Business
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Operator of e-grocery platform Market Kurly postpones IPO plan
SEOUL -- Kurly Corp., which operates e-grocery platform Market Kurly, has decided to put off an initial public offering (IPO) plan indefinitely due to dampened investor confidence amid deteriorating economic and market conditions at home and abroad. The move came more than four months after the company obtained preliminary approval for its listing on the Korea Exchange (KRX) on August 22 last year. Under its original plan, Kruly had sought to complete its listing process by next mon
January 4, 2023 -
Tesla fined $2.24 million for false advertising
SEOUL -- U.S. electric carmaker Tesla and its South Korean unit were slapped with a fine of 2.85 billion won ($2.24 million) on January 3 for false and misleading advertising. The Korea Fair Trade Commission (KFTC), an antitrust regulator in Korea, said that it has decided to impose the fine on Tesla, holding the global EV giant accountable for violating laws related to fair labeling and advertising as well as consumer protection in ecommerce. The KFTC said that Tesla was found t
January 4, 2023 -
Korean economy to grow less than 2% this year amid global slump
SEOUL -- The South Korean economy is forecast to grow less than 2 percent this year amid growing uncertainties and downside risks. The Ministry of Economy and Finance and the Bank of Korea (BOK) estimated this year's growth rate at 1.6 percent and 1.7 percent, respectively. These figures are lower than the International Monetary Fund's 2.0 percent projection for the Korean economy and the OECD's 1.8 percent. The Asian Development Bank (ADB) even came up with a much lo
January 4, 2023 -
[CES 2023] LG Electronics to disclose smart sleep care solution at CES
SEOUL -- At the Consumer Electronics Show, a global tech event to be held on January 5 in Las Vegas, LG Electronics will showcase a smart sleep care solution capable of helping users to sleep properly by analyzing sleep patterns. By wearing lightweight wireless earphones weighing about 0.01 pounds each, users can listen to different frequencies that would help them to fall asleep easily. The smart solution called "brid.zzz" records various sleep-related information such a
January 4, 2023 -
Ramyeon maker to adopt water-soluble ink-based eco-friendly packaging
SEOUL -- Ottogi, a major instant noodle and food ingredient maker in South Korea, will adopt water-soluble ink-based environmentally friendly packaging material. The green packaging material emits less greenhouse gases and requires less ink during production. South Korea with an annual average instant noodle consumption of some 3.7 billion units is a heaven for Ramyeon lovers. The most popular kind of Ramyeon in 2022 is "Shinramyun" (9.8 percent) made by food ingredient m
January 3, 2023 -
Income disparity widens amid COVID-19 pandemic
SEOUL -- Households at the top 10 percent of the income bracket were found to earn 22 times more than what the poorest 10 percent made last year, according to Statistics Korea. The finding indicated that the COVID-19 pandemic has widened the income disparity amid declining household income, especially among the poor, and growing financial difficulties among the self-employed. This also raised concerns that the middle class has been shrinking at an alarming rate. The statistical o
January 3, 2023 -
Sales of overseas tour package reservations soared by more than 2,000% in 2022: data
SEOUL -- Thanks to eased regulations on overseas travel amid a prolonged coronavirus pandemic, sales of overseas tour packages have soared by more than 2,000 percent in 2022, according to data released by South Korea's largest online tour package and flight ticket reservation platforms. South Korea, struck by the first wave of the COVID-19 pandemic in February 2020, has strictly regulated people from coming into the country to prevent the spread of the highly infectious virus.
January 3, 2023 -
Chemical material maker Kumyang to build secondary battery plant in southern port city
SEOUL -- Kumyang, a chemical material maker based in the southern port city of Busan, will build a secondary battery plant with a total annual production capability of 300 million battery cells in the eastern area of the company's hometown. The company said batteries will be used for smart mobility businesses without disclosing the specific purpose. Battery cells will be mainly supplied to domestic companies but they will be exported to other countries if global demands are high.
January 3, 2023 -
Convenience store franchise GS25 to demonstrate currency exchange kiosks for foreign tourists
SEOUL -- To create a convenient money exchange environment for foreign tourists, the operator of South Korea's convenience store franchise GS25 will install digital money exchange kiosks in 10 stores located in tourist hot spots in Seoul. A total of 15 foreign currencies including the U.S. dollar and euro can be exchanged into Korean won through the automated machine created by currency management system developer Ooddy. Most tourists exchange their currency at banks, private c
January 2, 2023 -
SK earthon partners with British carbon capture & storage company to seek new businesses
SEOUL -- SK earthon, the eco-friendly energy business wing of South Korea's SK Group, has partnered with Azuli, a British carbon capture and storage company, in an effort to seek new global business opportunities and create new carbon reduction technology-related markets. The carbon capture and storage (CCS) technique uses special equipment to collect carbon dioxide created after burning fossil fuels or biomass before it enters the atmosphere. Using CCS, up to about 70 percent
January 2, 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