Zyx Technology signs sponsorship deal with golfer Kim Jae-hee

South Korean design software developer Zyx Technology announced Tuesday that it signed a sponsorship deal with professional golfer Kim Jae-hee. Under this sponsorship, Kim will wear a cap with the logo of ZyxCAD, the company's independently developed versatile computer-aided design software, during her participation in both domestic and international tournaments. Kim became a member of the Korea Ladies Professional Golf Association in 2019 and claimed her first victory this season at the KL

IndustryAug. 13, 2024

[Photo News] Black umbrella protest

Protesters affected by the liquidity crisis at e-commerce platforms Tmon and WeMakePrice gather in front of Tmon’s headquarters in southern Seoul on Tuesday, holding black umbrellas with protest slogans. The demonstrators, including sellers and buyers who have not received payments or refunds from the cash-strapped Korean affiliates of Singapore's Qoo10 platform, argue that the government's emergency measures to address the issue are insufficient. For the sellers alone, the delay

IndustryAug. 13, 2024

Regulations hinder corporate charitable missions: KCCI

Korean corporate foundations are making less social impact than those in major economies because of strict overlapping regulations, the Korea Chamber of Commerce and Industry said Tuesday, urging the government to revise tax codes to encourage corporate philanthropy. According to the World Giving Index, an annual report published by the UK-based Charities Aid Foundation, South Korea has been in a continual decline in making donations, ranking 79th out of some 140 countries in the world in 2023

EconomyAug. 13, 2024

Seoul shares up for 3rd day ahead of key US data

South Korean stocks ended slightly higher Tuesday as investors remained cautious ahead of the releases of major US data later this week to gauge the Federal Reserve's monetary policy direction. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 3.2 points, or 0.12 percent, to 2,621.50. Trade volume was a little slim at 372.2 million shares worth 8.8 trillion won ($6.4 billion), with losers outnumbering winners 561 to 322. Fo

MarketAug. 13, 2024

Analysts offer rosy H2 outlook for LG Display

LG Display is expected to get out of the red in the latter half of this year, largely buoyed by its increased panel shipments for Apple's new iPhones that debut next month, according to industry sources on Tuesday. Local researchers painted a rosy outlook for LG Display, which has begun stable production of the first batch of the panels for the new iPhone 16 series. The Korean panel maker is said to be responsible for almost 40 percent of the total panel supplies for the new iPhones. Accord

IndustryAug. 13, 2024

Hyundai, Kia to offer free EV safety inspections

Hyundai Motor Company and Kia have announced a free inspection service for all owners of their electric vehicles, responding to heightened safety concerns following a recent apartment fire in Cheongna International City, Incheon earlier this month. The inspection service, already underway since Aug. 8 for Hyundai and Aug. 9 for Kia, aims to reassure customers by thoroughly checking the safety of their vehicles. Hyundai and Genesis owners can access inspections at 22 premium High Tech and 1,234 a

MobilityAug. 13, 2024

Polestar 4 signals premium EV expansion in Korea

Polestar Korea has launched the Polestar 4, the Swedish electric-vehicle maker’s coupe-style sports utility vehicle, seeking a breakthrough amid the ailing EV market with the new model. “The Polestar 4 boasts an overwhelming performance, design, interior space and outstanding price when compared to other vehicles in the same segment, including those with internal combustion engines. It will be able to breathe a fresh breeze into the domestic premium EV market,” said Ham Jong-su

MobilityAug. 13, 2024

Korea Arboreta and Gardens Institute bridges Korean gardens to global markets

The Korea Arboreta and Gardens Institute is paving the way for Korean-style gardens abroad. The institute, operating under the Korea Forest Service, showcased the beauty and traditional philosophy of Korean gardens on a global stage by setting up a special garden at the International Horticultural Expo in Doha, Qatar, last October. This garden, covering 1,200 square meters, created an oasis in the desert using 350 trees, 600 shrubs and 1,500 herbaceous plants, sourced locally. According to the i

IndustryAug. 13, 2024

Korea Arboreta and Gardens Institute takes center stage in global plant conservation efforts

As climate change continues to threaten plant ecosystems worldwide, the Korea Arboreta and Gardens Institute is drawing increased attention as a key player in protecting biodiversity both locally and abroad. Operating under the state-run Korea Forest Service, KoAGI's primary task is managing the Baekdudaegan Global Seed Vault in Bonghwa, North Gyeongsang Province. Opened in December 2015, the vault houses nearly 240,000 seeds from 5,792 wild plant species worldwide and is one of only two su

IndustryAug. 13, 2024

Botanical experts convene in Korea to highlight urgency of plant conservation

A global gathering of botanical experts convened Wednesday at the National Arboretum in Sejong, South Korea, to address the pressing issue of plant biodiversity conservation in an era of climate change. The international symposium, jointly hosted by the Korea Arboreta and Gardens Institute (KoAGI), Korea Forest Service and Korea National Arboretum, brought together 100 leading specialists from across the globe to hash out collaborative strategies for protecting the planet's flora. Dr. Paul

