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  • Companies

    Hyundai Motor’s Namyang R&D Center drives software-defined vehicle transformation

    HWASEONG, Gyeonggi Province — Inside a dimly lit studio at Hyundai Motor Group’s Namyang R&D Center, a researcher sits in a carbon-fiber cockpit surrounded by a massive 270-degree curved screen. As he hits the accelerator, the simulated road rushes past, and the entire rig tilts and vibrates, mimicking subtle asphalt textures of a real test track. Building countless physical prototypes for every design iteration is no longer viable. Instead, Hyundai Motor relies on a high-performance driving simulator operating on a six-degrees-of-freedom (6DOF) motion system. The simulator translates linear and rotational movements — including roll and pitch — into an ultra-realistic driving experience. To achieve maximum fidelity, the carmaker scanned its Namyang proving grounds down to the millimeter, capturing specific slopes, speed bumps and surface roughness. To prevent massive rendering files from lagging, the company deployed a world-first "Terrain Server" system that streams topographical data in real time based on the virtual car’s location. The simulator is highly versatile. Researcher

    3 MIN READBy Lee Min-hyung
    Hyundai Motor’s Namyang R&D Center drives software-defined vehicle transformation
  • Companies

    Genesis BBQ debuts in India's chicken dining scene

    2 MIN READBy Ko Dong-hwan
    Genesis BBQ debuts in India's chicken dining scene
  • Companies

    Hyosung wins $200 mil. power equipment deal in Australia

    2 MIN READBy Lee Min-hyung
    Hyosung wins $200 mil. power equipment deal in Australia
  • Companies

    Classiq, QAI sign partnership to launch Korea's 1st quantum cloud service

    1 MIN READBy Jhoo Dong-chan
    Classiq, QAI sign partnership to launch Korea's 1st quantum cloud service
  • Companies

    Samsung, SK hynix to build HBM packaging fabs in Chungcheong region as part of $252.5 bil. in total investment

    2 MIN READBy Yonhap
    Samsung, SK hynix to build HBM packaging fabs in Chungcheong region as part of $252.5 bil. in total investment
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Companies

Korean exporters expect 4.9% drop in US sales amid tariff concerns: survey

Korean exporters anticipate a nearly 5 percent drop in their shipments to the United States this year if Washington's current tariff policies continue, a business survey showed Monday. According to the poll commissioned by the Federation of Korean Industries (FKI) and conducted by Mono Research, 150 export-oriented firms that offered responses among the country's top 1,000 companies by sales forecast an average 4.9 percent decrease in U.S. export volumes in 2025. By sector, electrical and electronics companies expected the steepest decline of 8.3 percent, followed by automobiles and auto parts at 7.9 percent, petrochemicals and petroleum products at 7.2 percent, and general machinery at 6.4 percent. In contrast, shipbuilders and pharmaceutical companies project increases in U.S. exports of 10 percent and 1.6 percent, respectively, despite ongoing tariff concerns. Of the respondents, 81.3 percent said they expect negative impacts from the tariff measures on the businesses of both countries. Another 14.7 percent said the impact would be negative for South Korean firms but beneficial to the

May 26, 2025By Yonhap
Korean exporters expect 4.9% drop in US sales amid tariff concerns: survey
Banking & Finance

Insurance firms' lending down in Q1

Loans extended by insurance companies in South Korea fell in the first quarter of the year amid high interest rates and tightened lending rules, data showed Monday. Insurers' outstanding loans had reached 267.8 trillion won ($195.5 billion) as of the end of March, down 0.8 trillion won from a year earlier, according to the data from the Financial Supervisory Service. The reading also marks a 1.8 trillion-won fall from three months earlier. The on-year decrease was attributed to a decline in loans extended to businesses. Household lending had stood at 134.9 trillion won as of end-March, up 1.2 trillion won from a year before, while corporate lending shrank by 2 trillion won to 132.8 trillion won over the cited period. The loan delinquency rate, which measures the proportion of loan principal or interest unpaid for at least a month, stood at 0.66 percent at end-March, up 0.12 percent from a year earlier, according to the financial watchdog. The rate of insurers' nonperforming loans came to 0.91 percent at the end of March, up 0.15 percent from a year earlier, the data showed.

