Latest News

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  ​Startup minister Lee Young attends Saudi Arabia's biggest startup event SEOUL -- South Korea's Minister of SMEs and Startups attended "Biban 2023," Saudi Arabia's largest startup conference event held at the Riyadh Front Exhibition & Conference Center, along with South Korean small and medium-sized companies and startups. Biban 2023 is an annual startup event held in Saudi Arabia. This year, some 350 speakers and about 10,500 audiences will attend the conference to share ideas about the establishment of healthy and mutually benefi 2023-03-10
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  BTS member Suga donates $75,642 for child earthquake victims in Turkey and Syria SEOUL -- BTS's lead rapper Suga has donated 100 million won ($75,642) to a London-based nonprofit organization to help child earthquake victims in Turkey and Syria. Suga's donation will be used to purchase emergency relief items such as blankets, mattresses, and school supplies. The 30-year-old will go on a solo world tour, starting with the first concert in Belmont Park, New York on April 26. Save the Children said in a statement that Suga made the donation on his birthda 2023-03-09
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  Opposition Democratic Party of Korea to push to expand tax deduction for semiconductor makers SEOUL -- The opposition Democratic Party of Korea will push to expand the tax deduction for semiconductor companies so that small and medium-sized semiconductor makers can receive up to 40 percent tax discount for their investment in chip production facilities. The plan was revealed to reduce the impact of the United States' CHIPS Act. The CHIPS Act restricts funding recipients from increasing semiconductor manufacturing operations in China and other countries that have been de 2023-03-09
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  ​Convenience store chain CU operator opens 300th store in Mongolia SEOUL -- South Korea's top convenience store franchise CU has opened its 300th store in Mongolia. The store located in Ulaanbaatar provides various Mongolian food such as Khuushuur, a dumpling usually made with beef, mutton, or camel. Along with Mongolian food and snacks, visitors can also enjoy South Korean snacks including Tteokbokki, a menu of finger-sized rice cakes simmered in fiery-red spicy chili sauce. BGF Retail said in a statement that the 300th convenience store was 2023-03-09
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  S. Korea's benchmark interest rate likely to reach 4% after Fed hints at continuing rate hikes SEOUL -- South Korea is likely to increase its base interest rate to up to four percent, after the United States Federal Reserve Chairman Jerome Powell stated during his speech on March 7 that "the ultimate level of interest rates is likely to be higher than previously anticipated," on Capitol Hill. According to South Korean monetary authorities on March 8, Chairman Powell strongly suggested the need for additional tightening when he addressed the Senate Banking, Housin 2023-03-09
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  Number of S. Korean Facebook monthly active users drop below 10 mln for first time in 2 yrs SEOUL -- According to an online big data analysis, the number of South Korean monthly active users of the Facebook smartphone app has dropped below 10 million for the first time in two years since South Korean big data analysis solution company Mobile Index started monitoring. South Korea currently has some 54 million registered smartphones and an average of about 65 percent of people access social media using their phones. According to a survey of 10,154 South Korean people, con 2023-03-09
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  Singaporean medical imaging service provider 'Radlink' to adopt Lunit's AI chest x-ray solution SEOUL -- "Lunit INSIGHT CXR," a chest x-ray analysis solution developed by South Korea's medical artificial intelligence company Lunit, will be provided to a Singaporean medical imaging service provider. The solution can detect various types of chest diseases such as lung cancer and tuberculosis. Using software robots, Lunit's AI solution compares and analyzes x-rays and medical images of chest disease patients and healthy people. After detecting an irregularity, 2023-03-09
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  Chicken price hits all-time high due to increased costs of poultry farm operation SEOUL -- The price of chicken has reached its all-time-high as the cost of livestock farming has skyrocketed due to the increase in farm operating costs including the prices of fertilizers, animal feed, electricity, and fuel that were accelerated by the sluggish global economic growth sparked by the fuel price increase, the COVID-19 pandemic, and the war in Ukraine. Concerns that the era of expensive "30,000-won ($22.7) fried chicken" is not far off are growing among South Ko 2023-03-08
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  Launch of S. Korean private test rocket delayed for one day due to extended pre-launch examination SEOUL --The launch of Hanvit-TLV, a test launch vehicle developed by South Korean startup Innospace, was delayed for a day due to extended pre-launch examinations and preparations, the tech startup said. In October 2021, South Korea successfully launched a homemade three-stage rocket called the Korea Space Launch Vehicle-2 (KSLV-2) known as "Nuri" into space. The rocket equipped with a 300-ton-class propulsion system was developed solely using domestically-developed t 2023-03-08
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  ​S. Korea to establish drone operations command headquarters in 2023 SEOUL -- South Korea will establish a drone operations command headquarters that will manage the operation of unmanned aerial vehicles that play the role of compact-sized attack aircraft and reconnaissance airplanes, the Ministry of Defense said. The blueprint for the drone-specialized division was originally revealed in January. The defense ministry's announcement was made about three months after the airspace of Seoul and its northern satellite cities were breached by a handf 2023-03-08
