DataStreams donates big data platform TeraONE to Cyber University of Korea

DataStreams said Wednesday it has signed an agreement with the Cyber University of Korea to cultivate artificial intelligence and big data talents and donated its big data platform TeraONE worth 500 million won ($447,270) to the university. The signing ceremony, which was held at the university’s studio, was attended by CUK President Kim Jin-sung, CUK Research and Business Foundation chief Han Woon-young, DataStreams CEO Lee Young-sang and DataStreams director Lee Sang-ok. The agreeme

June 16, 2021

Banks' loan delinquency rate rebounds in April

The delinquency rate for South Korean banks' won-denominated loans rebounded in April from a record low the previous month as lenders cleared smaller amounts of bad debts, the financial watchdog said Wednesday. The rate for bank loans more than 30 days overdue stood at 0.3 percent at the end of April, up 0.02 percentage point from an all-time low of 0.28 percent the previous month, according to the Financial Supervisory Service (FSS). Compared with a year earlier, the banks' loan delinquency r

June 16, 2021

Residents' FX deposits fall in May

Foreign currency deposits at banks in South Korea declined in May from a record high in the previous month as some companies withdrew their FX holdings, central bank data showed Wednesday. Outstanding foreign currency-denominated deposits held by residents amounted to $94.7 billion as of end-May, down $100 million from an all-time high of $94.8 billion the previous month, according to the Bank of Korea (BOK). Residents include local citizens, foreigners staying here for more than six months an

June 16, 2021

Daewoo Shipbuilding to develop cybersecurity for smart ships

Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Wednesday it will develop cybersecurity technologies for remote autonomous ships and smart ships. To that end, the shipbuilder will team up with local cybersecurity companies, including maritime cybersecurity startup DSLAP Company, and Korea University by 2022, it said. The project was also helped by the ocean ministry amid growing demand for cybersecurity for remote autonomous ships, smart ships and smart battleships that have been

June 16, 2021

S. Korea tightens regulations on pet-related businesses

South Korea on Wednesday announced a new set of measures for pet-related businesses to better protect animal rights in line with the growing number of pets in the country. Under the measures, puppy farms are obligated to make the width and length of cages at least 2.5 times the size of caged animals, according to the Ministry of Agriculture, Food and Rural Affairs. Starting in 2023, the farms should also have at least one staff member for every 50 dogs or cats, compared with the previous 75.

June 16, 2021

Hyundai Motor chief tests self-driving Ioniq 5 EV during US visit

Hyundai Motor Group Chairman Chung Euisun has visited an autonomous vehicle joint venture in the United States and tested a vehicle under development as the South Korean automaking giant explores new business opportunities in future mobility solutions, the automaker said Wednesday. Chung tested a self-driving Ioniq 5 electric vehicle during his visit to Motional's Boston headquarters and discussed ways to expand the partnership with its senior executives, Hyundai Motor said. The chairman made

June 16, 2021

Kia partners with Uber to supply EVs in Europe

Kia Corp., South Korea's second-biggest carmaker, said Wednesday it has partnered with US ride-hailing company Uber Technologies Inc. to supply its electric vehicles in Europe. The strategic partnership is aimed at promoting the adoption of EVs and the expansion of the EV charging infrastructure in major European cities, Kia said in a statement. Kia will provide the Niro and other electrified models to Uber drivers at discounted prices in 20 European countries, the statement said. The partner

June 16, 2021

Seoul stocks open higher on techs, autos

South Korean stocks opened higher Wednesday after closing at a record-high level for two consecutive days through the previous session on the back of gains from technology and automobile shares. The benchmark Korea Composite Stock Price Index (Kospi) increased 8.52 points, or 0.26 percent, to 3,267.15 in the first 15 minutes of trading. On Wednesday, the index reached an intraday-record of 3,269.42. Overnight, the Dow Jones Industrial Average moved down 0.27 percent, and the tech-heavy Nasdaq

June 16, 2021

Seoul, Tokyo urged to allow special entry for vaccinated biz people

South Korean and Japanese businesspeople urged their governments Wednesday to issue special entry permits for fully vaccinated entrepreneurs in an effort to promote bilateral economic cooperation. The call was made at a meeting between Japanese Ambassador Koichi Aiboshi and South Korean and Japanese businessmen, which was hosted by the Federation of Korean Industries, the lobby for South Korea's family-controlled conglomerates. Citing bilateral travel restrictions as the biggest hurdle, busine

June 16, 2021

Sales of big firms' Chinese units sink 28% over 4 years

Sales of South Korean large firms' Chinese units have tumbled nearly 28 percent over the past four years due to a bilateral row over the deployment of an advanced US missile defense system here and other reasons, a corporate tracker said Wednesday. According to CEO Score, 320 Chinese production units of 113 large corporations posted 103.98 trillion won ($93 billion) in combined sales in 2020, down 27.5 percent from four years earlier. The plunge resulted from the spat between Seoul and Beijing

