Economy
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Convenience store chain CU operator opens 300th store in Mongolia
SEOUL -- South Korea's top convenience store franchise CU has opened its 300th store in Mongolia. The store located in Ulaanbaatar provides various Mongolian food such as Khuushuur, a dumpling usually made with beef, mutton, or camel. Along with Mongolian food and snacks, visitors can also enjoy South Korean snacks including Tteokbokki, a menu of finger-sized rice cakes simmered in fiery-red spicy chili sauce. BGF Retail said in a statement that the 300th convenience store was
March 9, 2023 -
S. Korea's benchmark interest rate likely to reach 4% after Fed hints at continuing rate hikes
SEOUL -- South Korea is likely to increase its base interest rate to up to four percent, after the United States Federal Reserve Chairman Jerome Powell stated during his speech on March 7 that "the ultimate level of interest rates is likely to be higher than previously anticipated," on Capitol Hill. According to South Korean monetary authorities on March 8, Chairman Powell strongly suggested the need for additional tightening when he addressed the Senate Banking, Housin
March 9, 2023 -
Tuna maker Dongwon F&B releases plant-based dumpling and canned tuna
SEOUL -- South Korea's largest canned tuna maker Dongwon F&B rolled out plant-based cholesterol-free canned tuna to meet growing demands of some 2 million vegans in South Korea. South Korea's vegan meat market has been rapidly growing to meet demands of some 2 million vegans. Data released by the Korea Agro-Fisheries & Food Trade Corporation showed that the country's vegan meat market which stood at 22.7 billion won ($17.4 million) in 2020 will reach 29.4 billio
March 7, 2023 -
Samsung SDS introduces one-stop smart logistics platform in Viet Nam targeting global market
SEOUL -- Samsung SDS, the digital solution wing of Samsung conglomerate, showcased the company's one-stop smart logistics solution called "Cello Square" which small and large-sized traders can use to simplify the import and export process. Cello Square was first introduced in the domestic market in 2021 to simplify the head-aching process of exporting and importing goods. The smart solution helps individual business operators and small and medium-sized enterprises (
March 7, 2023 -
SK Chemicals acquires Chinese recycled material maker targeting global eco-friendly material market
SEOUL -- SK Chemicals, the chemical unit of South Korea's SK Group, has acquired a Chinese raw materials company specializing in recycled materials in a bid to expand its presence in the global recycled materials market. The global market for recycled plastics is predicted to grow at an average annual growth rate of 9.3 percent to reach $43.5 billion by 2026, according to global market research firm Markets and Markets. Plastics can be recycled in many forms. They can be cleane
March 7, 2023 -
Samsung promotes new 8K TV at London's iconic square 'Piccadilly Circus'
SEOUL -- Samsung Electronics has promoted its new Neo QLED 8K, a TV model with a powerful picture processor, through an outdoor billboard at Piccadilly Circus, a famous square in London with various cinemas, theaters, restaurants, and pubs. Samsung's existing Neo QLED models can make dark areas darker and bright areas brighter by increasing the luminance scale. The Neo QLED 8K TV models are known for supporting larger bandwidth loads, processing faster multi-gigabit data, enabl
March 6, 2023 -
Pulmuone opens second vegan restaurant to expand vegan business
SEOUL -- Targeting South Korea's steadily growing vegan population, Pulmuone Food & Culture, the cafeteria service management wing of Seoul-based food company Pulmuone, will beef up its vegan food business through the second vegan restaurant called "Plantude." Customers can enjoy various plant-based food at the restaurant such as salad and a tofu dish that contains black olives and cherry tomatoes. Thanks to increased awareness of health and well-being, the numbe
March 6, 2023 -
SK Innovation's petrochemical wing makes equity investment into pyrolysis startup
SEOUL -- SK Incheon Petrochem, a petrochemical wing of South Korean conglomerate SK Group's intermediate holding company SK Innovation, made an equity investment into LD Carbon, a domestic startup specializing in pyrolysis that uses discarded car tires to extract oil. The pyrolysis technique uses extreme heat and pressure to break down plastics or polymers such as rubber to extract oil, carbon black, and combustible gases. Carbon black is a solid carbon material that can be use
March 6, 2023 -
Major S. Korean construction companies focus on overseas projects due to slowed domestic market
SEOUL -- Major Korean construction companies are seeking opportunities to expand into overseas markets. With concerns rising about the sluggishness of the domestic housing market due to market deterioration, the impact of high-interest rates, and rising raw material prices, the companies are turning their attention to overseas markets as the domestic market is expected to slow down. According to the International Contractors Association of Korea on March 2, the cumulative amount of
March 3, 2023 -
Hyundai auto group's vehicles garner explosive popularity in U.S.
SEOUL -- Vehicles made by South Korea's Hyundai auto group are gaining explosive popularity in the United States. Monthly sales of Hyundai vehicles in February 2023 soared 16 percent compared to the same period a year ago in the U.S. market, selling a total of 122,111 units. According to data released by Hyundai Motor America, Hyundai Motors sold 57,044 units only in February, up nine percent from a year ago. Hyundai's American office said most sold vehicles include Elantr
March 2, 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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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'