Asset managers rush to rebrand ETF products to spur growth

Buoyed by the sharp growth of the local exchange-traded fund market, South Korean asset managers are rushing to rebrand their product lineups, trying to target investors with a fresh edge. According to data provided by Korea Exchange, the country's sole bourse operator, the net asset of the local ETF market stood at 158 trillion won ($114 billion) as of Tuesday, marking a sharp growth from 100 trillion won in June 2023. The market grew over three-fold in size from the 52 trillion won net as

MarketJuly 18, 2024

Samsung acquires UK tech startup to expand on-device AI capabilities

Samsung Electronics said Thursday that it has acquired Oxford Semantic Technologies, a UK-based startup, to enhance the on-device AI integrated into its Galaxy series. According to the tech giant, the acquisition was formalized Tuesday, though the financial details have yet to be disclosed. The acquired firm, founded in 2017 by three professors from the University of Oxford, leads in knowledge graphs, a key technology for advancing and personalizing artificial intelligence. This technology, whic

TechnologyJuly 18, 2024

S. Korea to seal $17b nuclear plant deal with Czech Republic by 2025

South Korea is close to securing a landmark contract to build nuclear power plants in the Czech Republic in a deal valued at approximately $17.3 billion, with finalization expected by March 2025. On Thursday, Minister of Trade, Industry, and Energy Ahn Duk-geun held a press briefing to confirm the Czech government’s selection of Korea Hydro & Nuclear Power as the preferred bidder. "The Czech government announced last night that it has chosen KHNP as the preferred bidder for the

IndustryJuly 18, 2024

Seoul on alert over N. Korea's land mines floating into South with heavy rains

Authorities were on heightened alert Thursday over the possibility of land mines planted by North Korea troops floating into South Korean territory with the heavy rainfall. There is also a possibility that North Korea could intentionally float land mines toward the South via shared waterways to protest anti-North Korea leaflet-carrying balloons, according to the Joint Chiefs of Staff. North Korean troops have been newly planting land mines on the northern part of the Demilitarized Zone separatin

North KoreaJuly 18, 2024

Materials expert nominated as new science minister

Yoo Sang-im, a professor of materials engineering at Seoul National University, has been nominated as the new minister of science and ICT, the presidential office announced Thursday. Introducing Yoo, the presidential office described him as “the right person to strongly lead our country’s science and technology policies during this great transformation of the advanced technology revolution, based on his long research experience and expertise in the field of science and technology.&rd

PoliticsJuly 18, 2024

Daewoo E&C chosen to construct Czech nuclear plants

Daewoo Engineering & Construction has been chosen as the preferred bidder to build nuclear power plants in the Czech Republic, the company said Thursday. According to the Ministry of Trade, Industry and Energy earlier in the day, the Czech government has selected the state-run Korea Hydro & Nuclear Power as the preferred bidder to build four nuclear power units in the country. If the final contract is signed in March 2025, Daewoo E&C will be responsible for the construction. Daewoo E

CompaniesJuly 18, 2024

Smithsonian's Asian art museum appoints Hwang Sun-woo as Korea art curator

The Smithsonian’s National Museum of Asian Art has appointed Hwang Sun-woo as its inaugural Korea Foundation Curator of Korean Art and Culture. Hwang will shape a major Korean art loan exhibition scheduled for 2025–2026 with the National Museum of Korea, featuring masterworks recently donated by the family of former Samsung Group Chairman Lee Kun-hee. Hwang was selected for the position in April, which was made possible by a matching gift from the Korea Foundation to promote Korean a

Arts & DesignJuly 18, 2024

SK Innovation shuffles affiliates to cope with EV slump, lead future energy sector

SK Innovation on Thursday vowed to create synergy and lead the global energy sector through the realignment of its affiliates by merging itself with SK E&S and amalgamating battery-maker SK On with SK Trading International and SK Enterm. “We decided the merger with SK E&S to lay the groundwork for the growth of future energy businesses and push for a bold, structural innovation,” said Park Sang-kyu, CEO of SK Innovation, in a press conference at the SK Seorin Building in Seou

CompaniesJuly 18, 2024

Volvo XC40 triumphs as best-selling premium compact SUV

The Volvo XC40 has emerged as Korea’s best-selling premium compact sport utility vehicle in the first half of this year. The XC40 sold 1,089 units between January and June, with its B4 Ultimate all-wheel drive trim leading in single-trim sales, according to data from the Korea Automobile Importers & Distributors Association. In second place for single-trim sales was the MINI Cooper Countryman with 945 units, followed by the BMW X1 2.0 with 727 units. The same XC40 model secured second

MobilityJuly 18, 2024

Etoile Park Sae-eun says childbirth was turning point

Ballerina Park Sae-eun, the first Asian etoile (or principal dancer) of the prestigious Paris Opera Ballet, returns to the Korean stage for "Paris Opera Ballet Etoile Gala 2024” performance alongside French colleagues. This performance, taking place Saturday to Wednesday at the Seoul Arts Center's Opera Theater in Seoul, will be her first time meeting Korean audiences since giving birth. When Paris Opera Ballet performed "Giselle" in Korea in March last year, Park was u

