Latest News

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  Jeju Island to establish intelligent transport system to ease traffic congestions SEOUL -- The southern resort island of Jeju will adopt an intelligent transport system in an effort to ease traffic jams. The island with a population of about 635,000 is visited by more than 10 million visitors from South Korea and abroad every year. It is very common to witness traffic congestion at tourist hot spots and major towns on the island. An intelligent transport system (ITS) is a smart traffic control tower that can monitor roads in real-time and control traffic lights 2023-01-16
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  Foreign investors become net buyers this month, leading Korean stock market SEOUL -- Foreign investors have become net buyers on the main Seoul stock exchange this month, ramping up share prices. According to the Korea Exchange (KRX), foreigners’ net purchase was estimated at 2.88 trillion won ($2.33 billion) between January 2 and 13. The net buying trend was in contrast to their net selling of 1.69 trillion won last month, boosting the benchmark KOSPI by 6.7 percent from 2,236.40 on December 29 to 2,386.09 on January 13. Foreign portfolio in 2023-01-16
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  UAE decides to invest $30 billion in South Korea SEOUL -- The United Arab Emirates (UAE) has decided to invest $30 billion (about 37 trillion won) in South Korea’s nuclear power, energy and defense sectors, the presidential office said on January 15. The decision came during a summit between President Yoon Suk-yeol and his UAE counterpart Mohamed bin Zayed Al Nahyan in Abu Dhabi. The office quoted the UAE president as telling Yoon that the Middle Eastern country has made the investment decision with confidence in the 2023-01-16
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  Southern port city to operate incubation programs to beef up workers' big data capability SEOUL -- The southern port city of Busan will kick-start an incubation program for its workers to improve their capability to understand and utilize big data in their administrative work processes. South Korea has been collecting public data from various sectors for the last decade. Big data is a collection of data sets that is too large for conventional tools or methods to process. While the vast amount of information has extremely high statistical power, it could also have a high 2023-01-16
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  Korea-Singapore digital partnership pact to take effect on January 14 SEOUL -- The bilateral Digital Partnership Agreement (DPA) between South Korea and Singapore will take effect on January 14, the Ministry of Trade, Industry and Energy said. The implementation of the agreement comes after the two countries exchanged documents stating that each state has completed the due process of approving the pact. In November, Korea and Singapore signed the DPA, a trade pact which is aimed at stepping up cooperation in the field of digital trade and industry. 2023-01-13
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  [COLUMN] ​Is it the government's business to encourage people to have babies? SEOUL -- News that government is strategizing to encourage couples to have more babies made me think of an image from old Korea that is hard to get out of your head once you’ve pictured it: the way relatives lurked around and peeked inside the room where newlyweds were having their first night together. No offense to Na Kyung-won and the members of the 2023-01-13
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  Lotte Himart to establish EV charging infrastructure in electronics stores' parking lots SEOUL -- Lotte Himart, a South Korean retailer of electronic goods, has teamed up with domestic electric vehicle charger manufacturer Jungang Control to establish EV charging infrastructure in parking lots at its electronics stores. The retailer has some 400 stores nationwide. South Korea is trying hard to achieve net-zero carbon dioxide emissions by 2050 by promoting the use of renewable energy and clean fuels. As of the third quarter of 2022, about 340,700 EVs were registered in 2023-01-13
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  BOK raises interest rate again to 3.5% to tame inflation SEOUL -- The Bank of Korea (BOK) increased its key interest rate by 0.25 percentage point to 3.5 percent to tame inflation on January 13. It marked the seventh consecutive rate hike by the central bank since April 2022. “We concluded that it was necessary to increase the interest rate to ensure price stability as inflationary pressure still remains high and prices are expected to stay above the target rate for a considerable period of time,” the BOK’s rate-setting 2023-01-13
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  LG Uplus to acquire subsidiary's EV charging service business division SEOUL -- LG Uplus, a major mobile carrier in South Korea, will make a foray into the country's rapidly growing electric vehicle charging service industry by acquiring the EV charging business division of LG HelloVision, the cable television network wing of the mobile carrier. South Korea with more than 25 million registered vehicles has 340,700 EVs registered as of the third quarter of 2022. According to the trade ministry, the domestic sales of EVs are increasing by some 80 pe 2023-01-13
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  ​Korea to increase nuclear energy reliance to 32.4% by 2030 SEOUL -- South Korea has decided to increase the proportion of nuclear energy to 32.4 percent of its total power generation by 2030 and further to 34.6 percent by 2036, according to a long-term energy plan released by the Ministry of Trade, Industry and Energy on January 12. The ministry also plans to raise the share of renewable energy to 21.6 percent by 2030, down 8.6 percentage points from the 30-percent target set by the previous Moon Jae-in administration. The proportion will 2023-01-13
