South Korea's Financial Services Commission on Monday announced that it will mandate big tech companies with financial services to establish disaster recovery centers. The new regulation plan came in the wake of Kakao’s extensive internet, banking and messenger service disruption caused by a fire at SK C&C’s data center in October. During the FSC’s fifth financial regulatory innovation meeting, it decided to establish a new task force during the first half of next year

Pangovernmental efforts pledged for trade surplus, energy security

Hefty liquor taxes, cheap soju keep whiskey prices high despite soaring demand

Hyundai Motor has sponsored 107 million won ($84,300) to host Christmas parties and deliver holiday gifts for some 1,200 children at 32 child welfare institutions across S. Korea, the carmaker said Tuesday. Dubbed "Santa Expedition," Hyundai Motor has conducted the year-end social contribution program annually since 2016 in collaboration with ChildFund Korea to give gifts to a total of 4,700 children in the country. (Hyundai Motor Group)

Global shipments of foldable smartphones shot up more than 60 percent in the third quarter this year, despite the stagnant smartphone market, owing to high sales of Samsung Electronics’ foldable devices, according to industry tracker Counterpoint Research on Tuesday. From July to September, foldable smartphone shipments worldwide surged about 63 percent on-year to 6.08 million units. Although the global smartphone market posted stagnant sales, foldable items accounted for 2 percent of th

NCSoft’s first console title “Throne and Liberty” will be a “play for all” title that can revive the authentic feel of a massively multiplayer online role-playing game, or MMORPG, the South Korean game maker’s CEO said Tuesday. “Throne and Liberty has been developed as a ‘play for all’ game that everyone can enjoy. The PC and console platforms can express the characteristics of TL and make it fun. The value and feel of an MMO that can’t

SK Inc., the investment arm of SK Group, said Tuesday it received an AAA rating from the Morgan Stanley Capital International ESG Ratings. The MSCI ESG Ratings assess 3,077 firms globally and ranks them based on their ability to manage environmental, social and corporate governance risks. It groups the firms into three categories: leader, firms with AAA and AA ratings; average, A, BBB and BB; and laggard, B, CCC. SK Inc. became one of only two South Korean companies in 2022 to receive the highes

As the annual Consumer Electronics Show is slated to open in Las Vegas next week, a South Korean team is gearing up for an attention-grabbing autonomous driving competition. "It is very meaningful to participate in the event and try to solve technological challenges of making autonomous driving cars faster and safer," Shim Hyun-chul, a professor who leads Team KAIST, told Yonhap News Agency via phone on Monday. Shim's team, consisting of a handful of graduate students from the lab

China's antitrust regulator has approved Korean Air Co.'s integration with smaller local rival Asiana Airlines Inc., with approval yet to come from four countries, Korean Air said Tuesday. The Ministry of Commerce of the People's Republic of China has demanded the merged Korean Air-Asiana entity reduce its market share due to competition concerns, Korean Air said in a statement. In response, Korean Air submitted solutions to a possible monopoly on nine routes between the two count

Companies deny buyout talks now, but rumors continue to linger as Hanwha’s dream of becoming ‘Korean Lockheed Martin’ remains

Use-by date, not sell-by date, to be adopted from next year, with milk being the only exception

South Korean battery makers are luring tech talent in the US with big welfare benefits and other hefty incentives to fuel their growth momentum in the burgeoning electric vehicle market, industry sources said Monday. Starting from Jan. 1, LG Energy Solution, the largest battery maker here, will extend its medical welfare policy by offering free health insurance to some 2,000 employees working at its Michigan plant along with their family members. Currently, the company covers insurance for denta

The South Korean government will consider increasing public utility fees for the following year to offset widening deficits in the electricity, gas and subway sectors. While the government is set to announce its plan on raising utility prices on electricity and gas within this week, Seoul subway fares are also expected to go up after a yearslong freeze. According to the Ministry of Trade, Industry and Energy and the Ministry of Economy and Finance on Monday, the two government bodies are at the

Hyundai Heavy Industries Group said Monday it is rebranding as HD Hyundai, opening a new chapter in its 50-year history as the nation’s top shipbuilder. The group also unveiled its new mission for the future -- to “pursue innovation that leads the era, and constantly challenge itself to pioneer the future of humanity” -- during its 50th anniversary ceremony held at a research and development center in Pangyo, Gyeonggi Province. It presented a vision for each of its three key bu

The Korea Agro-Fisheries and Trade Corporation (aT) said Sunday it had hosted the “Korean Premium Strawberry Launching Show” on Dec. 16, in Hanoi, Vietnam, together with Korea’s Ministry of Agriculture, Food and Rural Affairs and integrated strawberry export organization K-Berry. The event invited local food importers, online influencers, and retail firms to introduce them to different Korean strawberry breeds. Participants were able to try samples of four Korean premium strawb