Latest News

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  ​Phishing scams cause $1.28 billion in damages over past five years SEOUL -- South Korea suffered 1.66 trillion won ($1.28 billion) in cumulative damages arising from phishing scams over the last five years, a report by the Financial Supervisory Service (FSS) said February 21. Phishing scams related to bank loans caused 999.8 billion won in damages between 2018 and 2022, accounting for 60.1 percent of the total sum, according to the report submitted by the FSS to Rep. Kang Min-kuk of the ruling People Power Party (PPP). The number of phishing s 2023-02-21
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  Researchers develop efficient nickel nitride-based catalyst for green hydrogen production SEOUL -- A team of researchers from a state research institute has developed a cheap metal-based catalyst that has about 200 percent higher efficiency in water electrolysis, the electrochemical breakdown of water into hydrogen and oxygen, than precious metal-based electrodes. Electrolysis that uses electricity to break down water is the core technology for the production of green hydrogen, which is hydrogen fuel produced only using renewable energy. However, such a method require 2023-02-21
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  S. Korea to beef up key strategic industries under 'New Growth Strategy 4.0' SEOUL -- The Ministry of Economy and Finance has announced a new growth strategy to help South Korea keep its technological competitive edge in the country’s three strategic industries -- semiconductors, batteries and displays. On February 20, the ministry unveiled "New Growth Strategy 4.0" aimed at finding new economic engines. It plans to work out more than 30 detailed tasks to support the key industries. The ministry said that it will begin to implement around 2023-02-21
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  ​Busan to build air-purifying indoor gardens capable of purifying air at bus terminal and airport SEOUL -- South Korea's southern port city of Busan will establish smart gardens with plants capable of removing indoor air pollutants at a bus terminal visited by many intercity buses and an airport in the western region. The southern port city said the indoor gardens can reduce particulate matter and other pollutants in such crowded areas. Smart gardens incorporate internet of things (IoT) technology to control air quality, wind speed, and water distribution to plants. Peopl 2023-02-21
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  South Korea to commercialize 6G network service two years earlier in 2028 SEOUL -- The Ministry of Science and ICT plans to commercialize the sixth-generation (6G) network service in 2028, two years earlier than its initial schedule, in order to keep abreast with major advanced countries' efforts to speed up the launch of the service. On February 20, the ministry announced the K-Network 2030 strategy of stepping up private-public cooperation to develop world-class 6G technologies, innovate the software-based next-generation mobile network and strengt 2023-02-20
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  Avikus to provide autonomous boat solution 'NeuBoat' for recreational boat owners in US SEOUL -- Avikus, an autonomous shipbuilder affiliated with South Korea's Hyundai shipbuilding group, will demonstrate its autonomous boat solution called "NeuBoat" in the United States. The company will begin a beta-test for its autonomous boat solution involving participants selected from visitors of an annual global boat show held in Miami. According to data released by market research firm Mordor Intelligence, the global recreational boating market which stood at 2023-02-20
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  S. Korea's first two-seater fighter jet KF-21 succeeds 34-minute maiden flight SEOUL -- The fourth prototype of South Korea's homemade fighter jet KF-21 successfully conducted its flight about seven months after the first prototype made its 33-minute maiden flight in July 2022. The first two-seater fighter jet will be used for various missions such as testing the performance of a computer-controlled array antenna system that determines the survival of fighter jets in a combat situation. According to the Defense Acquisition Program Administration (DAPA), 2023-02-20
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  LG Electronics receives vehicle cybersecurity certificate from UNECE SEOUL -- LG Electronics is seeking to strengthen its global competitiveness in the global automobile market by receiving Cybersecurity Management System (CSMS) certification. The certification allows the electronics giant to provide various components including infotainment systems mainly in Europe. The South Korean electronics maker said in a statement on February 20 that it has received a vehicle CSMS certification from the international certification testing organization, TUV 2023-02-20
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  ​Manufacturing confidence improves for March, raising hope for economic rebound SEOUL -- South Korea's manufacturing confidence for March improved for the fourth straight month, raising hope for a rebound in both exports and domestic demand, a survey by the Korea Institute for Industrial Economics & Trade (KIET) said February 20. The KIET-devised professional survey index (PSI) for the manufacturing sector's business conditions stood at 101 for next month, up from 90 for February. The index showed an upward movement for the fourth straight month. 2023-02-20
