Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Korbit delists luna, vows to use transaction fees for customer protection
Korbit, one of South Korea’s top four cryptocurrency exchanges, has decided to delist luna, the sister coin of controversial stablecoin terraUSD, on Wednesday, following in the steps of other top platforms such as Bithumb and Upbit. The decision comes a day after chiefs of major crypto exchanges here were criticized by lawmakers for their “uncoordinated” response towards the price fall fiasco of terraUSD and luna. The exchanges failed to coordinate when to delist luna, with
May 25, 2022
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Samsung teams up with Red Hat for memory software development
Samsung Electronics said Wednesday it has partnered with US software company Red Hat to develop software technologies for next-generation memory solutions, as the industry is anticipating the birth of software to be integrated in memory chip hardware. Red Hat, an IBM subsidiary, is known for Red Hat Enterprise Linux, a commercial open-source Linux operating system distribution developed by the company. Under the partnership, Samsung and Red Hat will jointly develop and validate a software tha
May 25, 2022
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SC Korea offers special interest rate of up to 2%
Standard Chartered Bank Korea said it will offer a special interest rate of up to 2 percent per annum to new customers opening a checking account by May 31. Launched in July last year, the SC My Signature account has been popular for its stable interest rate amid high market volatility. For those with over 100 million won ($79,140) in SC bank transactions, an interest rate of up to 1.7 percent will be applied to the amount in deposit for 31 or more days, the bank said. For those making their
May 25, 2022
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Kumho Tire diversifies marketing strategy
South Korean tiremaker Kumho Tire said Monday that it has incorporated new and differentiated marketing strategies to accelerate business normalization. The tiremaker has launched a new commercial in April under the slogan, “There is no road you cannot go,” to express its belief that there is no road in the world that Kumho Tire can‘t go, said company officials. The commercial was uploaded to the tiremaker’s YouTube channel. Kumho Tire currently operates the largest Yo
May 25, 2022
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LG CNS lays out 52 real-life applications for AI
South Korean information technology solutions firm LG CNS has come up with 52 real-life applications for artificial intelligence, in line with its move to expand AI-related consulting services, the company said Wednesday. The use cases will allow its clients to better identify what kind of AI solutions they would need, and help LG CNS recommend the most optimal solution to the clients, LG CNS said in a statement. For example, if a company is looking to avoid worksite disasters, LG CNS will r
May 25, 2022
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S. Korean leather company recognized by BMW for sustainability
South Korean recycled leather company ATKO Planning said Wednesday that it has been selected by German carmaker BMW as a potential business partner at a startup pitching event held at the Seoul Trade Exhibition Center on April 21. The annual event, BMW Startup Garage Open Innovation Pitching Day, is co-hosted by the automaker, the Korea Venture Investment Corp., and Korea’s trade promotion agency Kotra to select local enterprises that could work with BMW to accelerate the automaker&rsquo
May 25, 2022
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SK Telecom seeks wider applications of crypto chips behind Samsung Galaxy Quantum phones
South Korean telecommunication firm SK Telecom unveiled Wednesday plans to explore more use cases of quantum-protected chips used in Samsung Galaxy Quantum series smartphone, in hopes of entering mass market by the first quarter of 2024. The world‘s first-ever crypto chip solutions have so far been applied to the Galaxy Quantum series smartphone -- available for purchase only in Korea -- based on the quantum random number generator chip solutions SK Telecom developed jointly with Switzerl
May 25, 2022
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T'way Air adds 3 A330-300s to resume flights amid eased virus curbs
T'way Air, a South Korean low-cost carrier, said Wednesday it has added three A330-300 planes to its fleet to open a new route and resume flights on international routes amid eased COVID-19 virus curbs. In February, T'way Air brought in its first A330-300 plane and has been operating it on the Gimpo-Jeju route since March 22. The second one arrived last month and the third has just been added. With the latest two A330-300s, T'way Air plans to open the Incheon-Singapore route and t
May 25, 2022
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S. Korea-led intl. association on hydrogen industry kicks off
South Korea, the United States and 16 other countries on Wednesday launched an association meant to boost cooperation in the development of the hydrogen industry, Seoul's industry ministry said. The member countries of the Global Hydrogen Industrial Association Alliance shared the current status of their hydrogen industry and related policy measures at an inaugural meeting at a Seoul hotel. The South Korea-led alliance will set up a network and data hub in the hydrogen field to boost cooper
May 25, 2022
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Samsung SDI, Stellantis to build $2.5b battery plant in Indiana
South Korean battery maker Samsung SDI said Wednesday it is building its first US plant in the state of Indiana along with its joint venture partner Stellantis, joining its crosstown rivals to secure its footing in the burgeoning electric vehicle market. The $2.5 billion plant, located in Kokomo, Indiana, is expected to break ground later this year and start operations in the first quarter of 2025. The companies said they aim to elevate its production capacity from the current 23 gigawatt-ho
