Business
news highlight-
Coupang swings to net loss in first quarter amid growing competition from Chinese rivals
SEOUL, May 08 (AJU PRESS) - Korea's e-commerce giant, Coupang, turned to a net loss in the first quarter in the face of growing competition from Chinese rivals, namely Aliexpress and Temu, the company announced Wednesday. Coupang reported a net loss of $24 million (31.9 billion won) for the first three months of 2024, snapping its six-quarter run of profitability. Sales increased 28 percent year-on-year to $7.11 billion. But operating profit plummeted 61 percent to $40 million
May 8, 2024 -
Hanwha Q Cells begins operation of second solar module factory in US
SEOUL, May 08 (AJU PRESS) - Hanwha Q Cells, the solar power unit of Korea's Hanwha Group, has begun operation of its second solar module factory in the United States. The company said Tuesday it completed the construction of its new plant in Cartersville, Georgia, last month, capable of generating 3.3 gigawatts of solar modules annually. Together with its plant in Dalton, Georgia, Hanwha now has a total annual capacity of 8.4 gigawatts in the U.S., sufficient to power about 1
May 8, 2024 -
Korean oil refiners ramp up car wash business amid declining profit margins
SEOUL, May 07 (AJU PRESS) – Major Korean oil refiners are expanding their presence in the market of automatic no-brush tunnel car washes as part of efforts to improve their bottom line as higher oil prices and operating costs are squeezing their profit margins. HD Hyundai Oil Bank signed a cooperation agreement with domestic unmanned no-brush car wash service operator Come In Wash last week to accelerate the distribution of an automated no-brush tunnel car wash system to its
May 7, 2024 -
Harmful substances found in toys sold on Chinese e-commerce platforms
SEOUL, May 02 (AJU PRESS) - Seoul City has discovered excessive levels of harmful substances, including lead and banned chemicals, in children’s toys and stationery items sold on Chinese e-commerce platforms including Aliexpress, officials said Thursday. Korean law requires sellers and importers of children's products to obtain safety certification, imposing penalties for violating the rule. However, the law does not apply to products purchased directly from overseas onl
May 2, 2024 -
LG Chem to share water purification technology with Saudi Arabia
SEOUL, May 01 (AJU PRESS) - Korean chemical company LG Chem will transfer its water purification technology, known as reverse osmosis, to Saudi Arabian conglomerate Alkhorayef Group, LG Chem said Wednesday. Reverse osmosis (RO) uses a semi-permeable membrane to extract salt and other impurities from water. Unlike traditional methods reliant on heat-induced evaporation, RO membranes filter water molecules without heat. LG Chem's RO membrane boasts a 99.89 percent salt removal rat
May 1, 2024 -
Korea's Ramyeon exports hit record high in first quarter
SEOUL, April 30 (AJU PRESS) - Korea experienced a remarkable 30 percent increase in Ramyeon exports during the first quarter of 2024, reaching a record high for the period, according to data released on Tuesday. Demand for Korean noodle products was especially strong in the United States, followed by China, the Netherlands and Japan. This surge in popularity has been fueled over the past decade by Ramyeon's frequent exposure through K-pop songs, K-dramas, and K-films. This has
April 30, 2024 -
Price of Korean seaweed skyrockets amid growing demand overseas
SEOUL, April 29 (AJU PRESS) – The wholesale price of processed laver sheets jumped nearly 60 percent on year this month, as demand has grown overseas driven by the popularity of gimbap, or seaweed-wrapped rice, and other Korean foods. According to the state-run Korea Agro-Fisheries & Food Trade Corp., the wholesale price of 100 sheets of dried laver was 10,440 won ($7.5) on Friday, up 58 percent from 6,628 won a year ago. The average retail price for a sheet of seaweed a
April 29, 2024 -
Dongwon F&B, Konkuk University join hands to develop safe pet food
SEOUL, April 29 (AJU PRESS) - Dongwon F&B has signed an agreement with the veterinary medicine department of Konkuk University for the development of safe and reliable pet food, the Korean food company said Monday. Under the deal, the two sides will jointly research and develop food for dogs and cats and work together to ensure safety. "Amid growing consumer concerns about some pet foods, establishing this strategic partnership with Konkuk University's veterinary med
April 29, 2024 -
Korea Western Power secures electricity supply deal in UAE
SEOUL, April 29 (AJU PRESS) - Korea Western Power (KOWEPO) has signed a power sales agreement with the United Arab Emirates' state-run water and electricity supplier, KOWEPO said on Sunday. KOWEPO is involved in constructing the Al Ajban Solar Photovoltaic (PV) Park, a solar power facility slated to break ground in the second half of 2024. Upon its launch in 2026, the Korean company will supply the electricity generated at the Al Ajban Solar PV Park to Emirates Water and Electr
April 29, 2024
-
LIG Nex1 displays guided missiles at defense exhibition in Kuala Lumpur
-
Hangeul forum inaugurated in Sejong City
-
Coupang swings to net loss in first quarter amid growing competition from Chinese rivals
-
Hanwha Q Cells begins operation of second solar module factory in US
-
70 dogs escape from farm in Daejeon, prompting evacuation orders for residents
-
Korea's workforce expected to decline by 10 million by 2044
-
Queer parade to take place in central Seoul on June 1
-
Event promoting Korea underway in Paris ahead of Olympics
-
Stray Kids to drop collaborative single with Charlie Puth this week
-
Korean oil refiners ramp up car wash business amid declining profit margins