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  ​Ticketing agencies Interpark and Triple to adopt luggage tracking service for first time SEOUL -- Interpark, a popular online ticketing agency operated by South Korea's online leisure and accommodation service company Yanolja, and its brother company Triple will adopt a real-time airport luggage tracking service for the first time as a travel and leisure ticket seller in the country. According to Incheon International Airport, South Korea's main gateway, an annual average of 62.6 million luggage is processed at the airport and about two out of every one million 2023-02-20
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  Art college in Seoul to be recreated in metaverse to provide virtual training courses SEOUL -- A Seoul-based private college specializing in music, culinary arts, and makeup arts will be recreated into a metaverse world targeting young students familiar with virtual online activities. The virtual campus created through collaboration with South Korea's major telecom company KT and Dot-mill, a domestic immersive content producer, will enable students to take classes and participate in various online college events. Metaverse, which allows users to engage in social 2023-02-20
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  [OPINION] Economic security: new mantra in Japan KARACHI -- In the last few months, particularly after the release of Japan’s new National Security Strategy (NSS) document in December last year, the phrase “economic security” has acquired inor 2023-02-20
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  [Weekly Stock Market] Investors to focus on BOK's interest rate decision SEOUL -- The benchmark Korea Stock Price Index (KOSPI) ended last week slightly lower closing at 2,451.21 points (-0.75 percent) pressured by higher-than-expected U.S. inflation and consumer data which all increased the likelihood 2023-02-19
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  [COLUMN] The National Assembly, the birth rate and the way out of hell SEOUL -- The National Assembly last week passed a motion to impeach Lee Sang-min, the Minister of Interior and Safety, over the Itaewon tragedy. It’s now up to the Constitutional Court whether to approve or reject it. Reading this news, I found myself thinking about Korea’s falling birth rate. I know this makes little sense but let me try to explain the c 2023-02-17
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  Indonesia to collaborate with K-pop industry to create global phenomenon 'Indonesian Wave' SEOUL -- Indonesia is seeking to step up collaboration with South Korean partners to create an Indonesian entertainment ecosystem equal to the Korean Wave, Indonesian Ambassador to South Korea Gandi Sulistiyanto said during an annual media briefing at his official residence in Seoul on February 17. He said that his country aims to create an Indonesia Wave (I-Wave) by cooperating with South Korea in various entertainment sectors such as fashion, music, games and animation. " 2023-02-17
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  ​LG Chem acquires 5.7% stake in US lithium firm to secure material for EV batteries SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, has signed a deal with U.S.-based Piedmont Lithium to acquire a 5.7 percent stake in the latter for $75 million (96 billion won), the company said February 17. LG said that the contract is aimed at securing a stable supply of lithium, a key material for the production of electric vehicle batteries. Through the investment, LG Chem has won rights to preferential negotiations with Piedmont for the purchase of 10,000 2023-02-17
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  State footwear tech institute commercializes new outsole production technique SEOUL -- A joint research team led by a footwear technology institute operated by the trade ministry has developed and commercialized an outsole production technique that saves time and costs. Outsoles made using the technique is about 27 percent lighter than conventional soles. Normally, an outsole, the most-outer layer of a shoe foot sole, is manufactured through seven or eight steps that involve the molding, cutting, buffing, cleaning and drying of the rubbery layer before it 2023-02-17
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  ​$115 million fund to be created to help develop low-carbon steel products SEOUL -- The Ministry of Industry, Trade and Energy plans to create a 150 billion won ($115 million) fund jointly with domestic steelmakers to help them develop low-carbon products. The ministry announced the plan on February 16 as part of a steel industry development strategy to promote steelmakers' transition to a low-carton production structure. The creation of the fund is aimed at coping with the Carbon Border Adjustment Mechanism (CBAM) adopted by the European Union (E 2023-02-17
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  [SUMMARY] Daily News Selection by Aju Business Daily on February 17, 2023 The following stories are the daily summary of news in South Korea on February 17. SEOUL -- Foreigners found using cryptocurrencies to fund terrorist organizations Two foreign nationals living in South Korea have been detained for using cryptocurrencies to support a terrorist organization with ties to al-Qaida. According to the National Office of Investigation of the National Police Agency, a 29-year-old man from Kazakhstan and a 31-year-old man from Uzbekistan were submitte 2023-02-17
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  SK geo centric to build plastic recycling factory in France's northeastern region SEOUL -- SK geo centric, a chemical company affiliated with South Korea's SK Group, will jointly build a plastic recycling factory with SUEZ, a France-based water and waste management company, and Canadian plastic recycling company Loop Industries, in the northeast region of France. The factory with an annual production capacity of 70,000 tons will be completed in 2027. The construction project is followed by SK geo centric's agreement with the two companies in June 2022 to 2023-02-17