S. Koreans spent $171.1 bln through ecommerce platforms in 2023: market data

SEOUL -- South Koreans spent a total of more than 227 trillion won ($171.1 billion) through ecommerce platforms in 2023, earmarking the biggest-ever recorded amount since the total online transaction exceeded 200 trillion won in 2022. According to a survey of 1,001 South Korean adults randomly contacted through their mobile phone numbers, conducted by South Korean pollster Gallup Korea in July 2023, 97 percent of adults used smartphones. People aged 60 years and more showed a dist

February 2, 2024

POSCO adopts AI-based carbon emission monitoring solution 'OceanWise'

SEOUL -- South Korea's leading steel group POSCO has adopted "OceanWise," an artificial intelligence-based carbon emission monitoring solution created by HD Hyundai. The solution will be used to check the energy efficiency of POSCO's bulk carriers designed to deliver raw materials such as iron ore and coal to foreign countries. OceanWise also integrates big data and digital twin technology. A digital twin, which is a virtual clone of an object or an infrastructur

February 1, 2024

[OPINION] 'NATO – The Enduring Alliance'

KENOSHA -- On January 25, Turkey at last approved membership for Sweden in NATO (North Atlantic Treaty Organization). This is an historic step, in several important respects.

February 1, 2024

About 18% percent of S. Korean restaurant and accommodation businesses use online reservation platforms

SEOUL -- About 18 percent of South Korean restaurant and accommodation operators used online order and reservation platforms to attract more customers in 2023, data released by the national statistics office showed. Online food delivery and hotel reservation app services became popular in the country during the last decade thanks to the wide distribution of smartphones. According to a survey of 1,001 South Korean adults randomly contacted through their phone numbers, conducted by

February 1, 2024

Naver provides Arabic translation through AI translation platform 'Papago'

SEOUL -- Papago, an artificial intelligence-based translation service created by South Korea's top portal site Naver, has incorporated Arabic in its range of supported languages. The web portal operator aims to upgrade its global capacity by adding one of the six most spoken languages in the world. Papago now provides automatic text translation services in 16 languages, including Korean, English, Chinese, Japanese, Spanish, and French. Users can also record their voices in the

February 1, 2024

Indonesian Embassy in Seoul to improve cultural ties with S. Korea through traditional music event

SEOUL -- The Indonesian embassy in Seoul is seeking to improve cultural ties with South Korea through music events. The embassy aims to host a special music event featuring a collaboration between Gamelan, traditional Indonesian ensemble music, and Korea's traditional musical instrument Gayageum. Gamelan is a traditional ensemble music or the instruments used in the ensemble. It is mainly played with percussion instruments such as metallophones and drums. Gamelan is deeply roote

February 1, 2024

Domestic sales of eco-friendly vehicles increase 24.3% on-year in 2023

SEOUL -- South Korea's domestic sales of eco-friendly vehicles including electric vehicles, hybrid vehicles, and hydrogen fuel cell vehicles, stood at 558,112 units in 2023, up 24.3 percent year-on-year. It was the first time the country saw annual sales of environmentally-friendly vehicles exceed 500,000 units. South Korea's transport ministry data shows that there are 25.94 million registered vehicles as of December 2023, 2.12 million vehicles are eco-friendly cars -- hy

February 1, 2024

Average of $235 required to prepare for Confucian rite during Lunar New Year holiday: market data

SEOUL -- South Koreans would have to spend an average of 380,000 won ($235) to prepare for "Charye," a Confucian ritual of preparing tables full of food dishes for deceased ancestors, during the Lunar New Year holiday. The cost of the ritual has consistently been increasing every year due to inflation. On Seollal, the traditional Korean holiday for Lunar New Year Day, and Chuseok, the traditional Korean autumn harvest thanksgiving holiday, non-Christian families traditio

January 31, 2024

[OPINION] Assessing the trajectory of China's Economy: Growth or decline

KARACHI -- In recent years, China's development has slowed down as with other economies in the world, a result of the COVID-19 pandemic, geopolitical conflicts, and other factors. Some Western scholars and research insti

January 31, 2024

POSCO International partners with UAE's state oil producer for blue hydrogen business

SEOUL -- POSCO International, a trading arm of South Korea's steel group POSCO, will work with an Abu Dhabi-based state oil company to push for blue hydrogen business. After creating a blue hydrogen infrastructure, POSCO International will supply the clean energy source to POSCO's steel plant in South Korea’s southern industrial city of Gwangyang starting in 2029. Blue hydrogen is favored by industries because of its reasonable production cost compared to green hydro

January 31, 2024