Economy
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Samsung releases foldable smartphones Z Flip5 and Z Fold5 worldwide
SEOUL -- Samsung Electronics released globally its new foldable smartphones -- Z Flip 5 and Z Fold 5 -- along with the smart watch Galaxy Watch 6 series and tablet PC Galaxy Tab S9 series. The new devices were launched in some 50 countries including the United States, Britain, France, and China. The new devices will be released to other countries by the end of September. According to the South Korean tech giant, consumers' reaction is wild. The number of pre-orders made for Z Flip
11 August 2023
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HMM's operating profit for 2Q 2023 drops 94.54% on-year due to post-pandemic normalization
SEOUL -- HMM, the world's eighth-largest marine shipping company controlled by creditors in South Korea, saw its operating profit drop by 94.54 percent year-on-year in the second quarter of 2023 due to the normalization of shipping rates that soared during the last three years of the COVID-19 pandemic. Helped by a rise in international freight rates and improved competitiveness, South Korea's shipping industry has recorded high operating profits during the last three years. HMM
11 August 2023
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Samsung leads investment project to create new semiconductor wastewater solution
SEOUL -- In a bid to create a new solution for semiconductor wastewater, Samsung Electronic's venture capital wing invested in Membrion, a wastewater treatment startup based in Seattle. Through the investment project led by the South Korean company and British venture capital Lam Capital, Membrion attracted $12.5 million. Wastewater generated during the semiconductor manufacturing process contains various harmful heavy metals. It can cause critical damage to body organs such as the
11 August 2023
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Hybe acquires boy band Enhypen's agency Belift Lab
SEOUL -- BTS' agency Hybe has acquired all shares in Belift Lab, a content media joint venture established by South Korea's entertainment giant CJ ENM and Hybe. The joint venture was launched in 2019 to nurture K-pop prodigies who could shake the global music scene. Belift formed boy band Enhypen through a TV reality show program called "I-LAND." In a bid to discover and foster global idols, Belift launched the audition program I-LAND in 17 cities in South Korea and
10 August 2023
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Coupang records surplus for fourth consecutive month
SEOUL -- Coupang, the South Korean counterpart of Amazon, announced its operating profit in the second quarter of 2023 was 194 billion won ($147.4 million). This is the company's highest quarterly profit. Since the third quarter of 2022, the online shopping giant has recorded a surplus for the fourth consecutive quarter. According to Coupang's report, the company recorded 194 billion won in 2Q 2023, up 42 percent from the previous quarter. Coupang reported an operating income o
9 August 2023
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S. Korea unveils plan to grow pet market to $11.3 bln by 2027
SEOUL -- South Korea's agriculture ministry has revealed its plan to expand the domestic pet industry to 15 trillion won ($11.3 billion) by 2027 from last year's 8 trillion won through various projects such as the development of public pet insurance programs. The country will also nurture related industries such as pet food and grooming. According to data released by the Ministry of Agriculture, Food and Rural Affairs, about one out of four South Koreans raised a pet as of 2022
9 August 2023
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LG Chem partners with Samhwa to manufacture waste plastic-based eco-friendly paint products
SEOUL -- LG Chem, the chemical unit of South Korea's LG Group, has partnered with Samhwa, a major South Korean paint maker, to cooperate in the manufacturing of eco-friendly paint products that use waste plastics as core material. The final product would be used by smartphone companies to finish-coat their mobile devices. When plastic wastes are recycled using a pyrolysis technique that incorporates extreme heat and pressure, the waste material is broken down into crude oil which c
9 August 2023
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S. Korean battery makers seek to acquire battery recycling firms in bid to prevent technology leak
SEOUL -- Major South Korean battery makers including LG Energy Solution and SK Innovation are busy seeking opportunities to acquire battery recycling companies in a bid to prevent technology leaks and illegal distribution of discarded batteries. According to NSE Research, a global market research firm, the global battery recycling market will grow at an annual average growth rate of about 17 percent to reach $42.4 billion in 2030. High-performance batteries that are mainly used in elec
8 August 2023
