Naver to develop Arabic-based LLM, expand AI cooperation with Saudi Arabia

Naver Corp., the operator of South Korea's largest internet platform, has signed an initial agreement with Saudi Arabia's artificial intelligence (AI) agency to jointly develop an Arabic language-based large language model (LLM), company officials said Friday. During the Global AI Summit hosted by the Saudi Data & AI Authority (SDAIA) in Saudi Arabia's capital of Riyadh earlier this week, Naver and the SDAIA signed the memorandum of understanding (MOU) to cooperate in various

IndustrySept. 13, 2024

Seoul shares open higher on hope for Fed's rate cut

Seoul shares opened higher Friday, tracking overnight gains on Wall Street, as investors expect the Federal Reserve will cut rates next week. The benchmark Korea Composite Stock Price Index rose 0.17 percent, or 4.43 points, to 2,576.52 in the first 15 minutes of trading. In August, the US core consumer price index and producer price index rose slightly from a month earlier, dashing hopes for a big cut by the Fed next week. But market participants expect the US central bank to cut rates by at le

MarketSept. 13, 2024

Hyundai Motor, GM join hands to shake up EV landscape

Hyundai Motor Group and General Motors have joined forces to explore collaboration in vehicle development, supply chain and clean energy technology, officials announced Thursday. According to the announcement, the top leadership from each auto giant -- including Hyundai Motor Group Executive Chair Chung Euisun and GM CEO Mary Barra -- recently met at Genesis House New York and signed a memorandum of understanding to seek future collaboration across key strategic areas. Hyundai Motor and GM -- th

MobilitySept. 12, 2024

BMW opens brand's 1st charging hub lounge in Korea

BMW Group opened its newest charging station named BMW Charging Hub Lounge in central Seoul on Thursday, continuing to build upon the German automaker’s commitment to Korea’s electric vehicle transformation. According to BMW Group Korea, Seoul’s new charging facility has six 200 kilowatt-hour chargers and an indoor lounge including a cafe. The chargers will be open for other brands’ EVs as BMW aims to offer all EV drivers comfort and an opportunity to check out its newest

MobilitySept. 12, 2024

Seoul shares snap 7-day fall on tech gains

Seoul shares closed higher, snapping a seven-day losing streak, on Thursday led by tech gains, with investors expecting the Federal Reserve's rate cut next week after the release of US inflation data. The Korean won traded higher against the US dollar. The benchmark Korea Composite Stock Price Index rose 2.3 percent, or 58.72 points, to close at 2,572.09. Trading volume was moderate at 334.63 million shares worth 11.04 trillion won ($8.2 billion), with decliners far exceeding gainers 762 to

MarketSept. 12, 2024

OB acquires Jeju Soju, eyes bigger presence abroad

Korea’s largest beer maker Oriental Brewery is seeking to expand its presence in the global soju market amid the rising popularity of the nation’s traditional rice liquor around the world. According to the company, OB, owned by Belgian brewing giant Anheuser-Busch InBev, has decided to acquire Jeju Soju from Shinsegae Group’s liquor unit Shinsegae L&B. OB will take over the production site, equipment and underground water usage rights associated with Jeju Soju. Details, inc

IndustrySept. 12, 2024

Finance chief vows tighter control on household debt

Finance Minister Choi Sang-mok vowed Thursday to curb snowballing household debt and thoroughly control the payment crisis involving e-commerce platforms Tmon and WeMakePrice. The nation's household debt has been on fast growth, sparked by a rise of mortgage loans with the increasing number of housing transactions since around June, Choi said at a meeting of economy-related ministers held at the governmental complex in central Seoul. "The government will work to stably control the risi

EconomySept. 12, 2024

[Photo News] Making Songpyeon for Chuseok

S-Oil CEO Al-Hejazi (right) poses for a photo with a child while making Songpyeon, a traditional Korean halfmoon-shaped stuffed rice cake, in collaboration with the Loveaid Foundation at the company’s headquarters in Mapo-gu, Seoul, on Thursday. With the help of international students from Saudi Arabia and children from the company child care facility, the CEO and 150 company officials prepared Songpyeon and gift bundles worth 60 million won ($44,800) for low-income households. Since 2007,

IndustrySept. 12, 2024

Samsung’s yearly dilemma looms: Exynos vs. Snapdragon

A seasonal dilemma looms over Samsung Electronics’ flagship Galaxy S phones: using more its own Exynos processors or sticking to rival Qualcomm’s Snapdragon chips. Samsung has poured considerable resources for years into equipping its most important smartphone lineup with its own chipset so that it could expand its presence not just in chip production but also in chip design, while reducing production costs. But industry sources say that the upcoming Galaxy S phones, tentatively call

IndustrySept. 12, 2024

Nvidia CEO hints at possibility using Samsung to make GPUs

Nvidia CEO Jensen Huang raised the possibility of fabricating its cutting-edge graphic processing units at foundries other than Taiwan-based TSMC, making Samsung Electronics a likely alternative. At Goldman Sachs Communacopia and Technology Conference in San Francisco, California on Wednesday, Huang said he is willing to consider other companies to produce Nvidia's chips "if necessary," acknowledging the brewing geopolitical tension between Taiwan and China. "We use them (TSM

