Economy
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CJ Cheiljedang to nurture young Korean food experts through global chef incubation project
SEOUL -- In a bid to popularize Korean dishes, CJ Cheiljedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, will start a chef incubation project to nurture young Korean food experts. The company will provide financial support for talented cooks so they can study at prestigious culinary schools abroad. National culinary artists will be sponsored to participate in an international culinary competition. The project is led by Lee Sun-ho, the s
May 3, 2023 -
Samsung urges employees not to use generative AI services to prevent data leak
SEOUL -- Samsung Electronics has banned its employees from using generative artificial intelligence services in a bid to stop data leaks and protect company secrets. The South Korean tech giant would develop its own AI solution models to help its workers automate and simplify their work processes. Generative AI services including Chat GPT, a chatbot service, use machine-learned data to provide solutions and answers for users. The AI services collect and analyze data inserted by use
May 3, 2023 -
SK geo centric partners with Canada's Loop Industries to build plastic recycling factory
SEOUL -- Through a joint venture with Canadian plastic technology company Loop Industries, SK geo centric, a chemical company affiliated with South Korea's SK Group, will build a plastic recycling factory in South Korea's southern industrial city of Ulsan. The joint venture will establish the plant capable of recycling 70,000 tons of plastic every year using the Canadian firm’s depolymerization technology. Depolymerization is a process that decomposes the polymerizati
May 3, 2023 -
S. Korea's exports in April 2023 declines 14.2% year-on-year
SEOUL -- South Korea's total exports have declined for seven consecutive months while domestic firms suffer from a steep fall in exports of semiconductors. The country has also experienced a trade deficit for 14 months since March 2022. Data released by South Korea's trade ministry showed said that exports this month were tallied at $49.62 billion, down 14.2 percent from the same period in 2022. Exports of semiconductors plunged 41 percent and information technology-related
May 1, 2023 -
LG Electronics shows off good performances in home appliances and electric parts to record earnings surprise
SEOUL -- LG Electronics has recorded an earnings surprise in the first quarter of 2023, thanks to good performances in the home appliances and electric parts sectors, the company said during an earnings call. This is the first time LG Electronics' quarterly operating profit overtook Samsung Electronics' since 2009 when South Korea adopted the International Financial Reporting Standards (IFRS). The South Korean electronics maker, well known for its refrigerators and televisi
April 28, 2023 -
Samsung records deficit of $3.4 bln in semiconductor sector in 1Q 2023
SEOUL -- Samsung Electronics recorded a deficit of 4.58 trillion won ($3.4 billion) in the semiconductor sector for the first quarter of 2023. While profitability improved in the smartphone and home appliance sectors, overall operating profit decreased by more than 90 percent compared to the same period last year. Samsung Electronics said on April 27 that the company recorded sales of 63.75 trillion won and operating profit of 640 billion won based on consolidated results for the f
April 27, 2023 -
SK E&S to work with General Electric for establishment of blue hydrogen infrastructure in S. Korea
SEOUL -- SK E&S, an energy company affiliated with SK Group, joined hands with General Electric to establish a blue hydrogen ecosystem that can produce, distribute, and utilize 250,000 tons of eco-friendly hydrogen in South Korea. Blue hydrogen is favored by industries because of its reasonable production cost compared to green hydrogen based on renewable energy. Green hydrogen uses electrolysis to split water and release only hydrogen and oxygen. Hydrogen produced by steam ref
April 26, 2023 -
Hyundai and SK On to jointly build EV battery factory in US
SEOUL -- South Korea's Hyundai auto group and SK on, the battery-making wing of SK Group, will jointly build an electric vehicle battery factory in the United States in an effort to meet requirements of the U.S. Inflation Reduction Act that took effect in March 2023 to only provide subsidies for carmakers which produce U.S.-made electric vehicles installed with batteries made on American soil. Currently, Hyundai produces the electrified version of GV70, the luxury sport utility
April 26, 2023 -
Hyundai Wia to commercialize autonomous logistics robot in US
SEOUL -- Hyundai Wia, a parts-making unit of South Korea's Hyundai auto group, will commercialize autonomous logistics robots at a Georgia State-based electric vehicle factory operated by car parts maker Hyundai Mobis. The automated robots will roam about the factory to carry heavy cargo while evading obstacles. Autonomous robots are widely adopted at logistics centers and factories to reduce manpower and management costs. Self-driving robots equipped with various sensors inclu
April 25, 2023 -
LGES to invest $450 mln in construction of mother factory for pilot battery production
SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, will build a mother factory that will become the main headquarters of its electric vehicle battery production plants scattered across the world. The factory will play the role of the battery maker's one-stop pilot production base for its EV batteries. A total of 600 billion won ($450.2 million) will be injected into the mother factory project. LG Energy Solution (LGES) said in a statement on Ap
April 25, 2023
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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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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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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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Life expectancy in South Korea decreases for first time since 2000