Techonology

Hyundai Motor sets sales record in 2024 on flexible vehicle mix

Hyundai Motor set a new high in its annual sales last year, driven by its flexible and agile response to meet growing demand for hybrid cars amid the slowing growth momentum of electric vehicles (EVs), the automaker said in a regulatory filing, Thursday.

Published: 7 days ago

Washington vs. Davos: Shipbuilding rivals take different paths, again

Korea’s two rival shipbuilders highlighted the contrast in their main priorities once again, choosing different overseas events as the destinations of their heirs’ business trips this week.

Published: 7 days ago

KGC's ginseng extract draws demand ahead of Lunar New Year

Korea Ginseng Corp. (KGC) is seeing rising sales for its health supplement products as consumers become more mindful of nutritional benefits, leading them to choose its products as gifts for the Lunar New Year holiday later this month.

Published: 7 days ago

Preparation for APEC CEO Summit

Published: 7 days ago

SK hynix becomes most profitable Korean company in Q4 2024

SK hynix posted multiple record highs in its 2024 earnings, boosted by the robust sales of its high-bandwidth memory (HBM) chips tailored specifically for artificial intelligence (AI) computing.

Published: 7 days ago

Gov't strengthens housing support for foreign victims of 'jeonse' fraud

The government extended the maximum period of temporary housing for foreign victims of 'jeonse' fraud in the country from two years to six, further enhancing emergency support for victims in need of housing, the Ministry of Land, Infrastructure and Transport said Thursday.

Published: 7 days ago

Gov't to tighten oversight on low-cost carriers following Jeju Air crash

Korea plans to strengthen its oversight of low-cost carriers (LCCs) and impose strict penalties on airlines failing to meet enhanced operational safety standards, the government said Thursday, following last month's Jeju Air crash.

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Seoul subway fares to rise amid KORAIL's deficit operations

Metro services across Seoul, Incheon and Gyeonggi Province will raise fares by 150 won ($0.10) within the first half of this year, according to the Seoul Metropolitan Government and Korea Railroad (KORAIL), Wednesday. KORAIL is the country’s state-run railway operator, running KTX bullet train service across the country, as well as other railway services and subway services across the capital region.

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Galaxy S25 offers personalized AI assistant

Samsung Electronics unveiled its new Galaxy S25 smartphone family during a Galaxy Unpacked event, Wednesday (local time), highlighting the smartphone’s function as an artificial intelligence (AI) assistant.

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Samsung C&T's 2024 net edges up despite challenging business conditions

Samsung C&T said Wednesday its 2024 net profit gained nearly 2 percent on-year despite challenging business conditions.

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LG Display swings back to profit in Q4 2024

LG Display managed to swing back to an operation profit in the fourth quarter of last year, boosted by its improved organic light-emitting diode (OLED) sales in its overall sales mix, the company said Wednesday.

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Fans scrutinize KBO teams' financial health as rumors swirl over potential sales

Fans of teams in the Korea Baseball Organization (KBO) have recently begun assessing the financial soundness of major conglomerates, similar to corporate research analysts.

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Korea to build bio dataset of 1 mil. people by 2032

Korea has launched a joint public-private initiative to collect biological data from 1 million individuals, aiming to enhance global competitiveness of the country's bio industry, the finance ministry said Wednesday.

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Korea's largest resort group seeks to acquire management control of T'way Air

Sono Hospitality Group, Korea's leading hotel and resort chains operator, announced Wednesday that it is moving to acquire the management rights to T’way Air, of which the group is currently the second-largest shareholder.

Published: 7 days ago

Baemin to lower commission fees next month

Online food delivery platform operator Baedal Minjok, commonly known as Baemin, said on Wednesday that it would lower commission fees for restaurants using its platform next month to help ease their financial burden.

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Hyundai E&C shifts to Q4 loss on one-off costs from affiliate

Hyundai Engineering & Construction (E&C) said Wednesday it shifted to a net loss in the fourth quarter from a year earlier on one-off costs in its engineering affiliate.

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AI boom to help tackle industrial challenges, low births: industry minister

Industry Minister Ahn Duk-geun said Wednesday artificial intelligence (AI) presents Korea with an opportunity to address lingering challenges, including low birth rates, noting the government will roll out a set of projects to foster the segment.

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Zigbang eyes global smart home market

Zigbang, the operator of Korea’s leading real estate brokerage app, is expanding its portfolio with smart home appliances, releasing a digital door lock without passcodes in the global market.

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Gov't agencies discuss ways to foster drone ecosystem

The state arms procurement agency and the national space agency held talks Wednesday to discuss ways to promote the local drone industry, officials said, as Korea seeks to strengthen its prowess to develop the cost-effective weapons.

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Corporate fines jump 26 % in Korea last year

Corporate fines imposed by Korea's antitrust regulator jumped 26 percent in 2024 from a year earlier, with e-commerce giant Coupang receiving the biggest penalty, a corporate data tracker said Wednesday.

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Korea to open nat'l AI computing center by 2027

Korea will work to open a national artificial intelligence (AI) computing center by 2027 as part of efforts to strengthen its competitiveness in the fast-evolving technology, the science ministry said Wednesday.

