Coupang posts record Q3 revenue, operating profit up 29%

SEOUL, November 06 (AJP) - South Korean e-commerce giant Coupang reported on Wednesday an operating profit of 148.1 billion won ($110.9 million) in the third quarter, up 29 percent from a year earlier, while achieving record quarterly revenue of 10.69 trillion won ($7.87 billion), a 32 percent increase. The company's core product commerce segment, including Rocket Delivery and Fresh, generated revenue of 9.37 trillion won, up 20 percent year-on-year, while growth initiatives inc

November 6, 2024

Korean firms lose ground in global EV battery race

SEOUL, November 6 (AJP) - Despite slowing electric vehicle demand, global battery usage for EVs continued its upward trajectory this year, data showed Wednesday. The latest statistics from SNE Research, a Korean energy market research firm, also showed that South Korean manufacturers slightly lost ground to their Chinese rivals in the market. Total battery usage for all-electric, plug-in hybrid and hybrid vehicles reached 599 gigawatt-hours (GWh) in the first nine months of 202

November 6, 2024

Korea fines Meta $15.6 million for privacy breach

SEOUL, November 5 (AJP) - U.S. social media giant Meta Platforms has been fined 21.6 billion won (US$15.6 million) for collecting sensitive personal information of about 980,000 Facebook users without consent, the South Korean cyber watchdog said on Tuesday. The Personal Information Protection Commission (PIPC) found that Meta had gathered and shared data on users' religious beliefs, political views and sexual orientation with around 4,000 advertisers. The data was collected

November 5, 2024

Hyundai E&C signs Bulgaria nuclear plant design contract

SEOUL, November 5 (AJP) – Hyundai Engineering & Construction signed a 20 trillion won (US$14.5 billion) contract on Monday to design two nuclear reactors in Bulgaria, partnering with U.S.-based Westinghouse. The project will add two 2,200-megawatt Westinghouse AP1000 reactors to Bulgaria's Kozloduy nuclear plant located 200 kilometers north of Sofia. The plant currently operates two Russian-designed units. Construction is scheduled for completion in 2035, with the m

November 5, 2024

SK hynix to produce world's first 16-layer HBM chips early next year

SEOUL, November 4 (AJP) — SK hynix announced plans Monday to start production of the world’s first 16-layer high bandwidth memory (HBM) chips early next year. At the SK AI Summit 2024 in Seoul, CEO Kwak Noh-jung said the upcoming 48GB HBM3E chip, currently under development, demonstrates an 18 percent improvement in training performance and a 32 percent increase in inference capabilities over 12-layer versions in simulation studies. The chip uses Advanced MR-MUF (m

November 4, 2024

Hyosung Heavy wins transformer contract from Orsted

SEOUL, November 4 (AJP) - South Korean power equipment maker Hyosung Heavy Industries has secured a contract from Danish green energy giant Orsted to supply ultra-high voltage transformers for a British offshore wind project, the company said on Monday. The contract pushes Hyosung Heavy's European orders past 1 trillion won (US$730 million) this year, following earlier deals with Britain's National Grid and power utilities in Scotland and Norway, where the company holds the

November 4, 2024

Volpara Health wins $7.3 million U.S. defense contract for breast cancer screening

SEOUL, November 04 (AJP) - Volpara Health, a New Zealand-based subsidiary of Korean medical AI company Lunit, announced Monday it has secured a five-year, $7.3 million contract with the U.S. Defense Health Agency (DHA) to deploy its Patient Hub mammography reporting and tracking system across military health facilities serving 9.6 million beneficiaries. "Working with the Defense Health Agency is a tremendous opportunity to improve healthcare for those who serve our nation,"

November 4, 2024

Korea to begin East Sea gas drilling next month

SEOUL, November 4 (AJP) - The state-run Korea National Oil Corporation (KNOC) is set to start exploratory drilling in the East Sea gas field next month, sources said Monday. The West Capella drilling ship, owned by Seadrill, is expected to arrive at Busan port around Dec. 10 and proceed to the "Blue Whale" drilling site, about 50 kilometers east of Pohang. The ship can drill to depths of 11,430 meters. U.S. oilfield services giant Schlumberger will analyze rock and gas

November 4, 2024

South Korea grapples with rising number of discouraged youths

SEOUL, November 1 (AJP) - After spending five years secluded in her home, 22-year-old Yoon is taking her first steps back into society. Three weeks ago, the former music student began attending a community center, where she connects with peers and explores a new career path. “The overwhelming pressure to succeed, combined with parental expectations, led to obsessive-compulsive disorder. I couldn't face anyone, so I withdrew completely,” Yoon told AJP at the center

November 1, 2024

Korea to hold mega shopping festival next month

SEOUL, November 1 (AJP) - South Korea will kick off its largest nationwide shopping event, Korea Sale Festa, on Nov. 9 for a 22-day run, with a record 2,600 companies participating, the Ministry of Trade, Industry and Energy said Friday. The event includes participation from major retailers like Shinsegae and Lotte, and various online platforms such as SSG.com, Coupang and Naver, all offering additional discounts on products ranging from daily necessities to cultural activities and

November 1, 2024