Edtech startup Alux aims to take lead in next-generation educational robots

Alux, a startup in the fast-growing field of educational technology, or edtech, is providing next-generation education programs based on big data, artificial intelligence and the metaverse to some 2,000 schools across the country.  Lee Chi-heon, CEO of Alux, said the Seoul-based startup is navigating a whirlwind of changes in the education market, sparked by a pandemic-induced switch from offline programs to what is called “untact” alternatives, referring mainly to contactless

TechnologyOct. 6, 2021

Activist fund invests W100b in LIG Nex1 in ESG push

South Korean activist fund Korea Corporate Governance Improvement has bought 100 billion won ($84 million) in exchangeable bonds issued by weapon system developer LIG Nex1, a filing showed Wednesday. The investment is aimed at improving LIG Nex1’s performance under the criteria of environmental, social and governance responsibility and giving birth to LIG Nex1’s new line of business, according to KCGI. The investment manager did not elaborate on its future ESG strategy for the defe

MarketOct. 6, 2021

[Video] Hyundai’s mini SUV Casper creates buzz

Hyundai Motor’s little mini SUV, the Casper, is here, creating a buzz in the A-segment market, where the competition has long been dull. This new Casper is Hyundai’s first A-segment release in 19 years, and already it’s received record preorders. Even the president lined up to buy one. The Casper is slightly more expensive than its rivals the Chevrolet Spark and the Kia Ray, but there’s a reason for that. It comes with advanced driver assistance functions that are of

MobilityOct. 6, 2021

Samsung foldable phones hit 1 million in sales volume in Korea

The sales volume of Galaxy Z Fold3 and Flip3 has surpassed 1 million in South Korea, according to Samsung Electronics on Wednesday. The tech giant said the total number of units of the two foldable devices sold in the Korean market reached 1 million Monday, 39 days since their debut on Aug. 11. The foldable phones trailed only Samsung’s biggest hits of the Galaxy Note 10 and flagship Galaxy S8 in the pace of reaching the 1 million mark. Of the 1 million units, about 70 percent are

TechnologyOct. 6, 2021

LG Innotek showcases new substrate products at KPCA show

LG Innotek said Wednesday the company is taking part in an international trade show for substrates and chip packaging technologies to showcase its newest products and technologies. The electronic parts supplier of LG Group exhibited three new products -- 5G Antenna in Package, RF-System in Package and Chip On Film -- at the Korea International Electronic Circuits and Packaging Show 2021 that kicked a three-day run in Songdo, Incheon on Wednesday. The 5G AiP is a substrate for the antenna mod

TechnologyOct. 6, 2021

[Newsmaker] World steelmakers discuss decarbonizing at Posco forum

To respond to the growing pressure to meet net-zero pledges, steelmakers around the world must work together to find ways to decarbonize steelmaking, mostly likely with the use of hydrogen, the chief of South Korea’s top steel manufacturer said Wednesday. Hosting the Hydrogen Iron & Steel Making Forum 2021, the world’s first international forum on hydrogen steelmaking, Posco Chairman Choi Jeong-woo highlighted the need for urgent, concerted action as an industry and an open pla

IndustryOct. 6, 2021

Trade minister voices concerns over chip info disclosure

South Korea’s Trade Minister Yeo Han-koo expressed concern over the US request on Korean chipmakers to disclose sensitive information about technology, clients and inventories, during his meeting Tuesday with US counterpart Katherine Tai, officials in Seoul said Wednesday. Yeo, who is currently attending a council meeting of the Organization for Economic Co-operation and Development in Paris, held bilateral talks with the US trade representative, where he relayed such opinion from local

TechnologyOct. 6, 2021

Seoul stocks skid for 3rd day to this year's low

South Korean stocks fell nearly 2 percent Wednesday, while the Korean won fell to a 14-month low against the US dollar amid ongoing investor concerns over the debt crises of Chinese property developers and the impasse in the US Congress on raising the debt limit. The benchmark Korea Composite Stock Price Index (KOSPI) fell 53.86 points, or 1.82 percent, to close at 2,908.31 points, the lowest finish since Dec. 30 last year. Trading volume was moderate at about 887.63 million shares worth some

MarketOct. 6, 2021

SK Bioscience renews vaccine deal with CEPI

South Korean drugmaker SK Bioscience announced Wednesday the company has updated its capacity reservation contract with the Coalition for Epidemic Preparedness Innovations. Under the new agreement, CEPI can use part of SK Bioscience’s Andong production facility until 2022 for manufacturing COVID-19 vaccines. 　 SK Bioscience’s factory in Andong, North Gyeongsang Province, currently has a total of nine production lines that can produce drug substances for COVID-19 vaccines. Of the to

TechnologyOct. 6, 2021

Mexico recalls Buldak instant noodles for false labeling

Authorities in Mexico ordered a recall of a Buldak, or “fire chicken,” ramen product for misleading customers with its label, despite having “no trace of chicken” in it. The Office of the Federal Prosecutor for the Consumer announced the recall decision Monday there, concerning Buldak Ramen Cheese and 11 other instant noodle products from across nine manufacturers.  It targets a total of 129,937 packets distributed on shelves throughout the country. Included wer

