SK hynix posts record quarterly earnings on AI chip boom

SEOUL, October 24 (AJP) - South Korean chipmaker SK hynix on Thursday reported its highest-ever quarterly sales and profits, driven by surging demand for artificial intelligence memory chips. The world's second-largest memory chip manufacturer said in a regulatory filing it posted 17.57 trillion won ($13 billion) in revenue for the third quarter, up 93.8 percent from a year earlier. Operating profit was 7.03 trillion won ($5.2 billion), swinging from an operating loss of 1.79

October 24, 2024

Korea's economy edges up 0.1% in third quarter

SEOUL, October 24 (AJP) - South Korea's economy grew by just 0.1 percent in the third quarter, the Bank of Korea said Thursday, falling well short of the central bank's August forecast of 0.5 percent. Korea's real gross domestic product (GDP) regained growth momentum in the July-September period after a 0.2 percent contraction in the second quarter, which followed unexpected growth of 1.3 percent in the first quarter. Exports fell 0.4 percent in the third quarter, dra

October 24, 2024

SK bioscience's influenza vaccine approved in Indonesia

SEOUL, October 23 (AJP) - SK bioscience, which has developed South Korea's first domestically produced COVID-19 vaccine, said Wednesday its influenza vaccine received approval from Indonesia's Food and Drug Agency. The vaccine, Skycellflu Quadrivalent Prefilled Syringe, is the first Korean vaccine to be approved in the world's fourth most populous country. The World Health Organization predicts the circulating strains of influenza for both the Northern and Southern He

October 23, 2024

LG Electronics unveils software kit for AI home robot at global conference

SEOUL, October 23 (AJP) - LG Electronics said Wednesday it released a software development kit (SDK) for its mobile AI home hub robot "Q9" at ROSCon 2024, the world's largest robotics conference in Denmark this week. The SDK allows developers to create custom applications for the robot, which was first introduced at CES earlier this year. The Q9, equipped with multimodal sensing capabilities including voice, sound, and image recognition, can move around spaces on wh

October 23, 2024

CJ Olive Young expands rapidly growing live-streaming commerce

SEOUL, October 23 (AJP) - CJ Olive Young, a South Korean health and beauty retailer, is expanding its mobile live-streaming commerce business by opening a dedicated studio and offering production support for partner brands. The company said Wednesday Olive Live, its streaming platform launched in October 2019, has seen viewer numbers jump 142 percent and order value rise 33 percent in the first half of 2024 compared to the previous year. Popular programs include "Beauty Expe

October 23, 2024

Korea to raise industrial power rates by 9.7%

SEOUL, October 23 (AJP) - South Korea will raise electricity rates for industrial users by 9.7 percent on average while freezing household and commercial rates, the government said Wednesday. Starting Thursday, power costs will increase by 10.2 percent for high-volume industrial users and 5.2 percent for smaller companies, according to the Ministry of Trade, Industry and Energy and Korea Electric Power Corp. “We raised industrial use rates, considering that large ex

October 23, 2024

Samsung SDI unveils next-generation mobility batteries at expo

SEOUL, October 23 (AJP) - SEOUL (AJP) — Samsung SDI showcased its lineup of mobility batteries at the Future Auto & Mobility Expo 2024 in the southeastern Korean city of Daegu, the company said Wednesday. The Korean battery maker displayed several next-generation products, including cathode-free solid-state batteries, which began sample deliveries to clients in late 2023, and 46-phi cylindrical batteries scheduled for micro-mobility production in early 2025. The company

October 23, 2024

Workers over 60 become largest employed age group in Korea for first time

SEOUL, October 22 (AJP) - Workers aged 60 and above surpassed those in their 50s last month, becoming South Korea's largest employed age group for the first time since relevant record-keeping began in 1982, data showed Tuesday. According to Statistics Korea and the Ministry of SMEs and Startups, the number of employed individuals aged 60 and over reached a record 6.75 million in September, compared to 6.72 million workers in their 50s. The 60-plus demographic now represents 2

October 22, 2024

Pulmuone showcases flagship plant-based food products at Paris show

SEOUL, October 22 (AJP) - South Korean food manufacturer Pulmuone is showcasing its flagship plant-based products at SIAL Paris 2024, one of the world's largest food exhibitions, this week. The company said Tuesday it is presenting about 50 products, including tofu tenders and soymilk noodles, during the event underway at the Paris Nord Villepinte Exhibition Center from Oct. 19-23. Six Pulmuone products were included in a list of the most innovative items selected by food exp

October 22, 2024

Poland expected to purchase Korean arms without financing support from Seoul

SEOUL, October 22 (AJP) - Poland is expected to buy South Korean artillery systems worth about 5 trillion won (US$3.6 billion) without export financing support from Seoul, industry sources said on Tuesday. The Eastern European nation plans to procure 152 K9 Thunder self-propelled howitzers and 72 K239 Chunmoo rocket artillery systems, from South Korean defense contractor Hanwha Aerospace, with funding expected to be secured through European global banks. The decision marks a shif

October 22, 2024