LG Energy Solution halts construction of U.S. battery plant

SEOUL, June 28 (AJU PRESS) - LG Energy Solution has temporarily suspended construction of its energy storage system (ESS) battery plant in Arizona, U.S., just two months after breaking ground, according to market insiders on Friday. The decision comes amid a slowdown in electric vehicle (EV) battery demand, prompting the company to adjust its investment pace. The Korean battery maker originally planned to invest 7.2 trillion won ($5.5 billion) to build facilities capable of prod

June 28, 2024

SK hynix develops high-performance SSD for AI PCs

SEOUL, June 28 (AJU PRESS) - SK hynix has unveiled 'PCB01', a high-performance solid-state drive (SSD) designed for on-device AI PCs. The new product features an 8-channel PCIe 5th generation specification, offering industry-leading performance among PC SSDs. The PCB01 boasts sequential read and write speeds of 14GB/s and 12GB/s respectively, capable of running large language models within a second. It also improves power efficiency by over 30 percent compared to previous ge

June 28, 2024

Samsung Electronics to unveil AI strategy at foundry forum

SEOUL, June 28 (AJU PRESS) - Samsung Electronics is expected to unveil key strategies to enhance its artificial intelligence chip business during its annual forums next month. The Korean tech giant said Friday it will hold the Samsung Foundry Forum and the SAFE (Samsung Advanced Foundry Ecosystem) Forum at COEX in southern Seoul on July 9. Choi Si-young, president of Samsung's foundry business, will deliver the keynote speech at the Foundry Forum. The world’s large

June 28, 2024

Naver-backed Webtoon Entertainment surges 9.5% on Nasdaq debut

SEOUL, June 28 (AJU PRESS) - Shares of Webtoon Entertainment surged 9.5 percent in a powerful debut on the Nasdaq on Thursday, giving the digital comics platform a market value of about $2.92 billion. The Los Angeles, California-based company, backed by Korean internet giant Naver, raised $315 million in its initial public offering by selling 15 million shares at $21 per share, the top end of its proposed range of $18 to $21. The price rose as much as 14 percent in early trading

June 28, 2024

Vietnamese PM to visit Seoul to boost economic ties

SEOUL, June 27 (AJU PRESS) - Vietnamese Prime Minister Pham Minh Chinh will arrive in Seoul on Sunday for a four-day visit aimed at strengthening economic cooperation between the two countries, a Seoul official said. Chinh is scheduled to hold a meeting with his Korean counterpart, Han Duck-soo, at the government complex in Seoul on Tuesday and attend a welcome dinner hosted by Han at the prime minister's official residence, according to the Korean Prime Minister's Office.

June 27, 2024

Surging Korean cosmetics exports on track for record yearly volume

SEOUL, June 27 (AJU PRESS) - South Korean cosmetics exports surged 21 percent year-on-year in the first five months of 2024, on track to reach a record high annual volume, data showed Thursday. The Korea Customs Service said cosmetics exports during the period reached $4.04 billion, compared to $3.34 billion in the same period of 2023. While exports to China decreased by 11.6 percent, shipments to the U.S. soared 67.8 percent. Japan and Vietnam also saw significant increases of

June 27, 2024

Korea, U.S., Japan vow to strengthen semiconductor, battery supply chains

SEOUL, June 27 (AJU PRESS) - South Korea, the United States and Japan agreed on Wednesday to enhance cooperation on semiconductor and battery supply chains during a trilateral meeting of top industrial officials in Washington, D.C. Korean Trade, Industry and Energy Minister Ahn Duk-geun, U.S. Commerce Secretary Gina Raimondo, and Japanese Economy, Trade and Industry Minister Ken Saito also pledged further collaboration among the three countries in critical minerals, export controls

June 27, 2024

Naver's Webtoon Entertainment sets IPO price at top of range ahead of New York market debut

SEOUL, June 27 (AJU PRESS) - Webtoon Entertainment, affiliated with Korea's leading internet portal Naver, has set its initial public offering price at $21 per share, the top end of its proposed range, signaling strong demand ahead of its debut on the Nasdaq on Thursday (local time). At the set price, the market capitalization of the digital comics platform could reach $2.67 billion. The Los Angeles, California-based firm is the parent company and North American opera

June 27, 2024

LG Electronics unveils self-learning AI CLOi robot

SEOUL, June 27 (AJU PRESS) - LG Electronics unveiled its CLOi robot powered by Google's Gemini artificial intelligence model at the Google Cloud Summit Seoul on Thursday. This marks the first integration of generative AI into the CLOi robot line. The upgraded CLOi features enhanced communication abilities, capable of generating responses to unexpected questions and performing tasks like creating background images via voice commands. LG plans to launch the AI-equipped CLOi Gu

June 27, 2024

Nexon to launch 'First Descendant' game next week

SEOUL, June 27 (AJU PRESS) - Korean game developer giant Nexon Games confirmed that it will release its new PC and console game "The First Descendant" next Tuesday. "Our project goal was to create a game that could succeed in the global market through live service," Lee Beom-jun, lead producer of the loot shooter game, said in a recent media event. He emphasized that the game was designed with "complete cross-platform functionality" in mind from the

June 27, 2024