Incheon Port Authority (IPA) announced on Feb. 23 that it successfully held port sales events in Singapore and Thailand for five days from Feb. 18 to 22, which were led by Lee Jeong-haeng, vice president of the Operations Division.The IPA sales team visited global shipping companies’ Asian headquart
Domestic banks’ payment networks will be opened to outside non-bank financial companies to facilitate the creation of innovative financial products such as the simple money transfer app “Toss.” The fee for using the inter-bank payment networks will also be lowered by 90 percent.The Financial Service
The Ministry of Science and ICT announced on Feb. 26 that a new manpower training project would be launched to cover the fields of Industry 4.0 such as artificial intelligence (AI), cloud computing, big data, augmented reality (AR), virtual reality (VR), blockchain and fintech.A total of 7.9 billion
The Ministry of Science and ICT announced on Feb. 26 that it would work on a technological roadmap for the hydrogen economy with the Ministry of Economy and Finance, the Ministry of Trade, Industry and Energy, the Ministry of Environment, the Ministry of Land, Infrastructure and Transport, and the M
Jang Jeong-min, governor of Ongjin County, expects easing military tension on the Korean Peninsula will lead to the creation of a peace zone and a joint fishing area of both Koreas in the West Sea in the near future. In addition, he hopes improved relations between the two Koreas will make it more d
Huawei has unveiled its 5G foldable smartphone named Huawei Mate X.The Huawei consumer business group unveiled five smart devices, including Huawei Mate X, on Feb. 24, the day before the opening of the world's largest mobile expo MWC 2019 held in Barcelona, Spain.With Samsung electronics’ fold
Last year’s South Korea's insurance firms saw their combined net profit decrease by 580 billion won (US$517.86 billion), or 7.4 percent to 7.27 trillion won (US$6.49 billion), compared to the previous year,The combined net profit of life insurers stood at 4.03 trillion won (US$3.60 billion) in 2
LS Cable announced on Feb. 25 that it would supply submarine cables to Brazil for the first time as a Korean company.LS Cable will supply ultra-high voltage submarine cables and underground cables to the island of Santa Catarina, a resort town in southern Brazil by way of an agreement with ISA CTEEP
Daewoo Shipbuilding & Marine Engineering (DSME) is also landing orders for liquefied natural gas (LNG) carriers even amid news reports that Hyundai Heavy Industries is likely to take over DSME. This year, DSME has already received orders for nine vessels including three very large crude oil carriers
The Financial Action Task Force (FATF) will tighten the supervision standards on cryptocurrency exchanges. It has decided to maintain the highest level of sanctions on North Korea which does not comply with the international standards set by the FATF as it is now.The Financial Services Commission (F
The proposed regulatory reform in the Korean biotech sector is going nowhere due to hardline policy of related ministries, parliamentary inaction and opposition from civic groups. In particular, the Ministry of Health and Welfare maintains a tough certification standard with regard to direct to cust
Hyundai Motor's luxury brand Genesis placed second in a U.S. brand ranking for passenger cars, surpassing Porsche, Audi and BMW.The Genesis earned 80 points out of 100 to rank second in the Brand Report Card for 2019, which was published by Consumer Reports of the Consumer Federation of America.
Chinese funds, which showed a steady decline last year, have been recovering from the beginning of this year. They made some 20 percent of loss last year but are now making a double-digit return rate this year. Renewed optimism over the trade negotiations between the United States and China and expe
South Korea’s household debt increased nearly 6 percent on-year last year, hitting a new high. It showed a slower pace of growth due to government policies aimed at easing the household debt problem, such as the introduction of stricter loan screening. However, it still increased at a faster pace th
Deputy Prime Minister for the Economy and Finance Minister Hong Nam-ki said the government is considering lowering the securities transaction tax, stressing that abolishing it is out of the question.Hong made the remarks during an interview with Yonhap News at the Government Complex Seoul on Feb. 22
The National Research Foundation of Korea (NRF) and Korea Intellectual Property Strategy Agency (KISTA) announced on Feb. 24 that the United States led global patent applications from 2012 to 2016 in the fields of artificial intelligence (AI), the Internet of Things (IoT), big data, cloud computing
Hyundai Merchant Marine (HMM) president Yoo Chang-keun and Daewoo Shipbuilding & Marine Engineering (DSME) president Chung Sung-rip expressed their intention to resign more than two years ahead of their tenure. At present, Korea Development Bank (KDB) is the largest shareholder in each of the compan
Growth in South Korea’s labor productivity per worker in the manufacturing sector dropped from 7 percent to 2.8 percent a year between the periods preceding and following the global financial crisis of 2009. The latter figure is lower than China’s 8.6 percent, Japan’s 4.1 percent, Germany’s 4 percen
Korea Aviation Engineering & Maintenance Service (KAEMS) has started providing aircraft maintenance service.KAEMS was established by Korea Aerospace Industries (KAI) in 2017 for aircraft maintenance, repair, and overhaul (MRO).The company held a ceremony on Feb. 21 at its headquarters in Sacheon, So
SK Hynix has submitted a letter of intent to Yongin City, Gyeonggi Province, disclosing its intention to create a semiconductor cluster by investing 120 trillion won (US$106.5 billion).The letter, which was sent to the city government on Feb. 21, demonstrated the company’s intention not be swayed by