Latest News

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  ​BLACKPINK becomes first K-pop band to headline US music festival Coachella SEOUL -- K-pop girl band BLACKPINK will interact with global fans at the Coachella Valley Music and Arts Festival, a popular American music event, as its headliner. The four-member band is the first K-pop group to take part in the annual event known for showcasing popular artists in indie rock, hip-hop and electronic dance music. Coachella said in an Instagram post that the group will perform at the music festival on April 14 and on April 21. The headliner role is usually given to 2023-01-11
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  Businesses reduce production targets amid economic slowdown SEOUL -- Domestic businesses have begun to reduce their production targets, battered by soaring inflation and high interest rates. Industry sources said that it is inevitable for companies to cut down on production as the economic downturn is likely to persist at least in the first half of this year. They warned that the production reduction could create a vicious cycle of growing unemployment, falling consumption, and sluggish investments. The output target cut by large fi 2023-01-11
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  S. Korea reveals fishing boat capacity reduction plan for nearshore fishermen SEOUL -- Due to the decreased catch affected by climate changes and overfishing, South Korea will carry out a nearshore fishing boat capacity reduction program. A total of 39 boats will be reduced in 2023 and subsidies will be provided in form of tax returns and reimbursements for estimated salvage values of boats and fishing equipment, and up to six months of salary for fishermen who lost their jobs because of the fishing boat reduction program. The reduction of fishing boat capac 2023-01-11
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  Ateez ranks seventh on Billboard's top 200 popular albums chart with 'SPIN OFF : FROM THE WITNESS' SEOUL -- K-pop boy band Ateez is garnering explosive popularity through its first single album titled "SPIN OFF : FROM THE WITNESS" The album was ranked seventh on Billboard's top 200 popular album chart. The album released on December 30 ranked seventh on January 9, according to KQ Entertainment, the eight-member band's agency. More than 40,000 copies of the album were sold. The music video of the album's title song "Halazia" gained more than 2023-01-10
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  SwRI to work with Korean automotive technology researchers for autonomous vehicle-related projects SEOUL -- The Southwest Research Institute, a Texas-based nonprofit organization specializing in smart mobility, has partnered with an automotive technology research institute in South Korea to gain a competitive edge in self-driving technology. Various projects such as pedestrian behavior prediction and automatic speed control technology will be carried out. The Korea Automotive Technology Institute (KATECH) said in a statement that it has partnered with the Southwest Research Inst 2023-01-10
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  Current account swings back to deficit in November SEOUL -- South Korea posted a current account deficit again in November last year amid a steep fall in memory chip exports, according to the Bank of Korea on January 10. The BOK said the deficit was estimated at $620 million, compared to a surplus of $682 million a year before. The shortfall came after the current account returned to a surplus of $880 million in October. The current account, a broad measure of a nation’s global trade in goods and services as well as net e 2023-01-10
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  LG Chem's lightweight plastic material used as exterior part of Mitsubishi vehicles SEOUL -- A lightweight plastic component developed by LG Chem, the chemical unit of South Korea's LG Group, was used as an exterior part of vehicles made by Mitsubishi Motors, one of Japan's largest car makers. The new material which is about 8.8 pounds lighter than steel material can improve fuel efficiency and reduce carbon emissions. The plastic material called "LUCON TX5007" was used in the front fender of Mitsubishi Motors. Front fenders located on the side o 2023-01-10
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  Shipbuilders suffer acute manpower shortage SEOUL -- South Korean shipbuilders are suffering from an acute shortage of workforce when they already secured orders of vessels to be constructed in the next three years. The shortage has been caused not only by brisk orders, but also by negative factors such as low wages and difficult working conditions, according to industry and labor experts. They pointed out that more and more shipbuilding workers have quit their job and moved to other workplaces because their wages contin 2023-01-10
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  Broadcom offers fund worth $15.8 million to voluntarily correct unfair practices SEOUL -- Broadcom Inc., a U.S. chipmaker, has offered to set up a 20-billion-won ($15.8-million) fund as part of voluntary measures to correct its alleged unfair business practices, the Korea Fair Trade Commission (KFTC) said on January 9. The proposal is seen as a move by Broadcom to avert any penalty from the antitrust regulator, or criminal charges for allegedly violating competition laws here in Korea. The KFTC said that it has been investigating allegations that the Americ 2023-01-10
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  [CES 2023] Hyundai shipbuilding group's holding company partners with Estonian SOFC manufacturer to develop fuel cells for ships SEOUL -- Korea Shipbuilding & Offshore Engineering, the holding company of Hyundai shipbuilding group, has partnered with Elcogen, a solid oxide fuel cells manufacturer in Estonia, to develop fuel cells for vessels and power generation. The two companies will also work with a German-based applied science research institute specializing in energy storage and fuel cell systems. Solid oxide fuel cells (SOFC) are electrochemical conversion devices that produce electricity directly 2023-01-10
