Economy
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South Korean budget clothing brands win approval from consumers amid economic recession
SEOUL -- South Korean SPA (specialty retailer of private label apparel) garnered popularity among consumers amid the economic recession induced by high interest rates and increased material prices. Sales of domestic budget clothing brands operated by major retailers increased compared to 2022. South Korean consumers recognize SPA brands as clothing brands that sell reasonable-quality apparel for affordable prices. Consumers in their 20s favor buying clothes from SPA brands because f
December 26, 2023 -
Convenience store chain Emart24 to make foray into Cambodian market
SEOUL -- Emart24, the convenience store chain of South Korea's retail giant Shinsegae, will open its first store in Cambodia in the first half of 2024. To expand into the Cambodian convenience store market, the company partnered with Saihan Partners, a joint venture between Hanlim Architecture Group, a Seoul-based real estate service provider, and Cambodia's Saisons Brother Holding. Saisons, which started its food and beverage business in 2010, has expanded its business scop
December 22, 2023 -
LG Chem breaks ground on largest cathode material plant in US
SEOUL -- South Korea's major chemical company LG Chem has started the construction of the largest cathode plant in the United States. By 2026, the factory in Tennessee will have an annual production capacity of 60,000 tons of cathodes for high-performance batteries that can power about 600,000 electric vehicles with a range of 500 kilometers (310 miles). Along with anodes, cathodes are used to help the conduction of electricity through electrolyte materials. Demands for cathodes
December 20, 2023 -
Chinese shopping app Aliexpress garners largest number of new users in S. Korea in 2023
SEOUL -- The smartphone application of Aliexpress, the business-to-consumer ecommerce platform operated by China's online shopping giant Alibaba Group, has become the ecommerce app service that garnered the largest number of users in South Korea in 2023. The culture of "Jikgoo," direct buying in the Korean language, became popular among smart consumers about a decade ago. Some South Korean shoppers mainly used online shopping platforms such as Amazon and eBay to gain a
December 20, 2023 -
LS Cable develops copper flake-based foil material for high-performance batteries
SEOUL -- South Korea's major electrical cable manufacturer LS Cable has developed a new copper foil material for high-performance batteries used in electric vehicles. Unlike conventional foil material made using copper wires, the new material can be made using copper flakes, including leftover scrap copper pieces created during the process of electrical cable and wire production. Copper foils are used in high-performance batteries as current collectors and coatings for electrode
December 20, 2023 -
Exports of S. Korea's commercial drone hardware and software surpass $11 million in 2023
SEOUL -- Exports of commercial drones, including both hardware and software and related services developed by 17 South Korean companies, reached $11.1 million in 2023, state data showed. The amount is higher by 4.8 times than South Korea's initial annual export plan set at the beginning of this year, which was $2.3 million. In the early days of commercial introduction, drones equipped with optical equipment were mostly used to carry out dangerous tasks. However, their role has b
December 19, 2023 -
SM BEXEL starts mass production of micro lithium ampoule military batteries
SEOUL -- SM BEXEL, the battery-making wing of South Korea's No. 2 bulk carrier operator SM Group, has started the mass production of micro lithium ampoule military batteries. The South Korean battery maker well known for its long-lasting AA and AAA batteries as well as lithium-ion cells injected some seven billion won ($5.4 million) in March 2023 to establish a military battery-making facility with an annual capacity of 2.5 million cells. The battery maker said that the mass
December 15, 2023 -
POSCO's digital transformation wing to develop robots for steel production
SEOUL -- POSCO DX, the digital transformation wing of South Korea's steel group POSCO has partnered with Chosun Refractories, a domestic refractory product maker, to create robots for steel production. The robots will be used for dangerous tasks such as handling high-temperature molten iron generated in a blast furnace. POSCO DX said on December 13 that it partnered with Chosun Refractories to develop new robots. The robots will be deployed to steel mills to assist the casting p
December 14, 2023 -
LG Unicharm builds solar power facility to produce sanitary pads and diapers
SEOUL -- Through a joint venture with Japan’s hygiene product maker Unicharm, South Korea's consumer goods company LG Household & Health Care has built a solar power generation facility with an annual capacity of 348-megawatt electricity. The joint venture "LG Unicharm" uses solar energy to produce sanitary pads and diapers. LG Household & Health Care said on December 13 that the joint venture completed the construction of the solar facility on the roofto
December 13, 2023 -
Domestic sales of electronics decrease after reopening: government data
SEOUL -- Domestic sales of electronics, including televisions, refrigerators, and washing machines have decreased compared to sales recorded during the COVID-19 pandemic, government data showed. Due to decreased sales, the recycling rate that electronics companies must achieve has also decreased. By law, South Korea mandates electronics companies to retrieve and recycle 49 types of electronics including home appliances. The annual rate that must be achieved is decided by the environ
December 12, 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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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