Kia unveils EV5 concept in China in renewed sales push

Hyundai Motor Group’s Kia on Monday unveiled the concept of its full-electric midsized sport utility vehicle EV5 in China, renewing its sales push in the all-important market where it has struggled to elevate its shrunken market share. The carmaker held the Kia EV Day event, its first media event this year, in Shanghai. Earlier, Kia said it would produce the EV5 in China for both domestic and global sales. The car is the smallest of its EV lineup. Since the 2021 debut of the EV6, its fir

MobilityMarch 20, 2023

Kakao suspends AI chatbot service due to 'massive' popularity

Kakao Brain, an artificial intelligence technology research and development subsidiary of Kakao, said Monday it has temporarily suspended its generative AI-based chatbot service, within a day after its open beta release, due to technical glitches. At around 4 p.m. on Monday, Ddmm was unexpectedly closed after too many users flocked to try out the service. By the time Kakao had suspended the service, some 13,000 users had added the service to their mobile messenger, KakaoTalk. The exact date for

TechnologyMarch 20, 2023

GI Innovation sets IPO price below target range

GI Innovation, a local biotech firm, said Monday its initial public offering price has been set at 13,000 won ($9.90), lower than the minimum price range that the company targeted. The IPO price was determined after GI Innovation conducted a two-day book-building process targeting institutional investors last week. A total of 563 institutions, including 46 foreign entities, joined the process, the company said. The overseas institutions reserved some 13.77 million shares, while local institution

TechnologyMarch 20, 2023

[Herald Interview] Indiana lures Korean businesses with skilled workforce, hefty incentives

The US state of Indiana is seeking to set up a liaison office in South Korea to reach out to Korean businesses that are investing heavily to expand their presence in the burgeoning electric vehicle market there. “We are excited about opening a liaison office here that will focus on helping Indiana secure investment from Korea-based companies,” Indiana’s Secretary of Commerce Brad Chambers told The Korea Herald in an interview in Seoul Friday. “We are actively working to

MobilityMarch 20, 2023

Lunit's cancer-detecting solution gets EU approval

Lunit, a provider of artificial intelligence-powered cancer solutions, said Monday that it has received approval from the European Union for the commercial launch of its AI-based medical software used in detecting breast cancer. The solution, dubbed Lunit Insight Digital Breast Tomosynthesis, is an AI-based software solution to help identify suspicious lesions with 3D mammograms. “(Lunit) has laid the groundwork for sales in European countries by earning the CE marking in around one month

TechnologyMarch 20, 2023

[Contribution] Reviving Korea's green legacy on International Day of Forests

By Nam Sung-hyun Today is the International Day of Forests. Forests account for 31 percent of the land surface area of the Earth. They play a crucial role in responding to climate change as they absorb 2 billion metric tons of carbon dioxide yearly as a major terrestrial carbon sink. Forests also provide habitats to 80 percent of terrestrial species, proving to be the cornucopia of biodiversity. In other aspects, approximately 1 billion people worldwide obtain essential nutrients from forests

IndustryMarch 20, 2023

Seoul shares fall amid global banking system instability

South Korean stocks ended lower Monday, led by big-cap tech losses, on mounting concerns over a global banking crisis despite the takeover of the troubled Credit Suisse. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 16.49 points, or 0.69 percent, to close at 2,379.2. Trading volume was slim at 339.75 million shares worth 5.97 trillion won ($4.55 billion), with gainers outpacing decliners 446 to 426. Foreigners shed a net 204.89 billion won wo

MarketMarch 20, 2023

[K-Financiers] IBK to expand loans for SMEs in Indonesia

This is the third installment of a series of interviews on chiefs who run overseas units of Korean asset management, banking and securities companies, examining their key strategies for global expansion. -- Ed. IBK Bank Indonesia, buoyed by upbeat sales in recent years, is now ready to focus on a burgeoning niche in the largest economy in Southeast Asia -- loans for small- and medium-sized enterprises. “We aim to innovate the corporate finance market in Indonesia by using Korea&rsquo

IndustryMarch 20, 2023

FTC vows to curb market power abuses by global tech giants

Fair Trade Commission Chairman Han Ki-jeong on Monday vowed that the antitrust regulator will seek ways to protect Korean consumers from the possible negative influence of the EU’s new law targeting global big tech companies. The EU’s Digital Market Act, which will come into force this year, aims to prevent global tech giants from abusing their market power and ensure a higher degree of competition. This law includes tighter restrictions on collecting data. If companies fa

IndustryMarch 20, 2023

Posco International holds 1st general meeting since merger

Posco International said Monday its Vice Chairman Jeong Tak has been named as the company’s new CEO during a shareholders’ meeting held at its headquarters in Incheon, west of Seoul -- the first meeting since the merger with its sister unit Posco Energy on Jan. 1. "Under the leadership of the new CEO, we will continue to maximize shareholder values by aggressively aiming for future growth, with balanced investment and shareholder returns," the company said in a statement. D

