Tech giant Naver is delving deeper into artificial intelligence with its supersized HyperClova platform trained in the Korean language, and hopes to use the technology to connect to users on a deeper level to identify their needs, said a ranking executive leading the development. Portraying how society would be a much warmer place for the elderly and those with health conditions with advanced AI, Naver Clova CIC Executive Officer Sung Nako introduced the firm’s voice AI-powered services,

Technology Oct. 19, 2022

South Korea has been outpaced by most members of the Organization for Economic Cooperation and Development regarding key labor-related indicators, a local business lobby found Tuesday. According to the Federation of Korean Industries, Korea ranked 29th for its employment rate among 37 OECD members in 2021, a drastic fall from the 23rd position it had maintained between 2016 and 2000. Though Korea saw its ranking for men’s employment rate climb from 20th in 2000 to 12th in 2016, it slid t

Economy Oct. 18, 2022

Renault Group will be investing hundreds of millions of euros in South Korea for the next six years to turn the country into an export hub for its mid to large-size vehicles, its CEO said Tuesday in Seoul. “We want to make Korea the key export hub for large (-vehicle) segments. Being in Korea is also a fantastic way for us to keep the group partnered to one of the most innovative tech ecosystems in the world. We have a lot to learn here,” said Luca de Meo during a press conference he

Mobility Oct. 12, 2022

LS Cable & System, LS Group’s cable manufacturing unit, said Tuesday it would make a 25.2 billion won ($17.58 million) equity investment in KT Submarine to foster its undersea cables business. The company will acquire 4.04 million stocks, 16 percent of KT Submarine’s share, becoming the second-largest shareholder of KT Submarine. The cable manufacturer has been expanding investment in undersea cables amid a rapidly growing demand for offshore wind power generation, which requires

Industry Oct. 11, 2022

Hanwha Engineering and Construction will withdraw from the 14 trillion won ($10.1 billion) Bismayah New City construction project in Iraq as the Iraqi government has failed to make payment. According to Hanwha E&C on Monday, its parent firm Hanwha Corp. informed the Iraq National Investment Commission last Friday it would revoke the contract due to the outstanding construction cost payment. The revocation comes into effect in three weeks. In May 2012, the firm had won the development project

Industry Oct. 10, 2022

South Korea's antitrust regulator, the Fair Trade Commission, is likely to go through an organizational reform to enhance its role in investigating antitrust cases and while focusing less on policy formulation, related ministries said Sunday. The plan set to be carried out by the end of this year, would have the agency focus more on regulating unfair practices, they said. Currently, the FTC is consists of a committee and a secretariat. The committee is the decision-making body that has nine

Industry Oct. 9, 2022

A parliamentary inspection of the Land, Infrastructure, and Transport Committee kicked off Thursday to question businesses over their mishaps or irregularities that undermined public safety, but hearing sessions went on without business chiefs in attendance. The initial list of requested witnesses submitted by the ruling People Power Party and the main opposition Democratic Party of Korea included 96 business executives in total, but only four appeared as witnesses on the day. Business tycoons w

Mobility Oct. 6, 2022

Korea Shipbuilding & Offshore Engineering said Wednesday it has inked a 2.09 trillion won ($1.46 billion) contract to build seven eco-friendly ships. KSOE, the world’s biggest shipbuilder by order backlog, signed contracts with Denmark-based integrated logistics company Maersk and Excelerate Energy, for six 17,000 TEU methanol-powered large container ships and one 170,000 cubic meters of liquefied natural gas-floating and regasification unit (LNG-FSRU) respectively. Under the deal, Hyu

Industry Oct. 5, 2022

South Korean builder Daewoo E&C and its parent company Jungheung Group participated in a campaign to improve the living environment of a descendant of an independence patriot as part of its corporate social responsibility project on Friday, the companies said Tuesday. The campaign hosted by Habitat Korea involves renovating old houses in which descendants of independence patriots experiencing economic difficulties live. Employees of Daewoo E&C and Jungheung Group traveled to the residenc

Industry Oct. 5, 2022

The government will raise late-night taxi-hailing fees to 5,000 won ($3.49) which will go into the pockets of taxi drivers, not platform companies, to bring back drivers who left the industry during the pandemic curfew, the transport ministry said Tuesday. According to the plan devised to resolve the nighttime taxi shortage, taxis operating from 10 p.m. to 3 a.m. will receive up to 5,000 won as hailing fee. When the midnight basic fare is added, passengers in Seoul are likely to pay more than 10

Mobility Oct. 4, 2022

La Boutique Bleue, a premium home spa care brand that launched in South Korea in 2021, introduced a non-fungible token certification service, the company said Friday. According to LBB, it has offered VIP membership cards in the form of NFTs to participants that took part in the launch event of the Italian luxury golf wear brand Filippo Piana in Seoul. LBB had collaborated with Filippo Piana in hosting the launch event by showcasing its newest product, Golden Camellia All Day Care Lotion, and off

Consumer Oct. 4, 2022

Hyundai Motor Group’s hydrogen fuel-cell trailer drone concept Trailer Drone won the 2022 Red Dot Design Concept Luminary award, according to the company on Friday. It is the first time the South Korean automaker won the Luminary award, the highest level of recognition accorded at the Red Dot Award, it added. The Trailer Drone concept is a hydrogen-powered container transportation system capable of operating fully autonomously, with a double e-Bogie configuration. An e-Bogie serves as a pl

Mobility Sept. 30, 2022

Volvo Construction Equipment is betting big on its first full-electric excavator ECR25 Electric to take the lead in the construction equipment industry’s nascent but promising transition toward electromobility, according to its Asian chief on Wednesday. “The Korean market already has developed telecommunications infrastructure, and rapidly accepted electric private vehicles during the last few years, so the market also seems to have great potential in case the government strongly sup

Industry Sept. 29, 2022

Business leaders and experts called for a more balanced approach to regulating the blockchain industry more effectively during a seminar hosted by the American Chamber of Commerce in Korea in Seoul on Thursday. Dunamu CEO Lee Sir-goo criticized the Korean government for putting too much regulatory focus on cryptocurrency assets and their trading even though they are just the “tip of an iceberg.” “We have the technology to provide platforms for token trading and we have the tech

Industry Sept. 29, 2022

The key function of a car will continue to evolve from being a means of transportation to a personalized living space, said Yoon Il-hun, vice president of HMC Genesis Design Group at the Herald Design Forum 2022 held on Tuesday in Seoul. “As a car becomes a space for living, the purpose of a car will evolve infinitely without boundaries," said Yoon. "This is where we are seeing growing needs from our consumers, and we are focusing on such a key design pillar — the beauty

Mobility Sept. 27, 2022