PerformanceJuly 18, 2024

[Media Art Now] Sanghee’s gameplay revisits idea of interactivity and connectivity

Everything seems synchronized today, happening at the same time and at the same speed. You can connect yourself with the world, whenever you want and even when you do not want to. It is an age where a sense of being together is more easily obtained than a sense of being separated. But is this really true? Is the synchronicity a prerequisite or a preference when you seek to generate interactive togetherness? Sanghee (capitalized as SANGHEE by the artist), who came to distinguish herself with he

Arts & DesignJuly 18, 2024

[What to See] Summer gallery hopping in Gangnam, Hannam, Samcheong

Exhibitions are in full swing for the summer. Koenig Seoul is presenting a group exhibition of female Asian artists. Gallery Hyundai is hosting a solo exhibition of Korean artist Lee Seul-gi for the first time in six years. And British artist Billy Childish's unique brush strokes and color use shown at Lehmann Maupin is another must-see exhibition this month. Female Asian artists at Koenig Seoul A group exhibition of 12 female Asian artists is on view at Koenig Seoul in Cheongdam-dong, ma

Arts & DesignJuly 18, 2024

'Dad's not real': Woman jailed for 15 years for patricide

A young woman under the delusion that the world and her father were fake was sentenced to 15 years in prison for murdering her father, a local court said Thursday. Ulsan District Court found the defendant in her 20s guilty of killing an ascendant, for which the Criminal Act stipulates a harsher punishment than for murder. She was also ordered to wear an electronic tracking anklet for 10 years after release. The court pointed out that killing one's parent is an extreme act against humanity

Social AffairsJuly 18, 2024

S. Korea's unemployment up 16.9 percent on-year: report

Recent government data showed Thursday that the number of involuntarily unemployed people in South Korea reached 1.24 million in June, marking a 16.9 percent increase from the same month last year. According to a report by Rep. Hwang Jung-a of the main opposition Democratic Party of Korea, the figure for June actually marked a substantial decrease compared to 1.89 million in January, and a slight increase from 1.23 million in May. But this year's monthly figures have risen considerably

EconomyJuly 18, 2024

Firefighter saves woman hanging from high-rise balcony

A 28-year-old firefighter is being hailed a hero after a video of him saving a woman who was hanging from the balcony of a high-rise building went viral. Firefighter Shin Gang-min saved a woman in her 30s who was hanging from the railing of a 13th-floor apartment unit in Wansan-gu, Jeonju, North Jeolla Province on Tuesday. The woman had climbed over in an attempt to take her own life, which the Jeonbuk Fire Headquarters learned of after receiving a report at around 5:46 p.m. After the police s

Social AffairsJuly 18, 2024

Tmax Tibero’s research center recognized top R&D center by Science Ministry

Tmax Group announced Thursday that the research institute under its database management system (DBMS) specialist subsidiary, TmaxTibero, has been recognized by the Ministry of Science and ICT as the top corporate research and development center for the first half of 2024. Among 24 exemplary corporate research institutes chosen by the ministry, two, including TmaxTibero, were highlighted for their global growth potential and designated as top-tier. TmaxTibero's research institute focuses on

TechnologyJuly 18, 2024

Yoon names SNU prof. as new science minister, NK defector as unification council head

President Yoon Suk Yeol on Thursday nominated Yoo Sang-im as the new science minister and North Korean defector-turned-lawmaker Tae Yong-ho as the secretary-general of the presidential Peaceful Unification Advisory Council's Secretariat, a vice-ministerial post. Presidential chief of staff Chung Jin-suk told reporters Thursday that Yoo, a materials science and engineering professor at Seoul National University, is the right fit for the position tasked with the conservative administration's scien

PoliticsJuly 18, 2024

Asia’s largest experimental film and video fest kicks off in Seoul

Seoul’s Experimental Film and Video Festival (EXiS), the largest of its kind in Asia, kicked off Thursday for eight days of experimental films, documentaries and moving images from around the world. Under its competition program EX-Now, a total of 21 experimental films will be screened in the international section, selected from 2,008 films from 79 countries, while 11 Korean experimental films will compete in the Korean section. From the 32 films, a jury will select three films for awards.

FilmJuly 18, 2024

Director of 'Sweet Home 3' hopes fun will return in series finale

The director of "Sweet Home 3" shared that he listened attentively to all feedback given to "Sweet Home 2" and hoped the final season would, once again, be fun. Netflix's monster horror series "Sweet Home," was a huge success in 2020, becoming the first Korean series to enter Netflix's top 10 list in the US. However, "Sweet Home 2" flopped, criticized for its expansive setting and limited screen time for fan-favorites such as Hyun-soo (played by

TelevisionJuly 18, 2024

NewJeans to perform during halftime at Tottenham-Bayern match

K-pop sensation NewJeans will perform during the halftime at the big match between Bayern Munich and Tottenham Hotspur. NewJeans will perform at the halftime show of the "2024 Coupang Play Series" match between Bayern Munich and Tottenham Hotspur, scheduled for 8 p.m. on Aug. 3 at Seoul World Cup Stadium, according to Ador, the group's agency. The "2024 Coupang Play Series" is a highly anticipated game that has local football fans excited about the prospect of seeing Tot

K-popJuly 18, 2024