Naver launches AI call service aimed at seniors

Tech giant Naver said Monday that it has officially launched an artificial intelligence-based call service for older people who live alone. The service, Clova AI Contact Center Solution, is operated by the company’s AI technology Hyperclova, which calls and checks up on users about their eating habits, sleeping patterns and potential health problems. The AI has adopted high-quality voice synthesis and voice recognition engines to allow for seamless conversation with users, as if they ar

May 30, 2022

[Photo News] Fresh Monday

Buses are seen operating in central Seoul on Monday. Bus and taxi drivers are eligible for the COVID-19 cash handouts worth 3 million won ($2,400) as part of the government‘s 62 trillion won extra budget bill, which was approved by the parliament on the same day.

May 30, 2022

Samsung Display to fully exit from LCD TV panel business in June

Samsung Display, the display making arm of Samsung Electronics, is poised to fully shut down its unprofitable liquid crystal display panel business for televisions in June, after over 30 years of operation. “(Samsung Display) will terminate its supply of LCD panels in June,” an industry source said Monday. The company has been manufacturing its lower-end panels in Asan, South Chungcheong Province. The long-awaited move came as LCD TV panel prices have been on a constant decl

May 30, 2022

Playing games at back seats: carmakers focus on in-car entertainment

Carmakers’ efforts to turn vehicles into moveable spaces for media platforms will lead to more collaborations between carmakers, content providers and IT companies, as well as the growth of related markets, according to the industry on Monday.  Carmakers have been seeking ways to upgrade the in-car entertainment experience, by developing software for playing games and watching videos. Carmakers are also introducing wide multi-screens that can also satisfy passengers in the back seat

May 30, 2022

Korea to double chip talents

South Korea will double the number of professional semiconductor talents by implementing chip-company-licensed departments and strengthening graduate programs at major science institutes across the country, the Ministry of Science and ICT said Monday. Science Minister Lee Jong-ho met with industry leaders including chiefs of Samsung Electronics and SK hynix as well as presidents of four major science institutes -- KAIST, GIST, DGIST and UNIST -- to discuss ways to cooperate for nurturing semic

May 30, 2022

Unspent value on prepaid coffee cards, online coupons record W270b—mostly from Starbucks

The South Korean coffee industry has accumulated approximately 270 billion won ($216 million) worth of unspent stored value on prepaid cards and online coupons, said People’s Power Party lawmaker Yun Chang-hyun on Monday, citing a report from the Fair Trade Commission. About 92 percent of the unredeemed balance -- 250 billion won out of the 270 billion won -- came from Starbucks Korea, according to the report. Unspent stored value refers to the balance that is charged on gift cards and

May 30, 2022

Terraform Labs Korea dissolved in 2021, allegedly to evade taxes

Terraform Labs, the Singapore-based company behind the troubled coins terraUSD and luna, had shut down its South Korean branch last year to allegedly evade paying taxes, local news reports showed Monday. Reports also found that the company technically dissolved its South Korean branch months before the shutdown was officially announced. Despite recent court documents showing the blockchain company’s decision to officially shut down its Korean branch through a shareholders meeting held Apr

May 30, 2022

LS seeks new momentum in electrification

As he took office in January, LS Group Chairman Koo Ja-eun vowed an “ambidextrous management” to maximize synergy between existing core businesses and new businesses for the future. “With advanced technology in electricity and materials in one hand, and future technologies such as artificial intelligence, big data and Internet of Things in the other, we will offer solutions of customer-oriented value in a balanced manner,” Koo said. It comes as Koo and Myung Roe-hyun, c

May 30, 2022

S. Korea rolls out measures to tame inflation, stabilize living conditions

The finance ministry on Monday unveiled a set of measures to curb inflation and stabilize people's living conditions, including the removal of import duties on key foodstuffs, amid concerns that mounting price pressure could hamper economic growth. Under the measures, the government plans to lift import tariffs on seven key food ingredients, such as cooking oil, pork and flour, until the end of this year. The government will cut value-added taxes on imports of coffee and cocoa beans until 2

May 30, 2022

Ratio of renewable energy-based power generation hits new high in 2021

The amount of electricity generated from renewable energy in South Korea touched an all-time high in 2021 on government efforts to cut greenhouse gas emissions, data showed Monday. Electricity produced from renewable energy sources came to 43,085 gigawatt hours last year, accounting for 7.5 percent of the country's total power generation, according to the state-run Korea Electric Power Corp. The ratio was three times higher than that a decade ago. It marked the first time for the share to s

