Korea Aerospace Industries is venturing into the air taxi business with an aim to develop a small-sized Urban Air Mobility aircraft by 2024 so it can be used as a test model. KAI said it will later develop a full-scale UAM aircraft that can be used as a standardized model for the air taxi business in Korea amid the government’s push to commercialize air taxis by 2025. According to industry sourc...

An AI-based production system will be also implemented at the steelmaker’s factories, by upgrading instrument control modules for processes like steelmaking and steel rolling so they can more accurately control and measure materials for production. The company said it has been working on the development of instrument control module, which will learn itself how to merge with other controlling data...

LG Innotek said on Tuesday it has developed an in-cabin radar module for cars that detects living things and movements with electromagnetic waves. Used to avoid leaving small children in cars or to prevent theft, in-cabin radar modules are made by combining radar chips, antennas and communication chips on substrates, and are usually installed in the ceiling above the rear seats or around the rea...

Organizers of an international expo on the virus and bacteria industry said Tuesday that they signed a memorandum of understanding with the Association of American State Offices in Korea to host the 2022 International Virus and Bacteria Industry Expo, or ViBac. Under the memorandum, which was signed June 16, ASOK will encourage companies in the US to participate in ViBac, which will kick off Jul...

Water purifier company Chungho Nice said that sales of its iced coffee machine in the first five months of the year more than tripled from a year prior. The Espre Caffe, which comes in four models, including a countertop version and a large, standing model, is a combination of an ice-dispensing water purifier and a capsule coffee machine that can be used at both home and the office. The taste a...

Retail sales in South Korea rose 10.1 percent on-year in May on the back of growing demand for fashion-related items and other services amid the government's relaxation of COVID-19 curbs and the growth in people's outdoor activities, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers reached 14.45 trillion won ($11.24 billion) last month, up from 13.1...

Hyundai Heavy Industries obtained an order worth $573 million on Monday to make six 2,400-metric-ton Offshore Patrol Vessels for the Philippine Department of National Defense. The Philippine Navy OPVs will be built at Hyundai Heavy Industries’ Ulsan shipyard until 2028. The vessel is to be equipped with a 76-millimeter main gun, two 30-mm secondary guns, a helideck capable of operating a helico...

South Korea’s top business leaders assembled for the wedding of Hyundai Motor Group Chairman Chung Euisun’s eldest daughter at a small church in Seoul on Monday. The VIP list included Samsung Electronics Lee Jae-yong and his daughter, Lee Won-ju. The Samsung chief and his daughter, in a $2,000 Versace sleeveless mini dress and a pair of Gianvito Rossi Portofino sandals, grabbed attention as they...

State-run utility Korea Electric Power Corp. said Monday that it would raise the electricity rate by 5 won (0.4 cent) per kWh, the maximum level it can raise, starting July in response to rising fuel costs and record losses. Following the rate hike, both electricity and gas rates will be increased from next month, imposing heavier burdens on businesses and households already being concerned of s...

Woori Bank, one of the five largest lenders in South Korea, is under investigation over suspicious money transfers totaling 800 billion won ($623 million) as one of the bank employees is standing a separate trial on charges that he stole 61 billion won in the largest bank theft local lenders have seen. A Woori branch in Seoul had sent the money overseas in the last year in what the bank and auth...

A 2.4 trillion won ($1.86 billion) seawater desalination project in Oman overseen by GS Engineering & Construction subsidiary GS Inima has kicked off, officials said Monday. GS Engineering & Construction has signed financing documents for GS Inima’s project to build a Barka 5 Independent Water Plant in Oman, a deal reached with Oman Power & Water Procurement Co. in 2020, the company said. Of th...

South Korean food giant Pulmuone said Monday it has sponsored a documentary production with the Culinary Institute of America, one of the world’s most prestigious culinary schools, to promote Korean food to a global audience. In partnership with Pulmuone, the CIA plans to document Korea’s plant-based recipes and food culture. The documentary will be used for educational purposes for chefs, CIA s...

Leading total energy solution provider Hanwha Q Cells is accelerating efforts to bring solar energy into households in South Korea, with its Q.Home initiative that will allow people to produce, store and manage solar energy. The product is already being sold in Europe, where demand is high. The company, which entered the solar energy business in 2010 and has since provided energy storage systems...

The second edition of South Korean furniture and home appliance brand Coway’s Icon Water Purifier is garnering attention with its innovative characteristics. Launched June 2, the product features artificial intelligence technology that autonomously diagnoses the operation status of the water purifier, according to the company. In addition, the user can use its mobile app to not only analyze the...

The IB Korea, a beer and liquor importer, recently participated in the Air House Festival, a music fair held in Chuncheon, Gangwon Province, for three days starting June 10. At the event, the IB Korea met with young customers in their 20s, introducing its newly launched cocktail products, Uptown Margarita and Uptown Pina Colada. The two new products are brands from Texas-based distillery and win...