Economy
-
Producer prices rose 0.4% in January, driven by soaring electricity charges
SEOUL -- Producer prices rose 0.4 percent last month from December, driven by soaring electricity charges, according to data released by the Bank of Korea (BOK) on February 23. The produce price index increased to 120.29 in January, up 0.4 percent from a month before. The rise came after the index fell 0.3 percent in November and 0.4 percent in December. Compared with the January 2021 figure, the price index jumped by 5.1 percent. "The producer price increase was attribute
February 23, 2023 -
LG Uplus to release metaverse platform for young children
SEOUL -- South Korea's mobile carrier LG Uplus will roll out a metaverse-based platform that enables young children to interact with each other and learn about animals and dinosaurs using avatars. The virtual platform incorporated functions capable of filtering profanity while chatting and reporting those who behave inappropriately. LG Uplus (LGU+) said in a statement that the company will release the open beta version of KidsTopia, a metaverse platform for children aged up to
February 22, 2023 -
South Koreans taking brunt of higher inflation and fewer jobs
SEOUL -- South Koreans are bearing the brunt of pains arising from higher consumer prices and fewer jobs amid the economic slump, according to an analysis of official data by Rep. Kim Hoi-jae of the main opposition Democratic Party (DP) on February 22. Kim said that the so-called misery index jumped to 8.8 last month, hitting the highest since it peaked at 9.2 in July 2022. The index is calculated by adding the consumer inflation rate (5.2 percent) to the unemployment rate (3.6 per
February 22, 2023 -
LG Energy Solution ties up with Ford and Koc Holding to build battery plant in Turkey
SEOUL -- LG Energy Solution (LGES), the battery-making wing of South Korea's LG Group, will build a battery plant at an industrial zone near Turkey's capital city to solidify its position in the European electric vehicle market. The factory established through a joint venture with a U.S.-based automobile manufacturer, Ford, and Turkey's conglomerate Koc Holding, would produce batteries for commercial vehicles in Europe. Data released by database company Statista s
February 22, 2023 -
South Korea suffers 22.6 percent fall in trade with Russia amid war in Ukraine
SEOUL -- South Korea's volume of trade with Russia nosedived 22.6 percent to $21.15 billion in 2022 from a year before, affected by the latter's war with Ukraine, according to a report by the Korea International Trade Association (KITA) on February 21. The KITA said that the plunge was in contrast to an average growth rate of 11.4 percent in 36 major countries' trade with Russia. India's trade with Russa skyrocketed 237 percent year-on-year last year, followed by Gr
February 22, 2023 -
S. Korea to beef up key strategic industries under 'New Growth Strategy 4.0'
SEOUL -- The Ministry of Economy and Finance has announced a new growth strategy to help South Korea keep its technological competitive edge in the country’s three strategic industries -- semiconductors, batteries and displays. On February 20, the ministry unveiled "New Growth Strategy 4.0" aimed at finding new economic engines. It plans to work out more than 30 detailed tasks to support the key industries. The ministry said that it will begin to implement around
February 21, 2023 -
Avikus to provide autonomous boat solution 'NeuBoat' for recreational boat owners in US
SEOUL -- Avikus, an autonomous shipbuilder affiliated with South Korea's HD Hyundai, will demonstrate its autonomous boat solution called "NeuBoat" in the United States. The company will begin a beta-test for its autonomous boat solution involving participants selected from visitors of an annual global boat show held in Miami. According to data released by market research firm Mordor Intelligence, the global recreational boating market which stood at $27.3 billion in
February 20, 2023 -
LG Electronics receives vehicle cybersecurity certificate from UNECE
SEOUL -- LG Electronics is seeking to strengthen its global competitiveness in the global automobile market by receiving Cybersecurity Management System (CSMS) certification. The certification allows the electronics giant to provide various components including infotainment systems mainly in Europe. The South Korean electronics maker said in a statement on February 20 that it has received a vehicle CSMS certification from the international certification testing organization, TUV
February 20, 2023 -
Manufacturing confidence improves for March, raising hope for economic rebound
SEOUL -- South Korea's manufacturing confidence for March improved for the fourth straight month, raising hope for a rebound in both exports and domestic demand, a survey by the Korea Institute for Industrial Economics & Trade (KIET) said February 20. The KIET-devised professional survey index (PSI) for the manufacturing sector's business conditions stood at 101 for next month, up from 90 for February. The index showed an upward movement for the fourth straight month.
February 20, 2023 -
Ticketing agencies Interpark and Triple to adopt luggage tracking service for first time
SEOUL -- Interpark, a popular online ticketing agency operated by South Korea's online leisure and accommodation service company Yanolja, and its brother company Triple will adopt a real-time airport luggage tracking service for the first time as a travel and leisure ticket seller in the country. According to Incheon International Airport, South Korea's main gateway, an annual average of 62.6 million luggage is processed at the airport and about two out of every one million
February 20, 2023
-
Global tech firms to present smart manufacturing solutions at 'Smart Factory + Automation World' in Seoul
-
Occult thriller film 'Exhuma' attracts more than 10 mln moviegoers in 35 days of release
-
Education company Visang provides smart Korean language learning platform 'Klass' to Vietnamese universities
-
LS Cable embarks on construction of plant for new copper foil material
-
Seoul's bus labor union launches strike for first time in 12 years
-
Turkish automotive association seeks partnership with S. Korean companies
-
US political turmoil reflects our wider society – in 2024 and earlier elections
-
S. Korean mobility solution company targets historical city as gateway to Viet Nam
-
Avikus validates fuel-saving effect of self-sailing solution 'HiNAS Control'
-
Hanwha's cooperative robot wing showcases robot sommelier at 'Smart Factory + Automation World'