Car defect cases double in three years

Cases of reported car defects have more than doubled in three years, a lawmaker said Sunday. A total of 18,452 car defect reports had been filed to the Transport Ministry’s vehicle recall center from 2019 to 2021, according to Korea Transportation Safety Authority data that Democratic Party lawmaker Min Hong-chul had obtained. By year, 3,750 car defect cases were filed in 2019, 6,917 cases in 2020, and 7,785 cases in 2021, an increase by 2.1 times during the past three years. Defects repor

MobilitySept. 25, 2022

KT teams up with Canada’s Vector Institute in AI push

KT is looking to improve its artificial intelligence competitiveness through a partnership with Canada's Vector Institute, a nonprofit firm dedicated to AI research. According to KT, the two sides signed an agreement on research, development and business cooperation at the Vector Institute in Toronto on Thursday. The signing marked the first partnership between a South Korean company and the Vector Institute. KT said the partnership will focus on three main areas in the field of AI: joint R&

TechnologySept. 25, 2022

SK to build AI computing infrastructure with University of Toronto

South Korean mobile telecom carrier SK Telecom announced Sunday that the company, its artificial intelligence chip developer arm Sapeon and the University of Toronto came together on Thursday to build an AI chip-mounted computing infrastructure at the Canadian university’s campus in Toronto. Sapeon will provide its low-power neural processors, the X220 and X330, free of charge to run its neural processing unit, or NPU, Farm infrastructure, which is capable of delivering up to 32,000 trilli

TechnologySept. 25, 2022

Posco International to triple natural gas production in Australia

Posco International, a trading firm under Posco Group, said Sunday that it was investing around 140 billion won ($98.38 million) to triple the natural gas production of its subsidiary Senex Energy Limited in Australia by 2025. According to the company, the investment is aimed at contributing to stabilizing energy costs in South Korea. The price of natural gas is expected to remain high for a while from the impact of the global natural gas shortage due to Russia switching off its gas pipelines fl

IndustrySept. 25, 2022

SKT launches country’s 1st AI diagnosis for dogs

SK Telecom on Sunday unveiled the country’s first commercialized veterinary image diagnostic service based on artificial intelligence technology. Named “X Caliber,” the AI solution provides medical reports when a veterinarian uploads X-ray pictures of the dog’s chest or musculoskeletal system to the service’s website. The autonomous diagnosis takes about 30 seconds, according to SK Telecom. The company highlighted the importance of quick diagnosis, saying it would u

TechnologySept. 25, 2022

LG CNS becomes first S. Korean DX partner for Google Cloud

Information technology service provider LG CNS said Sunday it has become the first South Korean company to sign a digital transformation (DX) partnership with Google’s cloud service, Google Cloud. Through the strategic partnership, LG CNS said it hopes to acquire a competitive edge in the domestic artificial intelligence market catered toward corporate use, and to carry out cloud application modernization (AM) and total experience (TX) innovation projects. To increase market presence, the

TechnologySept. 25, 2022

Collaboration with fashion designers growing trend in manufacturing

Product collaborations with fashion brands continue to be popular in the local manufacturing industry, with a growing number of consumers looking to own unique items. Samsung Electronics, the country’s tech giant, said Friday it has launched a limited edition of Galaxy Z Flip 4, Galaxy Watch 5 series and Buds 2 designed by a local fashion brand Juun.J. The Juun.J edition Galaxy Z Flip 4 comes in two colors – graphite and phantom black -- with an all-black leather case, a shoulder

IndustrySept. 23, 2022

US, Canada firms vow to invest W1.6tr in Korea during Yoon's trip

SEJONG -- North America-based businesses have proposed to invest $1.15 billion (1.62 trillion won) in South Korea's manufacturing sector during President Yoon Suk-yeol’s visit to the US, the Industry Ministry said Friday. Investment proposals were made at an investors' roundtable held in Manhattan on Thursday, local time, attended by President Yoon and Industry Minister Lee Chang-yang, officials said. Most of the investors were from the fields of semiconductors, electric vehicles, seconda

IndustrySept. 23, 2022

Fandom power might change blockchain ecosystem, experts say

BUSAN -- Blockchain industry leaders seeking to merge entertainment with technology are looking closely to the power of fandoms, believing that it could reshape the ecosystem, according to speakers at the 2022 Upbit Developer Conference on Friday. “Hybe's business model is based on fans promoting artists,” Hybe America President Jason Jaesang Lee said during the second day of this year’s conference held in Busan. “Fans becoming promoters for our artists is a powerful g

MarketSept. 23, 2022

UAE's Barakah nuclear power plant begins operation

State-run utility firm Korea Electric Power Corp. said Friday that a nuclear power plant it helped build in the United Arab Emirates had begun its operation. According to Kepco, operators of the unit 3 reactor at Barakah, UAE, has reached a criticality level. Criticality refers to the normal operating condition of a reactor in which nuclear fuel sustains a fission chain reaction. The joint venture between Kepco and Emirates Nuclear Power Corporation has completed test-runs for operation of unit

