Business
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LS Electric clinches $39.7 mln order to build railway signaling system in Taiwan
SEOUL -- LS Electric, a power solution provider affiliated with South Korea's LS Group, has clinched an order worth $39.7 million from Taiwan's railway operator to build a railway signaling system that provides various operation conditions for moving trains. Through the establishment of the safety system, the company aims to secure its foothold in the Southeast Asian market. The railway signaling system is crucial for locomotive engineers as it ensures that there is enoug
January 27, 2023 -
South Korea's kimchi imports hit record high of $169.4 million last year
SEOUL -- South Korea’s imports of kimchi, a traditional Korean side dish made of fermented cabbage, hit a record high of $169.4 million last year, according to the Korea Customs Service (KCS). The sum marked a 20.4 percent increase from 2021. The surge of kimchi imports was attributed to soaring inflation which made consumers prefer cheaper products from China. Locally made kimchi products became expensive due to high prices of cabbage and other ingredients. The increase
January 27, 2023 -
GS Retail partners with laundry service franchise to make foray into self-service laundry market
SEOUL -- GS Retail, the operator of South Korea's convenience store franchise GS25, partnered with Cleantopia, a domestic laundry service franchise operator, to make a foray into the country's unmanned self-service laundry market. This is the first time for a major South Korean conglomerate to enter the laundry market where the majority of businesses are operated by private owners. According to the state statistical information service, South Korea's laundry market whic
January 27, 2023 -
South Korea suffers trade deficit of $10.26 billion in the first 20 days of this month
SEOUL -- South Korea posted a trade deficit of $10.26 billion in the first 20 days of this month, according to the Korea Customs Service (KCS). The sum is equivalent to 21.6 percent of last year’s trade shortfall of $47.23 billion. The deficit was attributed to a sizable fall in exports of key items such as semiconductors and petrochemical products. At the same time, imports rose considerably as the country brought in a greater amount of oil and gas from overseas. The KCS
January 27, 2023 -
KT teams up with Mongolian government for distribution of rare earth elements to S. Korea
SEOUL -- KT, one of South Korea's three major telecom companies, will work with the Mongolian government to supply rare earth elements that would help many domestic sectors such as renewable energy, home appliances, and automotive parts to produce high-tech devices. KT will support Mongolia to carry out digital transformation projects in many different industries including medicine, finance, and media. Rare earth used as a crucial part of advanced devices are a set of 17 kinds
January 26, 2023 -
Korean economy shrinks 0.4% in fourth quarter of 2022, dimming growth outlook for this year
SEOUL -- The South Korean economy contracted 0.4 percent year-on-year in the fourth quarter of last year due to falling domestic consumption and exports amid sluggish global demand, runaway inflation and higher interest rates, according to the Bank of Korea (BOK) on January 26. The economic contraction was the first of its kind since the country posted a 3 percent negative growth in the second quarter of 2020 in the aftermath of the COVID-19 pandemic. Despite the fourth quart
January 26, 2023 -
Shinsegae to open alternative meat store in premium food shopping mall located in Gangnam
SEOUL -- The food product wing of South Korea's retail giant Shinsegae will open a store for its alternative meat product called "Better Meat" in a premium food store in Gangnam, the heart of fashion and trends, in southern Seoul. The retail giant saw a glimpse of success through Better Meat when some 13,000 customers visited a temporary pop-up store in Gangnam between July and December 2022. Alternative meat, also known as vegan meat, is made using plant-based ingr
January 25, 2023 -
Falling semiconductor exports to take toll on economic growth
SEOUL -- Falling exports of semiconductors are likely to lower the country’s economic growth to as low as 1 percent this year, according to a report released on January 25 by the Korea Chamber of Commerce and Industry (KCCI). The report predicted that if semiconductor exports decline 10 percent, the economic growth rate will drop by 0.64 percentage point. It also said that the growth rate will decrease further by 1.27 percentage points if semiconductor exports fall 20 percent.
January 25, 2023 -
South Korean battery makers struggling to reduce reliance on China for key materials
SEOUL -- Domestic manufacturers of electric vehicle batteries have made little progress in reducing their reliance on China for core materials, casting a dark cloud over exports of their products to the United States which discriminates against batteries made of Chinese materials under the Inflation Reduction Act (IRA). According to the Korea International Trade Association (KITA), South Korea imported $3.23 billion worth of lithium hydroxide, a core material for secondary batterie
January 25, 2023 -
Convenience store chain CU releases meal kit brand using plant-based egg
SEOUL -- Targeting South Korea's steadily growing vegan population, the country's top convenience store franchise CU released a vegan meal-kit brand using plant-based eggs. Alternative eggs created by processing mung beans, pumpkin, and soybean were included in food products such as sandwiches. Meal kits, also known as home meal replacement (HMR) products, are convenient heat-and-eat food packages. They are favored by busy students and workers as they can easily complete
January 25, 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