May 25, 2022
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Samsung SDI, Stellantis to set up $2.5b Indiana battery plant
South Korean battery maker Samsung SDI Co. said Wednesday it is investing $1.29 billion in an electric vehicle battery plant to be built in the US state of Indiana under a joint venture with Stellantis N.V. Samsung SDI will own a 51 percent stake in the $2.5 billion joint venture company set up with the Chrysler parent, and its investment could increase to as much as $1.57 billion in the long term, it said in a regulatory filing. Samsung SDI and Stellantis may boost their investment in the proje
May 25, 2022
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Consumption of gasoline, diesel tanks 18% in April
South Korea's consumption of gasoline and diesel sank more than 18 percent in April from a year earlier due to high international crude prices, data showed Wednesday. Asia's fourth-largest economy consumed a combined 17.4 million barrels of gas and diesel last month, down 18.3 percent from a year earlier, according to the data from the state-run Korea National Oil Corp. It was also down 5.8 percent from 18.4 million barrels the previous month. Gasoline and diesel consumption had been o
May 25, 2022
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Woori Bank employee, his brother indicted for embezzling 61 bln won
An employee of Woori Bank and his brother were indicted on Tuesday on charges of embezzling more than 60 billion won (US$47.4 million) from one of the nation's largest commercial banks. The Seoul Central District Prosecutors Office said it indicted the brothers for embezzlement and violating the law on flight of domestic property. The employee, identified only by his surname Jeon, was also charged with forgery of documents. The employee was arrested on April
May 24, 2022
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Lotte Group to inject W38tr for health, mobility and more shopping malls
South Korean retail giant Lotte Group said Tuesday it is poised to inject 38 trillion won ($30 billion) over the next five years in the new growth-engine sectors -- health and wellness, mobility, and sustainability -- and core industry segments including chemical, retail and travel business. Following its recent announcement to enter the biomedical contract development and manufacturing organization business, the company will pour some 1 trillion won into building a new bio factory in the coun
May 24, 2022
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Hyundai Motor Group to spend W63tr by 2025 in Korea
Hyundai Motor Group unveiled Tuesday another set of mega investment plans, this time focusing on the local market. Introducing a 63 trillion won ($52.6 billion) plan, the automaker said it would work with its subsidiaries Kia and Hyundai Mobis to turn Korea into a hub of its future mobility business. The investment will be implemented over the next three years. According to the automaker, which controls the country’s top two automotive brands -- Hyundai Motor and Kia -- as well as
May 24, 2022
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[Photo News] Battery Power
Volkswagen ID.4 GTX, powered by LG Energy Solution‘s battery cells and modules, is seen climbing up the dormant Uturuncu volcano in Bolivia in this photo released by the South Korean battery maker. German long-distance driver Rainer Zietlow and his Challenge4 team won a new Guinness World Records title for the highest altitude reached with electric cars.
May 24, 2022
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Hanwha Group to spend W37.6tr to nurture energy, aerospace sectors
Energy-to-defense giant Hanwha Group unveiled Tuesday an investment plan of 37.6 trillion won ($29.7 billion) into the energy, carbon neutrality, defense and aerospace sectors over the next five years. Under such investment plan, the group expects to create some 20,000 new jobs. The group said some 20 trillion won will be injected into its business operations in Korea. This is equivalent to the group’s combined 22.6 trillion-won investment made over the past five years local
May 24, 2022
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Inflation outlook highest in 9 years ahead of rate hike
South Korean households’ outlook for inflation in the next 12 months rose this month to the highest level in nine years and seven months, according to a Bank of Korea survey released Tuesday ahead of its rate decision Thursday. Survey respondents forecast inflation to average 3.3 percent, up from the previous record high of 3.1 percent in April. In a monthly survey of 2,500 households conducted May 10-17, the BOK said consumers have braced for higher borrowing costs ahead, wit
May 24, 2022
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Hyundai E&C, Westinghouse join hands to build nuclear power plants
Hyundai Engineering & Construction has signed a strategic cooperation agreement with the nuclear power industry leader Westinghouse Electric Company to jointly build next generation nuclear power plants. This is the first time that a Korean firm has formed a partnership with the US nuclear power company. Under the agreement, Hyundai Engineering & Construction will be participating in engineering, procurement, and construction of next-generation nuclear power plants such as the AP1000 p
May 24, 2022
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Energy ministry to place power price cap to stem Kepco hemorrhage
SEJONG -- The government has mapped out a measure to address the mounting deficit of the state-run Korea Electric Power Corp., which posted an all-time high operating loss of 7.7 trillion won ($6.1 billion) in the first quarter of the year. The Ministry of Trade, Industry and Energy said Tuesday that it would place a cap on the “system marginal price,” the price KEPCO pays when purchasing power from private power generation companies. The cap would be placed temporarily whenev
May 24, 2022