IndustrySept. 23, 2022

Hyundai Mobis CEO elected as ISO President

    Cho Sung-hwan, CEO of Hyundai Motor Group’s auto parts affiliate Hyundai Mobis, has been elected president of the International Organization for Standardization, the company said Friday. Cho is the first Korean to take the highest position at ISO, a non-profit organization that develops and publishes more than 24,000 international standards for various industries, and has 167 national standard bodies as members. South Korea has been a member since 1963. Cho was elected from a

IndustrySept. 23, 2022

SK chief discusses raw materials supply chain with Zambian leader

SK Group Chairman Chey Tae-won has met with Zambian President Hakainde Hichilema in New York and discussed ways for cooperation in shoring up the raw materials supply chain, the business group said Friday. In the meeting, Chey highlighted that Zambia's copper mines offer interesting opportunities to companies, like SK, that engage in manufacturing of copper foil, a critical component used in lithium-ion battery cells, SK said. Copper foil is as thin as one-fifteenth of the width of a human

IndustrySept. 23, 2022

DRAM prices forecast to drop 13-18% on-quarter in Q4: report

DRAM prices are estimated to post a quarterly decline of 13-18 percent in the fourth quarter, steeper than the previous quarter, a report said Friday, as consumer demand for electronic devices remains stagnant and macroeconomic conditions aggravated. Research firm TrendForce said rising inflation has significantly weakened the appetite for consumer products, likely to put cold water on the year-end holiday shopping demand. Lower demand, it said, would lead to DRAM's bigger price drops from

IndustrySept. 23, 2022

LG Energy Solution signs battery materials supply deals with 3 Canadian mineral companies

LG Energy Solution said Friday it has signed supply agreements with three Canadian mineral companies to secure key raw materials used in lithium-ion batteries for electric vehicles. Under the arrangement with Electra Battery Materials, the Toronto-based battery materials refiner will supply 7,000 metric tons of cobalt sulfate to LG Energy Solution for three years beginning in 2023, the South Korean battery maker said in a release. LGES signed a memorandum of understanding with Avalon Advanced Ma

IndustrySept. 23, 2022

Govt. asks food industry to minimize price hikes

A South Korean vice finance minister on Friday asked the food industry to minimize raising food prices as the country is grappling with high inflation. The government also plans to expand the supply of agricultural products, including napa cabbage and white radish, in a bid to better deal with high demand for kimchi-making events ahead of the winter season, according to First Vice Finance Minister Bang Ki-sun. "In light of the stabilizing trends of grain prices, we are asking (the food sect

EconomySept. 23, 2022

Seoul shares open lower on mounting recession fears

Seoul stocks opened lower Friday on mounting fears that a global recession may further deepen amid aggressive monetary tightening drives around the globe. The benchmark Korea Composite Stock Price Index dropped 10.39 points, or 0.45 percent, to 2,321.92 in the first 15 minutes of trading. Overnight, US stocks fell again amid fears that recent rate hikes from central banks around the world could tip the economy into a recession. Central banks in major economies, such as Britain, raised rates as t

MarketSept. 23, 2022

SK Telecom's 5G download speed ranks No. 1 among global telecos: report

SK Telecom, South Korea's largest wireless carrier, ranks No. 1 in terms of 5G network download speed, an industry report showed Friday. According to global mobile industry tracker Opensignal, the average download speed using SK Telecom's 5G network was recorded at 469.6 megabits per second, 2.55 times faster than the 184.2 Mbps average among global mobile carriers. LG Uplus Corp., the country's third-largest mobile carrier, ranked second, with 429.6 Mbps, followed by Bulgaria

IndustrySept. 23, 2022

Robot startup Twinny's CEO says starting company with twin brother was 'great choice'

Having majored in business administration in university and with eight years of previous work experience at the Korea SMEs and Startups Agency, Cheon Yeong-seok, co-CEO of robot startup Twinny, had always dreamed of one day starting his own business. Looking back though, Cheon said it had never crossed his mind in his 20s and early 30s that he would end up starting his dream company with his twin brother, Hong-seok, a electrical engineering Ph.D. graduate of the Korea Advanced Institute of Scien

IndustrySept. 23, 2022

[Market Eye] Can Arm stake deal spur Samsung's breakthrough?

Samsung Electronics Vice Chairman Lee Jae-yong's planned meeting next month with SoftBank founder Masayoshi Son raises the expectation that the South Korean tech giant could find a breakthrough with a new round of investment for future growth in the field of semiconductors. On his arrival to Seoul after a two-week trip overseas, the 54-year-old told reporters Wednesday afternoon that he is scheduled to hold talks with Son in Seoul and that he believes the Japanese tycoon might bring up the issue

TechnologySept. 22, 2022

SK chairman says corporate survival is key amid US-China tensions

Noting growing uncertainties surrounding the escalating US-China rivalry, SK Group Chairman Chey Tae-won said Wednesday that his priority at the moment is bracing for business survival itself, not seeking profits or efficiency. “The most urgent task is finding the way of survival under any circumstances,” the tycoon said at a press conference in Washington, where he was visiting to inspect local operations. “Rather than focusing on maximizing profits or efficiency like in the p

IndustrySept. 22, 2022