Business
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AI developer Upstage launches alliance to establish world's top Korean-based LLM
SEOUL -- South Korean artificial intelligence technology developer Upstage has launched an alliance of companies and organizations in the private and public sectors including media companies, academics, and corporates in a bid to establish an ecosystem for large language models that would incorporate Korean language-based AI models capable of understanding and generating natural conversations in Korean. A large language model (LLM) is basically a smart computer program that understan
August 14, 2023 -
LS Cable invests $117 mln to expand submarine cable plant in coastal city
SEOUL -- LS Cable & System, a major cable maker in South Korea, has invested about 155.5 billion won ($117 million) to expand its submarine cable infrastructure. The company, which operates an underwater cable factory in South Korea's coastal city near the East Sea, is also considering an investment in the Southeast Asian market to gain a competitive edge in the global subsea cable market. Submarine cables play a crucial role in facilitating communication between countries and
August 11, 2023 -
Samsung releases foldable smartphones Z Flip5 and Z Fold5 worldwide
SEOUL -- Samsung Electronics released globally its new foldable smartphones -- Z Flip 5 and Z Fold 5 -- along with the smart watch Galaxy Watch 6 series and tablet PC Galaxy Tab S9 series. The new devices were launched in some 50 countries including the United States, Britain, France, and China. The new devices will be released to other countries by the end of September. According to the South Korean tech giant, consumers' reaction is wild. The number of pre-orders made for Z Flip
August 11, 2023 -
HMM's operating profit for 2Q 2023 drops 94.54% on-year due to post-pandemic normalization
SEOUL -- HMM, the world's eighth-largest marine shipping company controlled by creditors in South Korea, saw its operating profit drop by 94.54 percent year-on-year in the second quarter of 2023 due to the normalization of shipping rates that soared during the last three years of the COVID-19 pandemic. Helped by a rise in international freight rates and improved competitiveness, South Korea's shipping industry has recorded high operating profits during the last three years. HMM
August 11, 2023 -
Samsung leads investment project to create new semiconductor wastewater solution
SEOUL -- In a bid to create a new solution for semiconductor wastewater, Samsung Electronic's venture capital wing invested in Membrion, a wastewater treatment startup based in Seattle. Through the investment project led by the South Korean company and British venture capital Lam Capital, Membrion attracted $12.5 million. Wastewater generated during the semiconductor manufacturing process contains various harmful heavy metals. It can cause critical damage to body organs such as the
August 11, 2023 -
Hybe acquires boy band Enhypen's agency Belift Lab
SEOUL -- BTS' agency Hybe has acquired Belift Lab, a content media joint venture established by South Korea's entertainment giant CJ ENM and Hybe. The joint venture was launched in 2019 to nurture K-pop prodigies who could shake the global music scene. Belift formed boy band Enhypen through a TV reality show program called "I-LAND." In a bid to discover and foster global idols, Belift launched the audition program I-LAND in 17 cities in South Korea and other coun
August 10, 2023 -
Coupang records surplus for fourth consecutive month
SEOUL -- Coupang, the South Korean counterpart of Amazon, announced its operating profit in the second quarter of 2023 was 194 billion won ($147.4 million). This is the company's highest quarterly profit. Since the third quarter of 2022, the online shopping giant has recorded a surplus for the fourth consecutive quarter. According to Coupang's report, the company recorded 194 billion won in 2Q 2023, up 42 percent from the previous quarter. Coupang reported an operating inco
August 9, 2023 -
S. Korea unveils plan to grow pet market to $11.3 bln by 2027
SEOUL -- South Korea's agriculture ministry has revealed its plan to expand the domestic pet industry to 15 trillion won ($11.3 billion) by 2027 from last year's 8 trillion won through various projects such as the development of public pet insurance programs. The country will also nurture related industries such as pet food and grooming. According to data released by the Ministry of Agriculture, Food and Rural Affairs, about one out of four South Koreans raised a pet as of 2022
August 9, 2023 -
LG Chem partners with Samhwa to manufacture waste plastic-based eco-friendly paint products
SEOUL -- LG Chem, the chemical unit of South Korea's LG Group, has partnered with Samhwa, a major South Korean paint maker, to cooperate in the manufacturing of eco-friendly paint products that use waste plastics as core material. The final product would be used by smartphone companies to finish-coat their mobile devices. When plastic wastes are recycled using a pyrolysis technique that incorporates extreme heat and pressure, the waste material is broken down into crude oil which c
August 9, 2023 -
S. Korean battery makers seek to acquire battery recycling firms in bid to prevent technology leak
SEOUL -- Major South Korean battery makers including LG Energy Solution and SK Innovation are busy seeking opportunities to acquire battery recycling companies in a bid to prevent technology leaks and illegal distribution of discarded batteries. According to NSE Research, a global market research firm, the global battery recycling market will grow at an annual average growth rate of about 17 percent to reach $42.4 billion in 2030. High-performance batteries that are mainly used in elec
August 8, 2023
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Old movies make comeback to theaters with nostalgic appeal
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Cyclonic storm makes landfall on eastern Indian coast
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TikTok hosts creator summit in Saudi Arabia
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Chinese premier pushes for initiatives to boost energy supply
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Xi urges 'BRICS Plus' to pursue common security, development and harmony
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UAE pushes for stronger global partnerships at BRICS summit
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Special exhibition celebrates 30th anniversary of Latin American museum on Seoul's outskirts
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Japan's Ishiba rejects claims of covert support for scandal-tainted candidates
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Japanese students recreate historic 1582 Vatican visit
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CJ CheilJedang recallls Bibigo dumplings over plastic contamination