SKT, KT to present cutting-edge mobile technology at MWC

With the opening of the world’s largest mobile tech show just a week away, South Korea’s major telecommunications firms including SK Telecom and KT Corp. are poised to showcase their future technologies. Korea's No. 1 mobile carrier, SK Telecom, said Sunday it will operate an exhibition space at the annual Mobile World Congress in Barcelona, Spain, under the theme of "AI, the Wave of Innovation." The company will showcase its innovative future technologies like artific

Feb. 19, 2023

[Beyond Earth] ‘Space technology is matter of state survival’

South Korea's space development is more than just science, but also a matter of state survival in terms of security, according to a high-ranking official at the Korea Aerospace Research Institute. “Frankly, space has been regarded as science technology until now. Space development was done by project, such as developing satellites and space launch vehicles. But with a deeper understanding of space, it has become clear that it's not just about science,” said Lee Joon, execut

Feb. 19, 2023

EU launches in-depth investigation into Korean Air-Asiana

The European Union has begun the final stage of an investigation on Korean Air Co.'s proposed integration with smaller local rival Asiana Airlines Inc. in order to decide whether to approve the deal. The European Commission said it has opened an in-depth investigation of the deal in a press release posted on its homepage Friday (Belgium time). It conducted the first-stage review of the deal based on documents submitted by Korean Air last month. The commission said the deal could reduce comp

Feb. 18, 2023

LG Chem signs lithium supply deal with US-based Piedmont Lithium

LG Chem, South Korea's leading chemical firm, announced Friday that the company has signed a deal to receive 200,000 metric tons of spodumene concentrate from Piedmont Lithium, which will ensure a stable supply of the key material for the company's electric vehicle battery production. Under the deal, LG Chem will receive 50,000 tons of spodumene concentrate every year, starting in the third quarter of this year, from North American Lithium, a lithium mine in Quebec, Canada, in which Pi

Feb. 17, 2023

Celltrion, LISCure Biosciences to develop microbiome therapy for Parkinson's disease

Celltrion announced on Friday that the company has signed a joint research and development contract with LISCure Biosciences for a microbiome-based Parkinson's disease treatment. LISCure Biosciences is a Pangyo-based biotech company that conducts research for microbiome-based treatment for Parkinson's disease. The biotech currently has an oral microbiome drug development pipeline for Parkinson's disease, called LB-P4. Under the contract, the two companies aim to co-develop live bi

Feb. 17, 2023

KCCI donates $100,000 in aid to quake-hit Turkey

The Korea Chamber of Commerce and Industry said Friday it had given $100,000 in aid to Turkey, which is suffering from untold casualties and destruction after a 7.8 magnitude earthquake hit the country on Feb. 6. Woo Tae-hee, executive vice chairman of the largest business lobby in Korea, visited the Turkish Embassy in Seoul on Friday to pay tribute to the victims of the tragedy, according to the KCCI. There, Woo met with Turkish Ambassador to Korea, Salih Murat Tamer, and donated the $100,000.

Feb. 17, 2023

SK geo centric to build S. Korea's first plastic recycling plant in France

SK geo centric, a chemical business subsidiary of SK Innovation, announced Friday it will build a plastic recycling plant jointly with French partners in Saint-Avold, northeastern France. The SK subsidiary said it has selected the plant site together with Suez, a French water and waste management company, and Loop Industries, a Canadian plastic recycling technology company. "We are happy to achieve a meaningful milestone in selecting a site for our first plastic recycling plant in Europe,&q

Feb. 17, 2023

SM founder's suspected offshore tax evasion can never happen, says Hybe CEO

Park Ji-won, CEO of K-pop powerhouse Hybe, is seen in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap) Hybe, the K-pop powerhouse that is trying to become the largest shareholder of its rival SM Entertainment, once again tried to dispel concerns over suspected offshore tax evasion by SM founder Lee Soo-man on Friday, calling it "a scenario that can never occur." On Thursday, SM's co-CEO Lee Sung-soo claimed in a YouTube video that the founder Lee established a Hon

Feb. 17, 2023

Samsung officially launches Galaxy S23 series, first in 55 countries

Samsung Electronics, the world's largest smartphone maker by shipment, announced the official launch of its Galaxy S23 series in 55 countries Friday, touting record-breaking preorders in South Korea. Starting sales in 55 countries, which include United States, Britain, Dubai and Australia, the tech giant will ultimately launch the new flagship models in 130 countries, the company said. In South Korea, the Galaxy S23 series garnered 1.09 million preorders in seven days, up slightly from the

Feb. 17, 2023

Economic slowdown to continue on slumping exports, higher inflation: Finance Ministry

South Korea's Finance Ministry said Friday the country's economy has slowed amid higher inflation and sluggish exports. "South Korea's inflation remains at a high plateau, and domestic consumption recovery is slowing down. A persistent slump in exports and deteriorating business sentiment indicate an economic downturn," the Ministry of Economy and Finance said. The Finance Ministry had been mentioning the possibility of an economic slowdown in its monthly economic assess

Feb. 17, 2023

[Newsmaker] Time to take the 'human' out of HR?