June 16, 2021

Hybe’s market value jumps on BTS’ new single ‘Butter’

The South Korean entertainment agency behind the global sensation BTS saw its market valuation exceed 10 trillion won ($8.95 billion) for the first time, as the boy band’s new single “Butter” swept global charts. After closing at 282,000 won per share on the nation’s main bourse Kospi Monday, Hybe’s market valuation exceeded 10 trillion won and continued its winning streak on Tuesday rising 2.48 percent to 289,000 won at close. The benchmark Kospi, the country&ls

June 15, 2021

Lawmakers, entrepreneurs, scientists establish joint ESG forum

Amid growing awareness of the importance of environmental, social and corporate governance principles, South Korea’s lawmakers, entrepreneurs and scientists gathered Tuesday to promote sustainable growth by launching an ESG forum. Attending the kickoff event were lawmakers from the ruling Democratic Party of Korea, including Reps. Lee Won-wook, Hong Ihk-pyo and Lee Yong-bin, and representatives of organizations such as the Korea Enterprises Federation, the Korea Chamber of Commerce and I

June 15, 2021

Duty-free industry revs up for recovery

As South Korea is gearing up to restrictively allow free travel on the back of vaccination progress, duty free shop operators here have set to reorganizing their offline services in anticipation of business normalization, industry data showed Tuesday. Lotte Duty Free has recently renewed its website and mobile app, adding preorder functions for products that are out of stock, according to officials. It is also working on introducing an offline duty free store exclusively dedicated to a limi

June 15, 2021

[Herald Interview] South Korean researchers first to discover cause of rare hearing loss

South Korean researchers became the world’s first to discover a gene variant that causes a rare type of hearing impairment whose origins had so far remained unknown. The newly identified gene will help doctors better treat patients with auditory neuropathy spectrum disorder, or ANSD, and to find out if their condition can be improved through surgery, according to Dr. Choi Byung-yoon, Seoul National University Bundang Hospital’s otorhinolaryngology professor who led the research.

June 15, 2021

[Herald Interview] Saemangeum to be mecca of green industries in Korea

Saemangeum, located in the west of South Korea, is drawing wide attention under the government’s fresh vision to foster the area, where futuristic, eco-friendly industries as well as tour destinations can coexist. Saemangeum is a reclaimed area -- with the world’s longest seawall -- that stretches across parts of Gunsan, Gimje and Buan in North Jeolla Province. Earlier this year, the government shifted the area’s vision from the initial aims for a regional center of global t

June 15, 2021

KDB's W100b investment in Toss Bank meant to stop unicorn exodus: chief

Korea Development Bank’s plan to invest 100 billion won ($89.4 million) in the nation’s latest internet-only bank backed by Viva Republica, the operator of fintech app Toss, is meant to keep local unicorns in the local market, the head of the state-run bank said. The announcement follows the nation’s financial regulator’s decision last week to grant final approval to a consortium led by Viva Republica to launch and operate the nation’s third internet-only bank. To

June 15, 2021

Portal giants’ valuations surge on pandemic-led industry shift

Fueled by the contactless boom across the country amid the ongoing pandemic, the market capitalization of South Korean internet giants Naver and Kakao soared over 44 trillion won ($39.35 billion) to surpass the 120 trillion-won-mark when combined this year. According to Korea Exchange on Tuesday, shares of Naver rose 3.89 percent to close at 387,000 won, while Kakao advanced 5.17 percent to 142,500 won at the closing bell a day earlier. Following the stock price jumps, the market valuations

June 15, 2021

Seoul stocks close at all-time high ahead of Fed meeting

South Korean renewed its all-time record for the second straight day Tuesday, backed by investors' optimism for the US Federal Reserve meeting this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.5 points, or 0.2 percent, to close at 3,258.63 points. Trading volume was moderate at about 1.7 billion shares worth some 14.5 trillion won ($13 billion), with losers outnumbering gainers 443 to 399. Foreigners sold a net 154 billion won

June 15, 2021

S.Korea’s 2030 carbon emissions target ‘extremely’ challenging: Wood Mackenzie

South Korea aims to reduce carbon emissions 24.4 percent by 2030 compared to 2017, but the target appears to be “extremely” ambitious, according to energy consulting firm Wood Mackenzie on Tuesday. Prakash Sharma, Wood Mackenzie’s Asia Pacific head of markets and transitions, cited two reasons for the pessimism. “First, only 3 percent has been reduced in the last seven years. To reduce the remaining 20 percent over the next 10 years is extremely challenging,”

June 15, 2021

SKT unveils world’s 1st keycard combined with quantum, biometrics tech

SK Telecom said Tuesday it has launched the world’s first keycard applied with both quantum technology and biometric identification technology. Together with Switzerland-based quantum safety solutions firm ID Quantique and a local biometric identification startup Octatco, SKT co-developed the “EzQuant” keycard equipped with a quantum random number generator. “EzQuant combines QRNG technology with FIDO-based fingerprint certification keycard,” a company officia

June 15, 2021