![[Bio USA] Lotte heir deepens global biotech outreach at Bio USA](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F06%2F17%2Fnews-p.v1.20250617.5d83ef2cc2dc48378e5a284a0e7e1c62_T1.jpg&w=3840&q=100)
[Bio USA] Lotte heir deepens global biotech outreach at Bio USA
While most of the practical discussions at exhibitor booths were led by Lotte Biologics CEO James Park, who accompanied the younger Shin throughout the event, Shin was seen listening attentively to key business updates, exchanging business cards with booth representatives and showing genuine interest in the conversations.
'This is my second time attending the Bio USA, and I have high expectations for this year," Shin told reporters at the venue. 'I plan to attend several key meetings with global companies throughout the period.'
Shin's booth tour included Korean and international names, such as Dong-A ST, Celltrion, Dr. Reddy's Biologics, Thermo Fisher Scientific and SK Pharmteco, reflecting his broad interest in potential partners and future collaboration.
'While there's a predetermined list of booths to visit, Shin also adds companies he finds interesting on the spot,' said a Lotte Biologics official.
At the Dong-A ST booth, with Shin present, ST Pharm CEO Sung Moo-jae and Lotte Biologics CEO exchanged questions regarding antibody-drug conjugate (ADC) development, and discussed the potential for future business cooperation.
Earlier this year in January, Shin made an appearance at the JPMorgan Healthcare Conference in San Francisco, where other second- and third-generation conglomerate leaders, including Celltrion's Seo Jin-seok and SK Biopharmaceuticals' Chey Yoon-chung also attended.
At the time, Shin's participation followed a visit to CES 2025 in Las Vegas. This time, he is believed to have arrived at Bio USA after participating in the 2025 Consumer Goods Forum Global Summit, held June 10–13 in Amsterdam, Netherlands.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
15 hours ago
- Korea Herald
Trump's China tariffs reshape US ESS market, offer boon for Korean batteries
The market for energy storage systems, or ESS, in the US is at a critical juncture, as Korean battery-makers move to fill the gaps left by domestic players hurt by tariffs. Oregon-based Powin, once a top-three ESS integrator, filed for bankruptcy after tariff-driven costs on Chinese battery imports surged, exposing how vulnerable US firms are to foreign supply shocks. According to recent media reports, Powin, headquartered in Oregon, filed for Chapter 11 bankruptcy protection last month at a court in New Jersey after piling on more than $300 million in debt. The Chapter 11 filing will enable the company to operate under court supervision while restructuring its finances. The main factor behind Powin's collapse was its inability to find alternative suppliers for battery cells outside of China. The company predominantly sourced lithium iron phosphate, or LFP, battery cells from Chinese battery-makers, including CATL, and integrated them into its ESS products. Powin has reportedly suffered from project delays or even renegotiations with clients due to supply chain disruptions arising from its dependence on China-focused battery sourcing. Last month, the company said in a statement that its 'significant financial challenge' was 'reflective of ongoing headwinds in the broader energy storage industry.' Chinese-made ESS batteries imported into the US are currently subject to a 40.9 percent tariff, which is anticipated to rise to 58.4 percent next year. Changing tables at LG's lead Industry insiders indicate that while Trump's strategy to curb US reliance on the Chinese battery supply chain may come at the expense of domestic companies like Powin, it is likely to open doors for Korean battery-makers. Notably, LG Energy Solution, the only company capable of manufacturing LFP ESS cells in the US at its Michigan facility, is moving fast to capitalize on this emerging market with no clear leader. The company was recently reported to have secured a 6 trillion won ($4.3 billion) deal to supply LFP batteries for Tesla's ESS products. Tesla was considered a promising US company to start LFP cell manufacturing for its ESS lineups, such as Megapack and Powerwall, at its Nevada facility. But its production capacity will apparently not be enough to meet market demand. During its second-quarter earnings conference call, LG Energy Solution also hinted at the possibility of converting portions of the production lines at its joint venture facilities in the US with global automakers -- likely the second plant with General Motors in Tennessee -- from electric vehicle manufacturing to ESS. It aims to increase its capacity from a potential 17 gigawatt-hours by the end of this year to 30 gigawatt-hours by 2026. The Tennessee plant, with an annual capacity of 50 gigawatt-hours, could potentially secure an additional 10 gigawatt-hours for LFP production. This is based on last year's 40 percent operational rate and the potential allocation of half its capacity to LFPs. 