IndustryAug. 13, 2024

Chipmakers keen on enhancing power efficiency of AI chips

The latest boom in artificial intelligence is prompting competition among the world's top three memory-chip-makers to debut more power-efficient DRAM chips with higher capacity to power high-performance computing for AI applications. Chipmakers are focusing especially on the seventh-generation Low Power Double Data Rate 5X chip to be used not just in mobile devices, but also in the automotive industry. "As AI applications are diversifying, the demand for memory products consuming low p

IndustryAug. 13, 2024

Fannie Mae extends lease of Igis-owned Midtown Center in DC

After looking to relocate its headquarters from Washington, partially owned by South Korea's Igis Asset Management, US mortgage giant Fannie Mae has reversed course, opting instead to extend its lease under revised terms that will see it occupy a smaller space. Igis Asset Management announced Tuesday that the Federal National Mortgage Association, commonly known as Fannie Mae, has recently signed a new long-term lease at Midtown Center, a downtown DC property the Korean company jointly owns

IndustryAug. 13, 2024

Mercedes-Benz Korea responds to EV fire with supplier list, free inspections

Mercedes-Benz Korea on Tuesday revealed the battery suppliers for all its electric cars sold here on its official Korean website and announced free inspections for all EV owners to address mounting safety concerns in the wake of a devastating fire in Incheon involving one of its electric vehicles. This announcement comes 12 days after the fire and follows similar actions taken by domestic automakers Hyundai Motor Company and Kia, both of which recently disclosed their EV battery suppliers. BMW K

MobilityAug. 13, 2024

[Photo News] Hyundai Motor's e-paper ID cards

Hyundai Motor Company has developed an eco-friendly e-paper ID card for employees to replace plastic-based radio frequency cards. This card uses an LCD display and electronic ink, allowing for updates to user information like names and photos as needed. The card also enhances security by signaling unauthorized access with color changes and alarms and providing an SOS function for emergencies. The carmaker plans to implement this technology across its global operations. (Hyundai Motor Company)

MobilityAug. 13, 2024

CJ CheilJedang Q2 net rises 16% on food, high-end products

South Korean food company CJ CheilJedang Corp. said Tuesday its second-quarter net profit rose 16 percent from a year earlier on increased sales of food and high-end products. Net profit for the three months to June rose to 147.82 billion won ($108 million) from 127.46 billion won during the same period of last year, the company said in a statement. "Strong overseas sales of dumpling products under CJ's Bibigo brand and other food products buoyed the quarterly results. And increased sa

EconomyAug. 13, 2024

Seoul shares open higher ahead of key US economic data

South Korean stocks opened slightly higher Tuesday as investors are awaiting the release of major US economic data due later this week. The benchmark Korea Composite Stock Price Index (Kospi) rose 5.8 points, or 0.22 percent, to 2,624.10 in the first 15 minutes of trading. Overnight, major US indexes finished mixed, with the S&P 500 almost unchanged, the Dow Jones Industrial Average down 0.4 percent, and the tech-heavy Nasdaq composite up 0.2 percent. Investors' eyes are on the US consu

MarketAug. 13, 2024

PUBG maker Krafton posts record half-year earnings

Krafton posted record earnings for the first half of this year on the strong output from its popular battle royale shooter PUBG: Battlegrounds, the Korean game developer announced Monday. According to the announcement, Krafton logged 1.37 trillion won ($1 billion) in revenue and 642.6 billion won in operating profit in the January-to-June period this year, up 48.3 percent and 55 percent on year, respectively. For the second quarter alone, the game developer reported 707 billion won in revenue an

CompaniesAug. 12, 2024

Telecom carriers rush to launch call recording features for iPhones

South Korean mobile carriers are rushing to launch call-recording services for iPhone users, possibly taking a cue from the market leader SK Telecom’s success with its A. service. According to industry sources on Monday, LG Uplus, the country's smallest telecom company by market share, is planning to launch a call-recording service, dubbed, “ixi O,” in the second half of the year. The service would become the second of its kind after SK Telecom’s A. service, which de

TechnologyAug. 12, 2024

Korea-ASEAN startups to compete for sustainable development goals

South Korea's Ministry of SMEs and Startups, in partnership with Indonesia's Ministry of Cooperatives and SMEs, is set to co-host the fifth Korea-ASEAN Business Model Competition for SDGs 2024 in October. According to the organizing committee Monday, the annual event, launched in 2020, aims to foster cross-border collaboration to nurture startups and small and medium-sized enterprises from Korea and Southeast Asia. The event will act as a platform for entrepreneurs to present solutions

IndustryAug. 12, 2024

Samsung, LG to challenge Chinese rivals with 'all-in-one' robot vacuums

Samsung Electronics and LG Electronics are stepping up efforts to carve out a share of the burgeoning robot vacuum market, which has been dominated by China's Roborock, with new machines designed to remove the pain points of existing products. This week, LG Electronics is rolling out its first all-in-one robot vacuum and mop machine in 21 years, since the company introduced its first such device in 2003. Samsung Electronics has also released a robot vacuum and mop combo machine adopting adv

IndustryAug. 12, 2024