S. Korea joins top-tier group in democratic AI policy index

South Korea climbed to the first-tier group of countries last year in terms of how well its state policies for artificial intelligence are aligned with democratic values, a U.S. nongovernmental organization said Wednesday. In 2021, South Korea moved up by one notch to the first-tier group with 11 points, compared with 8.5 points the previous year, according to a report by the Center for AI and Digital Policy. Canada, Germany and Italy also stayed on the top tier last year. The Artificial Intelli

TechnologyFeb. 23, 2022

HanmiGlobal acquires TWG to cash in on US infrastructure boom

South Korean project management company HanmiGlobal said Wednesday it has acquired Tarr Whitman Group, a Seattle-based construction support consulting firm, to further expand its business to the US market. TWG will operate as a business unit within Otak, another US subsidiary of HanmiGlobal, and continue to focus on project control services for Otak and TWG clients. Following an integration of the two firms’ human resources, IT, and finance systems, HanmiGlobal hopes to serve a larger cl

IndustryFeb. 23, 2022

LIG Nex1 showcases robots, drones in UAE

LIG Nex1 showcased its robots, unmanned surface vehicles and surveillance drones at an international exhibit in the United Arab Emirates, hoping to expand exports to and technological cooperation in the Middle East. The South Korean defense company took part in the Unmanned Systems Exhibition and Conference, which was held in Abu Dhabi from Feb. 21 through 23. Among LIG Nex1’s products on display were nonpowered muscle assistance robots called LEXO, short for lower extremity skeleton, un

IndustryFeb. 23, 2022

Renault Samsung SM6 upgrades safety, convenience features

While keeping its overall look intact, the 2022 Renault Samsung SM6 has upgraded safety and convenience features such as LED matrix vision headlamps in all of its trims. Like most European cars, the SM6, which is sold as the Renault Talisman in Europe, has kept its unique design, despite having had minor facelifts over the six years since its launch. The LED matrix vision headlamps are smart headlamps that can automatically adjust their brightness using 18 LEDs on each side depending on traffi

IndustryFeb. 23, 2022

S. Korea's overseas financial assets hit all-time high in 2021

South Korea's overseas financial assets reached an all-time high last year on the back of increased stock investments and investment returns, central bank data showed Wednesday. The country's external financial assets came to $2.16 trillion as of end-December, up $198.2 billion from a year earlier, according to preliminary data from the Bank of Korea (BOK). The net international investment position also hit a record high of $637.9 billion at the end of December, up from $466.1 billion the previo

EconomyFeb. 23, 2022

Hyundai Motor's executive Luc Donckerwolke picked as 2022 World Car Person of the Year

The World Car Awards has chosen Luc Donckerwolke, Hyundai Motor Group's executive vice president for design and chief creative officer, as the 2022 World Car Person of the Year, the group said Wednesday. Donckerwolke, a Belgian native, was chosen for playing a leading role in designing a number of highly innovative new models, including the Hyundai IONIQ 5, Genesis GV60 SUV and Kia EV6, according to a Hyundai Motor spokesman. The former Lamborghini and Bentley designer was named head of the Hyun

IndustryFeb. 23, 2022

Seoul stocks open higher amid looming Western sanctions on Russia

South Korean stocks opened higher Wednesday, as the United States, Europe and the United Kingdom mull sanctions against Russia over its move to dispatch troops to Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) advanced 15.52 points, or 0.57 percent, to 2,722.31 points as of 9:15 a.m. The Kospi rebounded after a two-day retreat from the rising tensions in Ukraine. Washington criticized the Kremlin's decision to dispatch what Russia called "peacekeeping forces" into eas

MarketFeb. 23, 2022

Housing prices on downward trend after peak: finance minister

South Korea's finance minister said Wednesday the country's housing prices are on a downward trend after being stabilized amid the central bank's rate hikes and tighter lending rules. Minister Hong Nam-ki said the government will implement its real estate policy with a focus on expanding the home supply and rooting out property speculation in a bid to support a fall in home prices. "Stabilizing trends of housing prices have become more evident, and price falls have been accelerating,"

EconomyFeb. 23, 2022

Business sentiment rises for March but stays below par

South Korean's business sentiment improved slightly for March but remained below par amid the fast spread of the COVID-19 omicron variant, a central bank poll showed Wednesday. The business sentiment index (BSI) for local companies came to 88 for March, up three points from the previous month, according to the survey by the Bank of Korea (BOK). The BSI for manufacturers climbed to 93 from 90 over the cited period, and that for non-manufacturing businesses also gained two points to 84. The index

EconomyFeb. 23, 2022

HDC, victims’ families agree on compensation over Gwangju accident

Bereaved families of six victims discovered dead at HDC Hyundai Development Co.’s construction site in Gwangju last month said they had reached an agreement with the firm Tuesday. Although the families did not disclose the exact amount of the compensation, they said they had to “give in a lot” in terms of the amount.  The agreement comes two weeks after the last victim was discovered at the construction site, almost a month after the facade and concrete floors of the 39-

