Corrective measures imposed on SKT, LG Uplus to restrict price hikes, protect consumers

Top-tier South Korean firms such as Samsung Electronics, LG Electronics and Hyundai Motor may have to pay corporate taxes overseas due to the growing worldwide debate on digital tax, raising concerns about its economic impact here, according to experts. According to the Finance Ministry, a debate is underway in the Organization for Economic Cooperation and Development to apply digital tax -- in the form of corporate tax -- on manufacturing companies selling consumer goods, such as smartphones, h

Doosan Mobility Innovation, a subsidiary of South Korean conglomerate Doosan Group, has won two awards from the Consumer Electronics Show 2020 for its fuel cell drones that can fly uninterrupted for over two hours, the company said Sunday.DMI received best of innovation award in the category of drones and unmanned systems, for pushing the limit of drones relying on the short lifetime of rechargeable batteries. Drones powered by lithium-ion batteries can fly 20-30 minutes while DMI’s hydrog

“The most challenging part of getting something out of startup ecosystems is getting into one, and that is 100 percent dependent on you,” said Antti Hammainen from Finland, who gave a keynote speech at this year’s Global Innovator Festa held last week in Daegu. “I mean, you just have to pick yourself up and go there. No one will come and ask you to. Start from little. If you are a young student, like I was three years ago, start from basic stuff. If you already own a star

South Korean and Japanese trade officials are expected to hold their second round of working-level meetings in Switzerland later this month in an effort to resolve the two countries’ ongoing trade dispute at the World Trade Organization, the Korean government said Friday. According to the Ministry of Trade, Industry and Energy, the two countries have agreed to meet Nov. 19 in Geneva. Their previous meeting had ended with minimal results last month.The agreement came after Seoul filed a com

　South Korea’s largest mobile carrier SK Telecom said Friday it has introduced upgraded functions for its smart speaker Nugu, including a voice assistant that sounds like a popular K-pop singer.　Titled “Nugu Celeb Alarm,” Nugu’s new voice command service is based on Irene, leader of girl group Red Velvet. This was achieved via a technology that converts written text into verbal speech, the company said. 　For the service, SKT collaborated with S.M. Entertainment, one of th

Korean Air Lines Co., said Friday it has taken steps to enhance its governance structure and shareholders' value.  Hanjin KAL's board of directors has decided to set up the governance committee and the compensation committee under its wing as part of its broader efforts to improve its governance structure, according to the company.  The governance committee will conduct a feasibility study on management issues directly related to shareholders value before a decision is made a

The first batch of Samsung Electronics Co.'s Galaxy Fold sold out on online stores shortly after its launch in China on Friday, according to industry officials. The Korean tech giant rolled out the Galaxy Fold on online and offline stores in China at 10 a.m. for US$2,293, making it the 24th country where the company has rolled out the foldable device. Jingdong.com, one of China's major e-commerce sites, said the Galaxy Fold sold out in just two seconds, and Samsung said on its Chinese blog that

The heir to Korea’s largest carmaker, Hyundai Motor, said on Thursday that the company’s future is in driving technology innovation for humanity, stressing its rationale behind works for future mobility. “Cities and mobility services were developed for humans from the very beginning,” said Chung Euisun, executive vice chairman of Hyundai Motor Group at the Mobility Innovators Forum 2019, held in San Francisco.“That’s why we are making a wide range of efforts t

　Users of smartphones running on fifth-generation networks used a record amount of data in September, data showed, amid growing demand for mobile content.　The combined amount of data used by South Korean users of 5G mobile devices reached 87,928 terabytes, according to the data released by the Ministry of Science and ICT.　Since the number of 5G subscribers totaled 3.46 million that month, the figure translates to 25.97 gigabytes per user. A two-hour high-definition movie file has around 2 gigaby

Bidders for the sale of Asiana Airlines, the nation’s second-largest air carrier, threw their hats in the ring Thursday for a last chance, raising market expectations as to the fate of the cash-strapped company. Kumho Industrial has put a 31 percent stake in Asiana Airlines up for sale. Three bidders -- Aekyung Group, Hyundai Development Company and Korea Corporate Governance Improvement -- submitted applications. Kumho and Credit Suisse, the lead manager of the sale, are expected to under

Kakao’s third-quarter revenue reaches a record 783.2 billion won ($672 million) thanks to remarkable growth in its ad business on KakaoTalk

The fourth World Aviation Conference was held in Incheon this week, bringing together global aviation experts to share current issues and the future of the global airport and aviation industry, according to the Incheon International Airport Corp. on Thursday.The annual conference hosted by IIAC has been taking place since 2016 to provide a venue for relevant international organizations, academia and industry to discuss diverse issues of the aviation industry.At this year’s forum held from

Chairman meets with Mexico’s president for business cooperation

Posco Chairman Choi Jung-woo on Thursday stressed the importance of forging business partnership in nonsteel sectors for the advancement of technology and sustainable future.Highlighting recent changes in the business landscape amid a slowing economy, Choi also said the steelmaker’s plan to expand its role in community is a way of defining its corporate identity.  “Business environment has been deteriorating more than ever with the nation’s slowing economy showing no sign