Business
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SK hynix posts record revenue driven by AI chips
SEOUL, July 25 (AJU PRESS) – SK hynix said Thursday its revenue soared 124.8 percent year-on-year to a record 16.42 trillion won ($12.7 billion) in the second quarter, driven by strong demand for artificial intelligence and other high-capacity chips. Sales surpassed the previous record of 13.81 trillion won set in the second quarter of 2022. The Korean chipmaker also turned a profit in the April-June period, with an operating profit of 5.47 trillion won and a net profit of 4.1
July 25, 2024 -
LG CNS expands into Japanese educational technology market
SEOUL, July 25 (AJU PRESS) – LG CNS, a South Korean IT services provider, is entering Japan's educational technology market in partnership with the local educational company AEON. LG CNS said Thursday that the two companies have signed a memorandum of understanding to implement digital transformation across AEON’s network, which operates over 300 language schools. The projects include developing an AI-powered English conversation app for Japanese public schools an
July 25, 2024 -
Korea's economy contracts 0.2% in second quarter
SEOUL, July 25 (AJU PRESS) – South Korea's economy contracted 0.2 percent in the second quarter from the previous quarter, the Bank of Korea reported Thursday. The central bank attributes the decline to the effect of the first quarter's strong growth, slowing domestic consumption, and a sharp increase in imports. The fall in real gross domestic product (GDP) for the April-June period came after 1.3 percent growth in the first quarter, which set a high benchmark for
July 25, 2024 -
Trump victory could dampen US EV market, impact Korean battery makers, analyst says
SEOUL, July 25 (AJU PRESS) - A potential victory for Donald Trump in the upcoming U.S. presidential election could further dampen the electric vehicle (EV) market in the United States, potentially affecting Korean battery manufacturers, according to a report from Eugene Investment & Securities Co. released on Wednesday. The analysis suggests that Trump's potential policies, including the repeal of fuel efficiency regulations and changes to EV subsidies and import tariffs, co
July 25, 2024 -
Convenience store chain CU opens 400th branch in Mongolia
SEOUL, July 25 (AJU PRESS) - CU, a leading convenience store chain in Korea, has opened its 400th store in Mongolia, six years after entering the country in 2018. Among Korean convenience stores, CU has also become the first to achieve profitability in its overseas business. BGF Retail, the operator of CU, announced Thursday that its Mongolian partner, Premium Nexus, reported sales of 286.1 billion Tugrik ($84.7 million) and an operating profit of 9.6 billion Tugrik ($2.8 million) f
July 25, 2024 -
Korean cable maker Taihan secures $137 million US contract
SEOUL, July 25 (AJU PRESS) - Taihan Cable & Solution has secured a 190 billion won ($137 million) deal to supply high-voltage power cable systems for a major grid modernization project in the eastern United States, the Korean company said Thursday. The contract, which marks Taihan’s largest-ever in the U.S., involves providing 138kV and 345kV cables and connectors to replace aging power infrastructure. The deal, awarded to Taihan's U.S. subsidiary T.E.USA, brings Ta
July 25, 2024 -
E-commerce platforms Tmon, WeMakePrice face escalating crisis amid payment delays
SEOUL, July 24 (AJU PRESS) - Korean e-commerce platforms WeMakePrice and Tmon are facing a mounting crisis due to prolonged payment delays to sellers, stemming from a liquidity crunch involving their Singapore-based parent company, Qoo10. The two sites have delayed settlements with sellers since early July, prompting some businesses to cancel products and withdraw from the platforms. Damages are estimated to exceed 100 billion won ($72.23 million). Major retailers, including Lott
July 24, 2024 -
Korean firms face setback at US beauty expo after container theft
SEOUL, July 24 (AJU PRESS) - Dozens of Korean beauty companies faced a major setback at Cosmoprof North America, a prominent industry fair in Las Vegas, after a container carrying their exhibition items was stolen en route to the event. The Korea International Trade Association (KITA) said Wednesday a container holding products from 70 Korean firms was taken while being transported from the Port of Long Beach in Los Angeles to the exhibition venue in Las Vegas. The theft occurr
July 24, 2024 -
Samsung Electronics partners with Krafton for mobile gaming excellence
SEOUL, July 23 (AJU PRESS) - Samsung Electronics has teamed up with game developer Krafton to enhance mobile gaming experiences on Galaxy smartphones. The collaboration focuses on optimizing Krafton's new game, "Dark and Darket Mobile," for Samsung's latest devices, including the Galaxy Z Fold6 and Z Flip6. The partnership incorporates advanced graphics technologies such as Vulkan and Ray Tracing to deliver realistic visuals. Ray Tracing will be available on high-e
July 23, 2024 -
Bath & Body Works doubles sales target after Korean debut: Shinsegae
SEOUL, July 23 (AJU PRESS) – U.S. fragrance and body care brand Bath & Body Works has made a successful debut in South Korea, partnering exclusively with Shinsegae Department Store. Its first Korean store, which opened on May 24 at Shinsegae's Gangnam location, has already surpassed expectations, doubling its sales target in less than two months, the department store said Tuesday. The brand's arrival addresses a longstanding demand from Korean consumers, who previ
July 23, 2024
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China to regulate disposal of renewable energy waste
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Xi meets Putin in BRICS summit in Kazan
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Japan rail giant JR Central raided in bid-rigging probe
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Ireland, UAE sign bilateral treaties to combat organized crime
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IMF cuts Japan's growth outlook to 0.3 percent
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U.S. charges Iranian official in plot to assassinate dissident in New York
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OPINION: Kim Jong-un sends North Korean troops to fight in Ukraine – here's what this means for war
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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