S. Korea sees record 40% surge in fruit prices

SEOUL -- South Korea witnessed a historic surge in fruit prices in February 2024, with an inflation rate of 40.6 percent. This unprecedented increase marks the highest recorded since 1991, when the country began officially archiving fruit price inflation data. According to the national statistical information service, the inflation rate for apple prices in February stood at 71.6 percent, attributed to dwindling production caused by adverse weather conditions. Purchasing an apple n

March 12, 2024

WeMade to drop global version of popular mobile MMORPG 'Night Crows'

SEOUL -- WeMade, a South Korean game developer, is set to release the international version of its popular mobile massively multiplayer online role-playing game (MMORPG) "Night Crows," targeting the global market. The original version of the game was launched in South Korea in April 2023. Upon its initial release, Night Crows quickly climbed the ranks to become one of the top 10 popular games on both Google and Apple app stores. By May, it had claimed the number one spot

March 11, 2024

S. Korean companies to showcase new metaverse solutions at SXSW event in Texas

SEOUL -- A total of 10 South Korean companies will present new metaverse solutions at the South by Southwest (SXSW) event in Austin, Texas from March 8 to March 16 through a joint exhibition booth. The country's science ministry has set up the joint booth to support exhibitors. Metaverse is a virtual world where anyone can engage in many different social and economic activities using their own avatars. Metaverse platforms require high-speed internet access. Market research fir

March 11, 2024

K-culture fans become younger

SEOUL -- Thanks to increased global recognition of South Korean culture including K-pop and Korean food, South Korea has become a popular tourist destination. Among some 11 million foreign travelers who visited the country in 2023, 35.6 percent were aged 30 or younger. Data released by the Korea Tourism Organization (KTO) showed that 3.93 million out of the 11.03 million foreign tourists in 2023 were aged 30 or below. Of them, tourists aged between 21 and 30 accounted for 25.3 per

March 11, 2024

LG Electronics commercializes smart factory solutions for enterprises

SEOUL -- South Korean tech giant LG Electronics has commercialized its smart factory technologies and solutions for enterprises by setting up a new dedicated business team in the company's production technology institute reflecting LG's big plan to beef up smart farm business capabilities. LG said on March 10 that the company opened the new smart factory business operations team in its manufacturing technology institute located in Pyeongtaek some 60 kilometers (37 miles)

March 11, 2024

Lunit to provide AI solution for breast cancer to Singaporean hospital  

SEOUL -- "Lunit INSIGHT MMG," a solution specializing in detecting breast cancer created by South Korea's medical artificial intelligence company Lunit, was adopted by a Singaporean hospital run by Southeast Asia's largest medical group IHH Healthcare. Starting with the contract with the healthcare group, which manages more than 20 hospitals in Southeast Asia, Lunit aims to expand its presence into other hospitals operated by IHH. The adoption of Lunit INSIGHT MM

March 11, 2024

Lotte's logistics wing to demonstrate autonomous trucks and delivery robots

SEOUL -- To accelerate the commercialization of fully-autonomous parcel delivery systems, the logistics wing of South Korea's confectionary giant Lotte Corporation, and Robotis, a robotics company based in Seoul, will jointly roll out the second stage of a government-led autonomous logistics system demonstration project. South Korea boasts over 1,500 logistics centers, facilitating ultra-fast parcel delivery networks with an average delivery period of just a few days. However,

March 8, 2024

KAI to inject $68.7 mln for development of autonomous drones and single-seater FA-50 fighter jets

FA-50 developed by the Korea Aerospace Industries SEOUL -- The Korea Aerospace Industries (KAI), a major defense company in South Korea specializing in aerial vehicle research and development, is set to accelerate the development and commercialization of autonomous aerial vehicles and the single-seater variant of the FA-50 supersonic light fighter jet. In a board meeting held on March 8, KAI announced its plan to inject a total of 90.8 billion won ($69.7 million) into t

March 8, 2024

Lotte holds AI conference for executives

SEOUL -- South Korean conglomerate Lotte Group has hosted a conference in Seoul for its executives to explore AI technologies and their potential to transform the group's core businesses. The March 7 event drew approximately 110 participants, including Lotte Chairman Shin Dong-bin and CEOs and CSOs from all affiliates. Lotte recognizes that AI is not only enhancing work efficiency but also becoming a strategic tool. To drive AI adoption, the conference focused on fostering

March 8, 2024

CJ Cheiljedang attracts S. Korean customers with heat-and-eat products via Aliexpress

SEOUL -- CJ Cheiljedang, South Korea's iconic food company well-known for its heat-and-eat cooked rice products and frozen Korean-style dumplings, has made a foray into Chinese ecommerce platform Aliexpress. The online shopping mall operated by China's ecommerce platform Alibaba Group has become one of South Korea's favorite online shopping services thanks to its wide range of affordable products shipped directly from Chinese sellers to South Korean customers. Aliexp

March 8, 2024