'Utilizing a joint venture facility with GM is an efficient move to streamline capital expenditures, while swiftly addressing the fast-growing demand for ESS,' said Lee Ho-geun, a car engineering professor at Daeduk University. 'This strategy could buy time for LG to prepare its third joint plant, acquired from GM, for ESS battery production.' On Thursday, Samsung SDI announced that it will convert a portion of the EV production lines at its joint venture plant with Stellantis in Indiana into ESS lines, with large-scale production for nickel, cobalt and aluminum batteries set to start this year. It looks to produce LFP ESS cells next year. SK On is also gearing up for large-scale manufacturing of LFP cells and has signed a cathode supply deal with L&F Co. for the North American market. Containerized ESS in spotlight Korean companies look to solidify their presence in the US with large-scale, containerized ESS, spurred by the rapid expansion of data centers and the increasing demand for reliable electricity supply solutions. Among the ESS products, ranging from battery packs to containerized systems, containerized ESS is gaining momentum, driven by the rapid expansion of data centers and the increasing demand for reliable electricity supply solutions. 'Compared to small battery packs for residential applications, containerized ESS are more effective in boosting sales and profits because they are considered value-added products,' said an industry source familiar with the matter on condition of anonymity. 'These systems are equipped with various features, including safety mechanisms that control humidity and temperature to protect the battery systems within the container.' Samsung SDI's flagship Samsung Battery Box 1.5, a fully equipped, ready-to-deploy product, is housed within a 20-foot container using nickel, cobalt and aluminum cells, with an energy capacity of approximately 5.26 megawatt-hours. LG Energy Solution's JF2S DC Link, similar in size to Samsung Battery Box 1.5, offers a capacity of approximately 5 MWhs. However, it is powered by more cost-effective LFP batteries.
Korea Herald
18 hours ago
- Korea Herald
Seoul draws red line: Why high-precision map data excluded from US trade deal
Seoul stands firm as Google, Apple push to export sensitive map data A key issue pushed by US tech giants Google and Apple ― the export of South Korea's high-precision map data ― was notably excluded from last week's Korea-US tariff negotiations, underscoring Seoul's firm stance that its national security is not up a bargaining chip. According to industry sources and the presidential office on Sunday, the Korea-US trade discussions on Thursday focused largely on conventional tariff and commerce issues. The topic of high-precision map data exports, previously flagged by the Office of the US Trade Representative, was not included in the agenda. "There were extensive talks with USTR on high-precision map data and agricultural products, but those topics were set aside as the talks progressed rapidly on trade issues," the presidential office said in a press briefing Thursday, adding that such issues were "defended" from negotiation. Industry observers note that the Korean government's omission of the topic reflects a deliberate decision to prioritize national security and industrial sovereignty over potential trade frictions. 'Map data is a national security asset,' said an industry source who requested anonymity. 'It's meaningful that the government upheld the principle that security cannot be treated as a matter of trade.' Google filed its third request in February to export 1:5,000-scale map data to its overseas servers, citing the inability to offer full-fledged mapping services in Korea without it. Apple submitted a similar request in June, although unlike Google, it has domestic servers and has expressed willingness to accommodate government demands related to data masking and security protocols. The 1:5,000 scale maps, which display real-world distances of 50 meters as 1 centimeter on the map, are essential for applications like urban planning and infrastructure development. Google and Apple argue that current 1:25,000 scale maps are inadequate for navigation services, especially for autonomous vehicles and tourist guidance. The map data export debate reignited in March, when the USTR labeled South Korea as the only major market restricting location-based data exports. Domestic industry players' concerns have since grown over the possibility of security breaches and an unfair advantage for foreign tech firms. During a recent confirmation hearing, Kim Yun-duk, nominee for minister of land, infrastructure and transport, echoed these concerns. 'Map data of 1:5,000 scale is highly sensitive and no other country in the world has disclosed it for export,' he said. 