South Koreans’ overseas card spending declined 14.8 percent in the third quarter from three months earlier as the government tightened rules on withdrawals of money from automatic teller machines and the won depreciated against the dollar, central bank data showed.  　According to the data by the Bank of Korea, the amount of money spent overseas by South Koreans with cards, including credit and debit cards, came to $2.88 billion in the July-September period, down from $3.37 billion

A new breakthrough in semiconductor design jointly developed by global tech giants IBM and Samsung Electronics could allow phone batteries to hold a charge for a week, according to the companies on Wednesday. This architecture -- which, in essence, is to align transistors vertically on a semiconductor chip -- has the potential to reduce energy usage by 85 percent compared to a conventional scaled fin field-effect transistor by allowing greater current flow with less wasted energy, IBM said. I

K Auction, South Korea’s second-largest auction house by revenue, said Wednesday that it plans to go public early next year, having submitted a prospectus for a 32 billion-won ($26 million) listing on the junior Kosdaq exchange. K Auction expects to offer 1.6 million shares at an indicative range of 17,000-20,000 per share, which would raise between 27 billion won and 32 billion won. The company said it will finalize the price range by December after consulting with institutional investor

Hyundai Glovis, the logistics arm of Hyundai Motor Group, became the first global shipping company to secure an exclusive shipping space in the port of Bremerhaven, Germany, Europe’s largest automobile shipping port. Hyundai Glovis announced Wednesday it will establish a 100,000 square-meter open storage yard, big enough to store around 5,000 cars, and three berths in the port of Bremerhaven. The company sealed a contract with BLG Logistics Group that manages the terminals at the port to

 Audi Korea sold a total of 21,242 cars from January to November this year, becoming the third-best-selling imported carmaker in Korea, the automaker said Wednesday. According to Audi Korea, it launched various premium and high-performance models such as sedans, SUVs, and electric vehicles this year to enhance its brand image in South Korea as a premium mobility brand. The carmaker accumulated its EV line up in South Korea by launching the Audi R8 V10 Performance in February, followed by

Trade Week 2021 ended its four-day run on Friday, connecting local small and medium sized enterprises with foreign buyers and inviting experts to share insights on globalization strategies. Organized by the Seoul Business Agency, the event offered various business opportunities for participating small enterprises through programs such as online business matching with foreign buyers, live commerce sessions and product launch events. Local daily necessities maker CM Company inked a deal with

LG Group’s chemicals and battery units, LG Chem and LG Energy Solution, said Wednesday that they had acquired a 2.6 percent stake in Canadian battery recycling company Li-Cycle Holdings by investing 30 billion won ($25.3 million) each. Li-Cycle, based in Toronto, operates North America’s largest lithium-ion battery recycling facility. The firm recycles waste from the EV battery manufacturing process and recovers battery metals for reuse. The Canadian firm recently issued new shar

SK Group Chairman Chey Tae-won made a rare appearance in a session held by the nation’s top antitrust watchdog to defend his controversial stock purchase in 2017, when SK acquired a silicon wafer unit from its crosstown rival LG Group.  The Fair Trade Commission has reviewed the case over allegations that SK Inc., the holding company of SK Group, deliberately helped its chairman purchase the stock at a cheaper price to benefit from hefty dividends.  The deliberation session was

Delivery app Baemin begins door-to-door unmanned delivery service

Korean automaker ranks 4th in global sales from January to September

Samsung Electronics Co. retained the top spot in the global smartphone market in the third quarter of the year, a report showed Wednesday. The world's largest smartphone maker held a market share of 20 percent in the July-September period, followed by Apple with 14 percent and Xiaomi with 13 percent, according to a report from market researcher Counterpoint Research. During the three months, the South Korean tech giant shipped 69.3 million smartphones, up 20 percent from the previous quarter

New memory chip features industry’s largest density tailored to data centers, servers

Kakao Brain, the artificial intelligence technology research and development subsidiary of Kakao, said Wednesday it has launched its second AI model that self-generates images, allowing the company to quickly expand its presence in Korea’s mammoth AI space. The AI model, dubbed “minDALL-E,” creates images the users wish to see, according to the company. For instance, when users type in requests such as “draw a picture in a Salvador Dali style” or “create an

Korea Aerospace Industries Co. (KAI) said Wednesday it has received a 180 billion-won ($152 million) deal to supply parts and maintenance services to the T-50 trainer jets operated by the Korean military. Under the deal signed with the Defense Acquisition Program Administration, the country's sole aircraft manufacturer will provide parts to the T-50 advanced trainer jets, the FA-50 light attack aircraft and the TA-50 lead-in fighter aircraft until July 2025, the company said in a statement. &

Samsung Electronics Co. and LG Electronics Inc., South Korea's two biggest consumer electronics companies, will unveil a slew of innovative products at the upcoming Consumer Electronics Show (CES) set to open early next month in Las Vegas. The two companies are among the approximately 1,700 businesses from around the world and about 300 South Korean companies that will attend the event to showcase their consumer electronics and latest technologies, promising to change the way people live their