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

S. Korea's cathode exports to US soars 178 percent year-on-year in 2023

SEOUL -- South Korea's cathode material exports to the United States significantly increased to $1.83 billion for the first seven months in 2023, up 177.8 percent from the same period a year ago. Through the battery materials produced in South Korea, domestic companies can receive tax benefits from the U.S. government as the two countries signed a Free Trade Agreement. Along with anodes, cathodes are used to help the conduction of electricity through electrolyte materials. Cath

August 7, 2023

S. Korea's catering giant Our Home partners with Viet Nam's private school operator to manage canteens

SEOUL -- South Korea's catering giant Our Home will manage school canteens run by FPT Education, a private school operator affiliated with Viet Nam's major IT service firm FPT Corporation. The food company will provide various South Korean food such as Bibimbap, a traditional Korean rice dish with pre-cooked herbs and meat, and Tteokbokki, finger-sized rice cakes simmered in fiery-red spicy chili sauce. Our Home said in a statement that the catering firm partnered with FPT

August 7, 2023

Convenience store chain GS25 to run about 280 stores in Viet Nam by 2023

SEOUL -- The operator of South Korea's convenience store franchise GS25 aims to increase the number of stores in Viet Nam to around 280 by the end of 2023 from the current 221. Along with Vietnamese food, the convenience store franchise operator is currently selling South Korean snacks including Tteokbokki, finger-sized rice cakes simmered in fiery-red spicy chili sauce. GS Retail, the operator of GS25, made a foray into the Vietnamese convenience store market in 2018. Accordin

August 4, 2023