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

Hanwha Ocean wins U.S. Navy vessel maintenance contract

SEOUL, August 30 (AJP) - Hanwha Ocean has become the first Korean shipyard to win a contract for the U.S. Navy's vessel maintenance business. The Korean shipbuilder said Thursday that it has secured a deal for overhauling a 40,000-ton U.S. Navy logistics support ship. This contract involves the regular overhaul of large naval vessels and can only be carried out by companies certified under a Master Ship Repair Agreement (MSRA). The MSRA is a prerequisite agreement required by

August 30, 2024

SK hynix develops world's first 10nm-class 6th generation DRAM

SEOUL, August 29 (AJP) - SK hynix said Thursday it has successfully developed the world's first 16Gb DDR5 DRAM using 10nm-class 6th generation (1c) process technology. This breakthrough pushes the boundaries of memory process technology into the early 10nm range. The company expanded on its industry-leading 5th generation (1b) platform to create the 1c DDR5, minimizing potential errors and efficiently transferring performance advantages. By applying new materials to specific EUV

August 29, 2024

Czech PM's envoy to visit Korea to discuss cooperation over nuclear reactor deal

SEOUL, August 28 (AJP) - A special envoy from the Czech Republic is scheduled to visit Korea next week to discuss economic cooperation, signaling potential progress in negotiations for a nuclear power plant contract worth about 24 trillion won ($18 billion), industry sources said Wednesday. The envoy, representing Czech Prime Minister Petr Fiala, will be in Korea from Sept. 3 to 6. The Czech government is reportedly keen to discuss comprehensive industrial cooperation that Korea has

August 28, 2024

Samsung SDI, GM sign deal for U.S. battery joint venture

SEOUL, August 28 (AJP) - Samsung SDI, a Korean battery maker, and General Motors have signed a formal agreement to establish a joint venture for electric vehicle battery production in the U.S., the companies announced Wednesday. The venture will invest about $3.5 billion to build a battery cell manufacturing plant in New Carlisle, Indiana, with an initial annual production capacity of 27 gigawatt-hours. The plant is targeting mass production in 2027 and is expected to create ove

August 28, 2024

Shareholders approve merger between SK Innovation, SK E&S

SEOUL, August 27 (AJP) - Shareholders of SK Innovation and SK E&S on Tuesday approved a plan to merge the two SK Group units, creating Asia's largest energy company by November. SK Innovation, the group’s energy holding company, announced that 85.76 percent of attending shareholders voted in favor of the merger at an extraordinary general meeting. SK E&S, a highly profitable and unlisted affiliate, also held a shareholders' meeting and approved the proposal.

August 27, 2024

Westinghouse appeals against Czechia's selection of Korea Hydro & Nuclear for reactor construction

SEOUL, August 27 (AJU PRESS) - U.S. firm Westinghouse Electric Co. has filed an appeal with the Czech government against its selection of Korea Hydro & Nuclear Power (KHNP) as the preferred bidder to build new nuclear reactors, accusing the Korean firm of using its proprietary technology without permission. In July, the Czech government announced that KHNP had been chosen over French electric utility firm Électricité de France (EDF) for the project to construct at

August 27, 2024