Business
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POSCO secures stake in world's second-largest graphite reserve in Tanzania
SEOUL, Sept. 4 (AJP) - POSCO International, the trading arm of Korea's steel group POSCO, has agreed to invest $40 million in a graphite mine project in Tanzania. The Ministry of Trade, Industry, and Energy announced Tuesday the company signed a deal to increase the POSCO group’s stake in Black Rock Mining (BRM), which owns the Mahenge graphite mine, to 19.9 percent. POSCO Holdings had previously invested $7.5 million in the Australian company. The Mahenge mine is es
September 4, 2024 -
Bus drivers in Gyeonggi withdraw strike plan after reaching last-minute deal
SEOUL, Sept. 4 (AJP) - Unionized bus drivers in Gyeonggi Province withdrew their strike plan on Wednesday after reaching a last-minute settlement with their employers. The two sides agreed to a 7 percent wage increase, lower than the unions’ original demands of 12.32 percent and 21.86 percent, following a 12-hour negotiation that concluded at 3 a.m. The federation of unions, which represents 16,000 drivers from 45 companies in the province surrounding Seoul, had planned t
September 4, 2024 -
Bulgarian minster visits Hyundai E&C over nuclear power project
SEOUL, Sept. 3 (AJP) – Bulgarian Energy Minister Vladimir Malinov visited Hyundai Engineering and Construction in Seoul to discuss cooperation on the nation’s nuclear power plant project, the company announced Tuesday. The leading Korean construction company was selected in February as the preferred bidder for a project to build two additional nuclear reactors at the Kozloduy nuclear power complex. During his visit on Monday, the minister met with Hyundai E&C CEO
September 3, 2024 -
Gyeonggi bus drivers, companies in last-minute talks to avert strike
SEOUL, Sept. 3 (AJP) - Unionized bus drivers in Gyeonggi Province and their employers engaged in eleventh-hour talks Tuesday, the eve of a threatened strike that could disrupt nearly 90 percent of bus operations in the nation’s most populous province. The federation of bus labor unions in the province surrounding Seoul plans to launch a walkout at 4 a.m. Wednesday if it fails to reach an agreement with the bus management association. The two sides began negotiations over wa
September 3, 2024 -
Mid-sized business lobby calls for labor market flexibility
SEOUL, Sept. 3 (AJP) - The head of Korea’s mid-sized companies' association on Tuesday called for greater labor market flexibility during a meeting with the new chief of the presidential council on labor policies. Choi Jin-shik, chair of the Federation of Middle Market Enterprises of Korea (FOMEK), visited Kwon Gi-seob, the newly appointed chairman of the Economic, Social and Labor Council (ESLC), the tripartite panel representing the government, businesses, and labor unio
September 3, 2024 -
LG Electronics establishes heat pump research consortium in China
SEOUL, Sept. 2 (AJP) - LG Electronics has established a heat pump research consortium in Harbin, China, as part of its efforts to expand its presence in the heating, ventilation, and air conditioning (HVAC) market, which is crucial for AI and high-capacity data centers. The launch of the Chinese Consortium for Advanced Heat Pump Research (CCAHR) marks the completion of LG's global research and development triangle for HVAC, following similar initiatives in Alaska, U.S., and Oslo
September 2, 2024 -
Samsung Medison acquires French AI startup Sonio
SEOUL, Sept. 2 (AJP) - Samsung Medison, a Korean manufacturer of diagnostic ultrasound systems, said Monday that it has finalized the acquisition of Sonio, a French startup specializing in ultrasound diagnostic reporting and AI-assisted diagnosis. With this acquisition, the company aims to accelerate innovation in ultrasound imaging and reduce global healthcare disparities by expanding its AI solution portfolio. Sonio's FDA 510(k)-approved AI solution, "Detect," eva
September 2, 2024 -
Korea's kimchi imports hit record high amid cabbage price surge
SEOUL, Sept. 2 (AJP) - Korea's kimchi imports have reached a record high in the first seven months of this year, rising nearly 7 percent compared to the same period last year, customs data showed on Monday. From January to July, kimchi imports totaled around 130 billion won ($98.47 million), up 6.9 percent year-on-year, according to the Korea Customs Service. The import volume increased by 6 percent to 173,329 tons during the same period, breaking the previous record of 172,
September 2, 2024 -
Korean defense firms participate in major industry show in Poland
SEOUL, Sept. 2 (AJP) - Korea's leading defense companies are set to showcase their products at an industry fair in Poland this week, aiming to expand their footprint in the European market. The 32nd International Defence Industry Exhibition (MSPO), one of Europe's largest defense exhibitions, will be held in central Poland from Tuesday to Friday. About 800 companies from 35 countries are expected to participate in the event in Targi Kielce, an exhibition and congress center.
September 2, 2024 -
Korea's exports extend rising streak for 11th consecutive month
SEOUL, September 01 (AJP) - Korea extended its export growth streak for the 11th consecutive month in August, driven by strong demand for semiconductors, according to data released by the Ministry of Trade, Industry and Energy on Sunday. Exports grew 11.4 percent on-year, reaching $57.9 billion last month, while imports rose by 6 percent to $54 billion. This resulted in a trade surplus of $3.83 billion, marking the country's 15th straight month in the black since June of last ye
September 1, 2024
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PHOTOS: National Folk Museum showcases traditional funeral dolls
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PHOTOS: Seoul holds sign language cultural festival
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PHOTOS: KES 2024 opens at COEX, highlighting AI innovations
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BLACKPINK's Jennie makes Billboard Hot 100 debut with latest single
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British Embassy's roundtable meeting raises awareness of climate change
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Workers over 60 become largest employed age group in Korea for first time
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South Korea mulls sending inspectors to Ukraine to monitor North Korean troops in Russia
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U.S. stealth fighter completes maiden landing on Japanese vessel
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5.8 magnitude earthquake strikes Indonesia's Molucca Sea region
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North Korea dismisses allegations of troop deployment to Russia as 'groundless'