, 기반시설 확보 가능성, 지역 주력산업과의 연계성, 전문인력 확보 여건 등을 평가해 최종 4곳을 선정했다.경남 거제는 한화오션을 앵커기업으로 액화천연가스(LNG) 해양플랜트(FLNG)의 핵심 액화공정 기자재를 국산화하는 고부가가치 조선해양플랜트 클러스터를 구축한다. 2030년까지 1조5000억원의 민간투자가 예정돼 있다.대전은 방산 전자·광학부품의 내재화를 추진한다. LIG D&A와 한화에어로스페이스 등이 KF-21과 K9 등에 탑재되는 정밀 전자·광학부품을 개발해 무기체계의 안정적인 생산과 수출 기반을 구축할 계획이다. 민간투자 규모는 1조원이다.전북 군산·익산에서는 동우화인켐과 한솔케미칼, OCI, PKC 등이 반도체 세정·식각·증착 공정에 사용되는 초고순도 화학소재 기술을 고도화하고 생산능력을 확대한다. 8300억원의 민간투자를 통해 첨단반도체 생산을 뒷받침하는 후방 공급기지로 육성한다.충남 천안·아산은 인공지능(AI) 반도체 핵심 분야인 후공정 경쟁력 강화에 초점을 맞춘다. 하나마이크론과 TSE 등이 고대역폭메모리(HBM) 패키징 장비와 테스트 부품의 자립을 추진한다. 민간투자 규모는 3700억원이다.정부는 신규 특화단지의 R&D와 기반 구축, 인력 양성 등에 단지별 약 400억원씩 총 1600억원을 향후 5년간 투입한다. 2030년까지 예정된 민간투자 7조7000억원이 차질 없이 집행될 수 있도록 중앙정부와 지방정부가 인허가와 규제 개선, 정책금융 등도 지원할 계획이다.기존 1·2기 소부장 특화단지에서는 현재까지 15건의 핵심기술을 개발하고 11조5000억원 규모의 투자가 이뤄졌다. 2021년 지정된 1기에는 용인 반도체와 청주 이차전지, 천안 디스플레이, 창원 정밀기계, 전주 탄소소재 단지가 포함됐으며 2023년 2기에는 안성 반도체장비, 부산 전력반도체, 오송 바이오, 대구 미래차모터, 광주 자율차부품 단지가 지정됐다.김 장관은 "신규 소부장 특화단지는 글로벌 공급망 및 산업 재편 과정에서 우리가 '대체불가 산업 강국'으로 자리매김하는 핵심 생산기지이자 균형성장의 거점으로 기능할 예정"이라며 "우리 주력산업의 초격차 기술 확보와 고도화를 달성하고 민간 투자가 원활히 이뤄지도록 정부도 전폭적으로 지원하겠다"고 밝혔다.* This article has been translated by AI. 2026-09-17 16:00:00
  • Despite Extended Residency Grace Period, Homebuyer Loan Barriers Remain High
    Despite Extended Residency Grace Period, Homebuyer Loan Barriers Remain High The government has expanded the residency grace period for properties in land transaction permit zones, but loan regulations remain unchanged, keeping the barriers high for homebuyers without property. While the path to purchasing homes with tenants has widened, buyers whose funds are tied up in rental deposits face challenges in securing the necessary funds for closing.According to the Ministry of Land, Infrastructure and Transport, the application deadline for the residency grace period for rental properties in land transaction permit zones has been extended by one year, from the end of this year to December 31, 2027. In addition to the remaining period of existing lease contracts, one renewal contract of up to two years will also be recognized as a valid reason for the grace period. The ministry plans to implement this on October 1, allowing for occupancy by 2029 at the latest if the renewal contract is recognized.However, delaying occupancy does not mean buyers can postpone property acquisition. Buyers must acquire the property within four months of receiving approval. They must also maintain their status as non-homeowners since May 12 of this year and are required to reside in the property for two years after actual occupancy.Loan regulations that restrict funding remain unchanged. In regulated areas, the loan-to-value (LTV) ratio for general non-homeowners who do not qualify for preferential treatment is set at 40%. The total debt service ratio (DSR) and limits on total loan amounts based on property prices also apply, meaning the actual loan amount may decrease based on the borrower's income and existing debts.The proportion of residency grace period applications among all land transaction permit applications has not been significant. According to the city of Seoul, there were 135 applications for residency grace periods for apartments in August, accounting for 4.5% of the total 3,012 applications. Although the number of grace period applications decreased by 34.8% from the previous month, the overall number of applications also fell by a similar margin, keeping the proportion the same. However, the total applications include cases that do not require a grace period, such as immediate occupancy.Transferring a tenant's deposit reduces the immediate cash payment to the seller. However, for non-homeowners who must continue living in another rental property, the situation changes. Most of their assets may be tied up in the deposit of their current residence, making it difficult to use for down payments or closing costs.For example, to purchase a house priced at 650 million won with a deposit of 300 million won, even if the deposit is transferred, the buyer would still need to secure an additional 350 million won, excluding ancillary costs. Unlike buyers with cash reserves, those whose funds are tied up in their current rental deposits may require separate financing.This means that the impact of the new measures may differ between households with sufficient liquid assets and those whose assets are mostly tied up in rental deposits.Moreover, the deposit transfer and mortgage loan limits cannot simply be added together. Properties with tenants have their deposits and priority of claims affecting loan assessments. The transferred deposit is also money that must be returned to future tenants, necessitating the preparation of funds for repayment at the time of occupancy.Lee Eun-hyung, a researcher at the Korea Construction Policy Institute, stated, “It is unlikely that the extension of the grace period will lead to an immediate increase in transaction volume.”First-time homebuyers or those meeting criteria for low-income and genuine demand may qualify for relaxed loan standards compared to general borrowers. However, not all