Korea Eximbank, IDB sign $300 million co-financing deal for Latin America infrastructure projects

SEOUL, July 26 (AJU PRESS) - The Export-Import Bank of Korea (Eximbank) has signed a memorandum of understanding (MOU) with the Inter-American Development Bank (IDB) to provide co-financing for infrastructure projects in Latin America, the bank announced on Friday. Under the agreement, Eximbank will extend up to some 414.5 billion won ($300 million) in co-financing over the next three years through its Economic Development Promotion Facility (EDPF). The bank aims to identify and joi

July 26, 2024

E-commerce payment crisis spreads rapidly across multiple sectors

SEOUL, July 25 (AJU PRESS) - The payment delay crisis at South Korean e-commerce platforms Tmon and WeMakePrice is intensifying, impacting the travel, accommodation, electronics, food, gaming, and entertainment industries as of Thursday. Vendors are facing financial strain, while consumers are worried about cancellations and refunds due to prolonged payment delays to sellers, stemming from a liquidity crunch involving their Singapore-based parent company, Qoo10. The two platforms

July 25, 2024

LG Electronics posts record sales, operating profit in second quarter

SEOUL, July 25 (AJU PRESS) - LG Electronics reported record-high sales and operating profit for the second quarter on Thursday, driven by strong performance in its core home appliance and automotive electronics businesses. Consolidated revenue increased 8.5 percent year-on-year to 21.69 trillion won ($16.8 billion), and operating profit soared 61.2 percent to 1.20 trillion won, setting new records for both metrics in a second quarter. Net profit jumped 222.3 percent to hit 629.5 bil

July 25, 2024

Hyundai Steel files anti-dumping petition against Chinese steel plate manufacturers

SEOUL, July 25 (AJU PRESS) - Korea’s Hyundai Steel has filed an anti-dumping petition against Chinese thick steel plate manufacturers, claiming damage from lower-priced Chinese exports, industry sources said Thursday. The Korean steelmaker recently submitted a complaint to the Ministry of Trade, Industry and Energy. The ministry is expected to review the case for about two months before deciding whether to launch a formal investigation. Thick plates, typically 6 millimeters

July 25, 2024

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