Since I took office as vice minister for science, technology and innovation, many of the opinions suggested by the research community called for improvement of the "preliminary feasibility study system for national research and development projects,” hereafter referred to as the “R&D pre-feasibility study.” Suppose a huge R&D project had been planned to develop high-performance technologies and state-of-the-art infrastructure in line with global trends. But when th

　South Koreans’ use of internet banking services grew 6.9 percent in the first half of this year from six months earlier as customers preferred financial services through mobile devices, central bank data showed. 　The daily use of online banking services, including mobile banking, reached 18.82 million cases in the January-June period, compared with 17.61 million in the second half of last year, according to the data from the Bank of Korea. 　The value of daily transactions through inter

With SKYCovione, SK Bioscience CEO pins hopes on introducing Korean biotechnology to global market

SoftBank Group Corp. CEO Masayoshi Son arrived in Seoul on Saturday to meet business leaders, including Samsung Electronics Vice Chairman Lee Jae-yong, on a possible deal involving UK chip designer Arm. His visit comes after the Samsung chief hinted at their planned meeting late last month upon arrival from a business trip to the UK, where Arm is based. In the next day, Son also confirmed the meeting, saying he planned to discuss a strategic alliance with Samsung on Arm. Their possible meet-up r

South Korean grandparents gifted their grandchildren aged one or under around 99.1 billion won ($68.8 million) last year, a recent report showed Monday. According to a report based on data from the National Tax Service, the total amount of financial gifts transferred to children up to a year old from their grandparents last year jumped approximately threefold compared to 2020. The case where grandparents who gift financial assets to grandchildren, those who are more than one generation below tha

South Korean food giant SPC Group said Sunday its coffeehouse-to-bakery brand Paris Baguette has ranked 25th among the best franchise brands evaluated by the US-based magazine Franchise Times. According to the Franchise Times Top 500, an annual ranking of the largest franchise brands by sales in the US, Paris Baguette's ranking jumped 13 spots from last year's 38th. Its ranking is the highest among Korean brands in the list this year. “Our 77 years of baking know-how, efficient bakery mana

US electric vehicle maker Tesla plans to develop its own vehicle diagnosis system for the first time and apply it to all Tesla models sold in South Korea from October next year, instead of going through mandatory safety checks conducted by the local authority, drawing concerns among the public as Tesla could hide fatal technical glitches on purpose. According to Korea Transportation Safety Authority data obtained by Rep. Park Sang-hyuk from Democratic Party of Korea on Monday, Tesla plans to a

South Korean auto parts and mobility solution maker Hyundai Mobis said Monday that it has developed a 5G-based communication module for cars, a core part for autonomous driving and connected car systems that enables real-time, large-volume data processing. According to Mobis, the new module combines communication and memory functions, as well as a radio frequency circuit and GPS, based on ultra-high speed, ultra-low latency and hyper connectivity technology. The company will apply this 5G comm

GS Group's convenience store chain GS25 said Monday it has opened its 100th outlet in Mongolia since its entry into the East Asian country 16 months ago. GS25 aims to expand the number of outlets in Mongolia to more than 500 by 2025 by launching more customized food products. For its expansion in Asia, the company entered Vietnam in 2018 and currently operates 186 outlets in the Southeast Asian country. BGF Retail's CU was quick to enter the Mongolian convenience store market. CU opene

Antitrust regulators in the United States and Britain may decide next month whether to approve a deal by South Korea's largest carrier Korean Air Lines Co. to buy its smaller rival Asiana Airlines Inc., industry sources said Sunday. Currently, antitrust regulators of five nations, including the European Union, China and Japan, are reviewing Korean Air's combination with Asiana. The company has received approval from nine other countries, including South Korea. Seoul's regulator gave conditiona

South Korea is expected to post a record high trade deficit of nearly $50 billion this year due to high global energy costs, a report by a private think tank showed Sunday. The country's trade deficit is likely to reach around $48 billion for this year, the largest-ever shortfall since related trade data was compiled in 1964, according to the report by the Korea Economic Research Institute (KERI). The estimated deficit would more than double the $20.6 billion in trade deficit logged in 1996,

Expanding economic ties between South Korea and China is one of top priorities the Chinese Communist Party will discuss at its October congress, Chinese Ambassador to South Korea Xing Haiming said Thursday. “The economic ties bringing the two countries closer than ever should be a stepping stone to enhanced cooperation on supply chains,” Xing told a forum hosted by the Korea International Trade Association to celebrate 30 years of the Korea-China diplomatic ties. Steps China plans to

Hyundai Motor Group’s hydrogen fuel-cell trailer drone concept Trailer Drone won the 2022 Red Dot Design Concept Luminary award, according to the company on Friday. It is the first time the South Korean automaker won the Luminary award, the highest level of recognition accorded at the Red Dot Award, it added. The Trailer Drone concept is a hydrogen-powered container transportation system capable of operating fully autonomously, with a double e-Bogie configuration. An e-Bogie serves as a pl

  LG Group Chairman and Chief Executive Officer Koo Kwang-mo called on some 30 executives across Korea's fourth-largest business group to define the future of customer experience, and the start of it could be identifying who their future customers will be. "LG's key to having an upper hand in the future lies in our unique customer experience, products, solutions and brand value," Koo told executives at a workshop with executives on Thursday in Gwangju, Gyeonggi Province. "Thi

South Korean nationals traveling through South Korea’s airports are expected to enjoy wider access to a new check-in system that works with biometric information obtained through palm vein recognition technology. The Korea Financial Telecommunications and Clearings Institute (KFTC) said Friday it had signed a business agreement with the Korea Airports Corporation and nine major financial corporations to operate the new biometric check-in system at 14 gateways across the country. Incheon Ai