Korea Times AI content 2 team Reporter
Value context and insight. lkm@koreatimes.co.kr
An employee of Korea Electric Power Corp. (KEPCO) monitors real-time electricity supply in the control room of the state-run energy firm's regional headquarters in Gyeonggi Province, Wednesday, as the country's energy demand spiked amid a severe cold wave. Yonhap
Shin Ramyun Zepeto / Korea Times fileBy Lee Kyung-minInstant noodle exports hit an all-time high of over $765 million (945.3 billion won) last year, powered by an increasing number of people eating at home due to the COVID-19 pandemic.Data from Korea Customs Service showed that exports of instant noodles reached $765.43 million, up 13.5 percent from a year earlier.Sales have been on a continuous rise since 2015, increasing to $600 million in 2020 from $470 million in 2019. The figure rose further to $670 million in 2021, and then to over $700 million last year.Also driving the sales is the growing popularity of Korean culture and entertainment worldwide. The award-winning Korean movie “Parasite” also featured a variety of instant noodles. China was the largest importer of Korean instant noodles. It purchased $188.9 million worth of Korean-made instant noodles last year, followed by the U.S., Japan, the Philippines, Taiwan and Malaysia.Market watchers say the global sales of Korean instant noodles are believed to be much larger than the customs agency data showed, since th
A man passes by a board that lists interest rates on savings accounts in Seoul. Korea Times fileBy Lee Kyung-minOne in two local businesses said news of lower borrowing rates would be the most welcome development this year, according to a survey, Sunday. The Korea Chamber of Commerce and Industry (KCCI) surveyed 3,267 businesses, asking which news headlines they would want to see the most this year.According to the survey, 51.2 percent of respondents said that lowering borrowing rates brought on by price stabilization was a key wish shared by local businesses.Behind the consensus view lies the rapid monetary tightening which has occurred over the past year. The Bank of Korea (BOK) delivered seven consecutive key rate hikes in 2022 to counter the acceleration of inflation as well as the sharper rate hikes by its U.S. peer. The latest tightening of a quarter-percentage point by the Korean central bank on Jan. 13 led to the key rate standing at 3.5 percent. The key rate hike led to steeper borrowing rates for both households and corporate entities.Borrowing rates for mortgage holders an
Minister of Land, Infrastructure and Transport Won Hee-ryong, third from left, delivers a keynote speech at the Aerospace Governors Meeting session at the World Economic Forum in Davos, Switzerland, Wednesday (local time). YonhapBy Lee Kyung-minMinister of Land, Infrastructure and Transport Won Hee-ryong stressed that advanced air mobility (AAM) will be a game-changer for future urban transportation systems at the World Economic Forum (WEF) in Davos, Switzerland, the ministry said Thursday. He gave a keynote speech at the Aerospace Governors Meeting session on Wednesday, outlining his vision for facilitating AAM.“We need continued innovation to counter growing concerns about the saturation of the ground transportation system, compounded further by the sustained poor performance of the transportation industry brought on and amplified by years of the COVID-19 pandemic, soaring global energy costs and weakening investor sentiment,” he said in the session.Won outlined the major challenges ahead for the realization of future air mobility. They are: safety, noise reduction meas
Trade Minister Ahn Duk-geun, second from right, attends a discussion session at the World Economic Forum 2023 in Davos, Switzerland, Wednesday (local time). YonhapBy Lee Kyung-minTrade Minister Ahn Duk-geun stressed the role of nuclear energy to navigate climate change, at the World Economic Forum 2023, also known as the Davos Forum, in Switzerland, according to the trade ministry, Thursday. At the Polish House discussion session, he reiterated that the global community should recognize the need to better utilize nuclear energy amid the energy crisis sparked and prolonged by Russia's invasion of Ukraine.Nuclear energy is, he said, increasingly emerging as the best carbon-free energy source that can help counter global energy security and climate crises.The stable source of power, he added, has been and will continue to be instrumental in underpinning the growth of Korea's high-tech manufacturing including semiconductors, electric vehicles (EVs) and batteries. “Korea's capabilities in the construction and maintenance of nuclear power facilities are recognized by its global peers
