Bank of Korea freezes benchmark interest rate at 3.5% for seventh consecutive time

SEOUL -- South Korea's central bank has decided to freeze its key interest rate at 3.5 percent. The benchmark interest rate has remained unchanged through seven consecutive discussions since February 2023. The Bank of Korea (BOK) determined the base interest rate during this year's last monetary policy board meeting on November 30. The BOK has maintained the benchmark interest rate in February, April, May, July, and October after raising it by 0.25 percentage points in Janua

November 30, 2023

S. Korean OTT services to merge in bid to check Netflix and foreign services

SEOUL -- The operators of South Korean over-the-top video content streaming services -- Tving and Wavve -- have engaged in discussions over the merger of the two services in a bid to check foreign services including Netflix, the world's biggest over-the-top (OTT) service, and Disney+, operated by multinational entertainment and media company Disney. According to South Korea's fair trade watchdog, the domestic over-the-top (OTT) service market, estimated to stand at $1.9 bill

November 30, 2023

CJ Cheiljedang releases spicy rice cake Tteokbokki in Australia

SEOUL -- CJ Cheiljedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, has partnered with Australia's major convenience store chain EzyMart to release Korean food products including Tteokbokki, finger-sized rice cakes simmered in fiery-red spicy chili sauce. The street food is included in a premium ready-to-cook product brand "Bibigo." EzyMart operates some 450 stores across Australia, with about 200 of them located in Sydney. Chei

November 30, 2023

State electricity company joins small modular reactor projects with Canadian partners  

SEOUL -- Korea Hydro & Nuclear Power, a state operator of South Korea's nuclear power plants, has partnered with ARC Clean Technology, a small modular reactor developer in Canada, to take part in businesses related to nuclear reactors that are claimed to be smaller and safer than the conventional reactors. The South Korean company will cooperate to commercialize ARC's technology in various countries including the United States, Canada, and South Korea. Small modular reac

November 29, 2023

Global defense exhibition 'DX Korea' to take place in Seoul's satellite city in 2024

SEOUL -- "DX Korea," one of South Korea's largest defense exhibitions, will be held at a convention center in Goyang, a northwestern satellite city of Seoul, for three days in September 2024. Various arms manufacturers and military officials from South Korea and abroad will participate in the biannual event designed to showcase advanced products for ground forces. About 350 companies from 40 countries took part in the previous exhibition in 2022. According to the exh

November 29, 2023

Hyundai unveils 'universal wheel' with built-in drive system for future EVs

SEOUL -- Hyundai auto group has unveiled a new type of car wheel designed exclusively for future electric vehicles. Unlike ordinary wheels that receive power delivered from an engine or motor through drive shafts, the new "Universal Wheel Drive System" has its own drive system built into the interior of the wheel. Hyundai Motor and its brother company Kia held the "UNI WHEEL Tech Day" in central Seoul on November 28 and unveiled the universal wheel. Hyundai said

November 28, 2023

SK Telecom to adopt Indonesian language for metaverse service 'Ifland'

SEOUL -- South Korea's major mobile carrier SK Telecom will adopt the Indonesian language service for its metaverse platform "Ifland" targeting the Southeast Asian country with the world's fourth-largest population. The company will also work with Indonesia's leading game developer Agate to gain a competitive edge in Indonesia with a population of some 277.5 million. Using Ifland, anyone can host lectures, business forums, and concerts in a virtual space. The p

November 28, 2023

STX partners with Mongolian investor SG Group to co-develop high-value resources and rare metal businesses

SEOUL -- STX, a Seoul-based trading company, has partnered with SG Group, a Mongolian investment company, to jointly develop high-value resources and rare metals businesses in a bid to create stable supply channels for materials that are crucial for the production of batteries and semiconductors. Mongolia is rich in various mineral resources including lithium, tungsten, copper, gold, and iron. The country has some 16 percent of the world's rare earth materials that are require

November 28, 2023

Harman acquires audio technology platform Roon to beef up connectivity capability

SEOUL -- Harman, the audio and electric parts wing of Samsung Electronics, has acquired Roon, an American audio platform company that specializes in connectivity and streaming technology, in a bid to beef up the company's future smart car infotainment system capabilities. Harman, formerly known as Harman International, was acquired by Samsung in 2016. The company focuses on the connectivity of electronic devices such as hardware used in vehicles' infotainment systems. Connec

November 28, 2023

CJ Cheiljedang develops paper coating technology using biodegradable plastic material

SEOUL -- CJ CheilJedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, has developed eco-friendly paper coating technology using its degradable plastic material called "polyhydroxyalkanoates." The new technique can be used for paper packaging on paper cups, cup noodles, and rice containers. Polyhydroxyalkanoates (PHAs) are produced by bacteria during the fermentation process of sugar or lipids, including fats, oils, and waxes, for the

November 27, 2023