Latest News

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  Dutch semiconductor equipment firm ASM to invest $100 million in South Korea SEOUL -- Dutch semiconductor equipment manufacturer ASM has agreed to invest $100 million to set up a new factory and expand its research and development center in South Korea, according to the Ministry of Trade, Industry and Energy. The ministry said that it signed a memorandum of understanding (MOU) with ASM on the latter's investment plan in Korea. The MOU was initialed between Trade and Industry Minister Lee Chang-yang and ASM CEO Benjamin Loh at a Seoul hotel on February 2 2023-02-02
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  Foreigners buy 6.5 trillion won worth of local stocks in January, expecting economic recovery SEOUL -- Foreign investors rushed to buy South Korean stocks worth 6.48 trillion won ($5.3 billion) on a net basis in January on the back of the weak U.S. dollar and growing expectations of a global economic recovery, according to data released by the Korea Exchange (KRX) on February 2. The monthly net purchase by foreigners was the largest since they bought 6.95 trillion won in January 2012. Their net buying reached an all-time high of 8.46 trillion won in September 2013. Fo 2023-02-02
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  LGES to supply battery modules to commercial EV battery pack maker Freudenberg SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, signed a supply deal with a U.S.-based commercial electric vehicle battery pack maker called "Freudenberg e-Power Systems" to supply battery modules. Battery modules consist of cells, which are basic units of batteries. Battery cells are put together in a frame to form a module that can protect cells from external shock and heat. When modules are bundled up, they become battery packs, the 2023-02-02
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  SK C&C forges partnership with Microsoft targeting global AI-based healthcare solution market SEOUL -- SK C&C, the software solution-making wing of South Korea's SK Group, partnered with Microsoft's branch in Seoul to establish a bridgehead into the global artificial intelligence-based digital healthcare solution market. SK C&C's cerebral hemorrhage-detecting solution will become available through Microsoft's cloud healthcare platform. AI combined with big data is found to be extremely effective in image-based medical diagnosis as the robots can anal 2023-02-02
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  ​Consumer prices jump 5.2 percent in January, driven by higher utility charges SEOUL -- South Korea's consumer prices jumped 5.2 percent in January from a year earlier, remaining at the 5 percent level for the nineth consecutive month, according to data released by Statistics Korea on February 2. The statistical office said inflationary pressure increased due to rising public utility charges which surged 28.3 percent year-on-year last month, marking the biggest increase since 2010. The upsurge was driven by a hike in the rates of electricity and gas three 2023-02-02
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  Seoul partners with state research institute to prepare for disastrous situations caused by EMP SEOUL -- To prepare for disastrous urban situations caused by electromagnetic pulse wave blasts, Seoul City and the National Radio Research Agency have forged a partnership to co-develop countermeasures against radio frequency attacks that could cause communication blackouts and malfunctions of electronic devices. Electromagnetic pulse (EMP) waves can be created by natural phenomena such as solar geomagnetic disturbances or by manmade devices such as an EMP bomb or EMP generator. E 2023-02-02
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  Stray Kids becomes first K-pop band to headline music festival in France through Lollapalooza SEOUL -- Boy band Stray Kids became the first K-pop group to interact with global fans in France through Lollapalooza, a popular global music event, as its headliner. The eight-member band will take part in the global music festival along with American rapper Kendrick Lamar and Rosalia, a famous singer and songwriter from Spain. According to JYP Entertainment, the band's agency, Stray Kids will perform at Lollapalooza Paris on July 21. The headliner role is usually given to the 2023-02-02
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  South Korea hit by record trade deficit due to steep fall in semiconductor exports SEOUL -- South Korea posted a record-high monthly trade deficit of $12.6 trillion in January due to a steep fall in exports of the country’s key items such as semiconductors, display panels, and steel and petrochemical products, the Ministry of Trade, Industry and Energy said February 1. More seriously, the country suffered the trade shortfall for the 11th consecutive month. Such a long period of the deficit was unheard-of since Korea witnessed a deficit for 30 months till 2023-02-01
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  Seoul to monitor fire hydrants using internet of things-based management system SEOUL -- Seoul will demonstrate an internet of things-based inspection service to monitor fire hydrants in urban areas. The smart management solution will check the condition of fire hydrants instead of having human workers check facilities. Human inspectors can remotely detect abnormalities using the solution that enables local fire stations to monitor fire hydrants. Government data showed that the capital city had 59,727 fire hydrants as of 2021. Jongno, an office district locate 2023-02-01
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  S. Korea-Philippines economic forum holds first meeting to discuss economic effect of carbon neutrality SEOUL -- The forum for the energy development cooperation of South Korea and the Philippines held its first regular committee meeting and discussed the economic effect of carbon neutrality supported by nuclear power plant-friendly policies. The forum was established in September 2022, but meetings were postponed due to a coronavirus pandemic. KPEDCF was established to accelerate the interaction between Seoul and Manila's energy specialists and stimulate the development of nucle 2023-02-01
