Latest News

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  ​Kakao Pay enjoys net profit of $22 million in 2022, despite service disruption SEOUL -- Kakao Pay, the online payment arm of South Korea's tech giant Kakao Corp., posted a net profit of 27.5 billion won ($22 million) on a consolidated basis last year, the company said on January 7. The firm attributed the profit to handsome financial income from internal reserves which increased amid high interest rates. However, Kakao Pay suffered an operating loss of 45.5 billion won in 2022, compared to 27.2 billion won worth of loss a year earlier. The payment s 2023-02-07
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  Sales of facemasks decrease after government lifts compulsory indoor mask regulations SEOUL -- Sales of facemasks have decreased since the South Korean government lifted regulations on wearing masks in indoor environments on January 30. Sales of quick COVID-19 antigen test kits have also decreased. However, sales of convenient meal kits including lunchboxes and sandwiches at convenience stores have increased, reflecting that more people are starting to eat freely in indoor spaces including offices and public areas. South Korea recorded 5,850 new COVID-19 cases on Februa 2023-02-07
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  S. Korean firms concerned about possible deterioration in business environment in Vietnam: survey SEOUL -- South Korean companies doing business in Vietnam have concerns about a potential deterioration in the business environment in the Southeast Asian country, according to a recent survey conducted by the Korea Institute for Industrial Economics and Trade (KIET) and the Korea Chamber of Business in Vietnam (Kocham). Out of 326 surveyed Korean firms, 49.7 percent said they predict that the business environment there will get worse down the road. And 38 percent of them cited t 2023-02-06
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  India to benefit from US-China great power rivalry: BOK SEOUL -- The Bank of Korea (BOK) said February 5 that India is likely to benefit from the ongoing great power competition between the United States and China. The central bank said in a report that if China's role is reduced in the global supply chains due to conflicts between the U.S.-led Western democracies and authoritarian countries such as China and Russia, India could emerge as a beneficiary of the rivalry. The BOK took an example of Taiwan's Foxconn, the world 2023-02-06
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  South Korea's 5G service users increase by about 600 percent since 2019 SEOUL -- The number of South Korea's 5G mobile communication service users increased by about 600 percent compared to some 4.6 million users in 2019. 5G networks that offer up to 100 times faster data transfer speed than 4G networks were commercialized in the country in early 2019. South Korea's 5G mobile communication service was first introduced in April 2019. The number of users increased to some 11.8 million in 2020 and 20.9 million in 2021. Since the latest generation 2023-02-06
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  Papa John's Korea releases first vegan pizza products in S. Korea SEOUL -- Targeting South Korea's steadily growing vegan population, the South Korean office of American pizza restaurant chain Papa John's has rolled out vegan pizza products for the first time among domestic pizza brands. The plant-based pizzas will be sold through more than 220 Papa John's stores across the country. 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 & Foo 2023-02-06
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  Fuel prices surge 31.7% in January, hitting highest level since April 1998 SEOUL -- Fuel prices skyrocketed more than 30 percent in January, driven by high global energy prices, according to the Korea Statistical Information Service (KOSIS). The state data portal said February 5 that the fuel price index surged 31.7 percent year-on-year to 135.75 last month, hitting the highest level since it soared 38.2 percent in April 1998 in the aftermath of the 1997 Asian financial crisis. Electricity charges jumped 29.5 percent, the highest since they climbed 2023-02-06
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  State institute develops reliable AI with keen physics insights for video image restoration SEOUL -- A research team from a prominent state research institute has developed artificial intelligence that can predict variables based on the law of physics. The AI would be ideal for comparing medical images for an accurate diagnosis of diseases or for detecting defects at a semiconductor factory. While an ordinary video clip with clear images can be analyzed by an AI-based solution, other video clips that have diffracted images and objects blurred by movement are difficult t 2023-02-06
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  KT's AI certificate 'AICE' to be adopted in Seoul's vocational schools' curriculum SEOUL -- To nurture artificial intelligence experts, the Seoul Metropolitan Office of Education will adopt AI Certificate for Everyone (AICE), an artificial intelligence-related certificate program created by South Korea's major telecom company KT, at 10 vocational high schools. Students who completed the program can receive benefits when applying to several companies including KT. AICE, which has five different levels from beginner to professional, evaluates the ability to uti 2023-02-06
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  Researchers use 3D-printing technique to produce smart AR contact lens SEOUL -- A team of researchers has used a special 3D printing technique to produce a smart contact lens for augmented and virtual reality. The convenient and efficient production technique provides a higher chance of commercialization for the innovative contact lens. 3D printing uses special filaments that are molten before they are sprayed layer over layer to create the final shape. The filaments can be made of different materials that will harden when cooled. Thanks to 3D printer 2023-02-06
