Kakao to implement 'metaverse work'

All Kakao employees will be required to work remotely for at least four days a week from July as part of a new "metaverse work" system, the IT giant said Monday. During the testing period of the new working system, which will begin from July 1, employees are to work from outside the office for four days a week. For the remaining day, employees will have to meet offline but the meeting does not have to take place at the company office, a Kakao official said. All work-related items wil

TechnologyMay 30, 2022

Samsung, Intel chiefs meet in Seoul for chip collaboration

Samsung Electronics Vice Chairman and de facto leader Lee Jae-yong met Intel CEO Pat Gelsinger, the company said Monday, raising expectations over a possible collaboration amid an intensifying race for next-generation chip technology. The heads of the world’s No. 1 and No. 2 companies in the chip industry by revenue held a meeting during Gelsinger‘s visit to Seoul. He flew to Korea after attending the 2022 World Economic Forum in Davos, Switzerland. Samsung’s $82.3 billion rev

TechnologyMay 30, 2022

Hyundai E&C remediates dioxin-contaminated soil at US Army base in Incheon

Hyundai Engineering & Construction successfully remediated a large amount of dioxin-contaminated soil for the first time in South Korea. According to Hyundai E&C on Monday, the project of remediating 11,031 cubic meters of dioxin-contaminated land at Camp Market -- a US Army installation situated in Bupyeong-gu, Incheon -- was successfully completed after two years and 11 months of work. The company used the in-pile thermal desorption and thermal oxidation cleanup treatment of dioxins

IndustryMay 30, 2022

Korea to lift tariff on food imports, raise LTV for first home seekers

SEJONG -- The government on Monday unveiled a package to the improve living conditions of households suffering from a spike in consumer prices, by slashing their expenditure burden for commodities and housing. A batch of countermeasures -- which are likely to cost about 3.1 trillion won ($2.5 billion) in state funds -- against the high inflation rate were confirmed during a meeting of economy-related ministers, presided by Deputy Prime Minister and Finance Minister Choo Kyung-ho in Seoul. A co

EconomyMay 30, 2022

Are ‘Samsung plant,’ ‘Apple branch’ empty promises?

Ahead of Wednesday’s local elections, candidates are making their last-minute plea for votes, with some of them talking big to take advantage of big name companies and their huge investment plans unveiled recently. Politicians offering populist pledges is nothing new during election campaigns, but this year their rhetoric appears to have gained some weight as they come along with a series of new investment plans, worth a combined 1,000 trillion won ($800 billion), announced by the nation

IndustryMay 30, 2022

Seoul shares up for 2nd day on easing inflation; Korean won at over 1-month high

Seoul shares ended higher for second straight session Monday as investors scooped up large-cap stocks on bargain hunting following gains on Wall Street and hopes for economic recovery in China. The South Korean won rose to the highest in over one month to the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 31.61 points, or 1.2 percent, to close at 2,669.66. Trading volume was moderate at 458.66 million shares worth 7.32 trillion won ($5.9 billion), with gainers outpacing decliners

MarketMay 30, 2022

Naver launches AI call service aimed at seniors

Tech giant Naver said Monday that it has officially launched an artificial intelligence-based call service for older people who live alone. The service, Clova AI Contact Center Solution, is operated by the company’s AI technology Hyperclova, which calls and checks up on users about their eating habits, sleeping patterns and potential health problems. The AI has adopted high-quality voice synthesis and voice recognition engines to allow for seamless conversation with users, as if they ar

TechnologyMay 30, 2022

[Photo News] Fresh Monday

Buses are seen operating in central Seoul on Monday. Bus and taxi drivers are eligible for the COVID-19 cash handouts worth 3 million won ($2,400) as part of the government‘s 62 trillion won extra budget bill, which was approved by the parliament on the same day.

IndustryMay 30, 2022

Samsung Display to fully exit from LCD TV panel business in June

Samsung Display, the display making arm of Samsung Electronics, is poised to fully shut down its unprofitable liquid crystal display panel business for televisions in June, after over 30 years of operation. “(Samsung Display) will terminate its supply of LCD panels in June,” an industry source said Monday. The company has been manufacturing its lower-end panels in Asan, South Chungcheong Province. The long-awaited move came as LCD TV panel prices have been on a constant decl

TechnologyMay 30, 2022

Playing games at back seats: carmakers focus on in-car entertainment

Carmakers’ efforts to turn vehicles into moveable spaces for media platforms will lead to more collaborations between carmakers, content providers and IT companies, as well as the growth of related markets, according to the industry on Monday.  Carmakers have been seeking ways to upgrade the in-car entertainment experience, by developing software for playing games and watching videos. Carmakers are also introducing wide multi-screens that can also satisfy passengers in the back seat