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  [INTERVIEW] ​Vietnamese envoy calls for South Korea's wider market opening, technology transfer SEOUL -- Vietnamese Ambassador to South Korea Nguyen Vu Tung has suggested Asia's fourth-largest economy open its market wider to Vietnamese goods and promote technology transfer to help address the trade imbalance between the two countries. “The two sides attach greater importance to tackling the trade deficit issue. This involves greater access to the Korean market for Vietnamese goods,&rdqu 2023-03-08
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  Tuna maker Dongwon F&B releases plant-based dumpling and canned tuna SEOUL -- South Korea's largest canned tuna maker Dongwon F&B rolled out plant-based cholesterol-free canned tuna to meet growing demands of some 2 million vegans in South Korea. South Korea's vegan meat market has been rapidly growing to meet demands of some 2 million vegans. Data released by the Korea Agro-Fisheries & Food Trade Corporation showed that the country's vegan meat market which stood at 22.7 billion won ($17.4 million) in 2020 will reach 29.4 billio 2023-03-07
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  [SUMMARY] Daily News Selection by Aju Daily on March 7, 2023 The following stories are the daily summary of news in South Korea on March 7. SEOUL -- Spending on private education rise by 10.8% in 2022 According to data released on March 7, private school spending for South Korean students increased 10.8 percent year over year in 2022, demonstrating the nation's unwavering passion for learning. According to statistics gathered by Statistics Korea, total spending on private education for elementary, middle, and high school pupils reache 2023-03-07
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  ​S. Korea's banking sector embroiled in controversy for inflating recruiting capacity SEOUL -- According to an exclusive report by Economic Daily, South Korea's banking industry inflated its recruiting capacity while carrying out the government's order to hire more employees. Unlike the original plan to recruit 2,288 new employees, the actual number turned out to be only 953. The country's finance industry has earlier announced its massive recruitment plan, followed by President Yoon Suk-yeol's 2023-03-07
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  Samsung SDS introduces one-stop smart logistics platform in Viet Nam targeting global market SEOUL -- Samsung SDS, the digital solution wing of Samsung conglomerate, showcased the company's one-stop smart logistics solution called "Cello Square" which small and large-sized traders can use to simplify the import and export process. Cello Square was first introduced in the domestic market in 2021 to simplify the head-aching process of exporting and importing goods. The smart solution helps individual business operators and small and medium-sized enterprises ( 2023-03-07
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  Virtual artist YuA rolls out remake of '90s K-pop song 'Violet Fragrance' SEOUL -- YuA, a virtual artist created by South Korean game publisher "Smilegate" and a visual effects company, released a remake of "Violet Fragrance," a folk song that gained explosive popularity in the 1990s. Through the single, the 20-year-old artist expressed her feelings for her first love. YuA with some 675,000 followers on Instagram has a goofy personality and enjoys eating ice screams. Her favorite song is "Dancing in the Moonlight" by Topload 2023-03-07
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  ​SK Chemicals acquires Chinese recycled material maker targeting global eco-friendly material market SEOUL -- SK Chemicals, the chemical unit of South Korea's SK Group, has acquired a Chinese raw materials company specializing in recycled materials in a bid to expand its presence in the global recycled materials market. The global market for recycled plastics is predicted to grow at an average annual growth rate of 9.3 percent to reach $43.5 billion by 2026, according to global market research firm Markets and Markets. Plastics can be recycled in many forms. They can be cleane 2023-03-07
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  Samsung promotes new 8K TV at London's iconic square 'Piccadilly Circus' SEOUL -- Samsung Electronics has promoted its new Neo QLED 8K, a TV model with a powerful picture processor, through an outdoor billboard at Piccadilly Circus, a famous square in London with various cinemas, theaters, restaurants, and pubs. Samsung's existing Neo QLED models can make dark areas darker and bright areas brighter by increasing the luminance scale. The Neo QLED 8K TV models are known for supporting larger bandwidth loads, processing faster multi-gigabit data, enabl 2023-03-06
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  State-affiliated foundation to pay compensation and delayed interest to Japan's forced labor victims SEOUL -- The South Korean government has officially announced that the Foundation for Victims of Forced Mobilization by Imperial Japan (FOMO), operated by the interior ministry, will play the role of the "third-party compensator" to pay court-ordered compensation and delayed interest to the forced labor victims and their families. Ties between the two Asian neighbors have been in the doldrums for decades, with South Korea insisting that Japan should apologize and make ame 2023-03-06
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  S. Korea's finance sector inflates recruiting capacity while carrying out government's order to hire more employees SEOUL -- The South Korean financial sector has been embroiled in a controversy that it has inflated its recruiting capacity while carrying out the financial authorities' order to hire more young employees. Unlike the original plan to recruit 4,719 new employees, the actual number turned out to be only 2,654, according to an exclusive report by Seoul-based news media company Economic Daily. During a policy briefing on Febr 2023-03-06