'Security and public safety take precedence over trade concerns.' ICT Minister Bae Kyung-hoon and Culture Minister Choi Hwi-young both underscored the need to assess national security risks and the impact on domestic industries before considering such exports. Although Google proposed more flexible terms ― including data blurring, direct communication channels and senior-level engagement ― it sparked backlash by requesting the exact coordinates of security facilities for blurring purposes. Experts warned it could effectively hand over the precise locations of military and sensitive sites to a foreign private entity. Cases such as the exposure of Ukrainian military facilities via Google Maps during the ongoing Russian invasion there have fueled such concerns, highlighting the possibility of high-resolution map misuse in wartime and the risk of terror attacks. The debate also touches on economic fairness. Despite operating in Korea, Google pays less in corporate taxes because it does not possess local server infrastructure. Last year, it paid only 17.2 billion won ($12.4 million) in corporate taxes to the Korean government, far less than local tech giants Naver (384.2 billion won) and Kakao (157.1 billion won), both of which operate domestic data centers and use locally sourced map data. Google and Apple's push for high-precision maps is widely seen as part of a strategic effort to gain first-mover advantages in artificial intelligence-powered industries such as autonomous driving, augmented reality and digital twins. A Korean government panel composed of eight ministries ― including the Defense, Foreign Affairs and ICT ministries ― is to meet Friday to deliberate on Google's request to export high-precision national base maps, according to the National Geographic Information Institute. The Geospatial Data Export Review Committee, responsible for reviewing the overseas transfer of geospatial data deemed sensitive to national security, is also considering postponing its decision, which is currently due by Aug. 11. The final outcome may be influenced by the results of a potential Korea–US summit, expected to take place sometime in the same week. The committee had previously deferred its decision in May, citing the need for further discussions on the implications for national security and domestic industries. At that time, the review period was extended by 60 days to Aug. 11. "The deadline for a decision will likely be extended after each ministry presents its position within the consultative body,' said a government official who requested anonymity. 'There are concerns that concluding the Korea-US summit could affect other agenda items scheduled for the talks.' 'Although the topic was excluded from this week's round of tariff talks, the outcome of the interministerial review could alter the situation. We hope the panel makes a wise decision,' the anonymous industry source said, speaking late last week. Calls are also growing for a more comprehensive legal framework. For nearly two decades, foreign companies have repeatedly sought access to Korea's precision mapping data, yet the Korean government still lacks codified standards or regulations for such requests. In June, Ahn Gyu-back, the current defense minister who was then a lawmaker, introduced an amendment to the Act on the Establishment and Management of Spatial Information, proposing to restrict the export of maps scaled finer than 1:25,000 and to mandate domestic server infrastructure and security safeguards for any approved exports.
Korea Herald
19 hours ago
- Korea Herald
Major S. Korean shipbuilders launch joint task force for massive US investment project
Major South Korean shipbuilders have launched a joint task force to support the government's cooperation with the United States under a recently agreed-upon large-scale investment project in the US shipbuilding sector, officials said Sunday. The top three shipbuilders -- HD Hyundai Heavy Industries Co., Hanwha Ocean Co. and Samsung Heavy Industries Co. -- along with the Korea Shipbuilding & Offshore Engineering Association, have formed the TF and held an inaugural meeting recently, according to company officials. Their focus will be on supporting the "Make American Shipbuilding Great Again" initiative, under which the Seoul government has proposed investing $150 billion in the US shipbuilding industry. It was part of a broader $350 billion investment package in the US in exchange for Washington's lowering of reciprocal tariffs on South Korean imports to 15 percent from the initial 25 percent. "There will be various ways to implement the Korea-US shipbuilding cooperation, and the TF aims to support and facilitate those efforts," an official said. "The industry is working together with the government for the MASGA project through this task force." The envisioned investment represents the largest single-industry fund in the package and is structured primarily to support Korean shipbuilders' investments in the US through public finance. The MASGA project includes plans to build new shipyards in the US, train shipbuilding personnel and rebuild related supply chains, as well as build American ships and cooperate on maintenance, repair and overhaul projects, according to the Seoul government. But details are still being finalized. The entity plans to intensify discussions on the project starting in mid-August, following the industry's summer vacation period. "The TF could serve as a channel for collecting the industry's demands and delivering them to the government," the official added. (Yonhap)
