Latest News

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  KT partners with Hyundai Engineering to establish smart city in Osan SEOUL -- South Korea's leading telecom company KT has partnered with Hyundai Engineering, an engineering and construction company, to create a data network ecosystem ideal for the next-generation city infrastructure utilizing artificial intelligence, big data, and cloud computing. KT said in a statement on March 21 that the company signed a memorandum of understanding with Hyundai Engineering to establish a smart city network infrastructure in Osan some 45 kilome 2021-03-22
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  Hyundai Mobis partners with Britain's Meridian to unveil premium car sound system A Hyundai Mobis ad shows a premium sound system on a K-pop square in southern Seoul. SEOUL -- Hyundai Mobis, the parts-making wing of South Korea's Hyundai auto group, unveiled a premium sound system through a partnership with Meridian Audio, a British high-performance audio component and system manufacturer, with their sights set on the global automotive market. The premium sound system was the result of joint development for two years, Hyundai Mobis s 2021-03-22
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  Resort island Jeju selected for commercialization of floating offshore wind farm SEOUL -- The southern resort island of Jeju, well known for strong winds, was selected for a government project to commercialize a floating offshore wind farm. Jeju will use energy generated by wind farms to power electric vehicle charging stations and commercial facilities such as convenience stores. Jeju said in a press conference on March 19 that the island would participate in the construction of an eight megawatt-class floating wind farm with a state fund of 2.7 b 2021-03-19
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  BTS label changes corporate name to HYBE to herald new start before moving into new building SEOUL -- The agency of K-pop wonder BTS changed its name to HYBE to herald a new start as a comprehensive entertainment lifestyle platform company that creates and delivers extended content and services based on music to fans. Big Hit Entertainment announced its new corporate name through its official YouTube channel on March 19. The new name will be officially used after a meeting of shareholders on March 30. "I felt the need for a new corporate name as a 2021-03-19
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  Girl band ITZY to release dedicatory song for fans thru first online event SEOUL -- K-pop girl band ITZY will release a dedicatory song named after the five-member band's fan club "MIDZY" through an online fan meeting event. The song will be released in Korean and English, targeting fans at home and abroad. JYP Entertainment said in a statement that "MIDZY" includes a message of "ITZY exists thanks to fans' strong trust." The song will be showcased through the online fan meeting usi 2021-03-19
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  Analyst sees Volkswagen's business switch as positive factor for Samsung SDI SEOUL -- German auto giant Volkswagen's switch to a new type of battery for electric vehicles will act as a positive factor in Samsung SDI's profits, an analyst said, predicting the South Korean battery company's operating profit in 2021 is expected to rise 59.7 percent on-year to 1.07 trillion won ($945 million). "It will be an opportunity for Samsung SDI," said So Hyun-chul, an analyst at Shinhan Investment. "The key to securing profitabil 2021-03-19
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  Hyundai auto group partners with Woowa to develop autonomous delivery robots SEOUL -- In cooperation with Woowa Brothers, the frontrunner in food delivery services, South Korea's Hyundai auto group will develop autonomous delivery robots capable of traveling between floors in buildings of various structures and equipped with a payment service. Under a memorandum of understanding, Hyundai will develop robots and establish an integrated control system, while Woowa, the operator of South Korea's favorite food delivery app 2021-03-19
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  POSCO joins hands with research institutes for efficient extraction of hydrogen from ammonia SEOUL -- In cooperation with two research institutes, South Korea's steel group POSCO will develop technologies to extract large amounts of hydrogen from ammonia and supply green hydrogen produced overseas to power stations and industrial facilities. Ammonia is a combination of hydrogen and nitrogen and is considered the best material for the efficient and economical transportation of hydrogen. POSCO said in a statement on March 18 that it forged a partnership wi 2021-03-18
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  Doosan fuel cell partners with Hyundai shipbuilding group to co-develop fuel cell for vessels SEOUL -- Doosan Fuel Cell, the clean energy wing of South Korea's Doosan Group, partnered with the world's largest shipbuilder to co-develop a megawatt-class solid oxide fuel cell system for vessels. The new highly-efficient fuel cell system will help vessels greatly reduce greenhouse gas emissions. The solid oxide fuel cell (SOFC) is a device that produces electricity by oxidizing fuel. SOFC is considered to be the most stable and power-effic 2021-03-18
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  Kakao makes foray into car-sharing market through acquisition of No. 3 service operator SEOUL -- The mobility service wing of South Korea's web service giant Kakao made a foray into the rapidly growing car-sharing market by acquiring a car-sharing mobility service company that has delivered rent cars to the doorstep of customers. Cars were retrieved when customers finished using them while other car-sharing services require customers to pick up and return cars to designated places. Kakao Mobility said in a statement on March 18 that the compa 2021-03-18
