Only around 5 percent of South Korean companies make use of "big data" in their businesses, far lower than 29 percent of global firms, recent surveys showed.Among local firms with 100 employees or more, 4.3 percent were using big data, which is large volumes of instant digital data, as of October last year, according to South Korea's National Information Society Agency.The rate was 9.6 percent among those with over 100 billion won ($85 million) in revenue.A majority of companies said they feel n

LG International Corp., the trading arm of South Korea's LG Group, said Friday that it has signed a tentative deal with the Iranian government to cooperate in developing electric vehicles and establishing necessary infrastructure.Under the deal, LG International will work with local companies to develop electric vehicles and build charging stations. They also agreed to produce about 60,000 units of EVs by 2023.Other details on the terms of the agreement were not known.Both sides are seeking to f

Hyundai Motor Group, South Korea's auto giant, has unveiled photos of a wearable robot that can be applied in plants, national defense and many other areas, group officials said Friday.The robot that one can wear by simply buckling into it is reminiscent of the suit seen in “Iron Man,” a Hollywood blockbuster movie. It has been developed by major affiliates of the auto giant including Hyundai Motor Co., Kia Motors Corp. and Hyundai Rotem Co., according to the officials. Some photos of the robot

South Korea's central bank kept its key rate steady at 1.5 percent for the month on Friday, extending its wait-and-see mode for the 11th consecutive month.The Bank of Korea has stood pat on the policy rate since June 2015 after sending it to a record low level to help bolster growth in Asia's fourth-largest economy.Friday's decision by the BOK monetary policy board comes amid continued signs of a sagging economy.South Korea's exports have fallen every single month since the start of last year, p

A feud between brothers who formerly ran Kumho Group entered a fresh round with the younger brother trying to stop a merger that would hand over a lucrative affiliate to his elder sibling, corporate watchers said Friday.Kumho Petrochemical, run by younger brother Park Chan-koo, recently made an official demand to stop the merger between Kumho Terminal and Kumho & Company, calling the deal a grave negligence. Kumho Petrochemical chairman Park Chan-koo (left) and Park Sam-koo, chairman of Asiana A

South Korean stocks opened slightly lower on Friday as investors took a wait-and-see approach ahead of the central bank's rate-setting meeting.The benchmark Korea Composite Stock Price Index fell 0.43 points, or 0.02 percent, to 1,977.06 in the first 15 minutes of trading. Investors remained on the sidelines as the Bank of Korea is to hold its monetary policy meeting. It is widely expected to keep its rate unchanged for May.The local currency was trading at 1,171.6 won against the U.S. dollar, d

The 19th Korean speech contest took place on Thursday at Kyunghee University’s Crown Concert Hall in Seoul, with the best prize going to Uzbekistan student Rakhimboboev Bakhtiyor.According to the Institute of International Education at Kyunghee University, 1,325 people from 43 countries applied to participate in this year’s event. From this number, 68 made the cut at a preliminary round last month.(Yonhap)A majority of them were international students studying in Korea, but some were practicing

The 10th rose festival at Ulsan Grand Park will open next Friday. According to the Ulsan city government, it is the largest festival of its kind, with more than 263 kinds of roses that will be arranged for the occasion in a space larger than 44,000 square meters.  (Yonhap)The city said it has prepared a parade and a musical as part of efforts to establish its festival as a prime rose festival of the country. The opening ceremony will take place at 7 p.m. with a “Rose Queen Fantasy Parade” and a