LG CNS said on Tuesday it began pilot operation of an app that collects, stores, analyzes and processes personal data on everything from daily transactions to hours spent on YouTube to making recommendations for smart spending The Haruzogak app brings together pieces of data scattered across different apps, records a customer’s daily life, and reports how much she spent on delivery food, how man...

A much greater number of Korean companies are considering bringing their manufacturing and services back home compared to two years ago, the Federation of Korean Industries said Monday. According to a survey of 105 of the country’s top 500 businesses in sales, conducted for a week through Feb. 24 by a pollster commissioned by the business lobbying group, 27.8 percent said they were currently mul...

Chaebol reform had been a key agenda in previous presidential campaigns, but it was no longer present in this year’s election. Except for Justice Party candidate Sim Sang-jung, none of the major presidential contenders mentioned chaebol reform in their campaign pledges. With more pressing economic issues such as runaway home prices, small business owners struggling from the pandemic and inflati...

The average year-on-year inflation in Organization for Economic Cooperation and Development countries hit 7.2 percent in January, the highest since February 1991, amid rising energy prices. Consumer prices in South Korea rose 3.6 percent in January from a year ago, marking the 29th highest among 38 OECD member countries. The average year-on-year inflation of G-20 and G-7 nations stood at 6.5 pe...

Hana Bank said on Wednesday it has begun offering its facial verification service round the clock, allowing customers to open accounts any time day or night. Using artificial intelligence and big data, the facial recognition solution verifies users by comparing their faces to their ID photos within one second. It was chosen as an innovative financial service by the Financial Services Commission...

LG Innotek Co. signed an agreement with some 100 partner firms on financial, technological, management and educational cooperation on Thursday in its annual event for shared growth which it has held since 2010. This year, the IT components maker said it will start providing partner firms with expert consultations on environmental, social and corporate governance, and increase financial support f...

LIG Nex1 showcased its robots, unmanned surface vehicles and surveillance drones at an international exhibit in the United Arab Emirates, hoping to expand exports to and technological cooperation in the Middle East. The South Korean defense company took part in the Unmanned Systems Exhibition and Conference, which was held in Abu Dhabi from Feb. 21 through 23. Among LIG Nex1’s products on displ...

While keeping its overall look intact, the 2022 Renault Samsung SM6 has upgraded safety and convenience features such as LED matrix vision headlamps in all of its trims. Like most European cars, the SM6, which is sold as the Renault Talisman in Europe, has kept its unique design, despite having had minor facelifts over the six years since its launch. The LED matrix vision headlamps are smart he...

LG Energy Solution was listed on the main Kospi bourse in January, 30 years after the company took its first step as a pioneer in the rechargeable battery business in 1992. Its next goal is to become “a company that is trusted and loved by customers.” LG Energy Solution’s initial public offering set several records, raising capital of more than 10 trillion won ($8.3 billion) and attracting 114....

A North Korean defector sponsored by a South Korean company received a doctoral degree in international relations from a US university. Kim Seong-ryeol, a 37-year-old from Chongjin, North Korea, made three failed attempts to flee North Korea with his family by crossing the Tumen River to China since 1997, and was subsequently jailed. Kim finally fled the North in 2004, and settled in South Korea ...

The Korea Forest Service is taking steps to help restore forests in Central and South America as it seeks to expand its global outreach. A team of Korea Forest Service officials led by Minister Choi Byeong-am visited El Salvador, Guatemala, Honduras and Peru in late January, and agreed to cooperate more closely to restore forests in those countries, the KFS said. The KFS delegation’s visit come...

To mark the new committee’s launch, a debate session was also held to discuss ways to develop the blockchain industry. Kim Hyung-joong, president of the Korea Fintech Association and special professor at Korea University’s Graduate School of Information Security, gave a presentation on strategies for Korea to lead the global digital asset industry as the country aims to reach a national per capi...

The number of mergers and acquisitions by Korean companies that took place over the past 10 years was less than half of the average number of M&A cases in the US, UK, France, Germany and Japan in the same period. A total of 1,063 M&A cases by Korean companies took place from January 2012 through January this year, which is about 41 percent of the five countries’ average figure of 2,598 cases, ac...

Blockchain company AMAXG said it is focusing on the metaverse, artificial intelligence and digital personal safe businesses this year. Having laid the groundwork for the BizAuto platform last year, this year the company expects to boost the AMAXG Metaverse World where metaverse meets nonfungible tokens, big data and AI. AMAXG Group said on Thursday it will establish a metaverse-AI convergence r...

As COVID-19 limited overseas travel, duty free stores of Lotte and Shilla saw their revenues plunge 37.1 percent and 39.1 percent, respectively in 2020, compared to 2019. Premium brands such as Louis Vuitton are seeking to focus instead on department stores and airport duty-free shops, especially those in China’s domestic flight airports. Louis Vuitton reportedly plans to open six more airport ...