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  Dongkook Pharmaceutical to test Teicoplanin antibiotic as COVID-19 treatment SEOUL -- A South Korean pharmaceutical company will apply for state approval to carry out clinical trials and prove that Teicoplanin is effective in treating COVID-19 patients. Researchers believe the antibiotic used for the treatment of pneumonia can be administered with existing drugs to enhance the effect of treatment. Teicoplanin is an antibiotic used in the prophylaxis and treatment of serious infections caused by Gram-positive bacteria, inc 2021-03-18
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  SK Group teams up with China's Geely to create $300 mln new mobility fund SEOUL -- Chinese auto company Geely teamed up with the holding company of South Korea's third-largest conglomerate, SK Group, to create a $300 million fund, which is aimed at finding innovative mobility companies and accelerating the popularization of eco-friendly and digital mobility businesses. In an online ceremony involving top executives on March 18, SK Holdings and Geely agreed to inject $30 million each into the new mobility fund. They would attrac 2021-03-18
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  CU becomes S. Korea's top convenience store franchise SEOUL -- CU has dethroned its rival, GS25, to become South Korea's top convenience store chain by increasing the number of outlets with diversified or customer-friendly services. They never close and get rooted deeper into everyday lives as a place to buy groceries, snacks, simple meal packages and non-food products. A COVID-19 pandemic boosted sales of the convenience store industry as people shun crowded shopping malls. South Korea's convenience sto 2021-03-18
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  Hyundai Motor releases clear image of multi-purpose vehicle STARIA SEOUL -- South Korea's Hyundai’s auto group released a clear image of its new multi-purpose vehicle, STARIA, saying its exterior presents a futuristic, pure, streamlined silhouette, defined by a fluid curve running from front to back, inspired by the halo that illuminates Earth’s horizon during sunrise when viewed from space. The simple front is adorned with horizontal daytime running lights and a positioning lamp and low-set headlamps ar 2021-03-18
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  Daewoong seals deal to sell gastroesophageal reflux disease agent in China SEOUL -- Daewoong Pharmaceutical, a bioengineering company in South Korea, has sealed a deal with a Chinese company to sell Fexuprazan, a novel gastroesophageal reflux disease agent. Daewoong promotes Fexuprazan as a blockbuster drug in the global anti-acid secretion agent market. Daewoong said in a statement on March 18 that Shanghai Haini, a unit of China's Yangtze River Pharmaceutical Group, has signed a contract worth about 380 billion 2021-03-18
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  Chinese scholar cites digital currency as tool to bypass U.S. sanctions in case of escalating conflict SEOUL -- China's national digital currency being developed with blockchain and cryptographic technology will be a sufficient substitute if a Sino-U.S. conflict escalates and the United States excludes the world's second-largest economy from a dollar-based system that runs on a network of financial institutions globally, a Chinese scholar said. China's DCEP (Digital Currency Electronic Payment) could become the world's first central bank digital currency 2021-03-17
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  GS Retail partners with popular fried chicken franchise to offer on-foot delivery SEOUL -- South Korea's convenience store chain operator GS Retail has partnered with a popular fried chicken franchise in an effort to diversify customer groups of its on-foot delivery service within a radius of 700 meters from a chicken outlet. Deliverymen will only carry lightweight menus, while heavy ones will be delivered by motorcycles. GS25 launched an on-foot delivery service in August 2020. The service provides grocery delivery services for custome 2021-03-17
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  IVI head advocates global solution and vaccination to 'tame' COVID-19 infection SEOUL -- Rich countries have stepped up efforts to ride out a COVID-19 pandemic through the quick acquisition of vaccines, or sometimes hoarding that sparked vaccine sovereignty and hampered a United Nations campaign to facilitate the transfer of technology and scientific knowledge for global production and vaccination. Several African countries have begun 2021-03-17
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  Hyundai shipyard sets up quantum cryptography communication to protect defense technology SEOUL -- Hyundai Heavy Industries has set up a pilot quantum cryptography network in the communication infrastructure of the world's largest shipyard in the southeastern port city of Ulsan to strengthen the security of its defense technology. The shipyard is a key defense contractor involved in the construction of destroyers and other warships. Hyundai Heavy Industries (HHI) has formed a consortium with KT, a major telecom company in South 2021-03-17
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  S. Korea's total credit card transaction reaches record high during pandemic SEOUL -- Money spent via online credit card transactions in South Korea rose 25 percent from a year ago to hit a record high of 116.3 trillion won ($102.7 billion) in 2020 thanks to a surge in home shoppers who have been grounded by a COVID-19 pandemic. According to the Bank of Korea, a large share of non-face-to-face transactions was made through ecommerce platforms such as online shopping malls. Data released by the Korea Information Society Development Institut 2021-03-17