Bank of Korea to announce base interest rate through monetary policy meeting in November

SEOUL -- South Korea's central bank will announce the country's base interest rate during the last monetary policy meeting on November 30. The benchmark interest rate, which is at 3.5 percent, has remained unchanged for the sixth consecutive time since February 2023 amid growth deceleration and increased uncertainties, including the conflict between Ukraine and Russia, and concerns over rising household debts. The Bank of Korea (BOK) will determine the base interest rate thr

November 27, 2023

S. Korea to increase global market share in eco-friendly vessel sector to 12 percent by 2027

SEOUL -- South Korea will incubate technologies for eco-friendly vessels, autonomous vessels, and smart maritime mobility services in a bid to increase the country's global market share in those sectors to 12 percent by 2027. The global ship makers and maritime logistics companies are currently underway in their transition from fossil fuel-based vessels to eco-friendly vessels that use alternative clean energy fuels such as methanol, ammonia, liquefied natural gas, biofuels, and

November 27, 2023

Girl band aespa to perform at SM Entertainment concert in Tokyo

SEOUL -- K-pop girl band aespa will perform at Tokyo Dome, an indoor stadium regarded as a "dream stage" among Japanese artists. The four-member band will participate in SM Town Live, a concert showcasing artists of South Korea's entertainment powerhouse SM Entertainment. The group released many hit songs such as "Black Mamba" and "Next Level." In June 2020, aespa signed a contract with Warner Music, an American entertainment and record label conglo

November 27, 2023

Global automotive market to see modest growth in 2024: market forecast

SEOUL -- The sluggish global automotive market will recover from the aftermath of the economic recession caused by the COVID-19 pandemic and see modest growth in 2024, data released by South Korea's private automotive research institute showed. The pandemic that has disrupted the global logistics network since early 2020 to come to an indefinite halt due to countries adopting strict quarantine policies including complete lockdowns, caused the global demand for automotives to exc

November 27, 2023

Justin Timberlake collaborates with BTS' Jungkook for remix version of '3D'

SEOUL -- American artist Justin Timberlake has collaborated with Jungkook, the youngest member of BTS for the remix version of "3D," a dance song by the South Korean singer released on September 29. The main vocalist of BTS worked with American rapper Jack Harlow for the original version with R&B features. The song portrays Jungkook's hope to meet his loved one in "three dimensions," and always stay together. The original song ranked fifth on Hot 100, Bil

November 25, 2023

Taihan Cable joins power transmission and distribution projects in Britain

SEOUL -- Taihan Cable & Solution, a power cable and grid infrastructure company in South Korea, has partnered with London-based infrastructure group Balfour Beatty to take part in power transmission and distribution projects in Britain. The combined projects have a total value exceeding $275 million. Taihan Cable said on November 24 that the company will work with the British group specializing in engineering, procurement, and construction (EPC) for power grid projects. Balfour

November 24, 2023

S. Korean President seeks global support in Paris to host World Expo in Busan 

SEOUL -- South Korean President Yoon Suk-yeol has embarked on his three-day journey in Paris to ask the global community to host the World Expo 2030 in the southern port city of Busan. The location for the global economic event, held every five years for six months, will be determined during a general assembly of a Paris-based intergovernmental organization in charge of the World Expo on November 28. South Korea is currently competing with Italy's Rome and Riyadh in Saudi Arabia.

November 24, 2023

Pulmuone to commercialize robot chef for noodles in early December

SEOUL -- South Korean food product maker Pulmuone will supply its vending machine that can cook refrigerated dishes in about 90 seconds to highway rest stops, and canteens at schools and companies in early December. The culinary robot provides instant noodle dishes including noodle soup with beef and broth, and Jjambbong, a spicy seafood noodle soup with various ingredients such as onions and garlic. The instant food cooking machine called "Robot Chef" was developed in Sep

November 24, 2023

Self-driving bus in Seoul's satellite city garners passengers' love

SEOUL -- Two self-driving buses demonstrated in Pangyo, a town district in a satellite city south of Seoul, has carried more than 10,000 passengers since its launch on July 17, 2023. The autonomous bus called "PanTa-G Bus" travels through a 5.9 kilometer (3.7 mile)-route in Pangyo Techno Valley, a high-tech industrial complex where traffic is heavily congested during commuting hours. In April 2021, Pangyo was designated as a demonstration zone for autonomous vehicle techno

November 23, 2023

S. Korea's annual whisky import volume to exceed 30,000 tons for first time

SEOUL -- The popularity of whisky among young South Korean consumers was reflected in the volume of whisky that was imported between January and October 2023. According to South Korea's customs office, the total annual whisky import volume in 2023 will reach 30,000 tons. Whisky, which is more expensive compared to beer and Soju, traditional Korean liquor, was regarded as luxury goods in South Korea. The foreign spirit was normally served to important guests or was mainly consu

November 23, 2023