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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Korea issues first AI ethics checklist

gettyimagesbankBy Lee Kyung-minThe government has outlined the first national standard on how to use artificial intelligence (AI) ethically, in a move to bolster the emerging industry's sustainability and enhance its global presence, the industry ministry said Wednesday.Korea Agency for Technology and Standards (KATS), an organization affiliated with the Ministry of Trade, Industry and Energy, issued a checklist of possible ethical issues and reviewed factors to be referenced and considered by service developers, providers and users.The considerations specified for report and review include ethical issues arising in the process of collecting and processing data, the designing and development of AI, and the provision of such services to customers. The guidelines contain considerations such as transparency, fairness, harmlessness, responsibility, privacy protection, convenience, autonomy, reliability, sustainability and solidarity-enhancing qualities.These were discussed during a forum organized by the KATS, Wednesday, attended by leading AI industry players and state-run organizations

Jun 14, 2023By Lee Kyung-min
Korea issues first AI ethics checklist
Companies

Business leaders vow to achieve net-zero based on hydrogen economy

Hyundai Motor Group Executive Chair Chung Euisun, eight from left, poses with SK Group Senior Vice Chairman Chey Jae-won, ninth from left, POSCO Group Chairman Choi Jeong-woo, 10th from left, and other business group leaders during the Korea H2 Business Summit at Grand Hyatt Seoul, Wednesday. YonhapBy Lee Kyung-minA hydrogen initiative consultative body comprising heads of local conglomerates agreed to rely on hydrogen to help achieve the nation's carbon emission reduction targets, according to industry officials. They said hydrogen will shoulder more than 10 percent of the carbon emissions reduction target by 2030 and more than 25 percent by 2050.Also prioritized are fortifying global communication and cooperation channels to establish a global hydrogen platform that will identify various joint growth opportunities within the country and abroad.The business leaders attended the Korea H2 Business Summit at the Grand Hyatt Seoul, Wednesday. The first summit was launched in 2021 as a platform for hydrogen industry players.Attendees included Hyundai Motor Group Executive Chair Chung Eui

Jun 14, 2023By Lee Kyung-min
Business leaders vow to achieve net-zero based on hydrogen economy
Companies

Will Samsung's shorter workweek spread to other firms?

Samsung Electronics Executive Chairman Lee Jae-yong / YonhapBy Lee Kyung-minMajor local conglomerates had differing opinions on Samsung Electronics' plan to implement a shorter workweek, according to market watchers, Tuesday. The local IT titan with 120,000 regular workers said it will implement a four-day workweek once a month starting June 23. Employees will be able to take every fourth Friday off, coinciding with the issuance of their monthly paycheck.Excluded are manufacturing production workers on 12-hour shifts, since manufacturing facilities must remain in operation around the clock.The shorter workweek is part of the final terms agreed upon during a management-labor consultation in April.SK said its affiliates have shortened their workweeks, long before Samsung made its decision.“SK Holdings, SK hynix and SK Telecom have differing policies, but employees of SK affiliates are given a Friday off every two or four weeks,” an SK Group official said.An industry official said Samsung's announcement is nothing new, since most large firms have adopted flexible working hou

Jun 13, 2023By Lee Kyung-min
Will Samsung's shorter workweek spread to other firms?
Companies

Rural Development Administration hosts greenhouse gas emissions reduction forum

National Institute of Agricultural Science researcher Jeong Hyun-cheol delivers a presentation during a forum attended by government officials of Korea and Latin American countries at the International Center for Tropical Agriculture in Cali, Colombia June 5. Courtesy of Rural Development AdministrationBy Lee Kyung-minThe Rural Development Administration (RDA) jointly organized a two-day forum on greenhouse gas emissions reduction in the agricultural sector with the International Center for Tropical Agriculture (CIAT) of Colombia, the agriculture ministry-affiliated organization said Tuesday. CIAT is a nonprofit research institution under the Consultative Group for International Agriculture Research (CGIAR), which emphasizes scientific research and development to address agricultural issues in tropical regions.The forum was held in Cali, Colombia from June 5 to 6. The event focused on addressing emissions reduction in the agricultural sector of various Latin American countries.This forum explored sustainable approaches to emissions reduction as well as fostering agricultural technolo

Jun 13, 2023By Lee Kyung-min
Rural Development Administration hosts greenhouse gas emissions reduction forum
Companies

Refiners' outlook bleak due to Saudi's production cut

A gas station in Seoul / YonhapBy Lee Kyung-minThe outlook for local refiners is dimming due to Saudi Arabia's plan to cut oil production, in what observers say could be a trigger for sustained higher prices overshooting the threshold for maximum allowable operating loss.A rise in global oil prices translates into a corresponding increase in product prices, almost always leading to short-term gains. But undercutting the otherwise benefit is low and stagnant refining margins, unlikely to identify momentum for a rebound any time soon. Refining margins are the difference in value between the products produced by a refinery and the value of the crude oil used. Global oil prices are somewhat fluctuating, led by a combination of oil producer countries meeting and geopolitical developments involving the U.S. and Middle Eastern countries.Chief among the factors is Saudi Arabia's plan to cut oil production by 1 million barrels per day for at least a month starting next month.Other factors are whether and by how much oil production will be cut by OPEC+, a consultative body of non-OPEC countrie

Jun 11, 2023By Lee Kyung-min
Refiners' outlook bleak due to Saudi's production cut
Companies

