Business
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President Yoon promises generous government support to beef up EV production by 500% by 2030
SEOUL -- South Korean President Yoon Seok-yeol has promised that the government will provide "generous" support, including tax benefits and administrative support for research and development of technologies, for South Korean carmakers to beef up the country's annual electric vehicle production capacity by 500 percent in a bid to put South Korea in the list of the world's top three EV manufacturing countries. The president made the promise during an opening ceremo
April 12, 2023 -
Health food company Ildong Foodis takes first step into pet nutritional supplement market
SEOUL -- Targeting South Korea's rapidly-growing pet market, Ildong Foodis, a South Korean health supplement company specializing in baby formula products, made a foray into the pet nutrition supplement market through an animal nutritional supplement brand caked "Foodis Pet." The brand consists of four different products designed to improve animals' intestines, immunity, joints, and eyes. According to data released by the Ministry of Agriculture, Food and Rural Af
April 11, 2023 -
Popularity of camping in S. Korea skyrocket due to COVID-19 pandemic
SEOUL -- Camping has become one of the most popular leisure activities in South Korea with the country's camping service and product market standing at about 6.3 trillion won in 2022, up 8.2 percent from a year ago. The COVID-19 pandemic has brought many changes to South Koreans' lives as the infectious disease grounded many people and encouraged them to stay away from crowded places to avoid infection. While the country's tourism sector was devastated, the camping prod
April 11, 2023 -
Coupang to build logistics center operated by robots porters to improve work environment
SEOUL -- Coupang, the South Korean counterpart of global retail giant Amazon, will invest more than 100 billion won ($757.8 million) to build the company's second fulfillment center, a logistics center for overnight and instant deliveries, in Hwaseong south of Seoul, Aju Business Daily found through during a news coverage process. While many of South Korea's retail sectors including offline stores such as mega-marts and grocery stores received a huge blow due to strict soci
April 11, 2023 -
GI Innovation to adopt new manufacturing process for immunotherapy agent GI-101
SEOUL -- South Korea's bio-venture company GI Innovation will adopt a new production process for the company's immune-oncology candidate substance called "GI-101." GI-101 is a dual fusion protein with the functions of CD80 and IL-2, proteins that play important roles in the immune system. Through a joint clinical trial with global pharmaceutical companies including America's MSD and Britain's AstraZeneca, the first patient treatment was launched in Febru
April 10, 2023 -
Exports of S. Korean instant noodles hits highest-ever to record $208 mln in 1Q 2023
SEOUL -- Exports of South Korean instant noodles has hit the highest-ever record of $208 million in the first quarter of 2023, up 14.3 percent from the same period a year ago. The increased popularity of South Korean instant noodles called "Ramyeon" is accelerated thanks to high global recognition of South Korean cultural content including K-pop, films, and dramas. It has been decades since South Korean instant noodles were exported to overseas countries but were mainly c
April 10, 2023 -
British Embassy in S. Korea introduces wind farm tech trends through webinar
SEOUL --The British Embassy in South Korea has introduced the country's latest trends in wind farm technologies, one of the main future renewable energy sources, through a webinar. Wind farms are basically large fans connected to turbines that generate electricity when the fans are turned by strong winds. Britain is the biggest operator of wind farms with more than 11,000 turbines with a total installed capacity of some 28 gigawatts and supports about 25 percent of electricity
April 7, 2023 -
Samsung Electronics' operating profit in Q1 2023 plunges 96% year-on-year
SEOUL -- Through an earnings report, Samsung Electronics announced its operating profit in the first quarter of 2023 was 60 billion won ($455 million), down 96 percent from the same period a year ago. The conglomerate currently suffering declines in semiconductor prices has experienced operating profit of below one trillion won in 14 years. Samsung's regulatory filing released on April 7 showed that the company's sales reached 63 trillion won, down 19 percent year-on-year.
April 7, 2023 -
Asia's ecommerce giant Qoo10 acquires S. Korean online shopping platform for second time
SEOUL -- Qoo10, jointly founded by online shopping mall GMarket founder Ku Young-bae and eBay, an American ecommerce giant, has acquired Wemakeprice, a South Korean ecommerce unicorn, in a bid to strengthen its influence in the Asian ecommerce market. This is the third time Qoo10 acquiring South Korean ecommerce companies after Tmon and Interpark. Headquartered in Singapore, Qoo10 recorded annual sales of about one trillion won in 2016, thanks to its popularity in Southeast Asian c
April 7, 2023 -
Healthcare provider CGBIO to supply filler products worth $12.6 mln to Argentina and France
SEOUL -- At a global cosmetics conference held in Monaco, CGBIO, a total healthcare provider in South Korea, has sealed an order worth 16.5 billion won ($12.6 million) through its calcium filler which is often used as an anti-aging product. The filler product called "Calcium Hydroxyapatite filler Facetem" would be supplied to Argentina and France for three years. Calcium Hydroxyapatite (CaHA) filler Facetem, effective in improving skin elasticity, is used for various cosm
April 7, 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