Business
-
Global spending on public cloud service market to grow 21.7% on-year: market data
SEOUL -- The world's governments and private companies will spend more money on public cloud service, market data showed. A public cloud service is a shared-computing service where a third-party company provides cloud computing resources that is accessible by the internet. Client companies can operate their applications and other services to store, process, and analyze data. Many public cloud services are provided through on-demand formats tailored to meet the requirements of e
April 21, 2023 -
S. Korean food delivery market slowly deteriorates after reopening
SEOUL -- South Korea's online food delivery service market, which had shown a whopping average annual growth rate of some 75 percent from 2017 to 2021, is slowly deteriorating due to the "reopening" campaign that lifted many quarantine regulations including the mandate for face masks. According to South Korea's state statistical service, the country's online food delivery service market stood at 2.7 trillion won ($20 billion) in 2017 and it rapidly grew to 25.
April 19, 2023 -
S. Koreans in 30s and 40s form largest consumer group in domestic meal kit market: data
SEOUL -- South Koreans in their 30s and 40s have formed the largest consumer group in the thriving domestic meal kit market, market data released by a major meal kit company showed. Previously, the biggest consumer group was formed by customers in their 20s and 30s. Meal kits, ready-to-cook vacuum-packed food packages containing uncooked ingredients, garnered popularity among young workers and housewives for their convenience. The simple meal packs can be cooked using a microwave o
April 18, 2023 -
S. Korea's SUV maker KG Mobility launches special brand for car tuning and customizing parts
SEOUL -- KG Mobility, formerly known as Ssangyong Motor, will launch a new subsidiary specializing in tuning and customizable parts for vehicles, targeting South Korea's tuning car parts market that is projected to reach 10.5 trillion won ($7.9 billion) by 2030. Ssangyong Motor, which started business in South Korea as a small vehicle workshop founded by the late automotive titan Ha Dong-hwan in 1954, gained a reputation as the maker of sport utility vehicles (SUVs) in the coun
April 18, 2023 -
Hyundai and Kia cars excluded from list of EVs eligible for US tax credits of up to $7,500
SEOUL -- The US Treasury Department has sidelined Hyundai and Kia's electric vehicles from the list of 16 EVs that are eligible for the United States federal tax credit of up to $7,500, which branches out from the Inflation Reduction Act that was signed into law in 2022. The exclusion cast a dark cloud over the South Korean carmakers as their products lost competitiveness in the North American EV market which is growing at an average annual growth rate of about 37 percent to
April 18, 2023 -
Hanwha Aerospace to build rocket assembly facility in southern province
SEOUL -- Hanwha Aerospace, a global defense solution company, will invest 50 billion won ($38.1 million) to build a rocket research and development infrastructure in the southern port city of Suncheon some 300 kilometers (186 miles) south of Seoul, designated as the special zone for space launch vehicle development. The massive infrastructure will house a rocket assembly facility. In a bid to be reborn as a global defense solution company like the Unites States' Lockheed Martin
April 17, 2023 -
S. Korean pharmaceutical companies race to enter pet healthcare market
SEOUL -- South Korean pharmaceutical companies are competing to become the top player in the country's rapidly-growing pet healthcare market. South Korea, where 25 percent of households have at least one pet, is predicted to have a pet-related products and services market sized six trillion won ($4.5 billion) by 2027. The country's pet market that stood at 3.4 trillion won in 2020 saw a rapid expansion during the last few years, mainly due to the COVID-19 pandemic that left
April 17, 2023 -
Online apparel giant Musinsa's annual sales skyrocket by 54 percent on-year
SEOUL -- The annual sales of South Korea's online apparel startup unicorn Musinsa in 2022 has skyrocketed by 54 percent compared to a year ago, backed by aggressive marketing that targeted both online and offline customers in their 20s and 30s. Musinsa made a foray into South Korea's fashion industry in 2003 as a small online fashion community. The startup company opened an online shopping mall in 2009 and garnered popularity among young consumers for affordable and fashion
April 14, 2023 -
LG Chem partners with US' advanced biofuel company to co-develop bioplastic technologies
SEOUL -- In a bid to become the leading company in the rapidly-growing global bio-based plastic material industry, South Korean chemical company LG Chem has partnered with Gevo, an American renewable chemicals and advanced biofuel company. The two companies will cooperate to develop ethanol-to-olefin (ETO) technology which is vital for the commercialization of biomaterial-based propylene. Olefins are a class of chemicals that include ethylene and propylene is the key material of pl
April 13, 2023 -
About 60% of S. Korean firms do not predict China's "reopening" will help boost business performance
SEOUL -- China, which tightly locked up its borders during the COVID-19 pandemic, has started its step-by-step "reopening" process, trying to normalize the country's economy-related sectors including the international trade sector and domestic commerce sectors. However, about 60 percent of South Korean companies feel that China's trade normalization will not be much help in boosting South Korea's exports to China, a survey showed. Since early 2020, China has a
April 13, 2023
-
Veteran actress Kim Soo-mi dies at 75
-
VISUALS: Extreme sports festival kicks off at Gwanghwamun
-
South Korea, U.S. defense chiefs to hold talks in Washington
-
North Korean troops in Russia are Moscow's 'business,' Putin says
-
LG Electronics heat pump to win innovation award at US expo
-
PHOTOS: Korea observes Dokdo Day
-
Hyundai Mobis posts 31.6% jump in Q3 operating profit
-
Old movies make comeback to theaters with nostalgic appeal
-
Cyclonic storm makes landfall on eastern Indian coast
-
TikTok hosts creator summit in Saudi Arabia