South Korea to map out AI strategy this year, build 2,000 AI-based factories by 2030

South Korea announced its vision to create a “manufacturing renaissance” over a number of industries, viewing manufacturing as the nation’s economic foundation and a way of creating high-quality jobs and innovative growth. “The government has mapped out strategies for the nation to become an innovative manufacturing powerhouse over the next decade by being away from ‘quantitative and market follower strategies,’” a spokesperson for the Ministry of Trade,

EconomyJune 19, 2019

Chinese leader hints at bigger role in NK issues

Chinese President Xi Jinping on Wednesday voiced support for North Korea and its approach to denuclearization, fanning speculation that Beijing will take a more direct hand in North Korean issues. In an op-ed piece published in North Korea’s official newspaper, Rodong Sinmun, Wednesday -- a day before he begins a state visit to North Korea -- Xi highlighted China’s support for Pyongyang. “We will actively contribute to peace and security, development and prosperity of the

North KoreaJune 19, 2019

Kepco selected as preferred bidder for 200 MW Guam power plant

State-run Korea Electric Power Corp. said Wednesday it has been selected as a preferred bidder for a Guam power plant by the Guam Power Authority. If the deal is sealed, Kepco will build and operate a 200-megawatt Guam power plant in Dededo, northern Guam. Hyundai Engineering will also join the project to build the power plant. The project will be carried out in the form of build-operate-transfer project financing. Kepco will be able to sell power produced in the region over the next 25 yea

IndustryJune 19, 2019

Speaker proposes roundtable on economy

As the parliament remains deadlocked over disagreement on an opposition party’s demand to hold a hearing on the economy, National Assembly Speaker Moon Hee-sang has proposed a roundtable instead.At a meeting with floor leaders on Tuesday, Moon suggested that lawmakers and nongovernment experts discuss the country’s economic situation and seek ways to improve it during a roundtable, an attendee of the meeting said Wednesday.The main opposition Liberty Korea Party insists that a parlia

PoliticsJune 19, 2019

FSS likely to launch ‘comprehensive audit’ of KRX

The nation’s financial watchdog plans to launch a “comprehensive audit” on bourse operator the Korea Exchange (KRX) by the year-end, local reports said Wednesday. If carried out, the in-depth audit will mark the first such inspection of KRX in nine years.  The news comes amid the Financial Supervisory Service’s ongoing audit of local brokerages and financial institutions, following its decision to revive the comprehensive audit, which was abolished in 2015. The audit

MarketJune 19, 2019

Riot Games Korea returns two more overseas Korean artifacts

Riot Games Korea and the Overseas Korean Cultural Heritage Foundation unveiled 19th century royal relics retrieved from overseas Wednesday at the National Palace Museum of Korea.The treasures returned to Korea this time are a square-shaped 19th century white porcelain jar with the inscription of the palace Idonggung and a stamp with an auspicious beast for a handle to represent the palace Junghwagung. The National Palace Museum of Korea will look after and study the artifacts. The OKCHF sai

IndustryJune 19, 2019

[Feature] Complaints grow over social media influencers’ online markets

For 29-year-old office worker surnamed Jang, buying a dress from a popular Instagram influencer who has some 4,000 followers was a money-losing proposition and regretful shopping experience. “Although the dress was not from a famous brand, it was around 200,000 won ($170). The seller said the dress is tailor-made, advertising it as a now-or-never deal to own a perfect-fit dress made with high-quality fabric,” said Jang. But when she received the product, the dress was diffe

IndustryJune 19, 2019

Korean Air orders 30 Boeing 787 aircraft for W11tr

South Korean flagship carrier Korean Air said Wednesday it has clinched a deal with Boeing to acquire 30 Boeing 787 aircraft at the Paris Air Show in an effort to modernize its aircraft.Korean Air has agreed to buy 20 new wide-body B787-10s and to lease 10 additional B787-9s, the company said in a statement. The deal approximately costs 11.5 trillion won ($9.7 billion), based on the price list. This marks the first large-scale purchase deal made by the new chief Cho Won-tae, who took office

IndustryJune 19, 2019

S. Korea retains top spot on EU innovation list

South Korea retained the top spot in a European innovation list for the seventh consecutive year, the finance ministry said Wednesday.South Korea scored 137 points in global performance in relation to the European Union in the European Innovation Scoreboard that provides a comparative assessment of the research and innovation performance of the 28 EU member states and 18 select countries, according to the Ministry of Economy and Finance."South Korea is the most innovative country performing

TechnologyJune 19, 2019

Cristiano Ronaldo to visit S. Korea in July for exhibition match

Global football icon Cristiano Ronaldo will lead Juventus in a summer exhibition match in Seoul.The K League, which governs professional football in South Korea, announced Wednesday its All-Star team will host the Italian Serie A champions at 8 p.m. on July 26 at Seoul World Cup Stadium.Ronaldo last visited South Korea in July 2007 for an exhibition match with Manchester United. Ronaldo scored one goal and set up two others to led Man United over FC Seoul 4-0 then. The 34-year-old Portuguese sta

SoccerJune 19, 2019

Trump launches 2020 reelection campaign, calling US 'envy of the world'

