Business
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S. Korea establishes alliance to accelerate development and distribution of small modular reactors
SEOUL -- South Korea has set up an alliance of administrative organizations and private companies to promote the development and distribution of small modular reactors that are smaller and safer than conventional nuclear reactors. Small modular reactors (SMRs) can address the limitations of light-water reactors using low-enriched uranium that cost a lot to replace nuclear fuel and require a vast emergency evacuation zone, nonproliferation, and waste management. Small reactors desig
July 4, 2023 -
S. Korea records lowest inflation rate in 2% range for first time in 21 months
SEOUL -- South Korea has recorded an inflation rate in the two percent range for the first time in 21 months after inflationary pressures have steadily decreased. According to data released by the state statistical information service on July 4, the consumer price index (CPI) in June 2023 stood at 11.12, up by 2.7 percent compared to the same period last year. This is the first time the inflation rate dropped below three percent since September 2021 (2.4 percent). The inflation r
July 4, 2023 -
Exports of S. Korean instant noodles Ramyeon surpass $400 mln in first half of 2023
SEOUL -- Exports of South Korean instant noodles known as Ramyeon soared 16.4 percent year-on-year to a record high of $446.2 million in the first half of 2023, state data showed. The instant noodles that appeared in many South Korean films including the Oscar-winning film "Parasite" and live streaming content have created a global online phenomenon, with consumers uploading themselves eating hot noodles onto YouTube. According to data provided by state-run trade statistics
July 4, 2023 -
Eastern city selected as regulation-free zone to incubate drone-related businesses
SEOUL -- The eastern city of Wonju has been selected as the drone regulation-free zone for two consecutive years, providing opportunities for the city with a population of some 333,000 people to incubate and nurture drone-related businesses and technology. Drones are now widely used in various sectors including the military, surveillance, building structure inspection, and entertainment. The global market for drones is growing at an average annual growth rate of 42.78 percent to stan
July 3, 2023 -
Hanwha Q Cells tops solar module markets in US: market data
SEOUL -- Hanwha Q Cells, the solar cell-making wing of South Korea's Hanwha Group, has topped the residential and commercial solar module markets in the United States in the first half of 2023. The South Korean company, which is operating a solar module factory in Georgia, will invest more than 3 trillion won ($2.3 billion) to expand its production facility in the U.S. to overcome the Inflation Reduction Act. Under the Inflation Reduction Act (IRA), companies that build solar m
July 3, 2023 -
Top S. Korean battery makers' demands for battery separators to exceed $10.4 bln by 2030: market prediction
SEOUL -- The demand made by the top three S. Korean battery makers -- Samsung SDI, LG Energy Solution, and SK On -- for battery separators will increase by an annual average of 17 percent to exceed $10.4 billion by 2030, a market research firm predicted. Battery separators are special films that prevent a battery's electrodes -- an anode and cathode -- from physically coming in contact with each other and causing combustion. They also allow lithium ions to pass through, making th
July 3, 2023 -
SK Telecom expands partnership with flying taxi firm Joby through $100 mln investment
SEOUL -- South Korea's major mobile carrier SK Telecom has expanded its partnership with Joby Aviation, an American all-electric commercial passenger aircraft company, through an equity investment of $100 million. The two companies will work together to develop technology and infrastructure for urban air mobility services, also known as flying taxi services. Joby Aviation is a United States venture-backed aviation company that specializes in urban air mobility (UAM) vehicles. The
June 30, 2023 -
EU decides to extend deadline for review of Korean Air's merger with Asiana
SEOUL -- Korean Air, South Korea's flag carrier, has requested the European Union's antitrust regulators to extend the deadline for the review of the company's merger with Asiana Airlines, the domestic rival of Korean Air, according to the flag carrier. In late 2020, Korean Air began a step-by-step procedure to take over Asiana which was reeling from snowballing debt and credit crisis caused by the COVID-19 pandemic. The deal triggered concern about the financial struct
June 29, 2023 -
GS Caltex partners with Korean Air to demonstrate bio aviation fuel
SEOUL -- South Korea's major oil refiner GS Caltex has partnered with Korean Air, the country's flag carrier, to create infrastructure for the demonstration and commercialization of bio aviation fuel targeting the global market projected to reach $696.2 billion by 2030. Biofuel is created using plant-based or animal-based oil such as used cooking oil from fast food restaurants or palm oil. The most well-known type of biofuel is biodiesel which can be produced by recycling u
June 29, 2023 -
Samsung to open flagship store in Seoul's heart of consumer trends
SEOUL -- Samsung Electronics has opened its flagship store in Gangnam, Seoul's heart of consumer trends, in a bid to capture more customers. The new store scheduled to open on June 29 is about 500 meters (0.3 miles) away from an Apple Store. Samsung currently operates 360 stores called "Samsung Digital Plaza" across South Korea. Each store plays the role of a showroom for electric devices while some stores also have a customer service center where Samsung customers ca
June 28, 2023
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Veteran actress Kim Soo-mi dies at 75
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VISUALS: Extreme sports festival kicks off at Gwanghwamun
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South Korea, U.S. defense chiefs to hold talks in Washington
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North Korean troops in Russia are Moscow's 'business,' Putin says
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LG Electronics heat pump to win innovation award at US expo
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PHOTOS: Korea observes Dokdo Day
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Hyundai Mobis posts 31.6% jump in Q3 operating profit
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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