Defense exports to Poland to narrow Korea's trade deficit

By Lee Kyung-minExports of Korean-made fighter jets, tanks and artillery weaponry to Poland over the past year have topped 600 billion won ($463 million), a much-needed source of income for the country's rapidly deteriorating trade balance, data showed Sunday.Korea's trade deficit continued for 15 consecutive months in May, dented by falling exports due to an extended slump in the semiconductor industry. Exports in May came to $52.24 billion. The trade deficit was $2.1 billion. The 15 months of deficit is the longest in 27 years since the 29-month trade deficit between January 1995 and May 1997. KAI CEO Kang Goo-young / Courtesy of KAI Data from the Korea International Trade Association (KITA) showed that Korea's export of “tank and other armored vehicles” to Poland stood at $255 million in the first four months of this year. It already exceeded last year's exports of $201 million of the said items.Included are FA-50 light attack fighter jets, K2 battle tanks and K9

Jun 11, 2023By Lee Kyung-min
Defense exports to Poland to narrow Korea's trade deficit
Companies

Samsung family takes out stock loans to pay inheritance tax

Samsung Electronics' headquarters in Seocho, Seoul. YonhapBy Lee Kyung-minThe wife and children of late Samsung Group chairman, Lee Kun-hee, have taken out a combined 4 trillion won ($3 billion) in stock loans to pay the 12 trillion won in inheritance tax due since he died in 2020, data showed Tuesday. Of the total, 11 trillion won was for inheriting stocks. They have to pay 200 billion won in interest every year.Market watchers say taking out loans as opposed to selling shares of Samsung Electronics and Samsung Life, is in fact, an indication that the owner family wants limited changes in the group's current governance structure.Backing up this view is the fact that the bereaved family members of the late Nexon founder Kim Jung-joo, by comparison, have given up 30 percent of the shares of NXC, the holding firm of Nexon Group, last week. This was to avoid having to come up with an additional 6 trillion won in inheritance taxes after Kim died in 2022. Data from the Financial Supervisory Service showed that three family members of the Samsung family recently took out a combined 2.1 tri

Jun 6, 2023By Lee Kyung-min
Samsung family takes out stock loans to pay inheritance tax
Companies

Korean food's global popularity leads to copycat products in China, Japan

An image of Buldak Noodles made by Korean company Samyang, left, and a copycat product made by a Chinese firm / Courtesy of Korea Food Industry AssociationBy Lee Kyung-minA growing number of food makers in Japan and China are making products similar to or outright copies of Korean food favorites, exploiting the soaring popularity around the world of Korean culture and food.Nissin, a Japanese food manufacturer, introduced a new version of UFO Noodles earlier this year. The cup noodle product has the Korean word “bokkeum-myeon” that means stir-fried noodles written on the packaging and is pink, similar to Buldak Carbo, made by Korean food maker Samyang in 2018.Nissin's UFO Noodle / Captured from internetWhile the packaging is believed to be an attempt to push up sales by imitating the famous Korean product, similar cases have been around in China, and even courts of law there acknowledged that some local products infringed on Korean companies' intellectual property (IP).The Korea Food Industry Association said a Chinese court, in March, ordered two food makers there to comp

Jun 6, 2023By Lee Kyung-min
Korean food's global popularity leads to copycat products in China, Japan
Companies

Luxury brands continue hiking prices in Korea

Shoppers walk into Shinsegae Department store in Seoul, in May 2021. Korea Times fileBy Lee Kyung-minLuxury fashion and cosmetics brands are raising product prices in Korea ahead of the summer spending spree, despite a series of hikes over the past few years.Morgan Stanley, a global research firm, said purchases of luxury goods made by Koreans came to $16.8 billion (22 trillion won), last year, up 24 percent from the previous year. Per-capita purchases stood at $325, topping the list of countries surveyed, beating the U.S. and China.Market watchers say behind the steady price increase is what Koreans call “flex splurging,” whereby consumers buy expensive, newer products driven by the desire to be differentiated and stand out. Sisley, a French cosmetics brand, said May 30 that its product prices will be raised by an average of 5 percent from June 1.L'Oreal Group, a global cosmetics firm, has also raised prices of products made by Lancome, Yves Saint Laurent and Biotherm by as much as 10 percent at duty-free shops since Thursday. French fashion brand Chanel raised its price

Jun 3, 2023By Lee Kyung-min
Luxury brands continue hiking prices in Korea
Companies

KAERI distances itself from Oxford professor's claim on Fukushima water

Wade Allison, a British physicist and emeritus professor of physics and fellow of Keble College at Oxford University, speaks during a press conference at the HJ Business Center in Seoul, May 15. Yonhap By Lee Kyung-minKorea Atomic Energy Research Institute (KAERI), a government-funded research institute, issued a disclaimer, Friday, distancing itself from a controversial comment made by an Oxford physicist on the safety of Fukushima wastewater two weeks ago.Their press release said that the treated wastewater is not safe enough to drink, and the professor's statement that he would drink many liters of the water does not in any way represent the view of the institute.This is the latest development in the Fukushima wastewater controversy, which is increasingly putting diplomatic and political pressure on the Yoon Suk Yeol administration.On May 15, Wade Allison, a British physicist and emeritus professor of physics and fellow of Keble College at Oxford University, said

Jun 2, 2023By Lee Kyung-min
KAERI distances itself from Oxford professor's claim on Fukushima water
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