Economy
-
Top S. Korean conglomerate heads visit Tokyo to discuss cooperation with Japanese counterparts
SEOUL -- Samsung Electronics Chairman Jay Y. Lee, SK Group Chairman Choi Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, LG Group Chairman Koo Kwang-mo, and Lotte Group Chairman Shin Dong-bin have joined the ranks of other major South Korean conglomerate leaders on a trip to Tokyo in a bid to engage in discussions with their Japanese counterparts on the cooperation in various sectors including semiconductors, batteries, and electric components. According to industry sources
March 17, 2023 -
SGC Energy to convert Vietnam's coal power plants to biomass-based generating facilities
SEOUL -- SGC Energy, a green energy solution provider in South Korea, will work with a Vietnamese power engineering consulting firm to carry out projects to convert coal power plants into biomass-based generating facilities. The partnership was made in response to Vietnam's state project to phase out coal power generation which accounts for 40 percent of the country's total power supply. Biomass is a renewable organic material based on plants and animals. It is used as fuel
March 16, 2023 -
South Korea to inject $228 bln to create mega-sized semiconductor cluster by 2042
SEOUL -- In a bid to beef up the country's competitiveness in the global semiconductor sector, South Korea will invest 300 trillion won ($228.7 billion) to create the world's largest semiconductor research and development center complex in Yongin City south of Seoul by 2042. The Ministry of Trade, Industry and Energy revealed the "National Advanced Industry Promotion Strategy" at the Emergency Economic and Livelihoods Council, chaired by President Yoon Suk-yeol on
March 16, 2023 -
Sales of fashion items at W Concept's offline stores increase 30 percent year-on-year
SEOUL -- Sales of 65 brands at offline stores run by W Concept, the online fashion platform wing of South Korea's retail giant Shinsegae, increased 30 percent between January 2022 and January 2023, compared to the same period a year ago. The company, which attracted many young female consumers through its online platform, has showcased three offline stores targeting young consumers who like to express themselves with unique apparel items. W Concept said in a statement on March
March 16, 2023 -
American battery startup ONE opens South Korean office
SEOUL -- American battery startup Our Next Energy, backed by Bill Gates and BMW, has set up an office in South Korea. The CEO of the South Korean office is Shazad Butt, the Chief Operating Officer of the battery startup. Aju Daily found through its news covering process that Our Next Energy (ONE) chose to nest inside an information technology industry center in Hwaseong southwest of Seoul. The American startup is busily moving to start a business in South Korea. The company had rec
March 15, 2023 -
KT to work with camping service startups for outdoor autonomous robot delivery business
SEOUL -- South Korea's major telecom company KT will work with camping service startups to provide autonomous delivery robot services at various campsites. Camping has been rising in popularity in South Korea, especially among people in their 30s and 40s. According to data released by South Korea's statistics office, the number of campers skyrocketed to 6.8 million in 2020 from 5.3 million in 2019. The national statistics office predicts that the number of campers surpass
March 15, 2023 -
Bio-venture firm GI Innovation hopes to be listed on S. Korean version of NASDAQ
SEOUL -- As a promising unicorn in South Korea's bio-venture sector, GI Innovation aims to be listed on KOSDAQ, the South Korean version of the U.S stock market NASDAQ. At an initial public offering briefing held on March 13, the bio-venture company unveiled its scheme to transfer five additional technologies by 2028. During the briefing session, the company's CEO Rhee Byung-geon proudly introduced GI-SMART, a smart screening system capable of detecting optimal dual fusion
March 14, 2023 -
Nongshim to establish strawberry smart farm infrastructure in Saudi Arabia
SEOUL -- A consortium led by Nongshim, a major food company in South Korea, will build strawberry smart farms in Saudi Arabia. The Middle Eastern country has been relying on imported strawberries due to the lack of agricultural land and water. A smart farm is an automated indoor farm capable of automatically analyzing the temperature, humidity, and amount of sunlight using the internet of things (IoT) technology. Farmers can grow plants without having to worry about weather conditi
March 14, 2023 -
KT rolls out metaverse platform capable of actualizing housing structure in virtual reality
SEOUL -- A new metaverse platform capable of creating a virtual clone of an actual house was released by South Korea's major telecom company KT. The virtual platform requires users to register their phone numbers so they can interact with their actual friends through avatars. KT said in a statement on March 13 that the metaverse platform called "GenieVerse" was rolled out. Anyone can create their own avatars using some 1,000 items in GenieVerse, which incorporates ar
March 13, 2023 -
Opposition Democratic Party of Korea to push to expand tax deduction for semiconductor makers
SEOUL -- The opposition Democratic Party of Korea will push to expand the tax deduction for semiconductor companies so that small and medium-sized semiconductor makers can receive up to 40 percent tax discount for their investment in chip production facilities. The plan was revealed to reduce the impact of the United States' CHIPS Act. The CHIPS Act restricts funding recipients from increasing semiconductor manufacturing operations in China and other countries that have been de
March 9, 2023
-
Global tech firms to present smart manufacturing solutions at 'Smart Factory + Automation World' in Seoul
-
Occult thriller film 'Exhuma' attracts more than 10 mln moviegoers in 35 days of release
-
Education company Visang provides smart Korean language learning platform 'Klass' to Vietnamese universities
-
LS Cable embarks on construction of plant for new copper foil material
-
Seoul's bus labor union launches strike for first time in 12 years
-
Turkish automotive association seeks partnership with S. Korean companies
-
US political turmoil reflects our wider society – in 2024 and earlier elections
-
S. Korean mobility solution company targets historical city as gateway to Viet Nam
-
Life expectancy in South Korea decreases for first time since 2000
-
Avikus validates fuel-saving effect of self-sailing solution 'HiNAS Control'