IndustryFeb. 22, 2022

LG Energy Solution aims big after IPO

LG Energy Solution was listed on the main Kospi bourse in January, 30 years after the company took its first step as a pioneer in the rechargeable battery business in 1992. Its next goal is to become “a company that is trusted and loved by customers.” LG Energy Solution’s initial public offering set several records, raising capital of more than 10 trillion won ($8.3 billion) and attracting 114.1 trillion won in deposits from some 4.4 million retail investors. As the first K

IndustryFeb. 22, 2022

Majority of households forecast fall in home prices: BOK

SEJONG -- At least 1 in 2 South Koreans were found to have predicted home prices to go down in the coming year, amid a variety of tight regulations and rising interest rates, data from the Bank of Korea showed Tuesday. According to the monthly consumer survey conducted by BOK, the index for households’ outlook on housing prices sat at 97 in February, down three points from a month earlier. The index indicates that the number of households predicting a decline in housing prices was higher

EconomyFeb. 22, 2022

FTC grants conditional approval for Korean Air-Asiana merger over monopoly concern

The South Korean antitrust regulator granted a conditional approval on Tuesday for a merger between South Korea’s two biggest air carriers to prevent monopoly in the country’s aviation industry. The Fair Trade Commission’s decision was made after concluding that Korean Air’s acquisition of Asiana Airlines might limit competition. After the merger, the two air carriers would operate around 48.9 percent of international flights from South Korea and 62 percent of domestic

IndustryFeb. 22, 2022

Amid digitalization drive, banks expand offline services for wealthy

South Korean banking groups are opening more offline asset management centers exclusively for the nation’s superrich, while closing regular branches and replacing them with mobile and artificial intelligence-based services. On Tuesday, Shinhan Financial Group said it upgraded and rebranded two of its wealth management centers in Seoul to focus on providing exclusive banking services for its clients with personal assets of over 10 billion won ($8.3 million). The wealth management centers

MarketFeb. 22, 2022

Dunamu’s funding for startups tops W100b

Dunamu & Partners, the investment arm of Korea’s blockchain firm Dunamu, said Tuesday it has invested a combined 100.3 billion won ($83.9 million) in a total of 46 startups over the past three years. Dunamu said artificial intelligence and data startups make up almost half of the beneficiaries it has funded, while others in the fields of gaming, fintech, blockchain and digital healthcare are key recipients. Many of the startups showed strong performance in elevating corporate valu

TechnologyFeb. 22, 2022

Market volatility escalates on Ukraine worries

Market volatility escalated Tuesday on news that Russia ordered troops into separatist-held eastern Ukraine, dragging down the nation’s stock indexes as well as virtual assets and sparking concerns that the geopolitical unrest is likely to expand short-term uncertainty in the financial market. The benchmark Kospi ended lower Tuesday as investors raced to dump risky assets, falling to 2,706.79, down 1.35 percent or 37.01 points from Monday’s closing. The Kospi, which has seen i

MarketFeb. 22, 2022

BOK to beef up monitoring of economic fallout from Ukraine crisis

South Korea's central bank said Tuesday that it will closely monitor the development of escalating tensions in Ukraine on concerns that the geopolitical risk could increase market volatility and negatively affect the domestic economy. Russian President Vladimir Putin on Monday ordered the deployment of troops to two breakaway regions of eastern Ukraine after recognizing their independence, which raised the possibility of Russia invading Ukraine, dampening hopes for a diplomatic solution. Policym

MarketFeb. 22, 2022

SK ecoplant acquires Singaporean recycling tech firm for $1b

SK ecoplant said Tuesday it has acquired TES, a Singapore-based electronic waste recycling company, for $1 billion as part of efforts to expand its presence in the burgeoning waste management market. The construction arm of SK Group said it signed a deal to buy a 100 percent stake in TES from Navis Capital Partners, a private equity firm, in Singapore on Monday. TES supplies waste management solutions for electronic devices and components to major IT equipment manufacturers. Its services inc

IndustryFeb. 22, 2022

LG, Google launch Expert AI Alliance

LG Group said Monday it has formed an alliance with Google to create a global artificial intelligence ecosystem. According to the South Korean conglomerate, the partnership named Expert AI Alliance, will utilize LG AI Research’s hyperscale AI “Exaone” to create a new customer experience. Google will provide its cloud to accelerate the learning process of Exaone. Thirteen founding members are LG AI Research, LG Electronics, LG Chem, LG Uplus, LG CNS, Google, Woori Bank, Shut

IndustryFeb. 22, 2022

Local streamer Watcha to launch new platform with music, webtoons

Watcha, a homegrown over-the-top service, said Tuesday it plans to kick off a new platform that provides music and webtoon contents in addition to its current video streaming service. The latest move comes amid growing competition in the local video streaming market led by global streaming giant Netflix, followed by homegrown players Wavve and Tving. "Watcha will evolve from our current video streaming service provider into an integrated entertainment subscription service ... this will allo

TechnologyFeb. 22, 2022