LS Cable starts construction on bus ducts, battery parts plants in Mexico

SEOUL, August 5 (AJU PRESS) - LS Cable & Systems, a Korean power cable maker, has commenced construction of factories in Mexico to produce bus ducts, a new type of electricity distribution system, and electric vehicle battery components. LS Cable said Sunday that it is building two plants in an industrial complex in Querétaro, Mexico. The facilities, covering 126,000 square meters, are scheduled to begin mass production in the second half of 2025. The cable maker aims to

August 5, 2024

Korea launches antidumping probe into Chinese, Taiwanese petroleum resin

SEOUL, August 5 (AJU PRESS) - Korea has recently initiated an anti-dumping investigation into petroleum resin imports from China and Taiwan, following a complaint from a domestic manufacturer, according to officials on Sunday. The probe targets four Chinese and three Taiwanese companies accused of selling the product at unfairly low prices in the Korean market. The Korea Trade Commission, under the Ministry of Trade, Industry and Energy, launched the investigation after Kolon Indust

August 5, 2024

Seoul shares plunge on US slowdown fears, triggering program trading curb

SEOUL, August 5 (AJU PRESS) - Korea's benchmark KOSPI index plummeted more than 5 percent below the 2,600 level on Monday morning, triggering a sidecar curb that temporarily halted program selling for the first time in more than 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. According to the Korea Exchange, the KOSPI was down 5.08 percent to 2,540.36 as o

August 5, 2024

Yogiyo cuts delivery commission, undercutting bigger rivals

SEOUL, Aug. 2 (AJU PRESS) — Korean food delivery app Yogiyo announced Thursday it will reduce its delivery commission fee to 9.7 percent from 12.5 percent, offering the lowest rate among major delivery platforms in the country. The move makes Yogiyo more competitive against market leaders Baedal Minjok (Baemin) and Coupang Eats, both of which charge 9.8 percent. Yogiyo said the decision was made to "reduce the burden on restaurant owners and maintain a sustainable eco

August 2, 2024

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