IT giant to exit unprofitable business, form independent in-house company of Daum portal

Posco International said Thursday it has set a detailed growth strategy for further developing its food business and accelerating its transition into an eco-friendly comprehensive company. Posco International first entered the food business in 2015, where it rapidly grew into one of the largest food companies in Korea. Its latest plan aims even higher – becoming one of the top 10 food companies in the world. “We will tackle the challenge of becoming a major global food company by pro

Hyundai Motor Group officials including Executive Chair Chung Euisun (fourth from left) paid their respects to fallen soldiers at the Korean War Veterans Memorial in Washington on April 26, according to the Korea-US Alliance Thursday. Chung laid a wreath at the memorial on behalf of Hyundai Motor Group. He accompanied President Yoon Suk Yeol’s state visit to the United States last week as a member of the Korean business delegation.

SAN FRANCISCO (AFP) -- Meta on Wednesday warned that hackers are using the promise of generative artificial intelligence like ChatGPT to trick people into installing malicious code on devices. Over the course of the past month, security analysts with the social-media giant have found malicious software posing as ChatGPT or similar AI tools, chief information security officer Guy Rosen said in a briefing. "The latest wave of malware campaigns have taken notice of generative AI technology t

South Korea and the United States should strengthen cooperation in nuclear energy trade to counter Russia and China’s dominance of the global market, the Federation of Korean Industries suggested in a report on Wednesday. The FKI said strengthening the bilateral partnership would promote South Korea's advanced nuclear reactor exports and secure a robust nuclear fuel supply chain for the country. The business agency made the proposal based in a report titled the "Korea-US Nuclear

Merck, a leading science and technology company based in Germany, said Wednesday it plans to build a bioprocessing unit in Daejeon, South Korea. Under a three-way memorandum of understanding signed by the firm with Korea's Ministry of Trade, Industry and Energy and the government of Daejeon, they will discuss detailed plans for building the international pharmaceutical company’s new bioprocessing unit that can produce raw materials for drugs. The Trade Ministry and the Daejeon city go

Information technology service provider LG CNS said Wednesday it will accelerate business cooperation in the IT security sector with the Korean unit of US tech behemoth Microsoft. The Korean firm said it became Microsoft’s managed security service provider, offering integrated security solutions from consulting to operations. Microsoft considers a firm’s security business capabilities and growth potential to determine its MSSP partner qualification. The news came after the top manage

Korean Air unveiled a special aircraft dedicated to endorsing Korea’s 2030 Busan World Expo bid during an event held at Incheon Airport on Wednesday. The aircraft, a Boeing 777-300ER, displays the image of world-renowned K-pop idol group Blackpink, bringing attention to and fostering support for the expo bid. “It is a great honor to be part of the nationwide efforts to raise awareness and gather support for Korea’s bid for the World Expo. We will fulfill our role as an ambassad

Samsung Electronics could face its first-ever labor strike as unionized workers have secured the right to legally conduct a walkout after wage talks between the tech giant and unionists fell through. According to industry sources Wednesday, Korea’s National Labor Relations Commission, a government agency under the Labor Ministry, held a steering session to arbitrate the wage deal a day earlier but ended up deciding to stop the talks due to an unbridgeable gap. The Tuesday meeting marks t

Korean people love burgers, but potential buyers hesitate to snap up deals tied to global burger franchises like McDonald's due to rigorous headquarter policies that often spark conflict and hinder growth. McDonald's Korea has been struggling to find a buyer since it has been put up for sale in June last year despite double-digit growth of Korea's hamburger market in recent years. According to market research firm Euromonitor, the hamburger market here was valued at 4 trillion won ($2.9 billion)

Hyundai Motor Group said Wednesday that it has unveiled its new hydrogen-powered heavy-duty electric trucks during the Advanced Clean Transportation Expo 2023. The new XCIENT Fuel Cell Tractor, weighing 37.2 tons, was developed to suit the North American market, where long-distance operations are common. It is equipped with a 180-kilowatt hydrogen fuel cell system.

Companies fear internal data shared with AI chatbots could leak to public

Saudi Arabian Ambassador to Korea Sami Alsadhan expressed hopes for greater cooperation between the two countries beyond construction and energy to smart infrastructure, hydrogen and other new industries at the Global Business Forum held in Seoul on April 26. Korea is a strategic partner in "Saudi Arabia Vision 2030," a reform blueprint to reduce the Middle Eastern country’s dependence on oil, diversify its economy and develop public service sectors such as health, education, i

Kakao Games Corp., the gaming unit of South Korean tech giant Kakao Corp., said Wednesday its first-quarter net profit tumbled 85 percent due to an account loss from its investment in a local developer. Kakao Games logged a net profit of 4.2 billion won ($3.1 million) on a consolidated basis in the January-March period, compared with a net profit of 28.3 billion won a year earlier, the company said in a regulatory filing. Its operating profit plunged 73.1 percent on-year to 11.3 billion won. Sal

SK Geocentric Co., a chemical unit under South Korea's SK Group, said Wednesday it has signed a joint venture agreement with a Canadian partner to build a plastic waste recycling factory in Korea. SK Geocentric and Loop Industries, a Quebec-based company, will establish a 51:49 joint venture in charge of building a depolymerization recycling factory by 2025, the Seoul-based company said in a release. The depolymerization refers to a recycling of waste PET plastics and polyester fiber to the