GS Engineering and Construction said Tuesday it has deployed artificial intelligence-based robot Xibot to facilitate non-face-to-face show house tours of its new apartments. According to the Korean construction company, Xibots will give visitors show house tours of its new apartments that will on sale staring next month: DMC Art Foret Xi, DMC Fine City Xi and DMC Central Xi. Xibot is based on LG Electronics’ autonomous driving-based serve bot CLOi, which has ISO 13482 certification,

The global carmaker Volvo is rejuvenating its brand image in South Korea via successful collaborations with popular dramas and variety shows. In the currently airing tvN drama “It’s Okay to Not Be Okay,” starring Seo Ye-ji and Kim Soo-hyun, Volvo’s premium sports utility vehicle XC90 and S90, a mid-sized luxury sedan, are heavily featured, gliding along the coastal roads of Goseong, Gangwon Province. The Volvo cars have also stood out on other TV programs, with popula

Budget airlines turn to in-country flights to cope with impact of coronavirus

South Korea’s largest steelmaker Posco vowed to strengthen efforts to contribute to society on Tuesday as it announced the Corporate Citizenship Management Standards, a guideline for its employees in pursuing its principles of corporate citizenship. Posco said it held a strategic conference for the first half of 2020, during which CEO Choi Jeong-woo went over the performance on this front in the past two years. Addressing the difficult industry situations amid the COVID-19 pandemic, Ch

Daewoo Engineering and Construction said Tuesday it is entering the electric vehicle charging infrastructure industry by investing in Humax EV. The construction company said it has decided to purchase a 19.9 percent stake in the firm that specializes in the segment, as part of its Build Together Startups Program, designed to make investments in future promising firms to expand into new business sectors. Daewoo E&C has established a department for new business sectors, and invested in ast

SK Group has solidified its market valuation -- just behind No. 1 South Korean conglomerate Samsung Group -- due to the initial public offering of its bio units, according market tracker FnGuide on Tuesday. As of Friday, its listed affiliates had a combined market cap of 120 trillion won ($100 billion), while Samsung Group had 480 trillion won. SK Biopharmaceuticals, which was listed on July 2, recorded 15 trillion won in market cap. Accordingly, SK Corp., which owns 75 percent of SK Biopha

Hyundai Motor confirmed Tuesday it is seeking to acquire General Motors’ production facility in St. Petersburg, Russia. “We are discussing acquisition of the plant with GM,” a Hyundai official said. The South Korean carmaker has sought approval from the antitrust agency in Russia, an essential measure to take over the factory. The agency will decide on granting permission if it does not violate the law. The St. Petersburg plant opened in 2008 with an investment of about $30

While US-based Intel has maintained the top spot in the global semiconductor market in terms of sales and operating profit in the first half of 2020, South Korea’s No.1 chipmaker Samsung Electronics seems to be falling behind of its Taiwanese rival TSMC. Although Samsung outstripped TSMC in terms of sales, raising an estimated 36 trillion won ($30 billion) in the first six months of the year, the Korean chipmaker is expected to achieve a smaller operating profit of 9.3 trillion won than

The Fair Trade Commission has postponed its decision on Apple’s corrective measures regarding its unfair practices in business with Korean mobile carriers, according to the antitrust watchdog on Tuesday. The FTC has been deliberating Apple’s consent order, applied on June 4 with the intention to close the case by taking self-corrective measures. “Due to the prolonging discussion on the details of the matter, the FTC has decided to put off the deadline for its decision, whic

Celltrion’s anti-inflammatory biosimilar Remsima SC, which is injected under the skin, gained approval from the European Medicines Agency as a treatment for inflammatory bowel disease. Remsima SC contends to be a biobetter, as the upgraded method of administration enables patients to self-administer the drug at home. Amid the ongoing COVID-19 pandemic, which has disrupted conventional hospital drug dispensing systems, Remsima SC’s convenience is being seen in a new light. Celltr

Taihan Electric Wire said Monday it has signed a 92.5 billion won ($77.3 million) contract with the UK’s National Grid to supply underground cables and accessories for the London Power Tunnel 2. It is the largest electric grid project to be undertaken by a Korean cable manufacturer in the country, and the company had to fend off stiff competition from other bidders. The bidding process lasted for over a year. “We are excited that we will play a big part in this large-scale, long-te

Market pessimism over HDC Hyundai Development Company’s purchase plan of the country’s second-largest airline grew Monday, with Asiana Airlines stocks plunging. Shares of the airline closed at 3,560 won ($2.98) on Monday, down 2.86 percent from the previous session. However, HDC shares remained almost unchanged and were being traded at 33,100 won. The drop in stock price comes as HDC, which leads a consortium with Mirae Asset Daewoo to take over Asiana, called for another round of

SK Telecom on Monday unveiled an augmented reality-powered application designed to let visitors experience life in Seoul’s Changdeokgung 600 years ago. Changdeokgung, built in 1405 as one of the Joseon era’s main royal residences, is listed among UNESCO’s World Heritage Sites.　 According to SKT, visitors to the royal palace can download the mobile application ARirang and use it as a virtual tour guide starting Tuesday. The mobile carrier said it created the AR content in c

Korean EV battery makers opt for different expansion strategies

LG Electronics said Monday it won’t quit its solar module business, denying rumors that it has been searching for a financial advisor since last year to sell off the business. In response to recent local media reports that it is considering to sell off its solar module business due to a lack of price competitiveness against cheaper Chinese modules, the home appliance giant said such claims are unsubstantiated. “LG Electronics is currently injecting tens of millions of dollars i