Czech delegation visits South Korea to negotiate nuclear power plant project

SEOUL, November 11 (AJP) - A delegation from the Czech Republic arrived in South Korea on Monday for a two-week visit to negotiate the construction of a new nuclear power plant, according to the state-run Korea Hydro & Nuclear Power (KHNP). In July, a Korean consortium led by KHNP was selected as the preferred bidder for the Dukovany nuclear power plant project, which is valued at around 24 trillion won (US$17.1 billion). During their visit, the delegation of more than 60 peo

November 11, 2024

LG Energy Solution to supply batteries for SpaceX's Starship: reports

SEOUL, November 11 (AJP) - South Korea's leading battery manufacturer, LG Energy Solution, is reportedly set to supply batteries for spacecraft developed by Elon Musk's SpaceX. According to news reports, the company's cylindrical lithium-ion batteries will power SpaceX's next-generation Starship, which completed its fifth orbital test flight last month. SpaceX, which has traditionally relied on in-house battery production, plans to use the spacecraft for its Mars

November 11, 2024

Nature Republic reports strong growth in Philippines, Mongolia

SEOUL, November 8 (AJP) - Nature Republic reported its California Aloe Sun Stick sales tripled in the Philippines this year while the South Korean cosmetics retailer expanded its premium skincare line in Mongolia. The company, with 31 stores in the Philippines, held successful pop-up events in Manila in June and at Mongolia's Shangri-La Mall in May. It plans to open its 11th Mongolian store in November, featuring premium products including the Ginseng Royal Silk Gold Watery

November 8, 2024

Naver reports record-high Q3 operating profit

SEOUL, November 8 (AJP) - Korean tech giant Naver reported a record-high operating profit for the third quarter on Friday. The nation's largest internet portal announced that its consolidated revenue for the July to September period reached 2.7 trillion won ($1.9 billion), with an operating profit of 525.3 billion won and a net profit of 530.1 billion won. Compared to the same period in 2023, revenue increased by 11.1 percent. Operating profit and net income grew by 38.2 perc

November 8, 2024

LG hosts global IT competition for youth with disabilities in Manila

SEOUL, November 08 (AJP) - LG Electronics concluded its six-day Global IT Challenge for disabled youth Friday in Manila, drawing 104 participants from 16 countries to compete in six categories, including generative AI skills. Nur Zulzahirah Binti Mohd Anwar, 16, a hearing-impaired contestant from Malaysia, won the overall championship. "This was my first time participating in GITC, and I'm surprised and honored to be selected as a global IT leader," she said. She e

November 8, 2024

South Korea posts $11.1 billion current account surplus in September

SEOUL, November 7 (AJP) - South Korea's current account surplus reached 15.58 trillion won (US$11.1 billion) in September, marking its fifth consecutive month in the black, driven by robust exports, the Bank of Korea said on Thursday. The surplus was nearly double the $6.52 billion recorded in August and stands as the third-largest September figure on record. Outbound shipments rose 9.9 percent from a year earlier to $61.67 billion, extending gains for the 12th straight month

November 7, 2024

OPINION: South Korea's data center industry: growth and challenges amid power supply and regulatory pressures

SEOUL, November 7 (AJP) - The data center market influencers of technological advancements, such as implementation of cloud computing, deployment of 5G networks, government digitalization initiatives and increasing mobile and internet penetration, have significantly accelerated the demand for data centers. Asia is slower to experience the growth of AI adoption alongside generative AI when compared to the US, but the impending demand for increased data center capacities continues to exi

November 7, 2024

South Korea braces for trade headwinds as Trump returns to power

SEOUL, November 6 (AJP) - With his strong protectionist and America-first policies, Donald Trump’s likely return to the U.S. presidency is expected to exert mounting pressure on South Korea's export-driven economy. The former president has floated the idea of universal tariffs of 10 to 20 percent on goods from all other countries, and a 60 percent punitive tariff on Chinese imports. Former Commerce Secretary Wilbur Ross has recently warned his policies could be “cata

November 6, 2024

Financial watchdog suspends Korea Zinc's rights offering

SEOUL, November 6 (AJP) - Korea's financial watchdog on Wednesday blocked Korea Zinc’s rights offering plan amid a battle over control of the world’s largest zinc smelter. The company announced on Oct. 30 it will issue new shares worth 2.5 trillion won ($1.81 billion), apparently to fend off a takeover bid from its largest shareholder, Young Poong, and MBK Partners. The Financial Supervisory Service (FSS) ordered Korea Zinc to correct its securities report submitt

November 6, 2024

BBQ Chicken to enter Indian market

SEOUL, November 6 (AJP) - Genesis BBQ, a major Korean chicken franchise, has signed a master franchise agreement (MFA) with India's Baramati Agro to enter the Indian market, the company said on Wednesday. Baramati Agro, established in 1988, operates across poultry processing, sugar production, retail, and agricultural product exports sectors, with nationwide logistics capabilities and raw material supply chains across India. "India's large youth population and signif

November 6, 2024