The Ministry of Science and ICT of South Korea has kickstarted the World IT Show 2024, the country’s largest ICT exhibition. The theme “Innovating Everyday Life with AI” featured several companies and organizations, spanning a vast 7,000 Pyeong exhibition area. The World IT Show 2024 commenced in Seoul, showcasing technologies from both local and global companies. With a focus on “Innovation in everyday life, created by artificial intelligence (AI),” the event drew participation from 446 companies and institutions across 10 countries, as announced by the Ministry of Science and ICT. Samsung a ..read more

Kakao Games Corp., the gaming division of South Korean platform giant Kakao Corp., revealed on Tuesday that it had reached an agreement with SM Entertainment Co. to secure intellectual property (IP) rights for developing mobile games featuring the entertainment agency’s idol groups. With the collaboration, SM Entertainment has entered the gaming industry, leveraging Kakao Games’ expertise in mobile game development to create captivating experiences centered around its iconic K-pop idol groups. The partnership was formalized at SM Entertainment’s headquarters in Seoul on Monday, following Kaka ..read more

LG Electronics‘ automotive electronics division recently commenced operations at Hyundai Motor Group’s Namyang Research Institute in Hwaseong, Gyeonggi Province in Korea. The division’s deployment is a collaboration between LG and Hyundai in automotive electronics. Additionally, management from LG Innotek, another unit of the LG Group, is set to visit Hwaseong this week, indicating further discussions and potential collaboration between the two companies. These discussions coincide with the industry’s shift towards software-defined vehicles, highlighting the importance of cooperation between ..read more

An international tribunal has instructed South Korea to compensate New York hedge fund Mason Capital Management with over $32 million. According to the Ministry of Justice, this ruling from the Netherlands-based Permanent Court of Arbitration (PCA) follows a dispute arising from the 2015 merger of two Samsung affiliates. The compensation, amounting to 43.8 billion won ($32 million), is the outcome of an investor-state lawsuit filed by Mason Capital Management over the merger of the Samsung affiliates. The Justice Ministry confirmed the directive from the international tribunal on Thursday. Th ..read more

Naver Cloud, the cloud computing division of South Korea’s tech leader Naver, is collaborating with U.S. chipmaker Intel to establish an AI chip software ecosystem in the country. The partnership aims to provide IT infrastructure utilizing Intel’s AI accelerator, Gaudi, to support AI research projects and software development initiatives by Korean startups and academic institutions. This alliance comes as Intel seeks to strengthen its presence in the AI chip market, aiming to compete with Nvidia. Intel CEO Pat Gelsinger recently unveiled the company’s next-generation AI accelerator, Gaudi 3 ..read more

In January and February, South Korea’s LG Energy Solution emerged as the world’s second-largest battery supplier for automobiles, surpassing China’s BYD, which fell to third place. This shift in ranking was partly attributed to BYD’s declining sales of electric vehicles during the eight-day Lunar New Year holiday period. According to a report by South Korean institute SNE Research, LG Energy Solution, a leading South Korean battery company, has surpassed its Chinese counterpart BYD in global electric vehicle battery usage during the first two months of the year. In these two months, BYD exper ..read more

Samsung Electronics, a major player in the semiconductor industry, is expected to receive between $6 billion and $7 billion in subsidies from the U.S. government as it seeks to enhance its semiconductor production in the country.  The announcement is expected next week to boost the chip output of the South Korean company in Taylor, Texas. This investment is Samsung’s entry into the competitive space of chip investments alongside other industry giants like Intel and TSMC.  Commerce Department Secretary Gina Raimondo will reveal the subsidy, which will be directed towards the construc ..read more

Kakao Corporation, a leading platform giant in South Korea, has announced its decision to merge with its Artificial Intelligence (AI)-focused subsidiary, Kakao Brain Corp. By integrating AI capabilities more effectively, the company plans to streamline operations and enhance competitiveness. Established in 2017, Kakao Brain was created as a separate subsidiary dedicated to researching and developing its proprietary generative AI model, “KoGPT.” Over the past seven years, Kakao Brain has been key in advancing Kakao’s AI initiatives and promoting related businesses. By absorbing Kakao Brain int ..read more

Hanwha Aerospace, a major player in South Korea’s defense sector, has announced plans to spin off its semiconductor equipment and video surveillance businesses. With this, the company plans to separate units that contributed approximately 16% to the company’s revenue, allowing Hanwha Aerospace to sharpen its focus on its flagship defense division. Hanwha Aerospace will spin off Hanwha Precision Machinery, its chip equipment making business and Hanwha Vision, surveillance camera manufacturing business. The company plans for the two entities to merge into a single industrial solutions company ..read more

South Korea plans to invest 710.2 billion won (USD 526.9 million) in government projects to integrate artificial intelligence (AI) into everyday life. The announcement, made by the science ministry on Thursday, indicates a push towards leveraging AI across various sectors. The AI Strategy High-Level Consultative Council, a government-civilian panel tasked with shaping AI policies, convened its inaugural meeting and approved the investment plan for 69 AI projects. These initiatives, covering a wide range of sectors, aim to enable people to experience the benefits of AI in their daily lives. Th ..read more