Korea to require e-commerce businesses to pay sellers within 20 days

SEOUL, October 18 (AJP) - The Korean government plans to require e-commerce businesses to pay sales proceeds to sellers within 20 days after a consumer confirms a purchase, the Korea Fair Trade Commission announced Friday. The FTC also plans to require them to deposit at least half of the sales proceeds in financial institutions to ensure that sellers can recover some of their money if a platform goes bankrupt. The FTC announced these law revisions as part of efforts to prevent e

October 18, 2024

Samsung unveils fastest graphics memory chip to power AI systems

SEOUL, October 17 (AJP) - Samsung Electronics announced on Thursday that it has developed the industry's first 24-gigabit GDDR7 (graphics double data rate 7) memory chip, designed to power next-generation artificial intelligence systems. The new chip offers the highest capacity and fastest speed in the graphics memory market, capable of processing data at over 40 gigabits per second. The new DRAM is expected to be used in various applications, including PCs, game consoles, AI

October 17, 2024

Korea unveils 8.8 trillion won package to support chip industry

SEOUL, October 16 (AJP) – The South Korean government announced on Wednesday that about 8.8 trillion won (US$6.4 billion) will be injected into the semiconductor ecosystem by 2025. The comprehensive support package, unveiled by the Ministry of Economy and Finance, includes low-interest loans, fund investments and support for infrastructure and manpower development. Of the total investment, 4.7 trillion won will be provided through financial support programs, including 4.25

October 16, 2024

E-commerce surge drives sharp growth in Korea's delivery industry

SEOUL, October 16 (AJP) - South Korea's parcel delivery industry has seen a 52.9 percent increase in volume over the past three years, with the average person receiving more than 100 packages annually in 2023, according to a report released Wednesday by the Korea Chamber of Commerce and Industry. The report attributes this growth to "4C" factors: China-commerce, Competition, Consumer benefit and Cost down. The influx of ultra-low-priced products from Chines

October 16, 2024

LG CNS unveils AI-based marketing platform for U.S. market

SEOUL, October 16 (AJP) - Korea's IT solutions provider LG CNS has introduced its artificial intelligence (AI)-powered marketing platform, LG Optapex, to the U.S. advertising market. The company said Wednesday it showcased the platform at Amazon's unBoxed 2024 event in Austin, Texas, Monday. LG Optapex, an enhanced global version of LG CNS's marketing optimization platform (MOP), uses AI and mathematical optimization to streamline digital marketing efforts. The pl

October 16, 2024

Hyundai Mobis to build electric vehicle parts plant in Slovakia

SEOUL, October 16 (AJP) - South Korean auto parts maker Hyundai Mobis Co. said on Wednesday it will invest about 350 billion won (US$256 million) to construct a new electric vehicle (EV) components factory in Slovakia. The plant, to be built in Novaky, will produce power electric (PE) systems, which integrate electric motors, inverters and gear heads. It marks the company's first PE system production base in Europe, with construction scheduled to be finished in the second half o

October 16, 2024

Hyosung chairman pledges massive investment in Viet Nam

SEOUL, October 15 (AJP) - Cho Hyun-joon, the chairman of South Korean conglomerate Hyosung Group, has pledged massive investment in Viet Nam during a meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi, the group said on Tuesday. Cho visited Prime Minister Pham the previous day to discuss future business cooperation. "I agree with Prime Minister Pham Minh Chinh's statement during his visit to Korea that for the next 30 years, cooperation between Korea and Vie

October 15, 2024

LG Energy Solution wins deals to supply electric vehicle batteries to Ford

SEOUL, October 15 (AJP) - LG Energy Solution has signed supply contracts for electric vehicle batteries with Ford Motor, the Korean battery maker said Tuesday. Under the deals, LG will supply the U.S. automaker with a total of 109 gigawatt-hours of electric commercial vehicle battery cells and modules. The Korean firm plans to deliver 75 gigawatt-hours over six years starting in 2027, along with 34 gigawatt-hours over five years beginning in 2026. All products are scheduled to be

October 15, 2024

Visang showcases AI-based language learning platform

SEOUL, October 15 (AJP) - Visang Education, a Korean educational company, on Tuesday unveiled its artificial intelligence-based language learning platform, AllviA Connect Learning (ACL). The system, designed for remote education, could help foreign workers learn Korean before entering the country, according to Paul Rho, Visang Education's global business division head. "Using ACL, companies can efficiently provide tailored Korean language education to their employees,&qu

October 15, 2024

Weight-loss drug Wegovy launches in Korea

SEOUL, October 15 (AJP) - Danish drugmaker Novo Nordisk launched its popular obesity treatment, Wegovy, in South Korea on Tuesday, industry sources said. Its local distributor, Zuellig Pharma Korea, has begun accepting orders for the blockbuster drug, which is delivered via a pre-filled pen injector. Wegovy was approved by the Ministry of Food and Drug Safety in April 2023 for adults with a body mass index (BMI) of 30 or greater, or 27 to 30 with at least one weight-related comor

October 15, 2024