Business
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S. Korean economy to face 'serious slump' due to lack of growth momentum: think tank
SEOUL -- The Korea Economic Research Institute (KERI) has revised down its 2023 economic outlook for South Korea to 1.5 percent from its previous projection of 1.9 percent. In a recent report, the institute affiliated with the Federation of Korean Industries (FKI) warned that the South Korean economy could enter the stage of a "serious slump" due to a lack of growth momentum. The think tank said the country will experience a lower growth, hit by sagging domestic dem
February 3, 2023 -
Dutch semiconductor equipment firm ASM to invest $100 million in South Korea
SEOUL -- Dutch semiconductor equipment manufacturer ASM has agreed to invest $100 million to set up a new factory and expand its research and development center in South Korea, according to the Ministry of Trade, Industry and Energy. The ministry said that it signed a memorandum of understanding (MOU) with ASM on the latter's investment plan in Korea. The MOU was initialed between Trade and Industry Minister Lee Chang-yang and ASM CEO Benjamin Loh at a Seoul hotel on February 2
February 2, 2023 -
Foreigners buy 6.5 trillion won worth of local stocks in January, expecting economic recovery
SEOUL -- Foreign investors rushed to buy South Korean stocks worth 6.48 trillion won ($5.3 billion) on a net basis in January on the back of the weak U.S. dollar and growing expectations of a global economic recovery, according to data released by the Korea Exchange (KRX) on February 2. The monthly net purchase by foreigners was the largest since they bought 6.95 trillion won in January 2012. Their net buying reached an all-time high of 8.46 trillion won in September 2013. Fo
February 2, 2023 -
LGES to supply battery modules to commercial EV battery pack maker Freudenberg
SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, signed a supply deal with a U.S.-based commercial electric vehicle battery pack maker called "Freudenberg e-Power Systems" to supply battery modules. Battery modules consist of cells, which are basic units of batteries. Battery cells are put together in a frame to form a module that can protect cells from external shock and heat. When modules are bundled up, they become battery packs, the
February 2, 2023 -
SK C&C forges partnership with Microsoft targeting global AI-based healthcare solution market
SEOUL -- SK C&C, the software solution-making wing of South Korea's SK Group, partnered with Microsoft's branch in Seoul to establish a bridgehead into the global artificial intelligence-based digital healthcare solution market. SK C&C's cerebral hemorrhage-detecting solution will become available through Microsoft's cloud healthcare platform. AI combined with big data is found to be extremely effective in image-based medical diagnosis as the robots can anal
February 2, 2023 -
Consumer prices jump 5.2 percent in January, driven by higher utility charges
SEOUL -- South Korea's consumer prices jumped 5.2 percent in January from a year earlier, remaining at the 5 percent level for the nineth consecutive month, according to data released by Statistics Korea on February 2. The statistical office said inflationary pressure increased due to rising public utility charges which surged 28.3 percent year-on-year last month, marking the biggest increase since 2010. The upsurge was driven by a hike in the rates of electricity and gas three
February 2, 2023 -
South Korea hit by record trade deficit due to steep fall in semiconductor exports
SEOUL -- South Korea posted a record-high monthly trade deficit of $12.6 trillion in January due to a steep fall in exports of the country’s key items such as semiconductors, display panels, and steel and petrochemical products, the Ministry of Trade, Industry and Energy said February 1. More seriously, the country suffered the trade shortfall for the 11th consecutive month. Such a long period of the deficit was unheard-of since Korea witnessed a deficit for 30 months till
February 1, 2023 -
S. Korea to build new LNG terminal in southern industrial town to meet increased demands
SEOUL -- South Korea will build a new liquefied natural gas storage terminal with a capacity of 400,000 kiloliters in the southern industrial city of Gwangyang. The construction of the megastructure follows the country's increased demand for gaseous fuel after South Korea revealed a roadmap to reduce its dependency on coal and other fossil fuels for thermal power generation in a bid to reduce the emission of greenhouse gases. About 3,700 tons of liquefied natural gas (LNG) was
February 1, 2023 -
SK hynix suffers huge operating loss due to slumping memory chip business
SEOUL -- SK hynix, the world’s second-largest memory chip producer, suffered an operating loss of 1.7 trillion won ($1.37 billion) in the fourth quarter of last year, driven by sagging global demand amid an economic slowdown, the company said February 1. It marked the first time since the third quarter of 2012 that the company has posted an operating loss. The loss was in stark contrast to a profit of 4.21 trillion won in the last quarter of 2021. The company’s s
February 1, 2023 -
Lotte's ecommerce wing adopts KT's AI-based smart logistics platform for efficient management
SEOUL -- Lotte On, the ecommerce wing of South Korean retail giant Lotte Group, partnered with KT, the country's biggest telecom company, to adopt an artificial intelligence-based smart logistics platform. The smart platform will help Lotte's logistics services efficiently reduce carbon emissions by managing the routes and daily schedules of delivery trucks. AI and big data are widely used in the logistics sector to optimize the operation of facilities, transports, and manp
February 1, 2023
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Top security officials of South Korea, US, Japan discuss NK troop deployment to Russia
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Veteran actress Kim Soo-mi dies at 75
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VISUALS: Extreme sports festival kicks off at Gwanghwamun
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South Korea, U.S. defense chiefs to hold talks in Washington
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North Korean troops in Russia are Moscow's 'business,' Putin says
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LG Electronics heat pump to win innovation award at US expo
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PHOTOS: Korea observes Dokdo Day
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Hyundai Mobis posts 31.6% jump in Q3 operating profit
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Old movies make comeback to theaters with nostalgic appeal
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Cyclonic storm makes landfall on eastern Indian coast