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  BTS' brother band TXT tops Billboard's top 200 popular albums chart with 'The Name Chapter: TEMPTATION' SEOUL -- TXT (Tomorrow X Together), a five-member boy band organized by the agency of top K-pop band BTS, has topped Billboard's top 200 popular albums chart with its fifth album titled "The Name Chapter: TEMPTATION." The group became the fifth K-pop band to grab the top place on the weekly chart that ranks the 200 most popular albums in the United States. The album, released on January 27, arrived atop the list on Billboard 200 chart with 161,500 equivalent album uni 2023-02-06
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  [OPINION] 'US special operations forces strike in Africa' KENOSHA, Wisconsin -- Bilal al-Sudani is not exactly a household name, which is all the more reason to highlight the fact that this dangerous terrorist leader ha 2023-02-06
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  [Weekly Stock Market] Foreigners' buying spree likely to support market rally SEOUL -- Last week, the KOSPI initially began in negative territory with selling pressure experienced during Samsung Electronics’ investor earnings call which provided negative headline newsflow denoting no plans to reduce ca 2023-02-05
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  Apple likely to launch mobile payment service soon in South Korea SEOUL -- Apple Pay, the mobile payment service of U.S. tech giant Apple Inc., is likely to make its debut in South Korea as early as next month, according to the Financial Services Commission (FSC). The FSC said February 3 that domestic credit card companies can introduce Apple Pay soon as they have taken relevant procedures required for the new payment service. Consumers using iPhones and other Apple devices will be allowed to make payments through Apply Pay, the FSC said. Cur 2023-02-03
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  Startup commercializes unmanned forest fire-monitoring smart pole SEOUL -- A startup specializing in closed-circuit television camera solutions has developed an unmanned smart pole that can detect forest fires and humans nearby using thermal image sensors. The pole capable of standalone operation by solar power panels can also collect video evidence in cases of wildfires. Springtime is the period when South Korea is exposed to wildfires. Especially with strong winds blowing from the southwestern parts of the Korean Peninsula, mountainous areas 2023-02-03
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  S. Korean economy to face 'serious slump' due to lack of growth momentum: think tank SEOUL -- The Korea Economic Research Institute (KERI) has revised down its 2023 economic outlook for South Korea to 1.5 percent from its previous projection of 1.9 percent. In a recent report, the institute affiliated with the Federation of Korean Industries (FKI) warned that the South Korean economy could enter the stage of a "serious slump" due to a lack of growth momentum. The think tank said the country will experience a lower growth, hit by sagging domestic dem 2023-02-03
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  Arms procurement agency opens research center for space monitoring & reconnaissance tech SEOUL -- South Korea's arms procurement agency has partnered with a prominent state research institute to open a research center specialized in technologies for the operation of grouped satellites and the monitoring and reconnaissance of the earth's surface. A heterogeneous constellation refers to a mixed group of orbital satellites. Normally, different types of satellites do not cooperate with each other because they are based on different platforms and operating systems. 2023-02-03
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  ​Exports of 'K-content' products rise 4.4% to $12.45 billion in 2021 SEOUL -- South Korea's exports of cultural and entertainment products increased 4.4 percent year-on-year to $12.24 billion in 2021, according to data released by the Ministry of Culture, Sports and Tourism. The amount was higher than the exports of major products such as home appliances, secondary batteries, electric vehicles and display panels. This means that Korean-made entertainment and cultural products, better known as K-content, have emerged as one of the country's k 2023-02-03
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  Seoul to deploy portable defibrillators to 175 convenience stores located in populated areas SEOUL -- To help people take action while waiting for rescuers to arrive in emergency situations such as cardiac arrest, Seoul will distribute automated external defibrillators to some 175 convenience stores located in areas with a lot of moving population. Store workers will be given special lessons so that they can skillfully operate the life-saving devices under emotional pressure. An automated external defibrillator (AED) is a portable device that automatically analyzes the lif 2023-02-02
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  KT ties up with tablet device maker T-Order to provide AI service robots for restaurants SEOUL -- KT, one of the major telecom companies in South Korea, will work with T-Order, a domestic tablet device developer, to connect its service robots with T-Order's tablet and provide them for various restaurants. Customers will be able to order menus through T-Order's tablet menu boards and receive food and drinks through KT's robots. The adoption of service robots has gained momentum in many South Korean restaurants to enable unmanned ordering. Restaurant owners w 2023-02-02