Economy
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CMG Pharmaceutical to make foray into Vietnamese cosmetics market
SEOUL -- Targeting young Vietnamese consumers, South Korea's CMG Pharmaceutical is set to make a foray into the Vietnamese cosmetics market. The pharmaceutical firm, specializing in skincare products, will collaborate with An Thinh Phat, a Vietnamese distributor of healthcare products, to provide new beauty items starting in May 2024. Demand for South Korean cosmetics products is rapidly growing in Viet Nam. According to data released by the Korea Cosmetics Association, export
March 7, 2024 -
LS Cable signs preferred bidder contract for Taiwan's offshore windfarm project
SEOUL -- LS Cable & Systems, a major power cable manufacturer in South Korea, has entered into a contract to become the preferred bidder for an offshore wind farm project in Taiwan. The company will collaborate with its Danish and Taiwanese counterparts to supply underwater power cables. The South Korean power cable company announced that it has signed a preferred bidder agreement with Denmark's constructor CIP and Taiwan's offshore wind farm operator Fengmiao to suppl
March 7, 2024 -
Samsung regains top position in Southeast Asia's smartphone market
SEOUL -- Samsung Electronics has regained its position as the top player in Southeast Asia's smartphone market, thanks to increased consumer attention towards the company's artificial intelligence-based smartphone features. Boosted by sales of affordable phones, Chinese electronics maker Transsion overtook Samsung to become the leader in late 2023. The South Korean tech giant, renowned for its hi-tech smartphones, is primarily targeting Southeast Asian consumers with its p
March 7, 2024 -
Top trade negotiator will head to Washington for talks
SEOUL -- South Korea's trade chief, Jeong In-kyo, plans to visit Washington, D.C. next week for discussions with Katherine Tai, the U.S. trade representative. Jeong, who leads the trade department at the Ministry of Trade, Industry and Energy, will use the visit to address various trade concerns between the two countries, including the implementation of their existing free trade agreement (FTA). With the U.S. presidential election looming in November, Jeong plans
March 6, 2024 -
Global EV battery firms to showcase new tech at 'InterBattery' exhibition in Seoul
SEOUL -- A total of 579 electric vehicle battery companies from 18 countries will participate in the InterBattery, an annual battery exhibition held in Seoul from March 6 to March 8. Exhibitors will showcase new battery-related technologies and products at the COEX Convention & Exhibition Center located in Gangnam District, the fashion and finance hub of Seoul. The annual battery event, organized by the Ministry of Trade, Industry and Energy, is one of the largest battery exhi
March 6, 2024 -
Aussie whiskies will be sold in Korean convenience stores
SEOUL -- South Korea's major convenience store chain, CU, announced the launch of "NED Whisky," a popular Australian brand, marking their entry into the affordable whisky market. Last year, CU saw success with the exclusive launch of "Rulett Premium Whisky" from India, priced under $23. The limited-edition bottles sold out within a week, with even the additional import batch disappearing within a month, totaling 5,000 bottles sold. This highlights th
March 6, 2024 -
LG Energy Solution launches battery swapping business for electric motorcycles
SEOUL -- In a move aimed at tapping into South Korea's delivery market, Kooroo, the in-house venture of battery manufacturer LG Energy Solution, has launched its electric motorcycle battery swapping station business. This service allows riders to swap batteries for fully charged ones in approximately 20 seconds, eliminating the need for time-consuming waits for charging. Despite their eco-friendly features, electric motorcycles have faced reluctance from delivery workers due t
March 5, 2024 -
Gmarket opens low-temp logistics center targeting one-day delivery service customers
SEOUL -- In an effort to gain a competitive edge in South Korea's ecommerce market dominated by Coupang, the South Korean counterpart of Amazon, major ecommerce platform Gmarket opened a low-temperature logistics center for fresh goods delivery service. Customers can now order fresh groceries through the ecommerce giant's overnight delivery service. Overnight and one-day delivery services garnered explosive popularity in South Korea during the pandemic. When people were
March 5, 2024 -
S. Korea's pet care market grows 5.6% to $2.4 billion in 2023: market data
SEOUL -- South Korea's love for furry friends is showing no signs of slowing down. According to data released by global market analyst firm Euromonitor, the country's pet care market reached a staggering $2.45 billion in 2023, marking a 5.6 percent increase from the previous year. This impressive growth comes amidst a larger trend: the market has tripled in size since 2013, outpacing the global average of a 1.9-fold increase during the same period. Several factors are cont
March 4, 2024 -
Southern port city to demonstrate food drone delivery services for near-shore vessels and fishing areas
SEOUL -- The southern port city of Busan is set to showcase drone delivery services, aiming to transport food and essential items to vessels near the shoreline and individuals at popular fishing locations. This initiative seeks to promote the use of aerial delivery systems and enhance leisure experiences by providing greater convenience. In South Korea, where tension with North Korea persists, private drone operators face significant restrictions due to airspace regulations. Many
March 4, 2024
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Global tech firms to present smart manufacturing solutions at 'Smart Factory + Automation World' in Seoul
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Occult thriller film 'Exhuma' attracts more than 10 mln moviegoers in 35 days of release
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Education company Visang provides smart Korean language learning platform 'Klass' to Vietnamese universities
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LS Cable embarks on construction of plant for new copper foil material
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US political turmoil reflects our wider society – in 2024 and earlier elections
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Avikus validates fuel-saving effect of self-sailing solution 'HiNAS Control'
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Le Sserafim's "Easy" named on Billboard's top 200 popular albums chart for four consecutive weeks
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Hanwha's cooperative robot wing showcases robot sommelier at 'Smart Factory + Automation World'
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Life expectancy in South Korea decreases for first time since 2000
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Lotte Rental achieves 'Baa3' credit rating from Moody's