S. Korea to invest W125b in AI chips this year

South Korea's ICT ministry said Tuesday it will invest 125.3 billion won ($114.1 million) this year to support the development of neural processors, up 75 percent from last year. Neural processing units refer to high-performance and low-powered logic chips that specialize in artificial intelligence (AI) services, according to the Ministry of Science and ICT. The government placed big bets last year on next-generation chip technology, including neural processors, with a plan to spend 1 trillion

Jan. 12, 2021

FDI pledges to S. Korea dip 11% in 2020 amid pandemic

Foreign direct investment (FDI) pledges to South Korea dipped 11 percent in 2020 from a year earlier, data showed Tuesday, as the unprecedented virus pandemic has dealt a harsh blow to business activities around the globe. Asia's No. 4 economy received $20.7 billion worth of FDI commitments last year, compared with $23.3 billion logged in 2019, according to the Ministry of Trade, Industry and Energy. The amount of investment that actually arrived here also dropped 17 percent over the cited per

Jan. 12, 2021

S. Korea to invest W205b to promote eco-friendly ships

South Korea said Tuesday it will allocate 205 billion won ($186.3 million) to adopt eco-friendly technologies for the local maritime industry in line with the country's green energy drive. Under the project, the country will seek to build a total of 39 eco-friendly ships this year, including 23 for the public sector, according to the Ministry of Oceans and Fisheries. The latest move came in line with the government's vision to operate around 530 eco-friendly ships by 2030. To promote the use

Jan. 12, 2021

Hanwha Techwin wins security system supply deal in Egypt

Hanwha Techwin Co., a surveillance tech firm in South Korea, said Tuesday it has signed a deal with the Egyptian government to supply security solutions for its state-run projects. Under the deal with the Ministry of Military Production in Egypt, the company will set up security systems in some 10 cities, which includes surveillance camera installments in major facilities. The value of the deal was not disclosed. Hanwha Techwin said some of its products will be manufactured by Egyptian electro

Jan. 12, 2021

S. Korea's tax revenue down W2.1tr in November

South Korea's tax revenue declined 2.1 trillion won ($1.9 billion) in November 2020 due largely to a fall in value-added and transportation tax earnings, the finance ministry said Tuesday. The country collected 14 trillion won in taxes in November, compared with 16.2 trillion won the previous year, according to the Ministry of Economy and Finance. The fall in tax revenue was mainly attributable to a decline in value-added and transportation tax earnings, as the government has extended the dead

Jan. 12, 2021

Google's cloud gaming service to be available on LG's smart TVs

LG Electronics Inc. on Tuesday said Google's cloud gaming service will be available on its smart TVs as the South Korean tech powerhouse eyes to expand its TV sales with better service offerings. LG said it will be the first TV manufacturer to support Google's Stadia via its smart TV platform webOS. The company expects the new service to be launched on its smart TVs in the second half of 2021. "Supporting Stadia on LG TVs is our commitment to customers that gaming is an increasingly impor

Jan. 12, 2021

Hyundai's Avante compact named North American Car of the Year

South Korea's Hyundai Motor Co. said Tuesday its Avante compact has been named this year's North American Car of the Year in the passenger car segment. The Avante, the Genesis G80 sedan and the Nissan Sentra sedan advanced to the finalists for the 2021 North American Car of the Year, Utility of the Year and Truck of the Year (NACTOY). NACTOY chose the Avante over the two models due to its innovative design and advanced features, such as a digital key and high fuel efficiency, Hyundai said in a

Jan. 12, 2021

LG 'well positioned' to become auto solutions leader with Magna JV deal: CEO

LG Electronics Inc. is "well positioned" to become one of the industry's leaders in the area of electric and connected vehicles with its agreement to set up a joint venture with Canadian auto parts maker Magna International Inc., the company's chief executive said. Brian Kwon, the CEO of LG Electronics, appeared at Magna's press conference for the all-digital Consumer Electronics Show (CES) 2021 on Monday (US time) and revealed his hopes for the new joint venture with Magna, which is

Jan. 12, 2021

Sales of eco-friendly cars jump 54% in 2020

South Korea's environment-friendly vehicle sales jumped 54 percent to exceed 200,000 units in 2020 from a year earlier on subsidies and an improvement of charging infrastructure, industry data showed Tuesday. Carmakers sold a total of 213,264 eco-friendly models last year, up from 138,957 units the previous year, according to data from companies and the Korea Automobile Importers and Distributors Association (KAIDA). It was the first time for automakers to report annual sales of more than 200,

Jan. 12, 2021

S. Korea's service payments dip for 11th month in Nov. amid pandemic

South Korea's payments for foreign service imports fell for the 11th consecutive month in November last year amid pandemic-induced travel restrictions, central bank data showed Tuesday. Asia's fourth-largest economy paid $8.59 billion for imports of foreign services in November, down 18.4 percent from a year earlier, according to the data by the Bank of Korea (BOK). South Korea's service payments have been declining on-year since January last year, when the country reported its first confirmed

