Economy
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S. Korean food firms predicted to join '3 trillion-won sales club' boosted by sales at home and abroad
SEOUL --South Korean food companies, propelled by the global popularity of Korean cuisine and the influence of Hallyu, the Korean cultural wave, are achieving remarkable success. Market analyst FnGuide's data indicates that three major South Korean food companies -- Pulmuone (a food product and ingredient maker), CJ Freshway (a food solution company), and beverage maker Lotte Chilsung -- are anticipated to achieve sales exceeding three trillion won ($2.2 billion) in 2023. Pulm
January 25, 2024 -
LG Energy Solution invests in US battery manufacturer for lithium metal battery technology
SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, has partnered with Sion Power, an Arizona-based battery manufacturer, to secure technology for lithium metal batteries. Lithium metal batteries can significantly enhance the driving distance compared to the existing lithium-ion batteries. Lithium metal batteries have been studied as they were claimed to run longer and hold more energy than lithium-ion batteries. According to LG Energy Solution (LGE
January 25, 2024 -
Hyundai Motor Group subsidiaries join hands to establish future autonomous logistics solution
SEOUL -- 42dot, the autonomous driving solution wing of South Korea's Hyundai auto group, has forged a partnership with two other Hyundai group subsidiaries -- Hyundai Glovis, the logistics wing, and Hyundai Commercial, the finance wing -- in a bid to establish a future autonomous logistics solution for commercial operations. 42dot specializes in the development and operation of commercial autonomous vehicles. The company demonstrated a fleet of self-driving taxis in western S
January 24, 2024 -
CJ Olive Young adopts biodegradable plastic material for instant delivery product packaging
SEOUL -- CJ Olive Young, the drug and beauty store franchise of South Korea's food and entertainment conglomerate CJ Group, has adopted biodegradable plastic material called "polyhydroxyalkanoates" for packaging products sold through the company's instant delivery service platform. Polyhydroxyalkanoates (PHAs) are produced by bacteria during the fermentation process of sugar or lipids, including fats, oils, and waxes, for the storage of carbon and energy. PHAs a
January 24, 2024 -
LIG Nex1 to showcase unmanned coastguard patrol boat at robotics exhibition in UAE
SEOUL -- LIG Nex1, a defense contractor in South Korea, will display an unmanned coastguard patrol boat "Haegum-3" at a global exhibition in Abu Dhabi designed to showcase drones, robots, and other unmanned solutions. The patrol boat is equipped with advanced surveillance equipment, a remote shooting control system, and a guided rocket launcher. Haegum-3 unmanned boat features high seaworthiness, artificial intelligence-based autonomous operation technology, and enhanced
January 23, 2024 -
Hyundai Glovis to nurture recycled EV battery business into main growth engine
SEOUL -- In a strategic move to foster the recycled electric vehicle (EV) battery business as the primary driver of growth, Hyundai Glovis, the logistics solution arm of South Korea's Hyundai auto group, has entered into a share subscription agreement with a domestic battery recycling company. A Share Subscription Agreement (SSA) is a legal document that delineates the terms and conditions under which a party agrees to subscribe for and purchase newly issued shares in a compan
January 23, 2024 -
Exports of kimchi reaches $155.6 mln in 2023, up 10.5% year-on-year
SEOUL -- Exports of kimchi, traditional Korean pickled vegetables, soared 10.5 percent year-on-year to $155.6 million in 2023, state data showed. The increased popularity of kimchi is accelerated thanks to the high global recognition of the salad-like spicy mixed vegetable pickles as healthy food. Kimchi is a spicy and sour, picked vegetable side dish, usually made by fermenting cabbage or radish with red chili powder, garlic, ginger, and other spices. During the last decade, kimc
January 22, 2024 -
LG Chem partners with Italian state energy company to establish hydrotreated vegetable oil joint venture
SEOUL -- LG Chem, the chemical unit of LG Group, partnered with Enilive, a state-run energy company in Italy, to set up a joint venture targeting the hydrotreated vegetable oil market. The biofuel with an extremely low freezing point can be used as aviation and automobile fuel. Hydrotreated vegetable oil (HVO) is made through either hydrocracking or hydrogenation of vegetable oil. Hydrocracking dismantles large molecules into smaller ones, while hydrogeneration is the process of a
January 19, 2024 -
LG Innotek invests in Taiwanese lens producer to beef up autonomous vehicle business
SEOUL -- LG Innotek, the electric component unit of South Korea's LG Group, will work with AOE Optronics, an automotive lens manufacturer based in Taiwan, to upgrade optical component solutions for autonomous vehicle cameras. The Taiwanese company will share its know-how in precision lens manufacturing technologies and provide lenses used for camera modules. Camera modules are essential for the collection of front traffic information and driving assistance. Demands for camera
January 19, 2024 -
S. Korea's web cartoon industry scores highest operating profit in 2022: report
SEOUL -- South Korea's web cartoon industry achieved a record high of 1.8 trillion won ($1.3 billion) in 2022, data released by the country's culture ministry showed. The ministry plans to nurture webcomic as South Korea's leading content industry to attract more global fans. Web cartoons, also known as webtoons or webcomics, are digital comic books created to fit into web or mobile platforms. South Korea is the birthplace of webtoons. Popular webtoons are recreated in
January 18, 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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Seoul's bus labor union launches strike for first time in 12 years
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Turkish automotive association seeks partnership with S. Korean companies
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US political turmoil reflects our wider society – in 2024 and earlier elections
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S. Korean mobility solution company targets historical city as gateway to Viet Nam
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Life expectancy in South Korea decreases for first time since 2000
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Avikus validates fuel-saving effect of self-sailing solution 'HiNAS Control'