IndustrySept. 12, 2024

Samsung produces industry’s first 1-terabit QLC 9th-gen V-NAND

Samsung Electronics, the world's No. 1 memory chipmaker, said Thursday it has begun mass production of its one-terabit quad-level cell ninth-generation vertical NAND, solidifying its leadership in the high-capacity and high-performance NAND flash market. It is the industry’s first mass production of QLD ninth-generation V-NAND, followed by its first triple-level cell ninth-generation V-NAND production in April this year. “Kicking off the successful mass production of QLC ninth-g

TechnologySept. 12, 2024

Pulmuone launches frozen gimbap in China

South Korean food giant Pulmuone said Thursday that it has become the first Korean food company to introduce frozen gimbap into the Chinese market by selling its products at a leading retailer there. Pulmuone’s Tuna Kimbap, sold in packs of three rolls, is now available at Sam's Club, which operates 49 stores in China. A full 136,000 units will be exported to China by September, with plans to export a total of 620,000 units annually, the company said. The product packaging brandishes

CompaniesSept. 12, 2024

HD Hyundai, Hanwha push zero-emissions agenda at Gastech 2024

Shipbuilding rivals HD Hyundai and Hanwha Group are gearing up for Gastech 2024, the world’s largest energy sector exhibition, held from Tuesday to Sept. 20 in Houston. Attracting over 50,000 attendees and more than 800 companies, the event will spotlight the companies' eco-friendly shipbuilding and energy technologies. HD Hyundai will be represented by Vice Chairman Chung Ki-sun, along with a team from sales, R&D and engineering, to meet with business partners and corporate clien

IndustrySept. 12, 2024

Posco Future M inks W1.8tr cathode supply deal

Posco Future M said Thursday it has signed a 1.8 trillion won ($1.4 billion) deal to supply high-nickel cathode materials for electric vehicle batteries with a battery maker. The details of the agreement including the other signing party will not be disclosed until Dec. 31, when the two companies will finalize the terms and conditions, according to Posco Future M. “We sometimes hold back the information on the parties involved following the company’s request (of not making a full dis

MobilitySept. 12, 2024

[Photo News] Glimpse into SKT's AI strategy

SK Telecom welcomed 35 UCLA eMBA students to its Seoul headquarters on Wednesday, offering an exclusive look into its innovative AI strategies. The nation's top telecom carrier delivered presentations on its AI Pyramid Strategy and outlined plans to expand its global business through the Global Telco AI Alliance – a partnership with global telecom companies focused on advancing AI-powered services. As part of UCLA Anderson School of Management’s International Business Resident

TechnologySept. 12, 2024

Seoul shares open higher on US gains

Seoul shares opened higher Thursday, tracking tech-led gains on Wall Street, as investors expect the Federal Reserve's rate cut after the release of US inflation data. The benchmark Korea Composite Stock Price Index (Kospi) rose 1.2 percent, or 30.17 points, to 2,543.54 in the first 15 minutes of trading. In August, the US core consumer price index, excluding volatile food and energy costs, rose 0.3 percent from July. The inflation data dashed hopes for a big cut by the Fed next week but ma

MarketSept. 12, 2024

Bentley Flying Spur hybrid makes global premiere in Korea

Bentley Motors Korea has just unveiled the fourth-generation Flying Spur in South Korea, marking the global debut of this luxury sedan with an all-new plug-in hybrid system. After announcing the new Flying Spur on Tuesday, Bentley Motors Korea held an in-person media reveal on Wednesday at the Bentley Tower in Dongdaemun, Seoul. “South Korea is incredibly important to Bentley, and the Flying Spur has really resonated with customers here. Last year, it became the first luxury sedan in its p

MobilitySept. 11, 2024

Nexon to split off Mintrocket, developer of 'Dave the Diver'

Nexon on Wednesday announced its decision to split off Mintrocket, the South Korean game company's sub-brand known for its hit title, "Dave the Diver," in the effort to bolster its autonomy and create a more innovative environment for developing games. Mintrocket, which began as Nexon's sub-brand in 2022 under the motto of "creative and speedy development," came up with "Dave the Diver" -- a single-player, action-adventure game that requires players to con

CompaniesSept. 11, 2024

Online retail continues rapid growth

South Korea's consumer market increased by 33.3 percent from 2014 to 2023, with the annual growth in non-store retailing such as online markets outstripping that of large stores by tenfold. The consumer market for the country was 509.5 trillion won ($380.4 billion) in 2023, up from 382.3 trillion won in 2014, the Korea Chamber of Commerce and Industry's analysis based on Statistic Korea data showed Wednesday. The report looked at the total growth in the time period over various secto

EconomySept. 11, 2024

KB bolsters ties with Cambodia

KB Financial Group Chairman Yang Jong-hee met with Hun Sen, president of the Cambodian Senate, on Wednesday to discuss potential collaborations aimed at advancing financial development in Southeast Asia and enhancing KB’s presence in the region. The meeting was held at the Inspire Entertainment Resort in Incheon during Hun Sen’s visit to Korea for the 25th World Knowledge Forum, where he was a speaker. During their discussion, Yang and Hun Sen agreed to strengthen cooperation to impr

IndustrySept. 11, 2024