South Korea plans to have 30 percent of local companies adopt artificial intelligence technologies by 2030 to beef up competitiveness of local industries, the industry ministry said Friday. The target marks a sharp rise from the current estimate of 1 percent, according to the Ministry of Trade, Industry and Energy. "In a mid-and-long term perspective, (the government) plans to proactively find ...

SK Energy Co., a major South Korean oil refiner, said Friday it is joining hands with a state-run electric power supplier to build electric vehicle charging infrastructure at traditional gas stations across the country. SK Energy will work with Korea Hydro & Nuclear Power Co. to build "energy super stations" that provide both refueling of internal combustion engine vehicles and charging of EVs, ...

Lotte Group Chairman Shin Dong-bin lays a flower in front of a statue of the food giant's late founder and his father, Shin Kyuk-ho, in commemoration of the third anniversary of his death, at Lotte World Tower in Seoul, Thursday. The Lotte chairman on the same day convened a CEO meeting across affiliates to discuss the retail giant's mid- to long-term management plans and analyze this year's busi...

Chung Euisun discusses flexible implementation of IRA with visiting US official

In continued efforts to expedite its foray into the global consumer-to-consumer, or C2C, market, e-commerce platform Naver recently became the largest shareholder of Spanish secondhand marketplace Wallapop with an investment worth 75 million euros ($80.7 million), according to industry sources Thursday. Following Naver's investment worth 115 million euros made in last February to acquire 10 perc...

South Korea’s largest wireless carrier, SK Telecom, and US aviation company Joby Aviation said Thursday they advanced a strategic partnership for a boost in the commercialization of Korean-style urban air mobility, or UAM. Joby Aviation recently invited officials from the Ministry of Land, Infrastructure and Transport, the Korea Institute of Aviation Safety Technology, and the Korea Aerospace Re...

LG Electronics revealed on Thursday that its OLED evo received the highest honor, the VGP Gold award, in the 50-to-60-inch and under-45-inch OLED TV categories at the Visual Grand Prix 2023. The product also received the Critics Award in the visual category. The VGP is an annual audio-visual (AV) awards event held by Japanese AV media outlet Ongen Publishing. Devices are judged by experts and el...

CEO unveils plans for further production expansion; dismisses oversupply concerns, citing aging population, healthcare demand

Experts see limited impact, citing tricky production of still-nascent microLED technology

While staying in the US to attend the 2023 Consumer Electronics Show, Hana Financial Group Chairman Ham Young-joo took time to visit Google Bay View Campus on Friday. According to the group, Ham intended to get some inspiration for digitalization through communicating with employees of the global IT firm. “It was a meaningful time to think about the future path of the group together with young ...

Kia's EV6 has won the North American Utility Vehicle of the Year award, Hyundai Motor Group announced Thursday. This year's winner was selected by 50 automotive journalists in the US and Canada. The South Korean automaker said over 19,000 EV6s have been sold in the US since February.

South Korea's finance ministry said Thursday owners of two homes will pay less taxes if they dispose of one of them during an extended period amid a slump in the home market. Under the plan, such homeowners will not be subject to heavier taxation if they offload one of the two homes within a three-year period, according to the Ministry of Economy and Finance. The ministry earlier extended the p...

S. Korean energy company to have 8.4-gigawatt production by 2024, enough for 1.3 million households

By Shim Woo-hyun Korea Herald correspondent SAN FRANCISCO -- Lotte Biologics will invest around $3 billion by 2030 to build new CDMO plants in South Korea, Lotte Biologics CEO Richard Lee announced during the company’s presentation at the 41st JPMorgan Healthcare Conference held in San Francisco, Tuesday. The investment will go toward building three plants, with a combined manufacturing capaci...

Piecemeal rate cuts don't seem enough to relieve borrowers' heavy burdens