MobilityMay 30, 2022

Korea to double chip talents

South Korea will double the number of professional semiconductor talents by implementing chip-company-licensed departments and strengthening graduate programs at major science institutes across the country, the Ministry of Science and ICT said Monday. Science Minister Lee Jong-ho met with industry leaders including chiefs of Samsung Electronics and SK hynix as well as presidents of four major science institutes -- KAIST, GIST, DGIST and UNIST -- to discuss ways to cooperate for nurturing semic

IndustryMay 30, 2022

Unspent value on prepaid coffee cards, online coupons record W270b—mostly from Starbucks

The South Korean coffee industry has accumulated approximately 270 billion won ($216 million) worth of unspent stored value on prepaid cards and online coupons, said People’s Power Party lawmaker Yun Chang-hyun on Monday, citing a report from the Fair Trade Commission. About 92 percent of the unredeemed balance -- 250 billion won out of the 270 billion won -- came from Starbucks Korea, according to the report. Unspent stored value refers to the balance that is charged on gift cards and

IndustryMay 30, 2022

Terraform Labs Korea dissolved in 2021, allegedly to evade taxes

Terraform Labs, the Singapore-based company behind the troubled coins terraUSD and luna, had shut down its South Korean branch last year to allegedly evade paying taxes, local news reports showed Monday. Reports also found that the company technically dissolved its South Korean branch months before the shutdown was officially announced. Despite recent court documents showing the blockchain company’s decision to officially shut down its Korean branch through a shareholders meeting held Apr

MarketMay 30, 2022

LS seeks new momentum in electrification

As he took office in January, LS Group Chairman Koo Ja-eun vowed an “ambidextrous management” to maximize synergy between existing core businesses and new businesses for the future. “With advanced technology in electricity and materials in one hand, and future technologies such as artificial intelligence, big data and Internet of Things in the other, we will offer solutions of customer-oriented value in a balanced manner,” Koo said. It comes as Koo and Myung Roe-hyun, c

IndustryMay 30, 2022

S. Korea rolls out measures to tame inflation, stabilize living conditions

The finance ministry on Monday unveiled a set of measures to curb inflation and stabilize people's living conditions, including the removal of import duties on key foodstuffs, amid concerns that mounting price pressure could hamper economic growth. Under the measures, the government plans to lift import tariffs on seven key food ingredients, such as cooking oil, pork and flour, until the end of this year. The government will cut value-added taxes on imports of coffee and cocoa beans until 2

EconomyMay 30, 2022

Ratio of renewable energy-based power generation hits new high in 2021

The amount of electricity generated from renewable energy in South Korea touched an all-time high in 2021 on government efforts to cut greenhouse gas emissions, data showed Monday. Electricity produced from renewable energy sources came to 43,085 gigawatt hours last year, accounting for 7.5 percent of the country's total power generation, according to the state-run Korea Electric Power Corp. The ratio was three times higher than that a decade ago. It marked the first time for the share to s

EconomyMay 30, 2022

Govt. to expand subsidies to diesel truck, taxi drivers next month

The government will provide more subsidies to cargo truck drivers and others using diesel vehicles as part of efforts to ease their burden from rising fuel costs, the transport ministry said Monday. The average retail price of diesel in South Korea soared to over 2,000 won ($1.59) per liter last week, up from around 1,364 won in January, due to tight supply caused by the war in Ukraine. It also outstripped gasoline prices for the first time in 14 years. Under the revision to oil subsidy regulati

EconomyMay 30, 2022

Seoul shares open higher on tech gains

Seoul shares opened higher Monday as investors scooped up technology and other large-cap stocks on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 18.25 points, or 0.69 percent, to trade at 2,656.30 in the first 15 minutes of trading. Institutions bought a net 70 billion won ($56 million) worth of stocks, offsetting foreigners and individuals' stock selling valued at 72 billion won. Most large-cap stocks advanced across the board. Market bellwether Samsung Electronics Co

MarketMay 30, 2022

SK Broadband bolsters ESG management

South Korean internet provider SK Broadband has said it will broadcast movies recognized at the 19th Seoul International Eco Film Festival on its internet protocol television platform B tv starting Thursday. The movies screened at the festival will be broadcast exclusively on B tv and Mobile B tv platforms four times a day between June 2 and June 8. SK Broadband has been sponsoring the event for the second year running. SK Broadband has also filmed its own documentary titled “Countdown

IndustryMay 30, 2022

Remote work tests S. Korea's corporate hierarchy, culture

Behind South Korea's rapid industrial growth was a military-like corporate culture that united workforces for a shared goal: the company's success and my family‘s well being. The mantra “your company is your family” propelled the tremendous drive toward economic prosperity but also gave validity to tough corporate culture and hierarchy. The decades-old corporate culture, however, is now being forced to change for a new generation of the workforce who finds daily 9-to-6 office h

IndustryMay 29, 2022