LG to expand sales of AI-powered washers in EU

LG Electronics said Monday it will expand sales of its artificial intelligence-powered washers in 30 European countries this year. The South Korean tech giant has applied AI tech to the core component of its washing machines for smarter, more convenient management of clothes. LG said it will launch front-loading washing machines equipped with the firm’s flagship Direct Drive motor in 30 European countries, including the Netherlands, Switzerland and Finland, by the end of the year. The DD m

TechnologySept. 2, 2019

Samsung’s household purification solutions to take center stage at IFA 2019

Samsung Electronics will bet on its home purification solutions at Europe’s biggest consumer electronics fair, which kicks off this Friday. The company said Monday that it will showcase its clothing purification wardrobe “Air Dresser,” cordless vacuum cleaner “Jet” and windless air purifier “Cube” at the upcoming Internationale Funkausstellung, better known as IFA 2019, slated for Sept. 6 to 11 in Berlin.  Samsung referenced a survey of European con

IndustrySept. 2, 2019

SK Holdings to launch consolidated CMO body in the US

SK Holdings will launch SK Pharmteco in January in California, consolidating its contract manufacturing organizations in Korea, the US and Europe with a long-term aim of a market debut in the US, the company said Monday.“With the future US IPO (initial public offering) of SK Pharmteco and with additional mergers and acquisitions, we will grow to become a global top 10 CMO,” said an SK Holdings representative. A contract manufacturing organization refers to a company that provides con

IndustrySept. 2, 2019

Financial regulator seeks W3.1tr in 2020 budget

South Korea's financial regulator said Monday it has requested 3.1 trillion won ($2.5 billion) in budget for next year, in order to focus on providing funds for small- and medium-sized firms and underprivileged people. The budget proposal by the Financial Services Commission is part of a budget bill of 513.5 trillion won for next year, which was drafted by the finance ministry last week. The lion's share of the FSC budget proposal, or 2.1 trillion won, will be set aside for the retrieval of

EconomySept. 2, 2019

S. Korea confirms Hambak Island as N. Korean territory

The border island of Hambak in the Yellow Sea belongs to North Korea, the defense ministry said Monday, following revelations that some government maps and data erroneously mark it as South Korean territory.A controversy has erupted recently over the ownership of the small, uninhabited island near the Northern Limit Line (NLL), the de facto maritime border, after some news reports said that government data and maps show it belongs to the South.But the defense ministry said such data and maps are

North KoreaSept. 2, 2019

Coupang picked as favorite e-commerce firm: survey

South Korean e-commerce firm Coupang was selected as the most preferred online shopping platform among Korean consumers for its speedy and accurate delivery, a survey showed Monday. According to the survey from the Korea Consumer Agency, Coupang scored the highest point total in overall consumer satisfaction, beating out its competitors. Some 1,200 consumers nationwide participated in the survey on the country’s six highest-earning e-commerce companies.In terms of consumer assessment about

TechnologySept. 2, 2019

Lotte sells Burger King Japan for W10b

South Korean retail giant Lotte Group said Monday it has sold its entire stake in Burger King Japan Holdings, nine years after it acquired the fast-food franchise. According to the Financial Supervisory Service, Lotte Group has sold its stake to Hong Kong-based private equity firm Affinity Equity Partners, the largest shareholder of Burger King Korea.  While the exact price of the sell-off has not been revealed, industry sources said the deal could be worth around 10 billion won ($8.26 mill

IndustrySept. 2, 2019

Daily credit card spending continues to rise in H1

Daily credit card spending in South Korea continued to climb in the first half on increased online purchases, central bank data showed Monday. Credit card holders spent an average 1.9 trillion won ($1.57 billion) a day in the January-June period, up 5.7 percent from a year earlier, according to the data by the Bank of Korea.An average 41,492 won was spent per credit card transaction purchase in the first half, down 3.7 percent from a year earlier. Daily debit card spending, meanwhile, rose 6.2 p

MarketSept. 2, 2019

Koreas in discussion on World Cup qualifier in Pyongyang through AFC

Discussions are under way between South and North Korea through the Asian Football Confederation (AFC) about a World Cup qualifier set to be held in Pyongyang in October, the unification ministry said Monday.Last month, North Korea notified the AFC of its intent to host the rare match between the two Koreas on Oct. 15. The two Koreas were placed in the same group for the second round of the 2022 FIFA World Cup qualification. "South Korea's football foundation is discussing details with its

SoccerSept. 2, 2019

S. Korea, Thailand agree on high-tech industry cooperation, closer defense ties

South Korea and Thailand agreed Monday to team up to cope with the fourth industrial revolution, expanding their time-honored ties to high-tech sectors.They also signed an accord on exchanging and protecting military intelligence, as President Moon Jae-in and Prime Minister Prayut Chan-o-cha had summit talks at the Government House of Thailand, also known as Thai Ku Fa, in Bangkok. "In today's talks, Prime Minister Prayut and I agreed to further deepen the 'strategic partnership' (between t