Looking to get hired? Your next job interview could be with a robot. As artificial intelligence applications grow across industries, it is increasingly being used in human resources. According to a survey conducted by Saramin, an online recruiting company, in 2022, nearly 2 out of 3 local companies said that AI recruiting programs have helped them save time and human labor. At present, AI is mainly used by recruiters to save time and give more chances to more candidates by screening a lot more r

Feb. 17, 2023

LG Chem invests $75M in US lithium firm for car battery business

LG Chem Ltd., South Korea's leading chemical firm, said Friday it has invested $75 million to acquire a stake in US-based Piedmont Lithium Inc. for a stable supply of the key material for electric vehicle batteries. With the equity investment, LG Chem owns about 6 percent of Piedmont common shares, LG Chem said in a statement. LG Chem also signed a deal to receive a total of 200,000 metric tons of spodumene concentrate from Piedmont's jointly-owned North American Lithium for four years

Feb. 17, 2023

Seoul shares open lower amid rate hike woes

Seoul shares opened lower Friday as traders assessed the impact of more hotter-than-expected US inflation data on the Federal Reserve's monetary tightening policy down the road. The benchmark Korea Composite Stock Price Index fell 18.92 points, or 0.76 percent, to 2,456.56 in the first 15 minutes of trading. Overnight, Wall Street closed down, with the Dow Jones Industrial Average falling 1.26 percent and the tech-heavy Nasdaq Composite shedding 1.78 percent. The S&P 500 retreated 1.38

Feb. 17, 2023

LG Uplus CEO apologizes for data breach, vows to triple security budget

LG Uplus Chief Executive Officer Hwang Hyeon-sik apologized Thursday over the recent controversy surrounding the company’s data breaches and the internet connection failure caused by cyberattacks, pledging to beef up information security capabilities. “We sincerely apologize to our customers for the inconvenience caused by the data leakage incident and internet connection failure,” Hwang said in a press conference at the company’s headquarters in Yongsan, central Seoul. &

Feb. 16, 2023

[Newsmaker] ChatGPT not to be trusted on Korean names

Artificial intelligence-powered chatbot ChatGPT is all the rage, with the potential to change the way many people work. But for those hoping to get quick answers about Korea from the AI platform, it is not to be trusted, at least for now. As of Thursday, the bot developed by Microsoft-backed OpenAI gives error-ridden answers to some basic questions about Korea, starting from the profile of Korea’s current President, Yoon Suk Yeol. For the question, “Who is President Yoon Suk Yeol?&rd

Feb. 16, 2023

Seoul shares end higher on institutional buying amid rate woes

Seoul shares ended higher Thursday tracking Wall Street gains, as institutional investors scooped up large-cap stocks amid concerns over the Federal Reserve's further rate hikes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 47.58 points, or 1.96 percent, to close at 2,475.48. Trading volume was moderate at 378.9 million shares worth 8.97 trillion won ($6.98 billion), with gainers outpacing decliners 671 to 213. Overnight, the Dow Jones Indu

Feb. 16, 2023

Posco International reaps profit with Sudan biopharmaceutical biz

Posco International's pharmaceutical joint venture in Sudan reported a profit in 2022, logging sales of 30.1 billion won ($23 million), up 36 percent increase from the year earlier, the firm said Thursday. In its earnings report, the company said General Medicines Co., the Sudanese joint venture it established with Shinpoong Pharmaceutical recorded an operating profit of 10.3 billion won, a 42 percent increase on-year. According to Posco International, its sales were buoyed by GMC's sa

Feb. 16, 2023

Banks under fire for ‘insufficient’ contribution to Korean society

Local banks are hurriedly laying out plans to carry out profit-sharing corporate social responsibility activities after President Yoon Suk Yeol condemned them for enjoying hefty bonuses even as people suffer under higher interest rates. But the efforts appear to be falling short of quelling public criticisms. According to the Korea Federation of Banks on Wednesday, its new social corporate responsibility project will bring a support effect of around 10 trillion won ($7.8 billion) to society ov

Feb. 16, 2023

LG CNS, Kyung Hee University team up for 5G development

Information technology service provider LG CNS said Thursday it is joining hands with Kyung Hee University to jointly develop and expand a 5G network system that can be applied in manufacturing plants and logistics. Earlier in the month, the IT service provider inked an agreement to jointly develop a 5G-based smart factory predictive maintenance solution, the company said. Predictive maintenance refers to a technique that uses data analysis to detect anomalies or defects in industrial operations

Feb. 16, 2023

[Photo News] Robot guide in museums

Kids watch an LG CLOi GuideBot translate sign language at the Gongju National Museum in Gongju, South Chungcheong Province. LG Electronics said Thursday it is introducing its multipurpose customer service robot at the national museum in Gongju and National Assembly Constitution Memorial Hall in Seoul.

Feb. 16, 2023