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According to Pulse by Maeil Business News Korea, The South Korean government will relax regulations on drones while beefing up support on related services to hasten the commercialization of unmanned aerial vehicles and expand the market to 1 trillion won ($843 billion) by 2025. Seoul will first lift flying restrictions for drones in more places across the country, according to a plan released by the Ministry of Land, Infrastructure and Transport on Wednesday after holding the second drone industry meeting. The government plans to take applications for exemption on drone flying in September 2022. This year, it designated 33 areas in 15 towns as special zones for drone flying. Laws on drone industry will be revised for easier public access. Supports will be made on fostering the growth of related leisure business, such as drone fishing and racing.

According to The Korea Economic Daily Global Edition, South Korean refiner Hyundai Oilbank Co. has attracted $20 million in investment from US data analytics firm Palantir Technologies Inc. ahead of its planned initial public offering in the first half of next year. Hyundai Heavy Industries Holdings Co., the parent of the oil refiner, said on Thursday it has signed a share sale and purchase agreement with the New York Stock Exchange-listed company. Hyundai didn’t disclose the size of the stake Palantir will assume in return for the equity investment. Palantir, established by PayPal co-founder Peter Thiel, Nathan Gettings and others in 2003, is a software company that specializes in big data analytics. Headquartered in Denver, Colorado, the company counts US intelligence agencies CIA and FBI as well as global companies such as Airbus and BP plc among its major clients.