Foreign AffairsSept. 2, 2019

N. Korea denies it amassed $2b through cyberattacks on banks

North Korea denied on Sundayallegations that it had obtained $2 billion through cyber attacks on banks and cryptocurrency exchanges, and accused the United States for spreading rumours.A United Nations report seen by Reuters last month said North Korea had used "widespread and increasingly sophisticated" cyber attacks to steal from banks and cryptocurrency exchanges, amassing $2 billion which it used to fund weapons of mass destruction programmes. "The United States and other host

North KoreaSept. 2, 2019

Germany asks Polish forgiveness 80 years after WWII outbreak

WARSAW (AFP) -- German President Frank-Walter Steinmeier on Sunday asked Poland's forgiveness 80 years after Germany's attack triggered World War II while his Polish counterpart denounced Russia's recent "imperialist" aggression against its neighbours.Poland suffered some of the worst horrors of World War II: nearly six million Poles died in the conflict that killed more than 50 million people overall. That figure includes the six million Jews who died in the Holocaust, half of them Po

World NewsSept. 2, 2019

CJ Group scion under drug probe

The eldest son of CJ Group Chairman Lee Jae-hyun is under investigation on drug charges, prosecutors said Monday.According to the Incheon District Prosecutors Office, Lee Sun-ho, the heir apparent of CJ Group, a leading food and entertainment conglomerate, was caught attempting to smuggle liquid marijuana in cartridges into the country via Incheon International Airport, west of Seoul, on Sunday. The 28-year-old Lee is accused of concealing several dozen marijuana cartridges in his luggage that a

Social AffairsSept. 2, 2019

Israel, Hezbollah exchange fire after week of tensions

KIRYAT SHMONA (AFP) - Israel and Hezbollah exchanged fire along the Lebanese border on Sunday after a week of rising tensions, sparking fears of an escalation and prompting concern from world powers.Israel said it responded with around 100 artillery shells after Hezbollah fired two or three anti-tank missiles at a battalion headquarters and military ambulance, hitting both. Israeli officials refuted claims by the Iranian-backed movement that it had killed and wounded those inside the military ve

World NewsSept. 2, 2019

Texas shooting toll rises to seven

WASHINGTON (AFP) -- The death toll in a chaotic mass shooting in Texas has risen to seven, the local police chief confirmed Sunday, adding that it might have been far worse had the shooter not been stopped before entering a crowded movie theater.On Sunday, police identified the shooter as a local man named Seth Aaron Ator, age 36. Police had said Saturday that five people died in the frantic shootout spread out over several miles on roads between the cities of Midland and Odessa in the west of t

World NewsSept. 2, 2019

Moon in Thailand on three-nation tour

BANGKOK -- South Korean President Moon Jae-in flew into Bangkok Sunday at the start of a weeklong trip that will also take him to Myanmar and Laos as part of efforts to deepen Seoul's partnerships with the region.Moon became the first South Korean president to visit Thailand in seven years. He plans to hold summit talks with Prime Minister Prayuth Chan-ocha on Monday, with bilateral cooperation on innovative growth high on the agenda.Traditionally, South Korea and Thailand have maintained close

PoliticsSept. 1, 2019

Hong Kong protesters target airport as city mops up

HONG KONG -- Thousands of Hong Kong pro-democracy activists blocked some routes to the city's airport Sunday as the financial hub cleaned up after another night of violent protests marked by fires, tear gas and police beatings. Operators of the Airport Express train said it suspended services on Sunday afternoon, while black-clad protesters -- hiding from CCTV cameras under umbrellas -- built barricades at the airport bus station and attempted to stop traffic on the main road leading to terminal

World NewsSept. 1, 2019

N. Korea criticizes UN report on its cyberattacks as 'fabrication'

North Korea on Sunday castigated a UN report on its cyberattacks aimed at creating funds for its weapons of mass destruction (WMD) programs, calling the report a "fabrication," its state media reported.A spokesperson of the North's panel on prevention of money laundering and terror financing made the remarks, calling the UN report a "downright lie" and a "pretext" for sanctions pressure against the regime, according to the North's official Korean Central News A

North KoreaSept. 1, 2019

Half-Year Economic Outlook 2019 highlights trends affecting Korean-German trade

The Korean-German Chamber of Commerce and Industry held its Half-Year Economic Outlook 2019 in Seoul in cooperation with the Incheon Free Economic Zone, the chamber of commerce said. The first part of the event, held to look at trends affecting trade between the two countries, was led by two distinguished speakers. Peter Winkler, deputy head of mission and the head of the economic department at the German Embassy, highlighted the transitions affecting the two countries’ energy sectors as w

IndustrySept. 1, 2019

President Moon requests review of college admissions system

South Korean President Moon Jae-in has called for a review of the country’s college entrance system amid controversy over alleged admission irregularities involving Justice Minister nominee Cho Kuk’s daughter, the presidential office said Sunday.“(President Moon) asked for a reexamination of the overall college admissions system, beyond controversy surrounding nominee Cho and his family,” said Yoon Do-han, senior Cheong Wa Dae secretary for public communication.The presid

PoliticsSept. 1, 2019