Jan. 12, 2021

LS Electric aims for 10 percent annual growth

LS Electric, a South Korean producer of power solutions, aims to grow 10 percent annually and generate 70 percent of its earnings from overseas, the company said Monday. Unveiling a corporate vision for the next decade, the company’s Chairman Koo Ja-kyun urged executives and employees to act proactively to go beyond its traditional businesses of electricity and automation and transform into a global digital leader. “The company must continue to evolve to find new business oppor

Jan. 11, 2021

[CES 2021] Samsung, LG put home at center of innovation under pandemic

The first-ever all-digital Consumer Electronics Show kicked off Monday against the backdrop of the unrelenting COVID-19 pandemic, virtually gathering tech giants around the world to showcase new technologies and innovations. It is the first time that the world’s biggest tech trade show is being held online, since its inception in 1967. South Korea’s Samsung Electronics and LG Electronics, the biggest participants in CES 2021, kicked off the four-day event by holding online press co

Jan. 11, 2021

Samsung’s chip business to grow further in 2021

Samsung Electronics is expected to rack up strong earnings in 2021 on the back of the “semiconductor supercycle,” according to local analysts Monday. Demand for 5G communication chips, mobile applications processors and image sensors will be strong for the next two to three years, aiding the South Korean chipmaker, they said. Foundry Samsung Electronics is expected to continue its strong performance in the foundry sector, backed by increasing demand from the makers of high-pe

Jan. 11, 2021

Housing transactions surpasses W360tr in value

Total sales transactions in South Korea’s housing market last year crossed the 300 trillion-won mark for the first time over abundant liquidity and low interest rates, according to a report released by property platform operator Zigbang on Monday. The report, based on the data of real transaction prices of houses last year, showed the sales volume reached an all-time high of 360.8 trillion won ($328.6 billion) in value, up from 246.2 trillion won in 2019. The previous record was 262.8 t

Jan. 11, 2021

Volvo aims to break sales record this year

After hitting an all-time high in sales last year, Volvo Cars Korea is aiming for another record-breaking year, with a plan to sell 15,000 vehicles. To achieve that goal, it plans to invest 50 billion won to augment service networks and hire more staff. According to the automaker, it sold a total of 12,798 units in Korea last year which was its best performance since establishing a presence here in 1998. The figure was an increase of 21 percent from the year before. This year, the automak

Jan. 11, 2021

A US stock soared 1,100% on Elon Musk’s tweet

A single comment from Tesla CEO Elon Musk on Twitter led a small company’s stock price, which had nothing to do with the comment itself, to multiply 12-fold in just two days. The phenomenon is being predictably attributed to investors’ great trust in Musk, as well as enormous liquidity released on the recent stock market. Musk posted a message on Twitter on Thursday saying, “Use Signal.” The message was later revealed as meaning to encourage the use of encrypted messeng

Jan. 11, 2021

Drug Ministry warns against using steroids for muscle growth

Steroids should not be used to build stronger muscles or improve sports performance, the Ministry of Food and Drug Safety said in a press release on Sunday. The ministry said steroids, including anabolic steroids, should be used strictly for treating osteoporosis or poor growth under a doctor’s care. But there have been reports of illegal uses of steroids to maximize the effects of exercise in a short time. The ministry warned that if steroids are misused or abused, men can suffer side

Jan. 11, 2021

S. Korea hands out 3rd disaster relief funds to small businesses

South Korea will start doling out the third round of disaster relief funds to small businesses hit hard by the COVID-19 pandemic, officials said Monday. Some 2.76 million people are set to receive up to 3 million won ($2,731), depending on the size and nature of the business. The Ministry of SMEs and Startups has sent out text messages to 2.76 business owners, starting 8 a.m., offering guidelines on the subsidy application and timeline. The beneficiary pool comprises some 116,000 businesses

Jan. 11, 2021

Kia rolls out new version of flaship SUV Mohave

Kia Corp., South Korea’s second-biggest carmaker and affiliate of Hyundai Motor Group, said Monday that it has rolled out the 2021 version of its flagship premium sport utility vehicle Mohave. The renewed vehicle marks the first product launch since the company changed its logo and brand slogan -- from Kia Motors to Kia Corp. in a move to step beyond conventional automaker to comprehensive mobility platform operator. “The 2021 Mohave is noted for a number of newly added user conve

Jan. 11, 2021

Finance minister calls for acceleration of measures to expand housing supply

South Korea's finance minister instructed his officials Monday to accelerate efforts to draw up measures to increase housing supply, saying that stabilizing housing prices is the most pressing issue. Finance Minister Hong Nam-ki called for mobilizing all policy efforts to tame soaring home prices, after President Moon Jae-in apologized for the issue earlier in the day amid mounting public criticism over housing policy. "As the property market issue is the most pressing one in terms of peo

Jan. 11, 2021