Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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S. Korea, Cambodia forge strategic partnership
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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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Samsung ordered to pay $400m to KAIST over semiconductor tech patent infringement
Samsung Electronics has reportedly been ordered to pay $400 million to the licensing arm of South Korea’s top science and research university KAIST over infringing a patent related to key semiconductor technology. A US federal jury in Texas ruled that the Korean tech giant infringed KAIST’s patent related FinFet -- a key transistor technology used to produce processors for mobile phones -- and should pay a fine, according to a Bloomberg report Saturday.Chipmakers Qualcomm and GlobalFoundries wer
TechnologyJune 17, 2018
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Global smartphone shipments to grow 1.4% in 2018: report
Global shipments of smartphones are expected to grow 1.4 percent in 2018 compared to the year before, with numbers likely to rise at a faster clip from 2019 onwards once the real-world 5G network is introduced, a report by an industry consulting firm showed Sunday.According to Strategy Analytics, total smartphone shipments are expected to reach a little over 1.49 billion units, up from 1.47 billion in 2017. The poor showing is a repeat of numbers for 2016 and 2017 when annual growth was tallied
TechnologyJune 17, 2018
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Banks set to jack up lending rates after US rate hike
South Korean banks are poised to raise their lending rates after the key interest rate in the Unites States reached the 2 percent range, market sources said Sunday.As widely expected, the US Fed raised its rate by a quarter of a percentage point to a range of between 1.75 percent and 2 percent last week, signaling that two more rate increases may be on the cards this year.According to the sources, COFIX, a benchmark lending rate for mortgage loans, was 1.82 percent for new loans as of Saturday,
MarketJune 17, 2018
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Samsung employs 320,000 people in 73 countries: report
Samsung Electronics said Friday it had 320,000 employees around the globe as of the end of December last year and had spent 16.8 trillion won ($15.3 billion) on research and development projects.According to its annual business report, Samsung Electronics had 320,671 staff members as of 2017, up 3.9 percent from 308,745 a year earlier. By region, South Korea accounted for 96,458, up 3.5 percent over the cited period. The company had 224,213 employees on its payroll in other countries, up 4 perce
IndustryJune 15, 2018
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Hanjin Group faces slew of new accusations: FTC head
Kim Sang-jo, FTC chairman (Yonhap)Hanjin Group, parent company of flag carrier Korean Air, is facing a number of accusations of breaching market rules alongside the cases of intra-company trade blamed for benefiting the interest of the owner family, the head of the nation’s anti-trust watchdog said Friday.“Not just intra-affiliate dealings for the benefit of the owner family, (Hanjin Group) have allegedly violated a number of rules,” said Kim Sang-jo, chairman of the Fair Trade Commission in a r
IndustryJune 15, 2018
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Auction for 5G frequencies kicks off under heavy guard
BUNDANG, Gyeonggi Province – An auction for frequency spectrums for the upcoming fifth-generation telecom services kicked off on Friday at the heavily guarded headquarters of Telecommunications Technology Association in Bundang, Gyeonggi Province, with participation from executives of the country’s three mobile carriers determined to secure high-quality and efficient frequencies. At around 8:15 a.m., KT’s senior vice president Kim Soon-yong appeared in the lobby of the TTA building vowing to sec
TechnologyJune 15, 2018
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GM Korea on path to posting notable sales recovery in June
GM Korea, the local unit of the US carmaker, is seeking to regain its rank as the No. 3 bestselling local carmaker here this month on demand for new models and financial support from related parties to stabilize its financial conditions, the company said Friday.GM Korea is hoping to sell more than 10,000 units in June for the first time this year and regain its position as the third top-selling local carmaker here after Hyundai and Kia, based on 3,000 vehicles sold here in the first ten days of
MobilityJune 15, 2018
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Naver adopts AI function in blog service
South Korea's top portal operator, Naver Corp., said Friday that it has adopted an artificial intelligence supported function that automatically edits bloggers' content.The service, called "auto transformation," edits images and videos automatically in context with the posts written by bloggers."More content is expected to be created as the bloggers can write anytime, anywhere without worrying about editing," the company said in a press release. (Yonhap)Naver said it has also added AI-supported
TechnologyJune 15, 2018
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S. Korea's jobless rate rises in May, job creation lowest in over 8 yrs
South Korea's jobless rate rose slightly in May due to a fall in employment in the retail, manufacturing and educational service sectors, while job creation remained sluggish, government data showed Friday.The unemployment rate stood at 4 percent last month, up 0.4 percentage point from a year earlier, marking the highest rate recorded for May in 18 years, according to the report compiled by Statistics Korea.The number of employed people reached 27.06 million in May, up 72,000 from a year earlie
EconomyJune 15, 2018
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ECB to keep interest rates at record lows at least through summer
The European Central Bank on Thursday said it expected key interest rates to remain at their current historic lows "at least through the summer of 2019."The Frankfurt institution's main refinancing rate currently stands at zero percent, the rate on the marginal lending facility at 0.25 percent, and the rate on deposits at -0.4 percent, meaning banks pay to park money with the ECB. (AFP)
