Samsung Electronics Co. has launched its sixth artificial intelligence (AI) research center, located in New York, which will focus on robotics research, the company said Sunday.The tech giant is seeking to strengthen its AI capabilities and has opened research institutes in South Korea, Britain, Can
U.S. activist fund Elliott Management has further tightened the screws on Hyundai Motor Group, calling on the South Korean automaker to adopt a fresh restructuring plan.Raising objections to Hyundai's earlier plan to streamline its ownership structure, the U.S. entity has called for it to adopt
South Korea's consumer protection agency will sign a memorandum of understanding with its counterparts in the Chinese territory of Macao and Mongolia soon, its head said Friday, in the latest move to better protect locals who use overseas online shopping malls.Lee Hee-sook, president of the Kore
The state-run Korea Gas Corp. (KOGAS) said Friday it will start test runs of a liquefied natural gas (LNG)-powered truck, jointly developed by Daewoo Tata Commercial Vehicle Company, to examine its safety and economic viability.The 400 horsepower-truck will be built on a Tata Daewoo frame and powere
The head of Hyundai Heavy Industries Co. called on employees on Friday to make sacrifices and concessions to keep afloat the troubled offshore facilities business.The world's biggest shipbuilder by sales suspended work at its offshore facilities in August as orders have dried up.The company has
The head of Asiana IDT Inc., the information and communication technology unit of Kumho Asiana Group, has been named the new president of Asiana Airlines Inc., company officials said Friday.Han Chang-soo will lead South Korea's second-biggest full-service carrier. The appointment came a day afte
South Korea's finance ministry said Friday that it plans to sell 600 billion won ($530 million) worth of 50-year Treasury bonds next week to meet demand from institutional investors.Earlier, the ministry said it would sell the longest-dated state bond this month, but the amount has not been fixe
South Korea's chief economic policymaker said Friday that it is the right time for the country to reform its economic structure as its main growth engines, including the automaking and the shipbuilding industries, are undergoing a slump."Our leading sectors are seeing their growth losing moment
Hana Pharm Co., a South Korean pharmaceutical firm, said Thursday it plans to go public on the country's main bourse next month to raise funds for facility investment to further advance its overseas market presence.Hana Pharm will offer 4.08 million shares at a price band between 24,500 won and
Hyundai Motor Co.'s significantly redesigned Avante compact on Thursday proved it is a really suitable entry-level vehicle for everyday city driving in terms of fuel efficiency and safety features.In a 130-kilometer test drive that took two hours in Namyangju, just east of Seoul, the revamped si
South Korea's tax agency said Wednesday that it has collected some 40 billion won (US$35.8 million) in taxes from nonprofit organizations run by the country's conglomerates over their illegal wealth transfers. The National Tax Service said they had not reported wealth transfer
The South Korean government will unveil a new set of measures later this week to curb price hikes in the local housing market, official sources said Wednesday.The country has been experiencing skyrocketing housing prices in Seoul and surrounding areas, despite a series of government-led financial an
Jeju Air Co., South Korea's biggest low-cost carrier, said Tuesday it will open a new route between the country's third-biggest city and Tokyo in late October to strengthen its services.The move is part of the budget carrier's broad efforts to diversify routes for customers in cities awa
South Korea's top mobile messenger operator Kakao Corp. said Tuesday that it will expand investment in an artificial intelligence (AI) sector in line with the company's effort to find a new growth engine."Kakao adopted AI to spearhead long term and stable growth in various services," Kim B
By Park Byung-uk, vice president/editorial writer (industry) This is the second installment in a series articles on leading business conglomerates in Korea and around the world covered by the writer, a specialist in the business world in Korea and outside the world. Park was formerly
Non-bank financial institutions' corporate loans rose at a fast pace in the first half of the year as they pushed to lend more to one-man operations amid regulatory control on household lending, central bank data showed Monday.Such loans by non-bank depository institutions came to 147.73 trillio
South Korea's exports increased 8.7 percent in August compared with a year ago on upbeat sales of semiconductors and petrochemical products, government data showed Saturday.Outbound shipments reached US$51.2 billion last month, a record high for August, according to the data compiled by the Mini
The South Korean government will reduce the debt ratio of public corporations by 11 percentage points to 156 percent by 2022 as part of its efforts to improve the balance sheets of state-funded entities, the finance ministry said Friday.Under a long-term financial management plan, 39 public firms, i
South Korea spent some 70 percent of its state budget earmarked for 2018 in the first seven months as it moves to maintain its recovery pace and create more jobs, the finance ministry said Friday.Some 195 trillion won (US$175 billion) was spent through July, 11.4 trillion won, or 4 percentage points
South Korean automobile experts plan to carry out a wide range of tests on three BMW 520d sedans by December to try to determine the exact cause of fires that have destroyed dozens of cars here.The Korea Automobile Testing and Research Institute said Friday it will find out the circumstances behind