President Yoon Suk Yeol, left, shakes hands with Henrik Andersen, CEO of Vestas, after the company announced to invest $300 million in Korea during an event in Davos, Switzerland, Jan. 18. YonhapBy Lee Kyung-min Korea has attracted a $300 million (371 billion won) investment from Vestas, a Danish wind turbine manufacturer, the industry ministry said Wednesday. The government also seeks to bring in a combined $500 million in investments from Merck Life Science and Novartis, two major Europe-based global health and biopharmaceutical players. The sizable foreign direct investments will spur the government's drive to attract a greater number of overseas investors to Korea, often shunned due to unfavorable business conditions. Chief concerns are militant labor unions, a lack of predictability and inconsistency in policies hampering effective business planning. The Ministry of Trade, Industry and Energy said a delegation of the ministry and officials of the Danish energy firm held an event to celebrate the investment at a hotel in Davos, Switzerland, Wednesday (local time). The meeting was
Minister of Trade, Industry and Energy Lee Chang-yang, left, talks to Polish Deputy Prime Minister and Minister of State Assets Jacek Sasin, right, in a meeting room at Polish House in Davos, Switzerland, Wednesday (local time). YonhapBy Lee Kyung-min Minister of Trade, Industry and Energy Lee Chang-yang held a series of bilateral meetings with his Polish and Czech counterparts at the World Economic Forum, otherwise known as the Davos Forum, held in Switzerland from Monday through Friday (local time), the ministry said Wednesday. At the top of the agenda items were ways to solidify and advance cooperation in the nuclear energy sector, forming grounds for a stronger partnership in green and sustainable energy businesses.Lee met with Polish Deputy Prime Minister and Minister of State Assets Jacek Sasin to fortify stronger nuclear energy sector cooperation.The meeting was a follow-up to a memorandum of understanding (MOU) signed between the energy authorities and private firm executives of the two countries last October in Seoul to facilitate the construction of a nuclear power plant in
Models promote Vibe, a music streaming service operated by Naver. Courtesy of LG UplusBy Lee Kyung-min LG Uplus, a mobile network operator affiliate of LG Group, and Naver, the operator of the country's largest online portal, have teamed up to provide integrated music and entertainment media services, according to the two firms, Wednesday.The LG affiliate said its users will be able to stream music without limits on Vibe, a Naver-operated music streaming service, for a monthly fee of 8,700 won ($7).Launched in June 2018, Vibe is an artificial intelligence (AI) music streaming service. It recommends a list of songs based on user preferences.LG Uplus users will be given a 20 percent discount for three months using membership mileage.Vibe's service will be free for users paying a monthly mobile subscription fee of over 90,000 won. The integrated service will help create synergy for the two IT market players, leading to increased customer satisfaction.“LG Uplus customers will be able to enjoy high-quality music streaming services, while Naver will draw and lock in new customers in
A train passes by a billboard designed by Samsung Electronics that has been put up on the wall of a building in Bahnhofstrasse, Davos, Switzerland, Monday (local time). The sign says Samsung promotes Korea's bid to host World Expo 2030 in Busan. Courtesy of Samsung Electronics
Workers repair disconnected train tracks at Yeongdeungpo Station in southern Seoul, Nov. 7. Korea Times fileBy Lee Kyung-minThe government will accelerate efforts to automate train operations, in the hope of preventing train further accidents, the transport ministry said Tuesday. Also ordered was the resumption of the previous work shift system, scrapping the current one whereby fewer workers of Korail, a state-run rail operator, handle greater train operation-related work. Entry-level employees will be supervised by their senior counterparts while operating high-risk, complicated safety work.These measures announced by the Ministry of Land, Infrastructure and Transport, have been prompted due to a series of train malfunctions and fatal accidents over the past few months. A total of four deaths and three train derailments were reported last year. The latest was a two-hour delay of a train on Line No.1 on a bridge over the Han River in Seoul, on Dec. 15, after an entry-level employee with just five months of experience was unable to restart the train, which had a malfunctioning door.