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  Busan to create smart indoor gardens to purify air in multi-purpose areas SEOUL -- To help urbanites heal their mind and take a break from busy life, smart gardens with plants capable of removing indoor air pollutants will be established in South Korea's southern port city of Busan. The small-sized indoor gardens with automatic water supply systems will be provided to multi-purpose areas such as welfare centers and educational service centers. Using internet of things (IoT) technology, smart gardens control air quality, wind speed, and water distri 2023-01-13
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  Researchers develop intraocular lens capable of early-stage dementia diagnosis SEOUL -- A joint team of researchers has developed an intraocular lens that can be inserted into the eye to diagnose Alzheimer's disease for the first time in South Korea. The lens can help doctors diagnose early-stage dementia and start treatments to slow down the process of the degenerative disease. Although dementia is regarded as an incurable disease, it can be treated to slow down the process and prevent further damage when the disease is found at its early stage. Accordin 2023-01-12
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  Kakao Entertainment attracts $963.8 million investment from global funds SEOUL -- Kakao Entertainment Corp., South Korean tech giant Kakao Corp.’s entertainment and media unit, has attracted investment worth 1.2 trillion won ($963.8 million) from two global sovereign wealth funds, the company said on January 12. According to the company, Saudi Arabia’s Public Investment Fund (PIF) and Singapore’s Pwarp Investment PTE have decided to invest 600 billion won equally in Kakao Entertainment. Kakao said that the sum is the largest invest 2023-01-12
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  Pinkfong selects former Disney short-form content creator David Levy to lead studio in US branch SEOUL -- David Levy, a veteran short-form content creator who directed various Disney animated videos, has been picked to lead a studio in the American branch of Pinkfong, a South Korean educational entertainment company known for a catchy cartoon song called "Baby Shark." The former Disney animation director will lead the intellectual property business and work with global studios. Short-form videos that are normally 15 to 60 seconds long are gaining popularity in the co 2023-01-12
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  Businesses worried about China's potential retaliation following pandemic-related visa dispute SEOUL -- South Korean businesses are concerned about a potential trade retaliation by China following Beijing’s decision to suspend short-term visas issuance and transit visa exemption for South Korean and Japanese citizens. Such concerns have arisen since the Chinese immigration office said on January 10 that South Korean and Japanese travelers cannot enjoy transit visa exemption which is to allow them to stay in a Chinese city for 72 hours to 144 hours while transiting thro 2023-01-12
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  Southern port city to invest $4 mln to create urban forests in 22 areas SEOUL -- The southern port city of Busan will invest five billion won ($4 million) to create urban forests over 22 areas that are equivalent to some four football fields. Busan, South Korea's second-largest city, has a population of 3.4 million over an area of 770 square kilometers. However, about 47 percent of the city consists of mountains, making the city very cramped with a small number of green areas that are easily accessible by citizens. The port city famous for it 2023-01-12
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  ​Seoul to utilize drones to monitor tile roofs of traditional Hanok buildings SEOUL -- Seoul will adopt a safety inspection service using drones to manage traditional Korean houses called "Hanok." The drone safety inspection service will check the condition of tiled roofs instead of having human inspectors climb up the old buildings. Any Hanok residents in Seoul can request the city government for a drone inspection service if they find maintenance issues such as water leaks. Seoul currently has about 8,000 Hanok buildings. According to the city, 2023-01-12
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  LG Chem to recycle marine waste into plastic for pyrolysis fuel production SEOUL -- LG Chem, the chemical unit of South Korea's LG Group, forged a partnership with NETSPA, a domestic marine waste disposal company, to recycle marine waste into plastics that are used in pyrolysis fuel production. About 50 percent of ocean waste in South Korea is composed of fishnets and buoys made of plastic. Fishnets that are lost or abandoned cause damage to the marine environment. Biodegradable fishnets are currently being developed and distributed to reduce damage c 2023-01-12
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  Rare ginseng worth some $545,000 found in S. Korea SEOUL -- An extremely rare ginseng which is estimated to be about $545,000 has been found in a mountainous area in South Korea's southwestern region by a mountain hiker. The ginseng weighing some 0.9 pounds has a high proportion of Rg3, a biological component used to treat cancer. Rg3 is a type of saponin that inhibits the growth of cancer cells, improves blood circulation and lowers blood pressure. Rg3 is easily absorbed in the body compared to other saponin substances. The 2023-01-11
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  McCarthy's turbulent start KARACHI -- Finally, after four days of grueling ballots that were laced with coercing, pleading, arm-twisting, bribing, and finger-jabbing, Kevin McCarthy was able to flip some 20 conservative holdouts to become 2023-01-11