​BOK freezes key rate at 3.5% amid deteriorating economic outlook

SEOUL -- The Bank of Korea has decided to freeze its key interest rate at 3.5 percent, halting 17 months of continued rate hikes amid the deteriorating economic outlook. The central made the decision on February 23 after holding a Monetary Policy Board meeting. The rate freeze came as the South Korean economy continues to slow down after it began to contract in the fourth quarter of last year amid sluggish exports and sagging domestic demand. Leaving the rate unchanged at the c

February 23, 2023

KAIST partners with Hyundai Motor to co-develop autonomous driving technologies

SEOUL -- South Korea's state research institute has partnered with the Hyundai auto group to co-develop autonomous driving technologies that would allow vehicles to maintain stability during self-driving at high speeds. While autonomous driving features offer drivers a convenient and safe driving experience at low speeds, it is harder for cars' sensors to detect and recognize obstacles such as other cars or pedestrians when moving fast. Sensors including lidar and cameras

February 23, 2023

​Producer prices rose 0.4% in January, driven by soaring electricity charges

SEOUL -- Producer prices rose 0.4 percent last month from December, driven by soaring electricity charges, according to data released by the Bank of Korea (BOK) on February 23. The produce price index increased to 120.29 in January, up 0.4 percent from a month before. The rise came after the index fell 0.3 percent in November and 0.4 percent in December. Compared with the January 2021 figure, the price index jumped by 5.1 percent. "The producer price increase was attribute

February 23, 2023

​KT partners with robot-specialized high school to nurture young scientists

SEOUL -- South Korea's biggest telecom service operator KT has partnered with Seoul Robotics High School to nurture young scientists who specialize in artificial intelligence and robotics. The telecom service provider will deploy AI developers as teachers so that students can learn their know-how. South Korea with a robot industry that stood at five trillion won ($3.8 billion) in 2020 is growing at an average annual growth rate of 3.6 percent. In South Korea, robots are widel

February 22, 2023

LG Uplus to release metaverse platform for young children

SEOUL -- South Korea's mobile carrier LG Uplus will roll out a metaverse-based platform that enables young children to interact with each other and learn about animals and dinosaurs using avatars. The virtual platform incorporated functions capable of filtering profanity while chatting and reporting those who behave inappropriately. LG Uplus (LGU+) said in a statement that the company will release the open beta version of KidsTopia, a metaverse platform for children aged up to

February 22, 2023

​South Korea to lift PCR test requirement for arrivals from China

SEOUL -- South Korea plans to lift a post-arrival PCR test requirement for travelers from China on March 1 as the COVID-19 pandemic has receded, the Central Disaster and Safety Countermeasures Headquarters said February 22. The headquarters affiliated with the Ministry of the Interior and Safety said that the government has decided to scrap the polymerase chain reaction (PCR) test requirement as the pandemic situation in China has been stabilized with Chinese arrivals showing a low

February 22, 2023

Soybean products found to be effective in lowering risk of stomach cancer for men

SEOUL -- Researchers discovered that consuming food products made of soybean lowers the risk of stomach cancer. The protective effect against cancer was high among males with a body mass index of fewer than 25 kilograms (55.1 pounds) per square meter while it was not observed in men with overweight or obesity. According to London-based cancer charity the World Cancer Research Fund International, stomach cancer is the fifth most common cancer in the world. Data released by the Globa

February 22, 2023

South Koreans taking brunt of higher inflation and fewer jobs

SEOUL -- South Koreans are bearing the brunt of pains arising from higher consumer prices and fewer jobs amid the economic slump, according to an analysis of official data by Rep. Kim Hoi-jae of the main opposition Democratic Party (DP) on February 22. Kim said that the so-called misery index jumped to 8.8 last month, hitting the highest since it peaked at 9.2 in July 2022. The index is calculated by adding the consumer inflation rate (5.2 percent) to the unemployment rate (3.6 per

February 22, 2023

​LG Energy Solution ties up with Ford and Koc Holding to build battery plant in Turkey

SEOUL -- LG Energy Solution (LGES), the battery-making wing of South Korea's LG Group, will build a battery plant at an industrial zone near Turkey's capital city to solidify its position in the European electric vehicle market. The factory established through a joint venture with a U.S.-based automobile manufacturer, Ford, and Turkey's conglomerate Koc Holding, would produce batteries for commercial vehicles in Europe. Data released by database company Statista s

February 22, 2023

BTS Jimin to release solo album for first time

SEOUL -- Jimin, a member of BTS, became the boy band's fourth member to release his first solo album, after J-Hope, Jin, and RM. Although the group is taking a hiatus after its agency announced that all members would fulfill their compulsory military service, the 27-year-old has consistently interacted with fans by collaborating with fashion brand Dior and singer Taeyang. "'FACE' is all about Jimin facing himself head-on as he gets ready for his next step as a solo

February 22, 2023