May 26, 2025By Yonhap
Insurance firms' lending down in Q1
Companies

POSCO introduces 1st LNG carrier for energy business expansion

POSCO Group has introduced its first liquefied natural gas (LNG) carrier, marking a significant milestone for its expansion into the energy business, the company said Sunday. With the new LNG vessel, POSCO aims to establish a stable energy transport system and bolster its ability to preemptively respond to global supply chain challenges. POSCO International held a naming ceremony on Saturday for the HL Fortuna — the group's first independently secured LNG carrier — at HD Hyundai Samho's shipyard in Mokpo, South Jeolla Province. Fortuna is Latin for "luck." The introduction of the vessel is seen as part of POSCO’s long-term LNG procurement strategy. Under the plan, POSCO International is responsible for LNG procurement, while HD Hyundai Samho builds the vessel. H-Line Shipping will be in charge of its operation. The HL Fortuna measures 299 meters in length and 46.4 meters in width, with a storage capacity of 174,000 cubic meters. It is optimized for transporting North American LNG. A single load of LNG can supply South Korea with enough natural gas for approximately 12 hours. Equippe

May 25, 2025By Lee Min-hyung
POSCO introduces 1st LNG carrier for energy business expansion
Companies

Will Coupang follow Google Korea's lead and unbundle services?

Coupang is facing growing pressure to address cross-selling practices across its three online services, following Google Korea’s recent decision to end the forced bundling of YouTube’s music and ad-free video services. Last week, the nation’s top antitrust watchdog launched a probe into the e-commerce giant to decide whether it has engaged in any unfair sales practices through its WOW paid membership program. Users of Coupang’s 7,900-won ($5.77) monthly subscription service get access to its ultra-fast Rocket Delivery, free food delivery via Coupang Eats, and ad-free streaming on Coupang Play. However, the Fair Trade Commission (FTC) considers it “unfair cross-sales activities” that prevent free competition in the market. Coupang is an unmatched leader in the nation’s e-commerce market, so the watchdog is investigating if the company has breached any fair trade laws by engaging in unfairly cross-selling the services. This raises the likelihood that Coupang will follow in Google Korea's footsteps. The search engine giant voluntarily offered to unbundle its YouTube Music and

May 25, 2025By Lee Min-hyung
Will Coupang follow Google Korea's lead and unbundle services?
Banking & Finance

Hana Bank enhances AI-powered customer service for greater efficiency

Hana Bank has upgraded its artificial intelligence (AI) customer service platform, significantly enhancing both service speed and system efficiency, the lender said Sunday. This is the first real-time conversation summary and classification service provided by Korea’s banking sector, a feat Hana achieved with the joint efforts of Hana Financial TI, an in-house tech affiliate of Hana Financial Group. The upgraded system automatically summarizes conversations between customers and Hana customer service employees and categorizes the content in real time. This allows Hana employees to respond more quickly and accurately. The upgraded version is also expected to enable more efficient management of rising call volumes and enhance customer satisfaction. It also enables the bank to formulate marketing strategies based on personalized product recommendations and post-consultation service. Hana Bank CEO Lee Ho-seoung demonstrated the service in person at the lender’s customer care center in Seoul, stressing Hana’s commitment to a faster, more precise service. “We will continue innovation effo

May 25, 2025By Lee Kyung-min
Hana Bank enhances AI-powered customer service for greater efficiency
Banking & Finance

Airport currency business becomes money-losing venture amid growth of app-based services

Despite spending billions of won in the bidding process, commercial banks are now seeing foreign currency exchange services at Incheon International Airport turn into a losing business, as these services are rapidly being replaced by hassle-free smartphone apps. Still, the banks can’t easily withdraw, as they’re locked into 10-year contracts (2024–2034) to provide currency exchange services at the country’s main gateway, awarded through a bidding process in 2023. “Once regarded as a goose laying golden eggs, the money exchange business at the airport has become a white elephant for the banks that are not keeping up with fast-changing business trends,” a market observer said, Sunday, asking not to be named. He noted that in the past, travelers were willing to exchange money at international airports despite higher-than-usual commission fees if they urgently needed foreign currency and were in a hurry to catch their flight abroad. As a result, banks viewed Incheon International Airport as a lucrative opportunity and competed fiercely every 10 year cycle for selecting currency e

May 25, 2025By Yi Whan-woo
Airport currency business becomes money-losing venture amid growth of app-based services
Companies