IndustryMarch 20, 2023

LG unveils vision for ThinQ smart home platform

LG Electronics said Monday it presented a blueprint for ThinQ, a platform brand that connects home appliances and consumer electronics with smart technology for higher efficiency, at the Connectivity Standards Alliance member meeting in Seoul. Jung Ki-hyun, vice president of LG's platform business center, attended the four-day event as a keynote speaker and shared the company's vision for providing more consumer-friendly smart home services. He outlined three core values of ThinQ: adva

TechnologyMarch 20, 2023

Daewoo E&C seeks bigger presence in Iraq

Daewoo Engineering & Construction is ramping up efforts for South Korean construction companies' foray into Iraq, according to the company Monday. Daewoo E&C's CEO Baek Jung-wan and Oceans and Fisheries Minister Cho Seung-hwan recently visited Iraq’s Al Faw port construction site, in a bid to facilitate domestic companies' entry into Iraq's Al Faw Port Development Project -- a project which aims to build the largest port in the Middle East. Currently, Daewoo E&a

IndustryMarch 20, 2023

Innospace launches world’s 1st hybrid rocket with electric pump

Innospace, a South Korean startup specializing in developing hybrid space rockets, said it has launched the Hanbit-TLV -- an 8.4-ton single-stage thrust hybrid rocket standing at 16.3 meters tall -- from the Alcantara Space Center in Brazil at 2:52 p.m. on Sunday local time. “We will announce the results of the engine’s flight performance and whether the payload’s mission ends up in a success after a comprehensive analysis of the flight data,” said Innospace in a text to

TechnologyMarch 20, 2023

LG Energy Solution continues aggressive US expansion

LG Energy Solution is looking to keep ramping up its battery businesses in the US as the North American electric vehicle market is projected to see a compound annual growth rate of 33 percent through 2030. According to the South Korean battery maker, the company’s backlog orders reached 370 trillion won ($284 billion) as of September last year, an increase of over 100 trillion won from the end of 2021. Of the backlog orders, 70 percent were due for the North American market. LG Energy Solu

MobilityMarch 20, 2023

[Photo News] Aid through air

Relief goods are shipped to Korean Air’s special charter flight before it departs for Turkey on Monday. The Boeing 777 freighter carried 45 tons of relief goods, including tents, sleeping bags and blankets, to be delivered to the area hit by the Turkey-Syria tearthquake in February.

MobilityMarch 20, 2023

Samsung opens AI startup incubator in Gwangju

Samsung Electronics said Monday it has opened a branch campus for its startup support program in Gwangju to incubate promising small businesses to spur innovation and build a business ecosystem without relocating themselves to bustling Seoul and metropolitan areas. Located in Samsung Fire & Marine Insurance’s office in the Sangmu region, C-Lab Outside Gwangju will be run to nurture innovative startups, revitalize the local economy and boost high-quality jobs in the rural area. The new ca

IndustryMarch 20, 2023

Seoul shares open tad higher amid eased woes over global banking sector

South Korean stocks opened a tad higher Monday amid eased woes over the global banking sector. The benchmark Korea Composite Stock Price Index added 3.34 points, or 0.14 percent, to 2,399.03 in the first 15 minutes of trading. On Friday, US shares ended lower due to the decrease in banking stocks in the wake of the failure of the Silicon Valley Bank. The Dow Jones Industrial Average lost 1.19 percent, and the tech-heavy Nasdaq Composite fell 0.74 percent. According to media reports on Sunday, Sw

MarketMarch 20, 2023

S. Korean startup Innospace launches test launch vehicle HANBIT-TLV

Innospace, a South Korean space startup, said Monday its suborbital test launch vehicle, HANBIT-TLV, has been launched. The 8.4-ton thrust single stage hybrid rocket was fired from the Alcantara Space Center in northern Brazil at 2:52 p.m. Sunday (local time), or 2:52 a.m. Monday (Korean time), according to the company. "We are now verifying the flight performance of the engine and its payloads," Innospace said in a statement. "We will announce the final result of the launch later

IndustryMarch 20, 2023

[Herald Interview] Volvo Trucks seeks to woo young, female drivers

Moving toward autonomous driving, Volvo Trucks is developing the technology to offer the best truck-driving experience to draw in young drivers and female drivers, while investing into its driver environment. “If you later get the opportunity to drive the electric vehicle, it’s a fantastic driving experience. Smooth driving and great comfort in order to make the driver occupation more attractive, because we need to attract more younger, more females to drive trucks,” Johan Selv

MobilityMarch 20, 2023

Lotte loses Incheon Airport duty-free license bid

Lotte Duty Free, the country's largest duty-free operator in terms of sales, has lost the bidding race for the operational rights of duty-free shops at Incheon Airport. Instead, Lotte's smaller rivals, Hotel Shilla, Shinsegae DF and Hyundai Department Store Duty Free, were shortlisted for the duty-free licensing bid. On Friday, Incheon International Airport Corp. announced the results in the first round of assessments of bids for the five duty-free zones in the nation's main airpo

ConsumerMarch 19, 2023