Korean tourists' total spending on overseas group tours posted the sharpest increase last month in 13 years, according to Statistics Korea on Tuesday, mainly due to rises in accommodation and flight costs. Consumer prices for overseas group tours in October showed a 15.9 percent increase from the same month last year, data from the Korean Statistical Information Service showed. Although the figure has been on a constant rise in recent months, advancing from 5.7 percent in August to 12.6 per

Kosdaq market experiences increased volatility, another sidecar halt

Hyundai Engineering & Construction said Tuesday it has completed the basic design of the nation’s first water electrolysis-based hydrogen production plant. Since last year, the company has been working on the new plant located within an industrial complex in Buan, North Jeolla Province, as part of a project promoted by the Ministry of Trade, Industry and Energy. Converting electricity into hydrogen by splitting water is a promising strategy that addresses the issue of excess renewable

Samsung Electronics co-CEO Kyung Kye-hyun, who oversees the tech giant's chips business, called on experts to conduct more in-depth research on the safety, trustworthiness and sustainability of artificial intelligence in line with rapid advancements in technology. “The spotlight has recently shifted toward generative AI technology, as it provides us the potential to unlock new solutions and address long-standing challenges. But the need for in-depth research on the safety, trustworthi

The American Chamber of Commerce in Korea on Tuesday hosted the AmCham SME Collaboration Forum in Seoul to explore diverse collaboration opportunities between global companies and Korean small and medium-sized businesses in the evolving field of artificial intelligence. Several key government officials from South Korea and the US, including Rep. Ahn Cheol-soo of the ruling People Power Party, and Andrew Gately, minister counselor for commercial affairs from the US Embassy in Seoul, attended th

LX Holdings Chief Executive Officer and Vice President Roh Jin-seo has been promoted to president in a regular personnel reshuffle, the business group announced Tuesday. A close confidante of the group’s chairman Koo Bon-joon, Roh served as the chief strategy officer in the holdings company before he took on the CEO position last March. “Roh led the growth of the group by coming up with strategies to strengthen business competitiveness and reorganizing the business portfolio. He also

Samsung SDI said Tuesday it is bolstering ties with Volvo Trucks as the two companies celebrate the fifth anniversary of their partnership this year. Samsung SDI CEO Choi Yoon-ho and Martin Lundstedt, CEO and president of Volvo Group, as well as other company officials participated in the celebratory event held at the Korean battery maker’s Cheonan plant in South Chungcheong Province last month. Aside from battery-powered trucks, the two vowed to enhance their partnership on constructi

The engineering and construction division of Samsung C&T Corporation is taking part in the “2023 Smart City Expo World Congress” held in Barcelona to showcase its innovative smart city model ideas, the company said Tuesday. Kicking off Tuesday, SCEWC is the world’s biggest expo on urban innovation, serving as a meeting point between industry and government leaders. This year, the E&C division of Samsung C&T is presenting a smart city model jointly developed with its

LG Group is launching 2,030 buses, dubbed Busan Expo Bus, in Paris to promote the South Korean port city’s bid to host the 2030 World Expo. The conglomerate will ramp up the promotional activities in the French capital until Nov. 28, when the host city of the upcoming expo is to be decided in a vote during the 173rd General Assembly of the Bureau International des Expositions. (LG Group)

How Koreans in their 20s and 30s get real produce by playing mobile games

Despite soured inter-Korean relationship, South Korean banks see potential benefits of maintaining business licenses with minimal costs

South Korea regained the top spot in new global shipbuilding orders for the first time in three months in October, industry data showed Tuesday. Local shipyards clinched orders totaling 1.54 million compensated gross tons to build 18 ships, accounting for 62 percent of the global total of 2.49 million CGTs last month, according to London-based Clarkson Research Services. The world total decreased 44 percent from the same month a year earlier. China placed second with 820,000 tons to construct 34

LG Uplus Corp., South Korea's No. 3 mobile carrier, said Tuesday its third-quarter net profit decreased 8.3 percent from a year earlier despite overall growth in sales due to an increase in costs, in particular, electricity rates. Its net income stood at 156.7 billion won ($120.8 million) in the July-September period on a consolidated basis, compared with 170.8 billion won for the same period last year, the company said in a regulatory filing. Operating income was 254.3 billion won, down 10

South Korean battery maker SK On said Monday it has clinched a deal with Swedish carmaker Polestar to supply its premium electric vehicle batteries. Under the agreement, the battery manufacturer will supply nickel, manganese and cobalt (NCM) batteries for the Polestar 5, the full-electric version of the carmaker's four-door coupe, from 2025. The size of the deal was not disclosed. The company said the partnership shows that the demand for high-performance NCM batteries is still high in the

South Korean energy and environmental solutions provider SK Ecoplant said Monday that it signed a partnership with Lumcloon Energy, an Irish power generation firm, to supply solid oxide fuel cells for a new data center in Castlestown, Ireland, marking a step toward greener energy utilization in European data centers. On Thursday, SK Ecoplant had a signing ceremony with Lumcloon Energy to integrate fuel cell technology for a new data center located approximately 80 kilometers west of Dublin. This