non-homeowners are eligible for preferential treatment. The potential loan amounts can vary even among non-homeowner buyers based on their past homeownership history, income, and property prices.On the other hand, there are evaluations that this measure effectively broadens the range of transactions for properties with tenants. By recognizing renewal contracts, it increases the possibility of buying and selling homes while allowing existing tenants to continue residing. However, renewal contracts must be signed before the grace period application and the renewal period must start within the application period to be recognized. Not all tenants automatically have their residency period extended by two years.Kim Hyo-sun, a senior real estate expert at KB Kookmin Bank, commented, “The intention seems to be to resolve the mismatch caused by the land transaction permit system blocking properties that would come onto the market due to tax reforms, while also allowing properties with tenants to remain available for rent.” However, she pointed out that for actual transactions to occur, transaction regulations also need to be considered. 2026-09-17 16:00:00
  • EU Requests China to Cut Hybrid Car Exports by 15% or Face Tariff Hikes
    EU Requests China to Cut Hybrid Car Exports by 15% or Face Tariff Hikes The European Union (EU) has requested China to voluntarily reduce its exports of hybrid cars to Europe by 15%, according to a report by the Financial Times citing three sources. This move comes as Chinese hybrid vehicles rapidly gain market share in Europe, prompting the EU to take action.Sources indicated that ahead of high-level trade talks scheduled for next month in China, the EU has demanded that the volume of hybrid car exports to the EU be limited to 15% of the market size. Currently, one-third of hybrid vehicles sold in Europe are from China, meaning the EU is asking for a reduction to half of the current export levels.Additionally, the EU has warned that if China does not voluntarily cut its hybrid car exports, tariffs on Chinese vehicles could be increased. An EU official stated, "If they (China) do not limit their exports to our market, we will impose restrictions. This is to prevent deindustrialization. We must take action." The official also noted that the EU is requesting China to refrain from aggressive exports not only in the automotive sector but also in chemicals and steel, while encouraging China to purchase more EU products.The Financial Times highlighted that the influx of low-cost Chinese hybrid cars has put European automakers in a precarious position. An EU official remarked that with Chinese hybrid car exports to Europe reaching record highs in the second quarter, the justification for EU action is "immense."Since October 2024, the EU has raised tariffs on Chinese electric vehicles to as much as 45%, while maintaining a 10% tariff on hybrid cars. During this period, imports of Chinese hybrid vehicles into the EU surged from 3,800 units in October 2024 to around 50,000 units by July this year, more than a tenfold increase.Ursula von der Leyen, President of the European Commission, stated in a speech to the EU Parliament the previous day that the EU's trade deficit with China amounts to €1 billion (approximately $1.6 billion) daily, indicating that the trade relationship has reached a "tipping point" and that a "second China shock has already begun." She emphasized, "We will mobilize all available means to rebalance this relationship. While words are important, actions are even more crucial."Another EU official explained that what the EU seeks from China is akin to the agreement Japan made in 1986 to limit its car exports to Europe. At that time, Japanese automakers, popular in the global market, agreed to restrict exports to the U.S. and Europe, which led to increased investment in Europe and collaboration with European automakers.Meanwhile, Chinese automotive companies are also showing signs of establishing production bases in Europe. BYD is currently constructing a car factory in Hungary and plans to begin local production next year.In June, the EU and China agreed to engage in three months of negotiations regarding trade imbalances, aiming to achieve "substantial results" by October.* This article has been translated by AI. 2026-09-17 15:56:00
  • Kim Yoon-ji: KCA to Evolve into a Comprehensive K-Culture Agency
