South Korea's top mobile messenger operator Kakao Corp. said Monday it has joined forces with the country's leading automaker Hyundai Motor Co. and its sister company Kia Motors Corp. to develop Artificial Intelligence technology.Under the agreement, the automakers will implement server-based speech recognition technology into the Genesis G70 model by utilizing Kakao's AI platform, called Kakao I, starting in September of this year.The server-based speech recognition technology is the first serv

Technology July 24, 2017

The Naver Cultural Foundation said Monday it has reached an agreement with a state-run cultural agency to produce English promotional materials for new and ambitious Korean visual artists.The agreement between the foundation and the Korea Arts Management Service calls for KAMS to translate content published on Naver's Hello! Artist website into English, the foundation said. The foundation is run by South Korea's largest Internet portal, Naver. This composite image from Naver`s Hello! Artist webs

Culture July 24, 2017

A total of 30 refugees from Myanmar are expected to arrive in South Korea next week, as part of a United Nations-led refugee resettlement program, the Justice Ministry said Monday. The first batch of refugees -- 23 Myanmarese nationals of four families who have been staying in a refugee camp in Thailand -- will land at Incheon Airport on Tuesday morning. The rest -- a family of seven -- are to arrive in early August.As part of the three-year pilot project, the government has granted 86 Burmese r

Social Affairs July 24, 2017

Prosecutor general nominee Moon Moo-il vowed Monday that if appointed, he will work to restore public trust in the prosecution long criticized for its perceived political bias.During a parliamentary confirmation hearing, Moon stressed that he would ensure the prosecution's political neutrality and make its investigation procedures "transparent, right and open.""I am well-aware that citizens have great concerns regarding the prosecution's political neutrality and transparency (in its investigatio

Politics July 24, 2017

South Korean stocks traded lower late Monday morning as investors took an apparent breather after the sharp rise observed last week.The benchmark Korea Composite Stock Price Index fell 3.47 points, or 0.14 percent, to 2,446.59 as of 11:20 a.m.Market behemoth Samsung Electronics fell 0.59 percent and Samsung SDI lost 1.38 percent. LG Electronics moved down 0.15 percent.Builders also traded bearish, with Hyundai Engineering & Construction decreasing 1.03 percent and Hyundai Industrial losing 0

Market July 24, 2017

Jin Air Co., the budget carrier unit of Korean Air Lines Co., said on Monday it added a B737-800 jet to its growing fleet to meet demand during the summer peak season. With the addition of the B737-800, Jin Air's fleet is now composed of 20 B737-800s and four long-range B777-200ERs, all leased from US aircraft manufacturer Boeing, the company said in a statement. The latest 189-seat plane was deployed on the Gimpo-Jeju Island route starting Saturday. It is also scheduled to serve on routes to Ba

Companies July 24, 2017

The ruling Democratic Party and the government on Monday vowed seamless cooperation in seeking a major economic policy shift, repeating President Moon Jae-in's mantra of "people-oriented, income-led growth."During their regular meeting, they agreed that the new administration will seek a broad change from South Korea's strategy that has hitherto focused on seeking high growth and supporting big conglomerates' exports."We have shared the view that we need new economic policies in line with an eco

Politics July 24, 2017

Hyundai Construction Equipment Co., a unit of major shipyard Hyundai Heavy Industries, said Monday that it has signed a deal valued at 500 billion won ($447 million) to provide a total of 2,200 miniexcavators to Britain-based construction equipment maker CNHi by 2021.The company also has inked a series of other deals, including one to provide 285 forklift trucks to US firm Oldcastle. (Yonhap)Hyundai Construction said it plans to jack up its sales in North America by 40 percent this year. The com

Industry July 24, 2017

South Korea's low-cost carriers posted a 51 percent on-year jump in the number of passengers they served on international routes in the January-May period as they took advantage of low fares and diversified routes, the transport ministry said Monday.The number of local passengers who used the full-service carriers for overseas travel fell 5.4 percent year-over-year to 2.45 million in the first five months of 2017. In contrast, passengers who chose LCCs over FSCs on international routes soared to

Industry July 24, 2017

Hyundai Motor Co. and its sister company Kia Motors Corp. outsold Toyota Motor Corp. in Mexico in the first half of this year, the South Korean carmakers said Monday. The strong sales comes as Hyundai and Kia reported weak numbers in the key US and Chinese markets due to a lack of new models and diplomatic rows, respectively.The two Korean carmakers sold a combined 61,616 vehicles in Mexico in the first six months, up a solid 53 percent from 40,264 units a year earlier. Sales by rival Toyota ros

Mobility July 24, 2017

Global app-based rideshare service operator Uber Technologies Inc. and South Korea's KB Financial Group Inc. have signed an agreement to work together to launch a domestic food delivery service, the financial conglomerate said Monday. Uber is expected to launch the food delivery service, UberEATS, in South Korea by the end of this year, KB Financial said.  (Yonhap)An official at Kookmin Bank, flagship bank of KB Financial, said the lender has been considering making loans to possible members of

Industry July 24, 2017

LG Electronics Inc. on Monday showcased its new mid-end smartphone -- the LG Q8, equipped with top-notch audio and camera features -- in a bid to attract consumers seeking budget models.The South Korean tech giant said the 5.2-inch Q8 smartphone is intended for consumers looking for models between its flagship G and V models, and the budget X smartphones.The smartphone comes with a Quad HD screen with wide-angle cameras. Like high-end smartphones, the Q8 is also water and dust resistant, and is

Technology July 24, 2017

Choo Mi-ae, the leader of the ruling Democratic Party, apologized Monday over the temporary lack of a quorum last week that led to a disconcerting delay in a parliamentary vote on an extra budget bill.On Saturday, the long-awaited vote on the 11.03 trillion won ($9.8 billion) extra budget bill was delayed for about an hour due to the absence of 26 DP lawmakers and the members of the main opposition Liberty Korea Party that left the floor in a show of objections."We have to use this case to look

Politics July 24, 2017

People with low income, senior citizens and the self-employed are more reliant on non-banking institutions when taking out loans, exposing themselves to interest rate hikes, an analysis from Korea Institute of Finance showed on Monday.Data showed that 55 percent of household loans last year borne by the bottom 20 percent income group came from non-banking lenders such as savings banks, cooperatives, insurance companies and private lenders. This is much higher than the 34.2 percent average for al

Economy July 24, 2017

South Korea plans to hold working-level talks with Ethiopia and Uganda this week on promoting bilateral military partnerships, the Ministry of National Defense said Monday.A government delegation, led by Brig. Gen. Park Chul-kyun, deputy director general for international policy at the ministry, will make a weeklong trip to the African nations for the inaugural defense policy consultations with them. Moon Jae-in, elected South Korea`s new president, speaks to reporters while clad in a military u

Defense July 24, 2017