Business
-
Exports of kimchi reaches $155.6 mln in 2023, up 10.5% year-on-year
SEOUL -- Exports of kimchi, traditional Korean pickled vegetables, soared 10.5 percent year-on-year to $155.6 million in 2023, state data showed. The increased popularity of kimchi is accelerated thanks to the high global recognition of the salad-like spicy mixed vegetable pickles as healthy food. Kimchi is a spicy and sour, picked vegetable side dish, usually made by fermenting cabbage or radish with red chili powder, garlic, ginger, and other spices. During the last decade, kimc
January 22, 2024 -
LG Chem partners with Italian state energy company to establish hydrotreated vegetable oil joint venture
SEOUL -- LG Chem, the chemical unit of LG Group, partnered with Enilive, a state-run energy company in Italy, to set up a joint venture targeting the hydrotreated vegetable oil market. The biofuel with an extremely low freezing point can be used as aviation and automobile fuel. Hydrotreated vegetable oil (HVO) is made through either hydrocracking or hydrogenation of vegetable oil. Hydrocracking dismantles large molecules into smaller ones, while hydrogeneration is the process of a
January 19, 2024 -
LG Innotek invests in Taiwanese lens producer to beef up autonomous vehicle business
SEOUL -- LG Innotek, the electric component unit of South Korea's LG Group, will work with AOE Optronics, an automotive lens manufacturer based in Taiwan, to upgrade optical component solutions for autonomous vehicle cameras. The Taiwanese company will share its know-how in precision lens manufacturing technologies and provide lenses used for camera modules. Camera modules are essential for the collection of front traffic information and driving assistance. Demands for camera
January 19, 2024 -
S. Korea's web cartoon industry scores highest operating profit in 2022: report
SEOUL -- South Korea's web cartoon industry achieved a record high of 1.8 trillion won ($1.3 billion) in 2022, data released by the country's culture ministry showed. The ministry plans to nurture webcomic as South Korea's leading content industry to attract more global fans. Web cartoons, also known as webtoons or webcomics, are digital comic books created to fit into web or mobile platforms. South Korea is the birthplace of webtoons. Popular webtoons are recreated in
January 18, 2024 -
Samsung Electronics records semiconductor revenue of $39.9 bln in 2023, down 37.5% percent year-on-year: market data
SEOUL -- Due to the sluggish global semiconductor market, Samsung Electronics faced a significant revenue decline in 2023. Data released by market research firm Gartner showed that the technology giant's global semiconductor revenue was $39.9 billion in 2023, down 37.5 percent from a year ago. The global market research firm reported on January 16 that worldwide semiconductor revenue dropped 11.1 percent year-on-year to $533 billion last year. Samsung secured the second posit
January 17, 2024 -
SK Group units partner with US clean energy company for ESS projects
SEOUL -- SK gas, a natural gas provider affiliated with South Korea's SK Group, will work with Apex Clean Energy, a Virginia-based renewable energy company, to establish energy storage systems infrastructure in the United States. Through a joint venture, the South Korean company will build energy storage facilities in Texas with a capacity of 200 megawatts. The amount of generated electricity is enough to provide power to about 330,000 households annually. An energy storage sy
January 17, 2024 -
S. Korean socks brand Banana Sisters opens first store in Philippines
SEOUL -- South Korea's socks brand Banana Sisters has opened its first store in the Philippines. The store located in Manila provides more than 300 types of socks including premium fashion socks, sports socks, and products designed for adults and children. According to data released by global market research firm Statista, the socks market in the Philippines which stood at $39.8 million in 2024 is projected to reach $44.5 million in 2027. Banana Sisters CEO Jung Yong-ju said he
January 16, 2024 -
S. Korean ecommerce operators join cutthroat race to check Chinese giant Alibaba and Pinduoduo
SEOUL -- South Korean ecommerce operators including Tmon and Wemakeprice have joined a dangerous cutthroat race to check against Chinese online shopping giants Aliexpress, the business-to-customer wing of Alibaba Group, and Temu, the counterpart of Chinese online retail giant Pinduoduo. Aliexpress became the ecommerce app that gained the largest number of new users in South Korea in 2023, according to data released by Wiseapp, a smartphone app market research firm. Aliexpress garn
January 16, 2024 -
Harvard Business School highlights S. Korean food maker's overseas marketing achievements
SEOUL -- CJ Cheiljedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, was highlighted in the Harvard Business School's textbook for its successful expansion of the Korean cuisine brand "Bibigo" overseas. Through a case study, the global research institute featured the South Korean company's strategies and achievements through the iconic Korean food brand. CJ Cheiljedang is the first South Korean company to exceed 10 trillion
January 15, 2024 -
S. Korea's state oil company KNOC joins carbon capture and storage project in Indonesia
SEOUL -- South Korea's state-run oil and gas company will work with Indonesia's national energy firm Pertamina to seek carbon capture and storage business opportunities in oil and gas fields on Indonesia's Java Island. Depending on the feasibility study's result, the two sides will convert oil and gas fields into facilities for storing carbon dioxide. The carbon capture and storage (CCS) technique uses special equipment to collect carbon dioxide created after burni
January 11, 2024
-
Yoon condemns North Korean troop deployment to Russia
-
VISUALS: Farmers stack harvested rice in price protest
-
Rosé of BLACKPINK racks up 100 million views on YouTube with latest single
-
Samsung expands Galaxy AI language support to 20 languages
-
Korean builders test robot delivery services at apartment complexes
-
Activities spotted at North Korea's demolished inter-Korean road site
-
Hyundai Motor reports drop in quarterly operating profit on warranty costs
-
US expresses concern over North Korean troops in Russia
-
LG Electronics Q3 profit falls despite record sales
-
Myanmar rebels seize key rare earth mining hub, disrupting military junta's revenue