    Kim Yoon-ji: KCA to Evolve into a Comprehensive K-Culture Agency "I will elevate the Korea Creative Content Agency (KCA) to a comprehensive K-Culture agency that encompasses not only content but also lifestyle," said Kim Yoon-ji, the head of KCA, during a press briefing marking her 100 days in office at the CKL Business Support Center in Seoul on September 17.Kim emphasized the need to establish an IP (intellectual property)-centric business system, stating, "The core of our new strategy is to create an environment for content IP business that expands from fandom into other genres and industries. We need to rebuild long-term revenue models."The government aims to grow the K-Culture market to 400 trillion won by 2030. Kim believes that merely improving existing content production support methods will not suffice to achieve this goal. She advocates for a strategy that also promotes the overseas expansion of related industries such as food, beauty, and fashion centered around K-content.To this end, KCA will first promote a 'Korean-style Production Committee.' This initiative will connect creators, production companies, financial institutions, platforms, and manufacturers to discover competitive IPs and support them from planning and production to distribution, commercialization, and international expansion.Kim stated, "While we have focused on creating new content until now, we need policies that grow content into larger IPs. We will work to link webtoons with fashion, toys, and more to help them grow into global brands."However, rather than forming a large committee from the outset, the plan is to start by connecting IPs with companies. Kim noted, "I intend to begin by linking production companies or consumer goods firms that need IPs. If even one or two IPs are successfully expanded, similar attempts may follow in the private sector. This is also a characteristic of countries like the U.S. and Japan, where the content business is monetized. Enhancing the profitability of content through IP is the direction KCA aims for."KCA will introduce the KIPS project, which combines private investment with policy initiatives, to support the entire export process of K-lifestyle industries, including food, beauty, and fashion, centered around content. Additionally, KCA is considering regularizing K-Expo in regions with significant K-Culture influence, such as North America, Europe, and Asia. The current 28 overseas bases will be restructured into overseas business centers to play a practical agency role in supporting local exports.The organization will also be restructured to adapt to changes in the field and industry. A dedicated organization for artificial intelligence (AI) will be established, and a 'Content IP Strategy Council' will be created to connect various IP-related projects scattered across departments.Furthermore, the evaluation system for support projects will be revised. Kim stated, "We will strengthen the expertise of the support project evaluation committee and will reconstitute the committee annually, enhancing the competency evaluation of the evaluators."Plans are also underway to transition KCA from a government subsidy-focused institution to a grant-supported organization. Kim remarked, "I will continue to persuade the Ministry of Economy and Finance and the Ministry of Culture, Sports and Tourism to loosen the rigid structure. Becoming a grant-supported organization will allow us to respond more flexibly to the rapidly changing content industry environment."* This article has been translated by AI. 2026-09-17 15:52:00
  • Hannam New Town Development Gains Momentum as Hannam District 3 Passes Review
    Hannam New Town Development Gains Momentum as Hannam District 3 Passes Review The Hannam District 3, the largest area within the Hannam New Town, has passed the integrated review by the Seoul city government after approximately four and a half months since its application. With the demolition of existing buildings nearing completion, preparations for construction and infrastructure work are expected to accelerate.According to the Seoul city government on September 17, the Hannam District 3 redevelopment area received conditional approval during the integrated review committee meeting held on September 15. This marks a significant milestone since the review application was submitted at the end of April.The Hannam District 3 will be developed over an area of 386,364.5 square meters in the neighborhoods of Hannam-dong and Bogwang-dong in Yongsan-gu, featuring a maximum of 21 stories, 123 buildings, and a total of 5,970 housing units. This plan includes 1,020 public rental housing units, along with essential infrastructure such as an elementary school, parks, public offices, social welfare facilities, and parking lots.Currently, the demolition of existing buildings is 99% complete, with the project association planning to finish the demolition work by the end of the year and commence infrastructure construction. Hyundai Engineering & Construction is currently estimating the construction costs.The Seoul city government aims to reduce the time required to start construction by simultaneously processing the project implementation plan changes reflecting the integrated review results and the infrastructure work within the district. Hannam District 3 consists of eight blocks and 13 housing sites, necessitating the development of internal roads and land preparation before apartment construction can begin.The project association plans to review the conditions set by the Seoul city government regarding the integrated review and respond accordingly to the subsequent procedures. They aim to obtain approval for changes to the project implementation plan by the first half of next year.A representative from