Latest News

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  US utility company AEP to receive $86 mln worth of transformers from Hyundai Electric SEOUL -- Hyundai Electric, a domestic electrical equipment manufacturer and energy solution provider, has clinched an order worth 106.2 billion won ($86 million) to supply transformers to American Electric Power (AEP), a U.S.-based electricity utility company that oversees power distribution in 11 states. A total of 3,500 transformers crucial in power grids for residential areas will be provided to the U.S. company with some 5 million customers. Data cited by Hyundai Electric showe 2023-01-31
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  IMF slashes South Korea's 2023 economic outlook to 1.7 percent SEOUL -- The International Monetary Fund (IMF) lowered its 2023 growth projection for South Korea to 1.7 percent from its earlier figure of 2 percent. The fund made the 0.3 percentage-point downward revision in a quarterly update to its World Economic Outlook report released in Singapore on January 31. It also revised down its 2024 outlook for Korea to 2.6 percent from the previous prediction of 2.7 percent. The lowered projection is in contrast to the IMF’s upward revi 2023-01-31
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  [OPINION] Vietnam War: anniversary and legacies KENOSHA, Wisconsin -- The Vietnam War ended officially on January 27, 1973, with the signing of the Paris Peace Accords. The governments of North Vietnam, South Vietnam, and the United States, plus the revolutionary National Liberation Front (NLF, which included the military Viet Cong) were par 2023-01-31
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  Researchers develop non-EMP anti-drone technology ideal for urban environments SEOUL -- A team of researchers from a prominent state research institute has developed an anti-drone technology that can neutralize drones in mid-air without using electromagnetic pulse waves that can also damage nearby electronic devices. The technology can also be used for pinpointing enemy drones without risks of damaging ally unmanned aerial vehicles. Drones in urban areas can be really tricky to shoot down. Currently, the most effective way to take down a flying drone is to us 2023-01-31
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  KT Skylife releases lightweight electric wheelchair for vulnerable road users SEOUL -- KT Skylife, a satellite broadcasting provider affiliated with South Korea's major telecom company KT, rolled out a lightweight electric wheelchair that would help reduce the inconvenience of people with mobility problems. The smart wheelchair can travel up to 45 kilometers (27.9 miles) on a single charge and can be loaded into a small passenger car's trunk. The electric wheelchair weighing 30 kilograms (66.1 pounds) is called Auto Wheel. Using a Bluetooth-based con 2023-01-31
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  Industrial output falls 1.6% in December amid economic slowdown SEOUL -- Industrial production in South Korea decreased 1.6 percent in December 2022 from a month earlier as the manufacturing sector took the brunt of an economic downturn, according to data released by Statistics Korea on January 31. The fall was the steepest since industrial production declined 1.8 percent month-on-month in April 2020 following the outbreak of the COVID-19 pandemic. It came after industrial production increased 0.4 percent in November. Industrial productio 2023-01-31
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  Marine ministry to invest $295.1 mln to accelerate distribution of eco-friendly vessels SEOUL -- South Korea's marine ministry will inject 362.3 billion won ($295.1 million) into the private and public sectors in 2023 to accelerate the development and deployment of eco-friendly vessels that use liquefied natural gas, hydrogen, or electricity as their main source of fuel in a bid to reduce the emission of greenhouse gases by 50 percent in 2050, compared to the total amount (11.8 million tons) emitted by ships in 2017. Through a 30-year roadmap to go drastically red 2023-01-30
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  Domestic service industry suffers cumulative trade deficit of $252 billion SEOUL -- The domestic services industry needs to take measures to reduce its snowballing trade deficit, the Korea Enterprises Federation (KEF) said in a report on January 29. The KEF estimated the services sector’s cumulative trade shortfall at $252.9 billion (321.3 trillion won) between 2000 and 2021. The figure was in contrast to an average surplus of $727.3 billion for G-7 industrialized countries. South Korea’s loss was less than Germany’s shortfall of $ 2023-01-30
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  Nongshim's Shin Ramyun pop-up store captivates young spicy instant noodle lovers SEOUL -- Dressed in casual jackets and coats, young spicy food lovers flocked to an offline pop-up store filled with various games and products related to Shin Ramyun, a top South Korean brand of instant noodles well known for its spicy flavor. Despite the cold and rainy weather, some 50 people holding an umbrella visited the store where various items such as pop sockets and keyboard protectors with Shin Ramyun's brandmark engraved greeted them. Some of them took selfies with a sta 2023-01-30
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  14yr-old snowboarder Choi Ga-on breaks youngest record in Winter X Games' superpipe event SEOUL -- For the first time in the history of South Korea's winter games, a prodigy snowboarder named Choi Ga-on has grabbed a gold medal in a superpipe competition event at the Winter X Games, an annual extreme winter sports event, held in Aspen, Colorado. The 14-year-old also broke the record for the youngest medal winner of the event. The term superpipe refers to a competition event held in a large halfpipe structure used in extreme sports such as snowboarding and freestyle 2023-01-30