Published: 7 days ago

Korean battery firms make record investments in 2024 amid EV slowdown

Korea's three major battery makers likely made all-time-high investments in research and development (R&D) activities last year despite a slowdown in electric vehicle sales, industry sources said Wednesday.

Published: 7 days ago

Vehicle registrations surpass 26 mil. units; eco-friendly cars exceed 10 %

The total number of registered vehicles in Korea surpassed 26 million units last year, with eco-friendly cars accounting for over 10 percent for the first time, driven by growth in hybrid vehicle sales, the government said Wednesday.

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Business sentiment for February pessimistic over weak won, external risks: poll

Korea's business sentiment remains pessimistic for February, a poll showed Wednesday, amid the weakening of the Korean won and growing uncertainties at home and abroad.

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[INTERVIEW] Teeniepings extend Korean animation's global popularity

SAMG Entertainment, the owner of the intellectual property (IP) for the 3D animation brand 'Catch! Teenieping,' is optimistic about its future growth. The series' fictional characters have garnered a significant fan base - primarily children - in the country and the company has exported the IP to more than 140 countries. The brand, launched in 2020, has seen its domestic popularity expand globally.

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Overseas carmakers in Korea sandwiched by influx of ultra-cheap BYD EVs

BYD Korea will ratchet up pressure on overseas carmakers here — particularly non-luxury brands with limited electric and hybrid lineups — as they are at growing risk of losing their identity as cost-effective carmakers amid the upcoming influx of ultra-cheap Chinese vehicles, experts and industry officials said Tuesday.

Published: 7 days ago

Craft beer market expands, diversifies following eased regulations: gov't

The domestic craft beer market has become larger and more diverse following the government's efforts to ease regulations, in a move aimed at enhancing market competitiveness for the country's small and medium-sized enterprise (SME) breweries, according to the Fair Trade Commission (FTC), Tuesday.

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Woojin secures multiple train car production deals

Woojin Industrial Systems has inked a series of deals for producing train cars over the past two months.

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Shinsegae chairman meets tech leaders before attending Trump's inauguration event

Chung Yong-jin, chairman of Korean retail conglomerate Shinsegae Group, met with U.S. government officials and tech leaders to strengthen his global business network before attending President Donald Trump's inauguration ceremony, his company said Tuesday.

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Top chefs bring culinary twist to Korea's competitive burger market

Celebrity chefs are rolling up their sleeves to infuse their culinary ideas into new menu items for major burger brands in Korea.

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Korea remains vigilant as Trump revokes Bidenomics

Korea’s top economic policymakers have closely monitored the potential impacts of U.S. President Donald Trump’s series of executive orders, most of which aim to put a stop to his predecessor’s policies.

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Direct suppliers to Hyundai Motor, Kia achieve W90 tril. in combined sales for 1st time

Tier 1 suppliers, otherwise known as direct suppliers to Hyundai Motor and Kia, achieved combined sales of 90 trillion won ($63.45 billion) in 2023, which the automakers hailed as a landmark contribution to boosting the sluggish domestic economy, according to data from both firms released on Tuesday.

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Hanwha Systems earns US certification for ship cybersecurity

Hanwha Systems’ proprietary cybersecurity solution, SecuAider, received the E27 Type Approval certification from the American Bureau of Shipping (ABS), marking the first time an Asian company has achieved this milestone, the company said on Tuesday. The certification positions Hanwha Systems to expand into the global shipbuilding and maritime cybersecurity market.

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Threats, new horizons loom for Korean industries as Trump's 2nd term brings uncertainties

As Donald Trump takes office for his second term as U.S. president, Korean industries are closely watching for potential changes in Washington's economic and trade policies, which could significantly impact their American businesses, industry observers said Tuesday.

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Serving sizes shrink in Korea as more people dine alone

Restaurant and delivery foods that have been popular picks for parties and gatherings are becoming smaller in size. The trend is due to the rise in the number of solo customers and single-person households in Korea.

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BYD to follow AliExpress model for faster inroads into Korea

BYD Korea will adopt a similar strategy to AliExpress by prioritizing the expansion of its initial market share through aggressive pricing even at the cost of a low margin, experts and industry officials said Monday.

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PTKOREA's older adult internship program creates synergy

PTKOREA, a digital marketing service subsidiary of Cheil Worldwide, said Monday that its senior internship program is fostering synergy between the company’s young workforce and older interns, with both groups playing complementary roles in marketing activities targeting older consumers.

Published: 7 days ago

Starbucks Korea to raise prices of 22 beverages

Starbucks Korea announced, Monday, that it will raises the prices of 22 coffee and tea beverages by 200 won ($0.15) to 300 won on Friday, citing soaring ingredient costs and the rising exchange rate due to the weakening Korean currency.

Published: 7 days ago

Trump gov't unlikely to place heavy tariffs on Korea's food exports: agriculture minister

Minister of Agriculture, Food and Rural Affairs Song Mi-ryung said Monday that the new U.S. administration under Donald Trump would not significantly pressure Korea by raising tariffs on its exports of food and related products, actions that could raise retail prices of popular Korean food items in the U.S. market.

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POSCO Future M receives awards from 3 ministries

POSCO Future M said Monday that it recently received awards from the trade, environment and labor ministries for its efforts to promote exports, protect the environment and prevent workplace accidents.

Published: 7 days ago