BOK holds rate at 3.5%, ups growth outlook

The Bank of Korea held the base policy rate at 3.5 percent for the 11th consecutive time Thursday, while raising the country’s economic growth estimate from the previous 2.1 percent to 2.5 percent. The central bank’s monetary policy board unanimously agreed to keep the key rate at the current level, BOK Gov. Rhee Chang-yong said at a press conference held shortly after the rate-setting decision. “With the strengthened upward pressure on the inflation outlook from April, it will

May 23, 2024

LG, UNESCO to develop online education course on AI ethics

LG AI Research, LG Group’s artificial intelligence think tank, said Wednesday that it has inked a strategic partnership with UNESCO to develop an education course on AI ethics. The partnership, signed on the sidelines of this week’s AI Seoul Summit, LG and UNCESO agreed to convene an advisory group of international experts within the year. The education course is slated to be launched by the end of 2025, and LG said some progress could be shared at the AI Action Summit in Paris next

May 23, 2024

Ex-US Speaker McCarthy meets with S. Korean business leaders

Former US House Speaker Kevin McCarthy met with South Korean business leaders on Thursday to exchange views on economic and trade issues between the two countries months before the upcoming US presidential election, a local business lobby said. McCarthy had a breakfast meeting in Seoul with some 20 Korean businesspeople, including representatives from Hyundai Motor Co., SK Group, LG Group and Hanwha Group, arranged by the Federation of Korean Industries. During the event, the participants discus

May 23, 2024

Seoul shares open lower on Fed minutes

South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street spooked by hawkish tones in the latest minutes of the US Federal Reserve. The benchmark Korea Composite Stock Price Index shed 15.57 points, or 0.57 percent, to 2,707.89 in the first 15 minutes of trading. In the United States, S&P 500 fell 0.3 percent, the Dow Jones Industrial Average lost 0.5 percent, and the tech-heavy Nasdaq Composite went down 0.2 percent as the Fed minutes showed the disappointment of i

May 23, 2024

[Photo News] Green heroes honored

The winners of this year’s H.eco Awards pose for a group photo with Choi Jin-young, president of Herald Media Group, the organizer of the annual award and the H.eco Forum, during an award ceremony held at Some Sevit, Seoul, Wednesday. From left: Choi, and the four award winners Jung Ju-yeon, founder and executive director of Wear Again; Jin Gwan-woo, founder of Soom-Tan-Geot-Deul; Byeon Su-bin, president of Diphda Jeju; Julian Quintart, a goodwill ambassador for EU Climate Actions. Also

May 22, 2024

A.Virtual's air sanitizer hits Dubai market

Air sterilization solutions provider A.Virtual said Wednesday it would introduce its air sanitizer to the Dubai market through a partnership with Sharaf DG, the largest electronics retailer in the Middle East. A.Virtual's air sanitizer with sterilization capabilities will be exclusively available in Sharaf DG's five stores in Dubai, located in Dubai Mall, Deira City Centre, Times Square Centre, Mirdif City Centre and Dubai Hills. Sharaf DG operates over 40 stores across the Middle East

May 22, 2024

Hyundai Rotem, STX sign $60m armored vehicle deal with Peru

Korean defense company Hyundai Rotem and trading firm STX signed a $60 million contract with Fabrica de Armas y Municiones del Ejercito SAC, the Peruvian state arms procurement agency, to export K-808 White Tiger wheeled armored vehicles. It is Korea's first export of armored vehicles to Latin America, according to Hyundai Rotem on Wednesday. Under the contract, Hyundai Rotem and STX will supply 30 units of K-808 vehicles to Peru by the end of 2024. Hyundai Rotem will be responsible for pro

May 22, 2024

Hanwha Q Cells' EnFin completes $250m ABS sales

EnFin, the US-based residential solar financing subsidiary of Hanwha Q Cells, has recently completed the sales of the first asset-backed securities worth $250 million, the Korean energy solution provider said Wednesday. EnFin provides financial solutions to consumers who install solar panels in their homes. The company began its operation in January 2023. According to Hanwha Q Cells, the ABS sales comprise bonds backed by thousands of consumer loans. RBC Capital Markets acted as the sole structu

May 22, 2024

Seoul shares close nearly flat ahead of Fed minutes

South Korean stocks ended nearly flat Wednesday as investors sat on the sidelines ahead of the release of the US Federal Open Market Committee's meeting minutes. The benchmark Korea Composite Stock Price Index edged down 0.72 points, or 0.03 percent, to close at 2,723.46. Trade volume was moderate at 476 million shares worth 12.1 trillion won ($8.92 billion), with losers beating winners 474 to 402. Foreigners bought a net 296 billion won worth of local shares, while individuals offloaded a

May 22, 2024

Hyundai Elevator marks 40 years with vision for future innovation

South Korea's largest elevator manufacturer Hyundai Elevator celebrated its 40th anniversary on Wednesday, pledging to solidify its path toward becoming a centennial company with a vision centered on ESG management practices and urban air mobility. "Hyundai Elevator has grown into a cornerstone of the Korean industry through relentless challenges and innovations since honorary chairman Chung Ju-young planted the seeds 40 years ago," Hyundai Group Chairwoman Hyun Jeong-eun was quot