May 30, 2022

Govt. to expand subsidies to diesel truck, taxi drivers next month

The government will provide more subsidies to cargo truck drivers and others using diesel vehicles as part of efforts to ease their burden from rising fuel costs, the transport ministry said Monday. The average retail price of diesel in South Korea soared to over 2,000 won ($1.59) per liter last week, up from around 1,364 won in January, due to tight supply caused by the war in Ukraine. It also outstripped gasoline prices for the first time in 14 years. Under the revision to oil subsidy regulati

May 30, 2022

Seoul shares open higher on tech gains

Seoul shares opened higher Monday as investors scooped up technology and other large-cap stocks on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 18.25 points, or 0.69 percent, to trade at 2,656.30 in the first 15 minutes of trading. Institutions bought a net 70 billion won ($56 million) worth of stocks, offsetting foreigners and individuals' stock selling valued at 72 billion won. Most large-cap stocks advanced across the board. Market bellwether Samsung Electronics Co

May 30, 2022

SK Broadband bolsters ESG management

South Korean internet provider SK Broadband has said it will broadcast movies recognized at the 19th Seoul International Eco Film Festival on its internet protocol television platform B tv starting Thursday. The movies screened at the festival will be broadcast exclusively on B tv and Mobile B tv platforms four times a day between June 2 and June 8. SK Broadband has been sponsoring the event for the second year running. SK Broadband has also filmed its own documentary titled “Countdown

May 30, 2022

Remote work tests S. Korea's corporate hierarchy, culture

Behind South Korea's rapid industrial growth was a military-like corporate culture that united workforces for a shared goal: the company's success and my family‘s well being. The mantra “your company is your family” propelled the tremendous drive toward economic prosperity but also gave validity to tough corporate culture and hierarchy. The decades-old corporate culture, however, is now being forced to change for a new generation of the workforce who finds daily 9-to-6 office h

May 29, 2022

Hyundai Motor to lower speed limit of G90 self-driving features

Hyundai Motor Group’s luxury Genesis G90, which is set to hit the market in the fourth quarter this year, will feature level 3 autonomous driving with a maximum speed limit of 60 kilometers per hour.  According to industry sources Sunday, the Korean auto giant has recently decided to lower the speed limit of the new system in line with international standards set by the UN Economic Commission for Europe, even though there is no such regulation here.  In South Korea, level 3 se

May 29, 2022

E-book platform Millie’s Library to go public by end of 2022

Millie’s Library, one of South Korea’s largest e-book subscription platform, said Sunday that it is set for a market debut by the end of this year. The company filed a preliminary prospectus on Friday stating that it will offer 2 million common shares out of the total 8,234,901 shares. If the initial public offering process goes as planned, it will be the country’s first e-book platform to go public. Its shares are poised to start trading on the Korea Exchange’s second

May 29, 2022

S. Korea ramps up action against terraUSD, luna crisis

South Korean authorities and major cryptocurrency exchanges are cranking up the heat on controversial “stablecoin” terraUSD and its sister luna over its price fall fiasco, with the prosecution launching a crackdown on the case, reports said Sunday. Major crypto exchanges here are planning to form a joint body that would help them counter crises like the collapse of the terraUSD and luna, which caused some 280,000 Korean investors to see almost $38 billion wiped out from their balanc

May 29, 2022

BOK rate hike to weigh on self-employed

Self-employed workers will likely bear the brunt of the Bank of Korea’s rate hike on Thursday, the fifth raise since August last year from the central bank’s record low of 0.5 percent amid persistent inflation, a credit ratings agency said Friday in a report. The self-employed in 2020 spent 46 percent of their annual income amid falling earnings to settle debt while households used 34 percent on average to do the same, according to Korea Investors Service. 

May 27, 2022

Fiscal chief signals drastic deregulations in financial sector

SEJONG -- The nation’s fiscal chief has expressed his willingness to enact drastic deregulations and introduce innovations into the financial services sector during the Yoon Suk-yeol administration. Deputy Prime Minister and Finance Minister Choo Kyung-ho said Friday that the government “would eliminate unnecessary and excessive regulations in the financial sector drastically, with the exception of (regulations) for financial soundness and protection of (financial) consumers.”

May 27, 2022

Collaboration new marketing strategy in Korea’s alcohol industry

Food companies are seeking to cooperate together within the industry to appeal to the younger generation who have become an important consumer demographic. Lotte Chilsung Beverage, the beverage unit of South Korean conglomerate Lotte Group, said Friday it would launch a makgeolli-flavored soft drink product in collaboration with Korean traditional liquor company Kooksoondang Brewery, starting Wednesday. Makgeolli cider, or “maksa” for short, is a cocktail of Korean rice wine calle

May 27, 2022