Business
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Samsung Electronics records operating profit of $2.1 bln in 4Q 2023, down 34.4% year-on-year
SEOUL -- Amid the sluggish global semiconductor market, Samsung Electronics saw its sales and operating profit decrease in the fourth quarter of 2023. The tech giant's operating profit of about 2.8 trillion won ($2.1 billion) in 4Q 2023, down 34.4 percent from the same period a year ago. The conglomerate announced its financial report on January 31 and said that Samsung recorded 67.78 trillion won in sales and an operating profit of 2.82 trillion won. The sales also indicate a
January 31, 2024 -
Doosan Enerbility to establish carbon capture utilization and storage infrastructure in Thailand
SEOUL -- Doosan Enerbility, a key player in South Korea's power industry, has partnered with Thailand's state-run power producer to provide carbon capture utilization and storage technology for factories in the Southeast Asian country. The two sides will also carry out research projects related to low-carbon power generation technologies. Carbon capture utilization and storage (CCUS) uses special equipment to collect carbon dioxide created after burning fossil fuels or bio
January 30, 2024 -
S. Korean luxury goods ecommerce platform Balaan achieves profit in 4Q 2023
SEOUL -- South Korean luxury goods ecommerce platform operator Balaan has seen its first quarterly profit in the fourth quarter of 2023, about eight years after the online luxury product shopping service was launched in 2015. Buoyed by the robust performance in the domestic market, the ecommerce platform operator is poised to expand into the global market. The three years of the COVID-19 pandemic provided a wide range of opportunities in South Korea's online luxury goods mar
January 30, 2024 -
CHA Meditech makes foray into Thailand's aesthetics market with filler brand 'HyaFilia SMV'
SEOUL -- CHA Meditech, an aesthetics wing of South Korea's biopharmaceutical company CHA Biotech, has made a foray into Thailand's filler market estimated to be worth at least 90 billion won ($67.4 million). After receiving state approval from the Thai government in October 2023, the South Korean filler producer cooperated with a local distribution company to launch the filler brand "HyaFilia SMV." According to CHA Meditech's communications manager Kim Woo-gy
January 27, 2024 -
S. Korean food firms predicted to join '3 trillion-won sales club' boosted by sales at home and abroad
SEOUL --South Korean food companies, propelled by the global popularity of Korean cuisine and the influence of Hallyu, the Korean cultural wave, are achieving remarkable success. Market analyst FnGuide's data indicates that three major South Korean food companies -- Pulmuone (a food product and ingredient maker), CJ Freshway (a food solution company), and beverage maker Lotte Chilsung -- are anticipated to achieve sales exceeding three trillion won ($2.2 billion) in 2023. Pulm
January 25, 2024 -
LG Energy Solution invests in US battery manufacturer for lithium metal battery technology
SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, has partnered with Sion Power, an Arizona-based battery manufacturer, to secure technology for lithium metal batteries. Lithium metal batteries can significantly enhance the driving distance compared to the existing lithium-ion batteries. Lithium metal batteries have been studied as they were claimed to run longer and hold more energy than lithium-ion batteries. According to LG Energy Solution (LGE
January 25, 2024 -
Hyundai Motor Group subsidiaries join hands to establish future autonomous logistics solution
SEOUL -- 42dot, the autonomous driving solution wing of South Korea's Hyundai auto group, has forged a partnership with two other Hyundai group subsidiaries -- Hyundai Glovis, the logistics wing, and Hyundai Commercial, the finance wing -- in a bid to establish a future autonomous logistics solution for commercial operations. 42dot specializes in the development and operation of commercial autonomous vehicles. The company demonstrated a fleet of self-driving taxis in western S
January 24, 2024 -
CJ Olive Young adopts biodegradable plastic material for instant delivery product packaging
SEOUL -- CJ Olive Young, the drug and beauty store franchise of South Korea's food and entertainment conglomerate CJ Group, has adopted biodegradable plastic material called "polyhydroxyalkanoates" for packaging products sold through the company's instant delivery service platform. Polyhydroxyalkanoates (PHAs) are produced by bacteria during the fermentation process of sugar or lipids, including fats, oils, and waxes, for the storage of carbon and energy. PHAs a
January 24, 2024 -
LIG Nex1 to showcase unmanned coastguard patrol boat at robotics exhibition in UAE
SEOUL -- LIG Nex1, a defense contractor in South Korea, will display an unmanned coastguard patrol boat "Haegum-3" at a global exhibition in Abu Dhabi designed to showcase drones, robots, and other unmanned solutions. The patrol boat is equipped with advanced surveillance equipment, a remote shooting control system, and a guided rocket launcher. Haegum-3 unmanned boat features high seaworthiness, artificial intelligence-based autonomous operation technology, and enhanced
January 23, 2024 -
Hyundai Glovis to nurture recycled EV battery business into main growth engine
SEOUL -- In a strategic move to foster the recycled electric vehicle (EV) battery business as the primary driver of growth, Hyundai Glovis, the logistics solution arm of South Korea's Hyundai auto group, has entered into a share subscription agreement with a domestic battery recycling company. A Share Subscription Agreement (SSA) is a legal document that delineates the terms and conditions under which a party agrees to subscribe for and purchase newly issued shares in a compan
January 23, 2024
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Yoon condemns North Korean troop deployment to Russia
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VISUALS: Farmers stack harvested rice in price protest
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Rosé of BLACKPINK racks up 100 million views on YouTube with latest single
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Samsung expands Galaxy AI language support to 20 languages
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Korean builders test robot delivery services at apartment complexes
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Activities spotted at North Korea's demolished inter-Korean road site
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Hyundai Motor reports drop in quarterly operating profit on warranty costs
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US expresses concern over North Korean troops in Russia
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LG Electronics Q3 profit falls despite record sales
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Myanmar rebels seize key rare earth mining hub, disrupting military junta's revenue