Latest news
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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
February 1, 2023 -
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
February 1, 2023 -
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
February 1, 2023 -
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
February 1, 2023 -
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 largest portal 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 attending a pr
February 1, 2023 -
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
February 1, 2023 -
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
January 31, 2023 -
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 the 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 i
January 31, 2023 -
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
January 31, 2023 -
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
January 31, 2023
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PHOTOS: Red Cross holds charity bazaar in Seoul
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South Korean man held in China on alleged espionage charges
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VISUALS: Korea marks 2nd anniversary of Halloween crowd crush
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Rosé of BLACKPINK makes top 10 entry on Billboard singles chart
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Israel's allies call on Israel to rethink proposed ban on UNRWA's vital aid
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North Korea's troops in Russia moving to frontlines, spy agency speculates
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POSCO, JSW Group to build steel mill in eastern India
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Egypt to lead ceasefire mediation amid Israel-Hamas conflict
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North Korean foreign minister travels to Russia amid deepening military ties
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Zelensky warns of 12,000 North Korean troops in Russia 'soon'