Business
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Seoul shares tumble as U.S. data stokes slowdown fears
SEOUL, August 02 (AJU PRESS) - Korea's benchmark stock index plummeted 2.71 percent in intraday trading on Friday, falling below the 2,700 level for the first time in about two months. The drop followed a tumble on Wall Street on Thursday, as weak U.S. manufacturing data raised fears of a worsening economic outlook. The KOSPI fell as much as 80.05 points, or 2.88 percent, to 2,697.63 in morning trading, marking its largest intraday drop since June 13, 2022. By 10:26 a.m., the
August 2, 2024 -
Samsung's striking employees return to work as union shifts to long-term strategy
SEOUL, August 2 (AJU PRESS) — Unionized workers at Samsung Electronics are returning to work after a 25-day full strike, shifting to a long-term strategy that includes surprise partial stoppages to press their demands. The National Samsung Electronics Labor Union (NSELU) launched the walkout on July 8, demanding higher pay, improved bonus systems and other benefits. On Thursday afternoon, the union announced a transition to a long-term strategy and instructed members to res
August 2, 2024 -
Hyundai Engineering takes over solar power plant project in Texas
SEOUL, August 01 (AJU PRESS) - Hyundai Engineering has secured the rights to a 260-megawatt solar power plant project in Texas, marking its first investment in overseas renewable energy, the Korean company said Thursday. The plant, to be located in Hill County, about 100 kilometers south of Dallas, will have an annual capacity of 492 gigawatt-hours, sufficient to supply electricity to about 46,000 U.S. households annually, the company said. Hyundai Engineering acquired the projec
August 1, 2024 -
U.S. police adopt Samsung Galaxy Z Flip as body camera
SEOUL, August 01 (AJU PRESS) - U.S. law enforcement agencies are utilizing Samsung's Galaxy Z Flip smartphones as body cameras to enhance public safety, the company said Thursday. The initiative began two years ago in Kimberling City, Missouri, marking the first use of foldable devices for this purpose. Following a successful six-month trial, the program has expanded to police departments in Texas and Arkansas. The Galaxy Z Flip series was chosen for its compact design, high-
August 1, 2024 -
Samsung Electronics union continues strike after talks with management collapse
SEOUL, August 1 (AJU PRESS) – Negotiations between Samsung Electronics and its striking labor union ended without agreement Wednesday, dampening hopes of ending the more than 20-day-long walkout at Korea’s largest company. During the three-day talks, the two sides narrowed differences on some issues but failed to reach a final compromise, sources said. The management reportedly offered paid union activity hours, leisure points for employees and a reduction in mandato
August 1, 2024 -
Hazardous substances found in children's products sold on AliExpress, Shein
SEOUL, August 01 (AJU PRESS) - An investigation by Seoul City has revealed alarming levels of heavy metals, phthalates and other hazardous substances in seven children's products sold on the popular Chinese e-commerce platforms AliExpress and Shein. The city government announced Thursday that, of 25 products inspected, including tubes, goggles and swimsuits, seven items failed to meet domestic safety standards. The safety levels were tested through the Korea Apparel Testing &
August 1, 2024 -
Prosecution raids Tmon, WeMakePrice, Qoo10 chief's home in e-commerce payment probe
SEOUL, August 01 (AJU PRESS) — Seoul prosecutors raided offices of Tmon and WeMakePrice and the home of the CEO of their parent company Qoo10 on Thursday as part of an investigation into the ongoing payment delay crisis at the two e-commerce platforms. The Seoul Central District Prosecutors’ Office said prosecutors and investigators were sent to seven offices of Tmon, WeMakePrice and Qoo10 Korea. Search and seizure operations were also carried out at three homes of t
August 1, 2024 -
Payment delay crisis spreading to three other Qoo10-owned platforms
SEOUL, July 31 (AJU PRESS) - The payment delay crisis at Tmon and WeMakePrice, Korean e-commerce platforms owned by Qoo10, is now spreading to at least three other local units of the Singapore-based company. Interpark Books, Interpark Shopping, and AK Mall, all operated by Qoo10-affiliated Interpark Commerce, are suspending operations due to the financial fallout from Tmon and WeMakePrice, the companies said Wednesday. "Due to recent unsettled payments by Tmon and WeMakePr
July 31, 2024 -
Shinsegae to launch off-price retail store in Laos
SEOUL, July 31 (AJU PRESS) - Shinsegae Department Store said Wednesday it has signed a franchise agreement with a Laotian company to launch its off-price retail concept, Factory Store, in the Southeast Asian country next year. In partnership with Grandview Property, a subsidiary of Laos' largest private enterprise, Kolao Group, the first overseas Factory Store is scheduled to open in Vientiane's Kokkok Mega Mall in the first half of 2025. The Korean retail giant aims to l
July 31, 2024 -
Samsung to begin mass production of advanced AI chips in third quarter
SEOUL, July 31 (AJU PRESS) — Samsung Electronics announced Wednesday that it will begin mass production of advanced high-bandwidth memory (HBM) chips in the third quarter of 2024 to meet the growing demand for high-performance chips used in artificial intelligence processors. During its second-quarter 2024 earnings call, Kim Jae-jun, vice president of memory strategic marketing, said Samsung plans to produce and supply 8-layer HBM3E products in the third quarter, with 12-lay
July 31, 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'