Air conditioner sales surge amid forecast for hot summer

Samsung Electronics sold over 10,000 air conditioners each day over the past week, as consumers brace for another year of scorching summer heat, the company said Sunday. The company said the daily sales of its air conditioners surpassed the 10,000 mark from Monday through Friday, up over 30 percent compared with the same period last year. Last year, the 10,000 sales figure wasn't met until mid-June, whereas the date was pushed forward by nearly a month this year. The early surge in demand came as forecasts showed this year's summer months are expected to be hotter and longer than in previous years. Samsung's air conditioner model topped with AI functions accounted for over 80 percent of its total sales. The company said it had launched full operation of its air conditioner production lines nearly 10 days earlier than last year and arranged its AC installation task force to meet consumer demands. Meanwhile, LG Electronics Inc. also saw the cumulative sales of its Whisen standing air conditioner models, equipped with AI technology, increase 45 percent on-year during the January-April period.

May 25, 2025By Yonhap
Air conditioner sales surge amid forecast for hot summer
Companies

Hyundai Ioniq's global sales top 500,000 units

Hyundai Motor's Ioniq series have sold over 500,000 units globally, the group said Sunday, reaching a milestone for the first time since its launch of the Ioniq 5 four years ago. According to the company, it had sold a cumulative 514,588 units of its Ioniq series, consisting of the Ioniq 5, Ioniq 6 and Ioniq 9, as of last month. The series, which began with the launch of its very first Ioniq 5 in 2021, saw its sales gradually increase year after year, with 65,906 units sold in 2021, 114,548 in 2022 and 169,812 in 2023. Sales dropped to 121,375 last year amid a temporary drop in demand for electric vehicles, with signs indicating a potential rebound this year. Last month alone, 16,368 vehicles from the series were sold, up 41 percent compared with the same period last year. The most popular among the series was the Ioniq 5 and its high-performance version, the Ioniq 5 N, which have together sold 407,607 units, accounting for 80 percent of the total accumulative sales. "We will strive to keep up the popularity of the Ioniq series in the global market by strengthening its commercial value and

May 25, 2025By Yonhap
Hyundai Ioniq's global sales top 500,000 units
Companies

InterviewWINNING.I pioneers world’s 1st dual biometric authentication via phone cameras

A single app is now enough to simultaneously verify identity through facial and fingerprint recognition. Korean startup WINNING.I has developed the world’s first contactless biometric authentication solution that enables simultaneous facial and fingerprint recognition using both the front and rear cameras of a smartphone. This next-generation technology has drawn attention by eliminating the need for external devices or complex procedures, enabling identity verification and protection against identity theft through a single app. The technology, which has already secured domestic and international patents and certifications, is being applied across various financial services such as electronic signatures and identity verification. It also holds strong potential for broader use in sectors requiring remote identity authentication, including public services and healthcare. Leveraging this innovation, the company is accelerating its expansion into global markets. CEO Chung Woo-young, also known as William Chung, was inspired to start his business while working as a computer engineer on a pro

May 25, 2025By Jun Ji-hye
WINNING.I pioneers world’s 1st dual biometric authentication via phone cameras
Tech & Science

TikTok lowers entry barrier for Korean sellers to enter US market

Short-form video platform TikTok introduced a new solution that lowers hurdles for Korean companies to enter TikTok Shop for the United States market, the company said Friday. During its business seminar Thursday, TikTok introduced its new "Korea-US Cross-Border" solution, which allows Korean businesses to enter the U.S. TikTok Shop using only their Korean corporate entity. Previously, in order to enter the U.S. TikTok Shop, vendors were required to meet complex requirements, including having a corporate entity, bank account and address within the U.S. With the new solution, Korean companies can now join the shop with a Korean business entity, a Korean passport, a Korean address, a virtual bank account and access to a third-party logistics service that can operate in the U.S. "Allowing Korean businesses to onboard the U.S. TikTok Shop without a local entity is a pivotal moment that accelerates local brands’ global expansion," General Manager of Global Business Solutions at TikTok Korea Matty Lin said. “TikTok Shop aims to go beyond being just a sales channel by offering a comprehensi

May 23, 2025By Lee Gyu-lee
TikTok lowers entry barrier for Korean sellers to enter US market
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