the Hannam District 3 project association stated, “The recent trend of the Seoul city and Yongsan district pushing to expedite redevelopment projects has allowed us to continuously communicate and incorporate feedback.” They added, “We have also proactively confirmed and prepared for necessary steps at each stage.”They further explained, “In typical projects, there are often delays during the transition from approval to relocation and demolition. However, in Hannam District 3, we have been preparing for demolition as relocation is completed, which has contributed to the project's speed.”Other areas within the Hannam New Town are also progressing through subsequent procedures. The Hannam District 2, currently undergoing relocation, aims to start construction in the second half of next year. Hannam Districts 4 and 5 are preparing to apply for approval of their management plans, while Hannam District 1, which was removed from the redevelopment zone in 2017, is in the process of establishing a rapid integrated plan.Hannam District 5 is also planning to reduce the project timeline by concurrently managing design changes and subsequent procedures. Shin Sang-cheol, the head of the Hannam District 5 project association, stated, “We are reviewing the project implementation approval and considering securing river views and increasing building heights, while also incorporating conditions from environmental impact assessments and sunlight rights for schools into the design changes. We aim to proceed with the application for sales, management, relocation, and demolition procedures while managing the changes to target construction before 2030.” 2026-09-17 15:52:00
  • SK Biopharm Acquires Parkinsons Disease Drug Candidate Worth Up to 430.8 Billion Won
    SK Biopharm Acquires Parkinson's Disease Drug Candidate Worth Up to 430.8 Billion Won SK Biopharm is set to acquire a Parkinson's disease treatment drug candidate from domestic bio venture First Bio Therapeutics. The deal includes a technology transfer contract valued at up to 430.8 billion won and a strategic equity investment of 3 billion won. This move expands SK Biopharm's focus from epilepsy to Parkinson's disease, aiming to develop treatments that slow disease progression. On September 17, SK Biopharm announced it signed a licensing agreement with First Bio for global exclusive development and commercialization rights to the Parkinson's disease treatment candidate. This marks the first candidate acquisition led by SK Biopharm's Open Innovation Center (OIC). Additionally, SK Biopharm made a strategic investment of 3 billion won in First Bio. The total contract value could reach up to 430.8 billion won, comprising a non-refundable upfront payment of 2.5 billion won, milestone payments of up to 72.5 billion won at various stages of research, development, and commercialization, and future milestone payments based on product net sales of up to $26 million (approximately 35.58 billion won). After commercialization, additional royalties linked to net sales will also be paid. Currently, the confirmed payment is the upfront fee of 2.5 billion won, with the remaining payments contingent on development, regulatory approval, and sales targets. The drug candidate being acquired is a small-molecule oral treatment designed to simultaneously inhibit 'Type 2 LRRK2' and 'c-Abl'. Parkinson's disease is a degenerative brain disorder characterized by the gradual loss of dopamine-producing neurons, leading to impaired motor function. The abnormal accumulation of alpha-synuclein within neurons is recognized as a key pathological feature. Excessive activation of the LRRK2 gene is associated with neuronal dysfunction, while the activity of the c-Abl protein is known to influence alpha-synuclein accumulation. First Bio's candidate employs a dual inhibition approach targeting both pathways, designed to act on the complex mechanisms of Parkinson's disease onset and progression. Current Parkinson's disease treatments often focus on alleviating symptoms such as tremors, rigidity, and bradykinesia. There remains a significant unmet need for disease-modifying therapies (DMT) that can slow or alter neuronal damage and disease progression. SK Biopharm plans to explore the potential for DMT development through this candidate acquisition. SK Biopharm CEO Lee Dong-hoon stated, "This agreement exemplifies our strategy to expand our CNS portfolio through open innovation and connect promising candidates from Asia to the global market as part of our East-West Bridge strategy. We will leverage our accumulated development capabilities and global partnerships to enhance the value of this candidate and explore DMT development opportunities." Meanwhile, SK Biopharm's innovative epilepsy drug, Cenobamate (marketed in Japan as Exkico), has received approval from Japan's Ministry of Health, Labour and Welfare. With this approval, Cenobamate is now authorized in Japan, following approvals in South Korea and China, marking its availability in all three countries.* This article has been translated by AI. 2026-09-17 15:48:00