LS Electric to expand ultra-high voltage transformer plant

SEOUL, August 14 (AJU PRESS) - LS Electric plans to invest an additional 20.5 billion won ($15 million) to expand its plant for ultra-high voltage transformers in Busan. The board of Korea’s leading power solutions provider approved the plan on Tuesday, aimed at meeting the growing global demand for electric equipment, especially in North America. The new investment supplements the 80.3 billion won already allocated in May, bringing the total investment to 100.8 billion won

August 14, 2024

Samsung Electronics workers to stage four-day strike

SEOUL, August 14 (AJU PRESS) - Unionized workers at Samsung Electronics said Wednesday that they will go on a four-day strike during this week’s “sandwich holiday” period, demanding wage hikes and improved bonus systems. The walkout by the National Samsung Electronics Labor Union will begin on Thursday, August 15 (Liberation Day), and continue through Sunday. This action comes two weeks after the union ended its 25-day strike on August 1, transitioning to a long

August 14, 2024

Gaming executives take active role in fostering player interaction

SEOUL, August 13 (AJU PRESS) - The G-Star convention in Bexco, Busan, was abuzz with enthusiasm as fans awaited the opportunity to meet the developers and innovators who have propelled Korea onto the global gaming stage. The excitement reached its peak when Keum Kang-sun appeared in the northern section of the convention site that was showcasing the mobile version of “Lost Ark,” a highly acclaimed PC-based MMORPG (massively multiplayer online role-playing game). &quo

August 13, 2024

Kakao Pay probed for sharing millions of users' data with Alipay

SEOUL, August 13 (AJU PRESS) - Korea's financial regulator said Tuesday Kakao Pay, the online payment arm of tech giant Kakao Corp., has been transferring personal credit information of millions of customers to China’s Alipay without consent for over six years. According to the Financial Supervisory Service (FSS), the company has shared data of 40.45 million users, totaling 54.2 billion pieces of personal credit information, with Alipay since April 2018. The regulator i

August 13, 2024

CJ CheilJedang reports double-digit profit growth on overseas food sales

SEOUL, August 13 (AJU PRESS) - Korean food and bio company CJ CheilJedang announced on Tuesday that its second-quarter operating profit rose 14.1 percent year-on-year to 269 billion won ($196 million), marking the third consecutive quarter of profit growth. Sales increased 0.3 percent to 7.239 trillion won, while net income increased 16 percent to 147.8 billion won. The company's overseas food business showed strong performance, with sales in Europe surging 57 percent as it

August 13, 2024

Private equity firm to acquire controlling stake in Chorokbaem Media

SEOUL, August 13 (AJU PRESS) - Q Capital Partners, a private equity firm, has signed a deal to acquire a controlling stake in Chorokbaem Media, a drama and animation production company. Chorokbaem, known for popular dramas such as "My Mister," "All In" and "The Slave Hunters," said in a regulatory filing Tuesday that Q Capital agreed to purchase about 9.617 million shares for 180 billion won ($137 million). Upon completion of the transaction, expecte

August 13, 2024

Carmakers disclose EV battery suppliers amid growing safety concerns

SEOUL, August 13 (AJU PRESS) - Hyundai Motor Co., Kia Corp., BMW Korea, and Mercedes-Benz Korea have disclosed the battery suppliers for their electric vehicles (EVs) amid growing safety concerns following a recent EV explosion and fire incident. Hyundai Motor, Korea's No. 1 carmaker, became the first company in the nation to disclose such information on Friday. The company revealed the battery suppliers for 13 EV models on its website, stating that all models use batteries from

August 13, 2024

Samsung Electronics ranks 14th globally in AI research

SEOUL, August 12 (AJU PRESS) - Samsung Electronics ranked 14th worldwide in producing high-quality research papers on artificial intelligence (AI), according to a U.S. study. The analysis of AI publications from the past decade, conducted by Georgetown University's Center for Security and Emerging Technology (CSET), found Google's parent company Alphabet leading with 3,374 highly cited papers, followed by Microsoft, Meta and IBM. Samsung contributed 293 papers, becoming t

August 12, 2024

Shinsegae Department Store to launch Korea's first Prada Beauty store

SEOUL, August 12 (AJU PRESS) - Shinsegae Department Store said Monday that it will open Korea's first Prada Beauty store at its Gangnam branch in southern Seoul on Aug. 20. The luxury brand, established in 1913, is known for its refined aesthetics and creativity in fashion. Before the official launch, a pop-up store will operate from Aug. 9 to 25. Visitors can explore makeup, skincare and fragrance lines, receive touch-up services, and participate in membership benefits and

August 12, 2024

Korea offers financial support for foreign-founded startups

SEOUL, August 12 (AJU PRESS) - The Ministry of SMEs and Startups is seeking applications for a program to support foreign-founded startups in the country. Applications will be accepted Aug. 12-Sept. 6 and eligible startups include those in planning or early stages. Selected companies can receive up to 60 million won ($43,956) to support business model innovation and product development, the ministry said. The Global Startup Center will manage the process. GSC serves as a compreh

August 12, 2024