ORLANDO (AFP) -- President Donald Trump launched his 2020 reelection campaign Tuesday, whipping up a crowd of at least 20,000 with a nationalist boast about the US economy being the "envy" of the world and warning that opposition Democrats want to "destroy" the country.Promising the packed arena in Orlando, Florida an "earthquake at the ballot box," Trump said: "We did it once and we're going to do it again -- and this time we're going to finish the job."&

World NewsJune 19, 2019

[EXCLUSIVE] Hyundai Motor, Saudi Aramco to cooperate on hydrogen

South Korean carmaker Hyundai Motor will partner Aramco, the biggest oil company in the world, on the “comprehensive” development of hydrogen energy, sources told The Korea Herald on Wednesday.An official familiar with the matter said the two companies would sign a memorandum of understanding on hydrogen-related business in the presence of Saudi Arabia’s Crown Prince Mohammed Bin Salman and Hyundai Motor Group Executive Vice Chairman Chung Eui-sun.The Saudi Prince visits Seoul

MobilityJune 19, 2019

Japan quake causes minor tsunami, 16 hurt

TOKYO (AFP) -- A strong 6.4-magnitude earthquake rocked Japan, sparking a tsunami advisory that was later lifted with no reports Wednesday of major damage and only a handful of light injuries.The nation's meteorological agency had warned Tuesday that a wave of one metre (three feet) could hit the coast of the Sea of Japan, north of Tokyo, but only small ripples of 10 centimetres were recorded.The agency cancelled the tsunami advisory around two and a half hours after the quake. The earthquake re

World NewsJune 19, 2019

Police seek arrest warrant for KCTU head

The police have requested an arrest warrant for Kim Myung-hwan, the chairman of the Korean Confederation of Trade Unions, on charges of planning and carrying out illegal protests in front of the National Assembly in March and April, the police said Tuesday.The latest move comes at a sensitive time, amid heightening tensions among labor, management and the government over South Korea’s pending ratification of four core International Labor Organization conventions.The hard-line Korean Confed

Social AffairsJune 18, 2019

Police question suspect in ex-YG boss’s sex-for-favors allegation

The special investigation squad of the Seoul Metropolitan Police Agency recently summoned a key figure in sex-for-favors suspicions surrounding former YG Entertainment founder and chief producer Yang Hyun-suk, the police said Tuesday.The suspect, known as “Madam Jung,” reportedly has ties with high-profile figures. MBC’s investigative program “Straight” raised the allegation that Yang had called in over 10 prostitutes through Madam Jung to a meeting with eight inves

Social AffairsJune 18, 2019

Naver deserves credit for its presence on Google-dominant scene: founder

 Naver, the reigning search engine in South Korea, should receive credit for its presence on the Google-dominant scene, its founder said Tuesday.　“I am proud to have built a search engine in our own language, allowing our own people to use the platform,” Lee Hae-jin, the billionaire founder of South Korea‘s top portal operator Naver Corp., said in a forum here.　Appearing after a two-year absence from the public eye, Lee said there are very few countries in the world where

TechnologyJune 18, 2019

Fitch cuts growth outlook for S. Korea to 2 percent

Global credit appraiser Fitch Ratings has substantially slashed its growth outlook for South Korea‘s economy this year to 2 percent, citing weaker underlying momentum.The latest forecast, contained in its global economic outlook report posted on its website Monday, represented a sharp downward revision from its previous forecast of 2.5 percent in February. Fitch said the South Korean economy would grow 2.6 percent in both 2020 and 2021.The South Korean economy expanded 2.7 percent in 2018,

EconomyJune 18, 2019

Pro football enjoys significant jump in attendance

South Korean football is at a fever pitch.The K League 1, the country‘s top pro football circuit, has enjoyed a 53.1 percent increase in average attendance compared to a year ago, data showed Tuesday.The K League said that through the first 16 matches this season, the 12 clubs have averaged 8,408 fans per game, compared to 5,492 fans per match after the same number of matches a year ago.Daegu FC have been the driving force. They have drawn 10,397 fans per match at DGB Daegu Bank Park, up f

SoccerJune 18, 2019

Two cultural assets allowed to be permanently taken out of country

 Two modern folding screens, called “byeongpung” in Korean, will be legally taken out of the country for permanent overseas display for the first time, the Cultural Heritage Administration (CHA) said Tuesday.　　“The cultural assets committee has permitted the ‘Chaekgado’ and ‘Yeonhwado’ byeongpung to be transferred to the National Gallery of Victoria in Melbourne, Australia, permanently through a review,” the administration said.　　The 326.5 cen

Social AffairsJune 18, 2019

[Video] Jeju murder victim’s brother gives account of what happened before, on and since May 25

JEJU CITY -- A 36-year-old man was killed at a pension in Jeju Island. His body was dismembered and disposed of in the sea. Police suspect his ex-wife, Koh Yu-jeong, of the crimes.The man, identified only by his surname Kang, leaves behind a 6-year-old son, whom he had not seen since his divorce from Koh in 2017. Koh, who took custody, did not allow his visits until the very day he died. On May 25, the two ex-spouses were scheduled to meet for a day out with their son. Kang’s family said s

Social AffairsJune 18, 2019