Business
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[CES2024] LG Electronics and Magna develop integrated platform for autonomous driving
SEOUL -- Through a collaboration that was kick-started in January 2023, South Korean electronics giant LG Electronics and global mobility technology company Magna have succeeded in the development of an integrated autonomous vehicle platform, the South Korean tech giant said. The two companies showcased their proof of concept for their in-vehicle infotainment (IVI) system and advanced driver assistance system (ADAS) at the Consumer Electronics Show (CES), the world's largest a
January 4, 2024 -
CGBio's bone substitute material wins US health department's approval as medical device
SEOUL -- "Novosis Putty," a bone substitute developed by South Korea's healthcare provider CGBio was approved by the United States Food and Drug Administration as a medical device. Medical products designated by the health department can receive priority reviews for the evaluation process for commercialization. Novosis Putty is a bone regeneration material that incorporates recombinant human bone morphogenetic protein called "rhBMP-2." Doctors can inject th
January 3, 2024 -
S. Korea's major brewer Hite Jinro to target young whisky lovers in 2024
SEOUL -- Major brewer Hite Jinro targets young South Korean consumers in their 20s and 30s with lineups such as whisky and spirits. The beverage company has recently become the importer and distributor of Cutty Sark, a popular brand of blended Scotch whisky, to maintain its position as the top player in South Korea's alcoholic beverage market estimated to exceed one billion trillion won ($7.7 billion) in 2023. According to the state customs office, a total of 26,937 tons of
December 29, 2023 -
HD Hyundai Heavy Industries creates fire emergency leaflets for foreign workers
SEOUL -- To protect foreign employees from fire accidents, South Korea's HD Hyundai Heavy Industries has created fire emergency leaflets in 16 languages including English, Chinese, Russian, Mongolian, and Nepali. The leaflets will be distributed to some 3,500 foreign workers including members of the conglomerate's in-house partner groups. HD Hyundai Heavy said on December 28 that the company worked with a fire station in the southeastern industrial city of Ulsan to produce l
December 28, 2023 -
S-OIL receives regulatory exemption for processing of bio-based raw materials through refining process
SEOUL -- S-OIL, one of South Korea's major oil refiners, has secured government approval to demonstrate the processing of bio-based raw materials, including animal and plant-based oils, within its existing petroleum refining process. This regulatory approval, granted through the sandbox program, allows the refiner to assess the effectiveness of bio-based fuel and chemical production techniques. The regulatory sandbox program provides exemptions for regulations governing new prod
December 28, 2023 -
Hourly wage of female S. Korean workers surveyed to be about 70% of level of male workers
SEOUL -- The hourly wage of South Korean female workers surveyed to be at about 70 percent of the level of male workers, data released by the labor ministry showed. The wage gap between female and male workers continued to narrow for the last decade and the employment rate gap has also narrowed. On December 27, the labor ministry and family ministry jointly released the first edition of an annual report about the economic activities of women and ways to prevent female workers from
December 27, 2023 -
S. Korean cosmetics industry struggles to recover from aftermaths of COVID-19 pandemic
SEOUL -- South Korea's cosmetics industry, which took a hard hit from the COVID-19 pandemic, is struggling to recover from the aftermath of the period of isolation and social distancing, data released by the central bank showed. When the first wave of the pandemic hit South Korea in February 2020, the government imposed heavy quarantine guidelines that had people grounded at home to prevent the spread of the infectious disease. Also, the government mandated people to wear facema
December 26, 2023 -
South Korean budget clothing brands win approval from consumers amid economic recession
SEOUL -- South Korean SPA (specialty retailer of private label apparel) garnered popularity among consumers amid the economic recession induced by high interest rates and increased material prices. Sales of domestic budget clothing brands operated by major retailers increased compared to 2022. South Korean consumers recognize SPA brands as clothing brands that sell reasonable-quality apparel for affordable prices. Consumers in their 20s favor buying clothes from SPA brands because f
December 26, 2023 -
Convenience store chain Emart24 to make foray into Cambodian market
SEOUL -- Emart24, the convenience store chain of South Korea's retail giant Shinsegae, will open its first store in Cambodia in the first half of 2024. To expand into the Cambodian convenience store market, the company partnered with Saihan Partners, a joint venture between Hanlim Architecture Group, a Seoul-based real estate service provider, and Cambodia's Saisons Brother Holding. Saisons, which started its food and beverage business in 2010, has expanded its business scop
December 22, 2023 -
Market share of Hyundai and Kia cars in Europe stands at 8.6% in November 2023: data
SEOUL -- Sales of Hyundai and Kia cars in the European market continued to rise in November 2023 to have a market share of 8.3 percent, up 0.1 percent compared to the same period in 2022, data released by the European Automobile Manufacturers Association showed. The European car market stood at about $15 billion with some 13 million newly-registered units in 2022. The number of newly-registered vehicles dropped by 10.4 percent compared to a year ago, but remained larger than the Nor
December 21, 2023
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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