Shinhan Bank offers AI interpretation service for foreigners

Shinhan Bank, one of South Korea's five major commercial banks, is enhancing services for foreign customers with the introduction of a new speech-to-text interpretation service at its brick-and-mortar branches. On Wednesday, the bank announced the launch of its "Banking for Everyone" service, designed to assist foreign customers facing communication challenges due to language barriers or disabilities. The service converts spoken language into text for both bankers and customers vi

Aug. 28, 2024

Govt. to provide record amount of foodstuffs, discount for Chuseok holiday

The government plans to supply a record amount of 170,000 tons of high-demand foodstuffs and provide a discount worth 70 billion won ($52.63 million) for the upcoming Chuseok holiday, the finance ministry said Wednesday. These measures are part of a broader effort to support the livelihoods of the people and curb inflation ahead of the major traditional holiday. The plan also includes providing financial support to small and midsized companies and micro-business owners. According to the plan, th

Aug. 28, 2024

Seoul shares open tad higher on tech, auto gains

South Korean shares opened slightly higher Wednesday, led by gains in tech, autos, and other blue chips. The benchmark Korea Composite Stock Price Index rose 1.38 points, or 0.05 percent, to 2,686.27 in the first 15 minutes of trading. Tech behemoth Samsung Electronics and chip rival SK hynix added 0.26 and 0.23 percent, respectively. Top automaker Hyundai Motor gained 1.21 percent, and its smaller affiliate Kia also rose 1.18 percent. Battery shares were mixed, with industry leader LG Energy So

Aug. 28, 2024

Seoul shares down for 3rd day on US tech slump

South Korean shares closed lower Tuesday to extend their losing streak to a third day, taking a cue from overnight losses on Wall Street. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) shed 8.76 points, or 0.32 percent, to close at 2,689.25. Trade volume was light at 259.7 million shares worth 7.95 trillion won ($5.97 billion). Winners, however, outnumbered losers 434 to 423. Institutions bought a net 36.9 billion won worth of shares, while

Aug. 27, 2024

Why Korea suffers record travel deficit despite K-culture boom

A growing number of foreign travelers are visiting Korea amid the global popularity of K-culture. But many more Korean nationals are traveling abroad, leading the nation’s travel deficit to a six-year record in the first six months of this year. According to a recent joint report by the Bank of Korea and the Korea Tourism Organization, the country recorded a travel deficit of $6.48 billion in the first half. The figure represents the largest deficit since the $8.74 billion recorded in 20

Aug. 27, 2024

[Photo News] OLED brings art to life

LG Electronics is bringing the late ink wash master Suh Se-ok’s iconic work, reimagined by his son, artist Suh Do-ho, to life on billboards across Seoul, Incheon, New York and London ahead of Frieze Seoul 2024. The four-day event, starting Oct. 4 at Coex in Gangnam, Seoul, will feature Suh’s 1978 work "Walker” displayed on LG’s transparent OLED display. The tech giant also on Tuesday announced a three-year partnership with the National Museum of Modern and Contempora

Aug. 27, 2024

Westinghouse interrupts Korea's Czech nuclear deal

Korea’s multibillion-dollar deal to build nuclear plants in the Czech Republic has been put at risk with US-based Westinghouse Electric Co. filing an appeal with the Czech's antimonopoly watchdog Tuesday, challenging Korea Hydro & Nuclear Power's position as the preferred bidder. "KHNP’s APR1000 and APR1400 plant designs utilize Westinghouse-licensed Generation II System 80 technology," Westinghouse said in its press release. "KHNP neither owns the underlying

Aug. 27, 2024

Trump presidency to boost Korea-US chip alliance: Heritage Foundation VP

Derrick Morgan, executive vice president of the US think tank Heritage Foundation, said he expected that economic cooperation between South Korea and the US would deepen, focusing on shipbuilding and semiconductors, if Donald Trump wins the 2024 US presidential race. “The US and the rest of the world is overly dependent on Taiwan for semiconductors. … The innovation coming out of Korea these days is amazing and should be applauded,” he said during an event hosted by the Kore

Aug. 27, 2024

SK Innovation, E&S to merge into W100tr energy giant

SK Innovation and SK E&S, two major energy affiliates of the country's second-largest conglomerate SK Group, received shareholders’ approval for their merger on Monday, paving the way for the launch of an integrated entity with assets over 100 trillion won ($75 billion). Some 85.76 percent of the attendees at SK Innovation's extraordinary general shareholders meeting voted in favor of the merger. The merger was approved by SK E&S shareholders, too. SK Inc., the group&rsqu

Aug. 27, 2024

80% of young Korean workers turn to AI for solutions: report

A recent report showed that artificial intelligence technology is a go-to tool in the workplace for an overwhelming majority of young adults in South Korea, who favor AI at a far greater rate than their counterparts in other countries. Samsung Electronics released "The 2024 AI-Preneur Effect" looking into how Gen Z is using cutting-edge technology to boost their careers, and it showed 80 percent of young people in Korea are dependent on AI as a go-to resource. Following the Koreans wer