May 22, 2024

Global leaders vow to promote safe, inclusive AI at Seoul summit

Leaders of major global powers Tuesday adopted a declaration pledging to promote safe, innovative and inclusive artificial intelligence amid the fast-evolving tech environment. The “Seoul Declaration” was adopted during a virtual leaders' session of the AI Seoul Summit, co-hosted by President Yoon Suk Yeol and British Prime Minister Rishi Sunak. The declaration aims to address the broad spectrum of opportunities and challenges posed by the design, development, deployment and use

May 22, 2024

Battery makers' output slows on waning EV demand

An increasing share of manufacturing capacity is not being used in Korea’s battery industry due to waning demand in the electric vehicle market. But manufacturers remain optimistic about a recovery later this year as inventory adjustments end and new EV models are launched. Official data released this week reveal that LG Energy Solution’s factory capacity utilization rate fell to 57.4 percent in the first quarter, a steep decline from 77.7 percent during the same period last year. Si

May 22, 2024

Dongsuh Foods' Kanu Barista woos coffee lovers

As the domestic capsule coffee reaches an annual market size of 400 billion won ($293 million), South Korean food and beverage manufacturer Dongsuh Foods aims to attract more consumers through its brand, Kanu Barista. Launched in February last year, Kanu Barista is a premium capsule coffee brand that contains 9.5 grams of coffee beans, which is 1.7 times more than conventional espresso capsules, delivering a richer flavor. The brand offers a diverse selection of 11 capsule types, including light

May 22, 2024

[Photo News] Hyundai's startup showcase in Paris

Hyundai Motor Group's startup incubator ZER01NE is participating in the 2024 Viva Technology exhibition at the Paris Expo de Versailles through May 25. ZER01NE's booth, themed "Seamless Post Human City," features a stark monochromatic palette accented by exhibits from startup partners such as Mobinn, an autonomous delivery solutions provider; Biomyc, a creator of sustainable materials from mycelium; and Jedlix, an electricity trading platform. Architecting the exhibit is IVAA

May 22, 2024

[Herald Interview] 'Lifting regulations key to corporate push for RE100'

Regulations are holding back companies like Samsung Electronics in speeding up their renewable energy commitments, so the government should remove them and pursue grid transformation, the head of Climate Group said Tuesday. Noting how Korea had a lot of regulatory limitations on implementing renewable energy plants, Helen Clarkson, the chief executive officer of the London-based entity, highlighted the role of the government and that its initial moves are the key for the country to "get on

May 22, 2024

[Photo News] Show of appreciation

Hana Financial Group Chairman Ham Young-joo (fourth from right) pose for a photo with company employees and their parents at a concert held at Olympic Park in Seoul on Tuesday. The group arranged a music concert, inviting employees who have shown outstanding performance in their work and their parents. (Hana Financial Group)

May 22, 2024

14 global tech giants adopt business pledge on 'responsible' development of AI

A group of South Korean and global tech companies adopted a joint pledge Wednesday, vowing to responsibly develop and use artificial intelligence and to address social challenges with the technology. The Seoul AI Business Pledge was announced by 14 companies, including Korea's Samsung Electronics Co., Naver Corp., Kakao Corp. and KT Corp., as well as global big tech companies, such as Google, Microsoft, OpenAI and IBM, during the opening ceremony of the AI Global Forum in Seoul. The AI Glob

May 22, 2024

Seoul shares open lower on tech, insurance losses

South Korean stocks opened lower on Wednesday, mainly due to losses from technology and insurance shares. The benchmark Korea Composite Stock Price Index shed 13.59 points, or 0.5 percent, to 2,710.59 in the first 15 minutes of trading. Top tech giant Samsung Electronics slid 1.28 percent, and LG Electronics shed 0.62 percent to 95,900 won. Insurance firms were among major losers as well, with Samsung Life Insurance falling 2.94 percent and Samsung Fire & Marine Insurance decreasing 3.48 per

May 22, 2024

Dabeeo launches palm oil farm AI monitoring project in Indonesia, covering area larger than Seoul

Leading geospatial intelligence AI technology firm Dabeeo on Monday commenced its latest AI monitoring project of palm oil farms in Indonesia, covering an area that is larger than the South Korean capital of Seoul. The company inked a deal with Tunas Sawa Erma Group, one of Indonesia's major palm oil producers, for the project, spanning across a total of 765 square kilometers. "While high-precision satellite imagery is commonly used for military and IT purposes, cases like this one,

May 22, 2024

Digital Marketing Summit 2024 explores marketing roles in heightened AI era

Artificial intelligence’s impact on the marketing sector will become much greater in the following years, said experts who joined the Digital Marketing Summit 2024. The Digital Marketing Summit is an annual digital marketing conference that invites marketers and experts to share the latest tactics, trends technologies and insights from the industry. The latest summit runs between Tuesday and Wednesday at Coex in Seoul. “AI is going to have such a big impact on us. Technology today is

May 22, 2024