SK hynix to receive up to $450m of US grants for Indiana chip facility

SEOUL, August 06 (AJU PRESS) -- SK hynix will receive up to $450 million in subsidies from the U.S. government for its investment in a semiconductor packaging facility in Indiana, the U.S. Department of Commerce announced Tuesday. The U.S. Department of Commerce has signed a preliminary memorandum of terms with the Korean chipmaker to provide the federal grants needed to establish a high-bandwidth memory (HBM) advanced packaging fabrication and research and development facility.

August 6, 2024

Seoul shares rebound after major drops

SEOUL, August 6 (AJU PRESS) - Korea's benchmark KOSPI index rebounded by over 3 percent and recovered the 2,500 level on Tuesday, reversing a sharp decline triggered by fears of an economic downturn in the U.S. The KOSPI closed at 2,522.15, up 80.60 points or 3.3 percent from the previous trading day. The index began the session at 2,533.34, marking an increase of 91.79 points or 3.76 percent from the prior close. At one point, it surged by as much as 5.62 percent. On Mond

August 6, 2024

Korean vegan beauty brand FULLY sees success in US market

SEOUL, August 6 (AJU PRESS) - FULLY, a premium vegan beauty brand, has reported significant success with its Green Tomato Clay Pack Cleanser during Amazon Prime Day in the United States. The product achieved sales 36 times higher than its average daily revenue in June. The cleanser, containing 49 percent green tomato extract, is known for its effectiveness in improving blackheads. It gained popularity after a U.S. beauty influencer's review video garnered 6.69 million views. W

August 6, 2024

Seoul shares rebound sharply, triggering sidecar orders

SEOUL, August 6 (AJU PRESS) - Korean stocks rebounded sharply on Tuesday morning, triggering sidecar orders that temporarily halted program buying. The KOSPI opened at 2,533.34 on Tuesday, up 91.97 points, or 3.76 percent, from the previous trading day, and continued to rise by over 4 percent in early trading. On Monday, the KOSPI fell 8.77 percent, the largest single-day drop in 16 years, as fears of a U.S. economic recession hit global markets. The KOSDAQ index opened at 7

August 6, 2024

Korean beauty brand Amuse aims to triple US revenue after Shinsegae acquisition

SEOUL, August 05 (AJU PRESS) - Amuse, a Korean beauty brand known for its official model Jang Won-young of the K-pop girl band IVE, aims to boost its U.S. revenue by 200 percent by 2025 by leveraging the marketing network and expertise of Shinsegae International, which is set to become its parent company. Shinsegae International said Friday that it will acquire 100 percent of the shares in Amuse for 71.3 billion won ($51.9 million). Currently, Amuse's largest shareholder is Snow

August 5, 2024

Korean coffee franchises expand overseas amid K-food popularity

SEOUL, August 5 (AJU PRESS) - As "K-food" gains global traction, domestic coffee chains are accelerating their international expansion, leveraging diverse menus and localized offerings to capture new markets. In May, Hollys opened its first overseas store in Osaka, Japan, targeting the country's youth with Korean-style cafes and desserts. The shop features unique items like Yakgwa Cream Latte, which has become a bestseller. Ediya Coffee launched its first franchise

August 5, 2024

Seoul stocks plunge the most in 16 years amid US recession fears

SEOUL, August 5 (AJU PRESS) - Korea's benchmark KOSPI index plummeted 8.77 percent, marking the largest single-day drop in 16 years, on Monday amid growing fears of a U.S. economic recession. The KOSPI closed at 2,441.55, down 234.64 points from the previous trading day. It was the largest percentage drop since Oct. 24, 2008, when the index fell 10.57 percent amid the global financial crisis. The point drop was the biggest in history, surpassing the previous record of 133.

August 5, 2024

Korean kimchi exports hit record high in the first half

SEOUL, August 5 (AJU PRESS) - Korea's kimchi exports reached a record high in the first half of 2024, led by the United States and other Western markets, according to data from the Korea Agro-Fisheries & Food Trade Corp. (aT). Industry experts attribute the surge to the growing popularity of Korean pop culture and increased awareness of kimchi as a health food following the COVID-19 pandemic. Kimchi exports totaled 23,900 tons from January to June, marking a 4.8 percent i

August 5, 2024

SK C&C partners with Vietnamese firm to expand digital ESG business

SEOUL, August 5 (AJU PRESS) - SK C&C, a Korean IT services provider, has signed a memorandum of understanding (MOU) with FPT IS, a leading Vietnamese ICT company, to cooperate on global digital ESG (environmental, social and governance) business expansion, the company announced on Monday. The agreement, signed during the Vietnam-Korea Digital Forum 2024 in Seoul, aims to address growing ESG demands in Korea, Vietnam, and European markets. The partnership will focus on developing

August 5, 2024

Seoul shares plunge on US slowdown woes, triggering circuit breakers

SEOUL, August 5 (AJU PRESS) - Korean stock markets plummeted more than 8 percent on Monday, triggering circuit breakers for the first time in over four years. Market analysts attribute the drop to growing fears of a U.S. economic slowdown, exacerbated by weak manufacturing and employment data released last week. As of 3:02 p.m. the KOSPI was down 231.43 points, or 8.65 percent, to 2,444.76. The Korea Exchange activated a circuit breaker on the benchmark KOSPI market at 2:14:30

August 5, 2024