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  Lifting of indoor mask mandate unlikely to help improve consumer sentiment SEOUL -- South Korea’s lifting of the mask mandate for most indoor places on January 30 is unlikely to help speed up an economic recovery immediately. Economists said it is uncertain if the improved COVID-19 situation will be a shot in the arm for the slumping economy, pointing out that runaway inflation and high interest rates are still weighing on consumer sentiment. Soaring heating bills this winter and an anticipated hike in public utility charges are predicted to force 2023-01-30
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  South Korea's passenger car exports hit all-time high of $49 billion in 2022 SEOUL -- South Korea’s passenger car exports reached a record high of $49.02 billion last year, helped by rising global demand for eco-friendly models, according to the Korea Customs Service (KCS) on January 30. The sum represented a robust 15 percent increase from 2021. The number of exported cars climbed 10.1 percent year-on-year to 2.31 million units. The KCS said the upbeat performance was attributed to a surge in the shipments of environmental-friendly cars, a stabil 2023-01-30
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  KT's financial services wing partners with Mongolia's central bank to establish payment linkage system SEOUL -- BC Card, the financial services wing of South Korea's major telecom company KT, will work with the central bank of Mongolia to establish a payment linkage system between South Korea and Mongolia. Mongolians can use their national payment system using automatic teller machines in South Korea. According to data released by South Korea’s foreign ministry, 39,746 Mongolians were living in South Korea as of June 2022. A total of 113,864 Mongolian tourists visited Sout 2023-01-30
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  Online secondhand market Joonggonara and 7-Eleven officially launches safe offline trading service SEOUL -- Joongonara, South Korea's largest online secondhand market platform operated by Eugene Asset Management, and convenience store franchise 7-Eleven have kicked its safe offline secondhand trading service into full gear. The service was tested in the southern Seoul district of Gangnam earlier this month. According to the Korea Internet & Security Agency, South Korea's internet watchdog, the country has an online secondhand trading market standing at about 24 trill 2023-01-30
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  Eight overseas Korean restaurants designated as outstanding eateries for popularizing Korean food SEOUL -- The Ministry of Agriculture, Food and Rural Affairs designated outstanding Korean restaurants in foreign countries based on 21 requirements including food quality, hygiene, and contribution to the popularization of Korean dishes. The ministry provides recognition awards for selected restaurants as well as financial support. On January 26, the ministry designated eight restaurants with the state-run Korean Food Promotion Institute. Jeongsik Jeongsik is a New York-based 2023-01-27
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  National pension fund to be depleted in 2055, two year earlier than previously predicted SEOUL -- South Korea’s national pension fund for salaried workers is expected to be depleted completely in 2055, 14 years after it begins to record a deficit, according to a committee evaluating the financial soundness of the fund. The finding said that the depletion will come two years earlier than the committee’s previous calculation conducted five years ago, if the current pension scheme remains unchanged. The panel, affiliated with the Ministry of Health and W 2023-01-27
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  LS Electric clinches $39.7 mln order to build railway signaling system in Taiwan SEOUL -- LS Electric, a power solution provider affiliated with South Korea's LS Group, has clinched an order worth $39.7 million from Taiwan's railway operator to build a railway signaling system that provides various operation conditions for moving trains. Through the establishment of the safety system, the company aims to secure its foothold in the Southeast Asian market. The railway signaling system is crucial for locomotive engineers as it ensures that there is enoug 2023-01-27
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  ​S. Korea to invest $215 mln into five-year development project for AI technologies for everyday environments SEOUL -- South Korea will invest some 265 billion won ($215 million) for a five-year project that aims to develop artificial intelligence technologies that can be utilized by people in their everyday environments. AI used in various sectors including the administrative, legislative, judicial, and public sectors will eventually help boost the country's AI technology capability. Prime Minister Han Duck-soo held the second National Data Policy Committee meeting on January 25 and r 2023-01-27
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  South Korea's kimchi imports hit record high of $169.4 million last year SEOUL -- South Korea’s imports of kimchi, a traditional Korean side dish made of fermented cabbage, hit a record high of $169.4 million last year, according to the Korea Customs Service (KCS). The sum marked a 20.4 percent increase from 2021. The surge of kimchi imports was attributed to soaring inflation which made consumers prefer cheaper products from China. Locally made kimchi products became expensive due to high prices of cabbage and other ingredients. The increase 2023-01-27
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  Researchers develop AI technology capable of predicting cardiovascular events for stroke patients SEOUL -- Researchers have developed an artificial intelligence-based solution capable of predicting the risk and date of cardiovascular events, which can cause serious damage to the heart muscle, in patients who previously had a stroke. Cardiovascular events, which result in physical disability and even death, are known to take place after suffering from a severe brain attack. A stroke is a severe brain disease that happens when the blood vessels supplying blood to the brain are bl 2023-01-27