Aug. 27, 2024

Fubon Hyundai Life solidifies foothold in Korea

Fubon Hyundai Life Insurance, the Korean unit of Taiwan's Fubon Financial Group, is making steady progress in solidifying its foothold in South Korea under the robust leadership of CEO Lee Jae-won. Establishing a presence in Korea is no easy task for a minor foreign insurer, yet Fubon Hyundai Life has been on an upward growth trajectory as it approaches its sixth anniversary next month. Notably, the company has effectively shifted from a sole focus on retirement pensions to offering more di

Aug. 27, 2024

JB Financial Group's Kwangju Bank, Toss Bank launch joint loan product

Kwangu Bank, a South Korean bank affiliated with JB Financial Group, announced Tuesday the company has teamed up with Toss Bank, the internet-only lender, to launch the nation's first joint loan product. Kwangju Bank expects synergy by combining its know-how about private loans with Toss Bank’s extensive mobile platform. The new loan product, called Together Loan, also earned recognition as an innovative financial service from the Financial Services Commission in June. Customers can a

Aug. 27, 2024

LG CNS to nurture DX talent in partnership with SNU

Korean IT service provider LG CNS said Tuesday the company has signed a memorandum of understanding with Seoul National University to nurture tech talents specialized in digital transformation or DX. Under the partnership, LG CNS will set up new talent training programs for SNU's master course in industrial engineering. The areas of study include mathematical optimization, artificial intelligence, big data and business consulting. The company will select top performers in the course next ye

Aug. 27, 2024

[Photo News] Supporting Paralympians

From left: Boccia players from South Korea Kang Sun-hee and Jeong So-yeong, Kurt Busk, a wheelchair rugby player from Denmark, International Paralympic Committee President Andrew Parsons and Jordan Luce, a wheelchair basketball player from France, pose for a photo at Samsung Electronics' pop-up zone at the Olympic and Paralympic Village in Paris ahead of the 2024 Paralympic Games that kick off Wednesday in the French capital. Samsung has been the official Olympic partner for 18 years. The t

Aug. 27, 2024

Samsung, Qualcomm team up for car chips

Samsung Electronics, the world's No. 1 memory chipmaker, said Tuesday that it has partnered with US chip giant Qualcomm Technologies to produce advanced chips for diverse automotive solutions. The Korean tech giant said its latest automotive LPDDR4X memory has been successfully qualified for use with Qualcomm’s Snapdragon Digital Chassis. The product is set to be applied in premium in-vehicle infotainment and advanced driver-assistance systems. Samsung’s automotive LPDDR4X quali

Aug. 27, 2024

[Photo News] Hana global workshop

Hana Financial Group hosted a two-day workshop starting Monday at the Hana Global Campus in Incheon, focusing on global strategies and corporate culture to enhance employee capabilities and reinforce the company's commitment to customer-centric service. The seminar was attended by 29 employees from 19 countries. The picture shows Hana Financial Group Vice President Lee Eun-hyung (center) with the global participants. (Hana Financial Group)

Aug. 27, 2024

Another tight year ahead for Korea in 2025 with 3.2% budget increase

The Ministry of Economy and Finance has proposed a 677.4 trillion won ($509.2 billion) budget for next year, focusing on fiscal consolidation while bolstering public welfare and investing in strategic emerging industries. The budget, proposed by the finance ministry and endorsed by the Cabinet on Tuesday, represents a 3.2 percent hike from this year, reflecting the government's commitment to spending control and improved fiscal health. "Once known for its strong fiscal soundness, Korea

Aug. 27, 2024

Hanwha Ocean’s H1 orders soar on high-value LNG vessels

Korean shipbuilding and offshore company Hanwha Ocean said Tuesday that it has secured some $5.07 billion in orders in the first half of this year with a strategic focus on high-value vessels such as LNG carriers. Under the contracts, Hanwha will build 26 high value-added ships – 16 LNG ships, two very large ammonia carriers (VLAC), one very large gas carrier (VLGC) and 7 very large crude oil carriers (VLCC) – scoring the highest contract amount in the merchant ship sector among dome

Aug. 27, 2024

Seoul shares open lower on US tech losses

South Korean shares opened lower Tuesday, tracking an overnight tech slide on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) lost 11.74 points, or 0.44 percent, to 2,686.27 in the first 15 minutes of trading. Overnight, major US indexes closed mixed as the Dow Jones Industrial Average increased 0.16 percent, while the S&P 500 and tech-heavy Nasdaq composite fell 0.32 percent and 0.85 percent, respectively. Artificial intelligence chip giant Nvidia slid 2.25 percent ahea

Aug. 27, 2024

[Graphic News] Korean food exports rise 9.2%

South Korea’s exports of foodstuffs rose 9.2 percent on-year in the first seven months of 2024, data showed, led by sharp growth in instant noodle and processed rice products. Outbound shipments of food products came to $5.67 billion over the January-July period, compared with $5.18 billion tallied a year earlier, according to the Ministry of Agriculture, Food and Rural Affairs. By product, exports of instant noodles jumped 34 percent over the period to hit $699 million, with those of sn

Aug. 27, 2024