ConsumerOct. 6, 2021

Seven Eleven prepares drone delivery service

Convenience store chain Seven Eleven has partnered with a local mobility software startup to use drones for product delivery, the company announced Wednesday. According to Seven Eleven, it will develop systems and infrastructure for delivery drones with Pablo Air, with plans to launch a pilot run later this year. The firm will open a new location outside of the greater Seoul area, possibly in Gapyeong, Gyeonggi Province, which will act as a base for the drone’s first test flight. The

ConsumerOct. 6, 2021

Unity Korea vows to develop solutions that maximize creativity

Unity Korea on Wednesday vowed to grow together with game developers as well as creators in media and entertainment sectors, offering services that go beyond the conventional gaming realm. During a press conference to mark its 10th anniversary, the Korean branch of the California-based 3D game company introduced a webtoon tablet that allows artists to draw duplicating scenes as an example of its digital solutions for creators. Dr. Frost, a piece uploaded on Naver Webtoon, illustrated massive

IndustryOct. 6, 2021

S. Korea’s housing prices see largest surge in 15 years

South Korea’s housing prices in the first nine months of this year spiked nearly 12 percent, surpassing the annual gains observed in 2001 and 2006, when the instability of the local real estate market triggered by the previous financial crisis concerned onlookers and buyers, data showed Wednesday. According to KB Kookmin Bank’s real estate platform Liiv, the median housing price across Asia’s fourth-largest economy gained 11.98 percent in the January-September period. The fig

EconomyOct. 6, 2021

Shinhan continues investment spree for digital partnership

Shinhan Financial Group said Wednesday it has decided to invest 18 billion won ($15.1 million) into three startups offering cutting-edge technologies as part of its bigger plan to boost the group’s digital capabilities. Three startups that attracted the funding include Galaxy Corp. which owns intellectual property rights to virtual characters for metaverse platforms as well as Xinapse, an artificial intelligence technology-based startup. Shinhan plans to collaborate with the firms to e

MarketOct. 6, 2021

SK E&S, Plug Power form joint venture on hydrogen biz

SK E&S Co., the energy unit of South Korean conglomerate SK Group, said Wednesday it will team up with US fuel cell maker Plug Power Inc. to make a foray into the Asian hydrogen market. The two companies struck a deal to establish a 51:49 joint venture company, nine months after SK E&S and SK Inc., the group's holding firm, invested 1.6 trillion won ($1.5 billion) to acquire a 9.9 percent stake in Plug Power.   The joint venture will build a factory to produce key component

IndustryOct. 6, 2021

S. Korea to post more excess tax revenue this year: finance minister

Finance Minister Hong Nam-ki said Wednesday the government is expected to log a larger-than-expected surplus in tax revenue this year as the economic recovery gathers pace. In July, the government forecast the country is expected to collect 314.3 trillion won ($264 billion) in tax revenue for this year, up 31.5 trillion won from its earlier forecast of 282.7 trillion won. But the National Assembly Budget Office forecast a larger surplus, saying that the country may record excess tax revenue of

EconomyOct. 6, 2021

[News Focus] Korean Air’s Asiana acquisition: What is happening?

Korean Air’s plan to acquire financially-troubled rival Asiana Airlines is facing a bumpy road as the deadline for the 1.8 trillion won ($1.6 billion) deal has been pushed to the end of this year. The takeover plan was first announced in November last year, making headlines that the two South Korean full service carriers would merge, giving birth to one of the world’s ten biggest airlines. In recent months, however, slow progress for the deal -- which was initially set to be compl

MobilityOct. 6, 2021

Additional debt control measures underway: FSC chief

The nation’s top financial regulator said Wednesday it is preparing to announce new measures to curb snowballing household debts.  “South Korea‘s growth pace of household debt has been much more rapid than other countries. The Financial Services Commission has been stepping-up efforts to prevent households’ high indebtedness from posing a major threat to the Korean economy,” said FSC Chairman Koh Seung-beom at a parliamentary audit session for the financial re

EconomyOct. 6, 2021

Koreans dump Tesla shares, turn to US health care sector in Q3

South Korea-domiciled investors went on to sell Tesla stocks during the third quarter of this year, and instead turned to health care stocks in the United States, data showed Wednesday. This indicates that Korean investors’ enthusiasm over the growth potential of the Palo Alto, California-based electric vehicle giant since early 2020 has started to wane. Instead, they were seen betting on normalization hopes amid a fight against the COVID-19 pandemic. From July to September, Korean inv

MarketOct. 6, 2021

Internet banking transactions at new record high in H1

South Korea's internet banking services continued to grow in the first half, with the number of users and daily transactions rising to new highs, central bank data showed Wednesday. The number of internet banking users, including mobile banking, came to 186.5 million as of end-June, up 5.6 percent from six months earlier, according to the data from the Bank of Korea (BOK). The figure is the simple sum of all registered users at 18 internet and mobile banking service providers in the country,

EconomyOct. 6, 2021