EconomyJune 14, 2018
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FTC to get tough on intra-company trade, revise fair trade law
The nation’s antitrust watchdog head said Thursday that it would take a tougher stance on conglomerates’ inter-subsidiary dealings, stressing that they benefit the interests of owner families and harm the business ecosystem of small firms and traders. “We will make sure that such unfair practices will no longer be tolerated in the market through strict law enforcement,” FTC Chairman Kim Sang-jo said at a press briefing Thursday. Kim Sang-jo, head of the Fair Trade Commission (Yonhap)He urged th
IndustryJune 14, 2018
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Daesung Group to hold forum on microbes
A South Korean energy firm Daesung Group will hold a forum on microbes on June 21 to seek ways of tackling environment and energy problems through microbial waste management, the company said Thursday.Titled “2018 Daesung Haegang Microbes Forum,” the event will be held at The Korea Chamber of Commerce and Industry headquarters, featuring renowned speakers coming from around the world. Panels talk at Daesung Group`s Few Nexus Conference held last year. (Daesung Group)The list includes Philippe S
IndustryJune 14, 2018
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Kakao acquires kids’ smartwatch maker Kiwi Plus
Kakao, the operator of South Korea’s dominant mobile messenger KakaoTalk, said Thursday that it has acquired a 51 percent stake in Kiwi Plus, a local kids’ smartwatch and smartphone manufacturer. The Korean mobile technology giant plans to invest around 10 billion won ($9.23 million) in making the acquisition, aimed at strengthening Kakao’s portfolio of hardware and internet of things technologies. Kakao Kid's Smartphone (Kiwi Plus)Founded in 2013, Kiwi Plus is a hardware manufacturer best-known
TechnologyJune 14, 2018
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Samsung NEXT launches Q Fund for next generation of AI startups
Samsung NEXT, which focuses on entrepreneurs based in Mountain View, California, said Thursday it has launched a new fund to help enable startups with early-stage artificial intelligence technologies to develop their capabilities further. Q Fund will provide Seed and Series A financing to startups solving AI problems, as well as those using AI to solve computer science problems. Differing from traditional venture capital approaches, Q Fund will have the flexibility to invest in non-obvious, forw
TechnologyJune 14, 2018
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Samsung aims to expand renewable energy use globally by 2020
Samsung Electronics said Thursday it will expand production and usage of renewable energy at its workplaces in South Korea and a further plan for global expansion by 2020 as part of its ongoing efforts to demonstrate its commitment to environmental responsibility. In Korea, the tech titan will install approximately 42,000 square meters of solar panels in its headquarters dubbed “Samsung Digital City” in Suwon this year. The company will add about 21,000 square meters of solar arrays and geotherm
TechnologyJune 14, 2018
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Finance regulators move to review Samsung BioLogics’ pre-2015 records
South Korea’s financial regulators are planning to look into the financial statements of contract drug manufacturer Samsung BioLogics prior to 2015, the fiscal year at which the company posted a controversial 1.9 trillion won ($1.77 billion) in net profit by switching its accounting standards. It signals a shift in the investigative direction of the Securities and Futures Commission, the auditing unit of the Financial Services Commission, which appears to be seeking a midway solution that can
IndustryJune 14, 2018
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Re-elected Seoul mayor likely to ban old diesel cars in city center
After a sweeping election victory by the Democratic Party of Korea, leaders of municipalities are likely to push ahead with an administrative drive to ditch old diesel cars and boost electric vehicles as part of their campaign pledges.Re-elected Seoul city major Park Won-soon vowed during his campaign that he would classify vehicles in five different groups based on the amount of emissions and make an alternative-day-no-driving system mandatory. Park said incentives would be given to vehicles em
MobilityJune 14, 2018
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Hyundai Motor to sponsor La Liga’s Atletico Madrid
Hyundai Motor has become a global automotive sponsor for La Liga’s leading football club Atletico Madrid, stepping up sports marketing efforts in Europe, the company said Thursday.The sponsorship deal was announced just days after the automaker revealed its partnership with Chelsea FC.Until 2021, Hyundai’s logo will appear on the sleeve of the football club’s uniform, alongside advertising boards in its stadium. Hyundai will also be given the rights to display its vehicles at Atletico Madrid’s h
MobilityJune 14, 2018
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US rate hike likely to have limited impact on Korea: officials
As the United States carried out its anticipated rate hike this week, South Korea faces mounting pressure to keep pace with the momentum amid prolonged slow growth and chronic household debt.In a largely defensive gesture, key fiscal and monetary officials here said that the impact of the US rate hike would be limited, though they vowed anticipative measures for the potential consequences of the faster-than-expected rate hike timeline that has been signaled. “The Fed’s latest rate hi
EconomyJune 14, 2018
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Lotte Hi-Mart offers payment by scanning palm
Lotte Hi-Mart, the electronics chain run by retail giant Lotte Group, said Thursday that it has launched the first so-called “Hand Pay” service in the industry. A customer makes payment via Hand Pay, a biometric payment system that scans the pattern of veins in the palm, at Lotte Hi-Mart in Seoul on Thursday. Lotte Hi-MartCustomers can make payment by scanning the palm of their hands, starting with Lotte Hi-Mart’s Daechi outlet in Gangnam, the company said. The pattern of veins in the palm is sc
IndustryJune 14, 2018