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  Sales of pet food items of Shinsegae's online shopping mall increase 30 percent on-year SEOUL -- Sales of pet food items at SSG.com, an online shopping mall operator run by South Korea's retail giant Shinsegae, significantly increased between January 2022 and January 2023, compared to a year ago. The online ecommerce operator said dog pads which are put on the floor when dogs defecate were best-selling products at its pet product shopping mall called "Molly's SSG." According to data released by SSG.com, dog pads were the most popular item as of Janua 2023-01-09
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  [CES 2023] Lululab teams up with digital health management company Hancom Care Link to develop AI skincare analysis platform LAS VEGAS -- Lululab, an artificial intelligence-based healthcare analysis company in South Korea, has partnered with Hancom Care Link, a digital healthcare platform operator specializing in gene analysis, to develop a smart skincare analysis platform. The platform with various skin data with patients' different physical features will be provided to medical centers associated with Hancom Care Link. Data released by market research firm Global Data showed that the South Korean s 2023-01-09
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  Korea to standardize core technologies such as self-driving, AI, digital transition SEOUL -- The South Korean government has decided to push for standardization of new core technologies such as self-driving, artificial intelligence (AI), and digital transition. The Ministry of Trade, Industry and Energy said on January 9 that it will step up cooperation with the Korean Agency for Technology and Standards (KATS) in standardizing the country’s new technologies as part of efforts to explore new markets and boost exports. The KATS, aligned with the ministry, 2023-01-09
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  Manufacturing industry leads economic slump: KDI SEOUL -- South Korea's manufacturing sector is losing steam in the face of sluggish exports affected by a worldwide economic downturn, according to the Korea Development Institute (KDI). The state-funded think tank said on January 8 that the country has entered the phase of an economic slowdown amid sluggish overseas shipments of Korean products. It added that the manufacturing industry is taking the brunt of the downturn. Falling exports of semiconductors, the country' 2023-01-09
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  LG Electronics suffers earnings shock in fourth quarter amid global economic slowdown SEOUL -- LG Electronics, South Korea’s leading home appliance company, said on January 6 that its operating profit plunged 91.2 percent to 65.5 billion won ($51.6 million) year-on-year in the fourth quarter of last year amid a global economic slowdown. The company said that its profitability deteriorated due to sluggish demand, soaring prices of raw materials, and higher costs of distribution and marketing, despite a relatively strong performance in LG’s premium home ap 2023-01-09
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  Naver adopts disaster damage assessment feature to elderly care call service SEOUL -- South Korea's web service giant Naver has adopted a disaster damage assessment feature to its elderly care call service. Naver's artificial intelligence-based assistants will make their routine phone calls to elderlies and check up on them by starting a natural conversation. AI assistants will ask how old people are coping with disastrous situations. The number of single-person households has been rapidly increasing in South Korea with a population of about 52 mill 2023-01-09
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  ​Fresheasy partners with supermarket chain Emart Everyday to develop meal kit products SEOUL -- Targeting the rapidly growing domestic meal kit market, South Korea's top meal kit maker Fresheasy partnered with a supermarket chain affiliated with Emart, the megastore wing of South Korea's retail conglomerate Shinsegae, to develop new products that can replace home meals. The meal kit company will supply products to the supermarket operator with some 260 stores nationwide. Meal kits, also known as home meal replacement (HMR) products, are convenient heat-and-ea 2023-01-09
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  Tmap Mobility to provide Volvo's new EV with HD map system and driver assistant system SEOUL -- Tmap Mobility, a smart mobility solution wing of South Korea's SK Group, will provide Volvo's new electric vehicle EX90 with a self-developed high-definition map and advanced driver assistant system. The autonomous driving technology solutions will help Volvo's EV safely navigate its way around roads in South Korea. A high-definition (HD) map is a highly accurate map that contains just about every detail which is not normally provided by ordinary maps. The digi 2023-01-09
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  ​[CES 2023] HL Klemove partners with Sonatus to develop next-gen electrical component for connected vehicles LAS VEGAS -- HL Klemove, a self-driving solution wing of South Korea's Halla Group, partnered with Sonatus, an American vehicle and cloud solution developer, to cooperate in the development of electrical components and software for next-generation connected vehicles. Sonatus is a California-based vehicle technology solution company that builds solutions for software-defined vehicles that add functions, manage operations, and enable new features primarily or entirely through sof 2023-01-08
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  [CES 2023] KSOE signs cooperation agreement with ABS to develop autonomous commercial vessels LAS VEGAS -- Korea Shipbuilding & Offshore Engineering, the holding company of Hyundai shipbuilding group, signed a cooperation agreement with the American Bureau of Shipbuilding to jointly develop and demonstrate artificial intelligence-based autonomous “unmanned” commercial vessels. Backed by the accelerated speed of AI-based smart vessel development, Avicus, the autonomous vessel development wing of HD Hyundai, the world’s top shipbuilder formerly known 2023-01-08