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  Hanwha's life insurance wing adopts optical character recognition solution to handle multiple documents SEOUL -- Hanwha Life Insurance, one of the major life insurance companies in South Korea, adopted optical character recognition solution capable of extracting necessary data from complicated insurance claim documents such as medical expense receipts. The solution created by domestic artificial intelligence startup Upstage would help busy workers as it can quickly process complex documentation tasks with one click. Optical character recognition (OCR) is used to convert images of pri 2023-02-01
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  S. Korea to build new LNG terminal in southern industrial town to meet increased demands SEOUL -- South Korea will build a new liquefied natural gas storage terminal with a capacity of 400,000 kiloliters in the southern industrial city of Gwangyang. The construction of the megastructure follows the country's increased demand for gaseous fuel after South Korea revealed a roadmap to reduce its dependency on coal and other fossil fuels for thermal power generation in a bid to reduce the emission of greenhouse gases. About 3,700 tons of liquefied natural gas (LNG) was 2023-02-01
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  SK hynix suffers huge operating loss due to slumping memory chip business SEOUL -- SK hynix, the world’s second-largest memory chip producer, suffered an operating loss of 1.7 trillion won ($1.37 billion) in the fourth quarter of last year, driven by sagging global demand amid an economic slowdown, the company said February 1. It marked the first time since the third quarter of 2012 that the company has posted an operating loss. The loss was in stark contrast to a profit of 4.21 trillion won in the last quarter of 2021. The company’s s 2023-02-01
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  Lotte's ecommerce wing adopts KT's AI-based smart logistics platform for efficient management SEOUL -- Lotte On, the ecommerce wing of South Korean retail giant Lotte Group, partnered with KT, the country's biggest telecom company, to adopt an artificial intelligence-based smart logistics platform. The smart platform will help Lotte's logistics services efficiently reduce carbon emissions by managing the routes and daily schedules of delivery trucks. AI and big data are widely used in the logistics sector to optimize the operation of facilities, transports, and manp 2023-02-01
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  Hybe's digital cartoon 'Dark Moon: The Blood Altar' garners more than 100 million views SEOUL -- "Dark Moon: The Blood Altar," a digital cartoon created by the agency of BTS and published by Naver Webtoon, the web cartoon wing of South Korea's top web portal service operator Naver, has gained more than 100 million views since it was released 13 months ago. The web cartoon entered the top five in seven language services including German, Spanish, English, and Chinese. The web cartoon depicts the story of a unique relationship between a teenage girl attend 2023-02-01
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  Samsung Electronics not to slash investment or production this year SEOUL -- Samsung Electronics has made it clear that it will not reduce investment or production this year in the face of its deteriorating performance and falling global demand for semiconductors. The clarification came on January 31 when Samsung, the world’s largest memory chip and smartphone maker, announced its disappointing earnings results for 2022. The company said that its sales hit an all-time high of 302.23 trillion won ($245.55 billion) last year, up 8.1 percent 2023-02-01
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  ​Bio-venture unicorn GI Innovation prepares for stock market debut SEOUL -- Bio-venture unicorn GI Innovation is preparing for the company's debut in South Korea's stock market in March. The bio-venture said it will submit registration document to the Financial Services Commission and start the listing process in February. The bio-venture unicorn has two main pipelines -- "GI-101," an immunotherapy agent, and "GI-301," an allergy treatment drug candidate. The company forged license agreements with Yuhan, a pharmaceuti 2023-01-31
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  BTS agency Hybe acquires AI audio technology startup Supertone SEOUL -- Targeting the artificial intelligence-based audio market, the agency of BTS has acquired Supertone, an AI voice synthesis technology startup in South Korea. Supertone's sound technology was used in Disney+'s drama series "Big Bet" to reproduce the voice of Choi Min-sik, a 60-year-old veteran actor who was playing a role of a young character in his 30s. Hybe said in a statement on January 31 that the company secured a 56.1 percent stake in Supertone by inv 2023-01-31
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  Joint research team develops high-performance electrode for EV and smartphone batteries SEOUL -- A joint team of researchers has developed a high-performance electrode for lithium-ion batteries that are commonly used in smartphones, laptops, and electric vehicles. The newly-developed anode, which is the positively-charged electrode, can significantly increase the performance of devices and the lifespan of batteries. Normally, lithium-ion batteries are produced by shaping the battery by coating and drying a mixture of active materials that chemically react to gene 2023-01-31
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  US utility company AEP to receive $86 mln worth of transformers from Hyundai Electric SEOUL -- Hyundai Electric, a domestic electrical equipment manufacturer and energy solution provider, has clinched an order worth 106.2 billion won ($86 million) to supply transformers to American Electric Power (AEP), a U.S.-based electricity utility company that oversees power distribution in 11 states. A total of 3,500 transformers crucial in power grids for residential areas will be provided to the U.S. company with some 5 million customers. Data cited by Hyundai Electric showe 2023-01-31