Electronic payment hits record high in Q3

The amount of payments made electronically hit a record quarterly high in the third quarter, central bank data showed Monday, in the latest sign that a growing number of South Koreans are using electronic means for financial transactions.The daily average amount of electronic financial transactions came to 363.1 billion won ($306 million) in the July-September period, up 12.8 percent from the previous quarter, according to the data from the Bank of Korea (BOK).The Q3 reading marks an increase fr

Dec. 19, 2016

Korea boasts world's fastest Internet speed for 11th quarter

South Korea has the world's fastest Internet connection speed for the 11th consecutive quarter, a private survey showed Friday. South Korea's average Internet connection speed stood at 26.3 Mbps during the third quarter, marking the only country with a speed of over 25 Mbps, according to the survey by online content delivery network firm Akamai Korea. Hong Kong came in second with a speed of 20.1 Mbps, followed by Norway with 20 Mbps. The world's average Internet connection speed stood at 6.3 Mb

Dec. 16, 2016

Korean app store estimated to take 39 pct share of domestic market

A unified app store formed by South Korea's three mobile carriers and Naver Corp., the country's dominant Internet portal, is estimated to have taken 39 percent of the domestic market for Android-based app content, industry data showed Thursday. The One Store was launched by KT Corp., SK Telecom Co. and LG Uplus Inc. in June last year to better compete with the Google Play store. Naver joined One Store in June this year. Based on transaction volumes of 100 mobile games available for both One Sto

Dec. 15, 2016

SK Hynix, Seagate may partner on SSD

South Korea’s second-largest chipmaker SK Hynix is expected to set up a joint company on solid-state drives with US data storage company Seagate, according to news reports on Wednesday. When the new company is created, SK Hynix is expected to hold a 51 percent share and Seagate to hold the remaining 49 percent. SK Hynix said in its regulatory filing on Wednesday evening, “Although we are reviewing various plans to boost business competitiveness of NAND flash business for the mid and long term, n

Dec. 14, 2016

Possible probe into iPhone battery shutdown in Korea

South Korea's industrial standardization bureau said Wednesday it is mulling over an investigation into Apple Inc.'s iPhone handsets, which randomly shut down despite battery remaining.The Korean Agency for Technology and Standards (KATS) said it is looking into the matter as the iPhone 6S battery problem could potentially be a safety issue, like Galaxy Note 7 smartphones, which underwent a global recall over a safety risk."The agency is well aware of recent iPhone issues and is taking a close l

Dec. 14, 2016

Huawei to supply network equipment for Olympics

Chinese tech giant Huawei is slated to provide its network equipment for the upcoming PyeongChang Olympics, Huawei and the Olympics committee confirmed Tuesday. Under the supply deal signed Tuesday, Huawei plans to supply wired network equipment and related services for the Olympics. The Chinese firm will also provide various network services including real-time data transmission, broadband certification and event network security monitoring based on an integrated network system. Huawei’s enterp

Dec. 13, 2016

Trade and industry ministry to spend 3% less on R&D in 2017

South Korea's trade ministry will spend 3 percent less on research and development (R&D) in 2017, officials said Tuesday.The Ministry of Trade, Industry and Energy said the R&D budget allocated for the ministry for next year is set at 3.33 trillion won ($2.86 billion), down from 3.44 trillion won in 2016.The ministry's R&D budget has been on a downward trend, taking 18.3 percent of the total spending in 2015 compared to 17.2 percent in 2017.South Korea's combined budget for R&D will reach 19.5 t

Dec. 13, 2016

Samsung’s curved panels for Galaxy S8 questioned

Samsung Electronics is rumored to be ditching flat screens for its Galaxy S8 smartphones, and going solely with dual-edge panels, but industry watchers doubt whether there is sufficient demand for a curved screen-only model.According to recent news reports, the upcoming Galaxy S8 may come in 5.7-inch and 6.2-inch variants, with both adopting dual edge screens. This would be a new strategy for the tech giant, which has unveiled its Galaxy S6 and S7 series with both flat and dual-edge screens. The

Dec. 12, 2016

Apple Korea to report strong earnings this year: sources

Local unit of the US-based tech firm Apple is estimated to post 800 billion won ($680 million) in earnings this year on the back of strong sales of its iPhone lineup, industry sources said Monday.The operating profit of Apple Korea Inc. is expected to reach over 800 billion won with its sales to reach 3 trillion won, they said.  A total of 2.6 million iPhones were sold in South Korea as of November, they said, adding that the number is expected to reach 2.9 million by the end of this year. That

Dec. 12, 2016

Scientists develop anti-aging stem cell technology

A group of South Korean scientists has developed a stem cell technique that slows down aging, the state-run science laboratory said Friday, a discovery that could help find treatments for age-related diseases.The team led by Choi In-pyo of the National Research Council of Science and Technology discovered the technology that could slow down proteins that are related to aging."Aging is a natural process in living organisms throughout their lifetime, and most elderly people suffer from age-related

Dec. 9, 2016