Business
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Kia showcases concept model for compact electric SUV 'EV5' exclusive for Chinese market
SEOUL -- South Korean carmaker Kia has showcased a concept model for the company's new electric compact sport utility vehicle exclusive for the Chinese market during an unveiling event held in Shanghai on March 20. Kia will seek to secure its foothold in the Chinese electric vehicle market which is growing 87 percent year-on-year. China has the world's largest passenger EV market where one in every four cars sold is an EV, according to Counterpoint Research, a global market
March 21, 2023 -
HD Hyundai's holding company to receive $207 mln gas tanker order from Middle East
SEOUL -- Korea Shipbuilding & Offshore Engineering, the holding company of HD Hyundai, has sealed an order worth 270.1 billion won ($207 million) to supply gas tanker ships to a Middle Eastern transportation company. Two large carriers will be delivered by August 2026 to Arab Maritime Petroleum Transport Co. KSOE's spokesperson told Aju Daily on March 20 that the company has grabbed a total of 49 orders worth $6.51 billion in 2023, which includes the agreement with Arab Mar
March 20, 2023 -
S. Korean 'beautytech' company APR receives $6.1 mln investment through pre-IPO
SEOUL -- South Korean beauty product and service company APR Corp. has received an 80-billion-won ($6.1 million) investment through a pre-initial public offering investment process after investors evaluated the company to have a company value of about 700 billion won. APR, founded in 2014, is a "beautytech" company with various brands in the cosmetics sector -- Medicube, Aprilskin, AGE-R, and Forment -- and fashion and entertainment sectors -- Nerdy (APR Fashion) and Phot
March 20, 2023 -
Top S. Korean conglomerate heads visit Tokyo to discuss cooperation with Japanese counterparts
SEOUL -- Samsung Electronics Chairman Jay Y. Lee, SK Group Chairman Choi Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, LG Group Chairman Koo Kwang-mo, and Lotte Group Chairman Shin Dong-bin have joined the ranks of other major South Korean conglomerate leaders on a trip to Tokyo in a bid to engage in discussions with their Japanese counterparts on the cooperation in various sectors including semiconductors, batteries, and electric components. According to industry sources
March 17, 2023 -
SGC Energy to convert Vietnam's coal power plants to biomass-based generating facilities
SEOUL -- SGC Energy, a green energy solution provider in South Korea, will work with a Vietnamese power engineering consulting firm to carry out projects to convert coal power plants into biomass-based generating facilities. The partnership was made in response to Vietnam's state project to phase out coal power generation which accounts for 40 percent of the country's total power supply. Biomass is a renewable organic material based on plants and animals. It is used as fuel
March 16, 2023 -
South Korea to inject $228 bln to create mega-sized semiconductor cluster by 2042
SEOUL -- In a bid to beef up the country's competitiveness in the global semiconductor sector, South Korea will invest 300 trillion won ($228.7 billion) to create the world's largest semiconductor research and development center complex in Yongin City south of Seoul by 2042. The Ministry of Trade, Industry and Energy revealed the "National Advanced Industry Promotion Strategy" at the Emergency Economic and Livelihoods Council, chaired by President Yoon Suk-yeol on
March 16, 2023 -
Sales of fashion items at W Concept's offline stores increase 30 percent year-on-year
SEOUL -- Sales of 65 brands at offline stores run by W Concept, the online fashion platform wing of South Korea's retail giant Shinsegae, increased 30 percent between January 2022 and January 2023, compared to the same period a year ago. The company, which attracted many young female consumers through its online platform, has showcased three offline stores targeting young consumers who like to express themselves with unique apparel items. W Concept said in a statement on March
March 16, 2023 -
American battery startup ONE opens South Korean office
SEOUL -- American battery startup Our Next Energy, backed by Bill Gates and BMW, has set up an office in South Korea. The CEO of the South Korean office is Shazad Butt, the Chief Operating Officer of the battery startup. Aju Daily found through its news covering process that Our Next Energy (ONE) chose to nest inside an information technology industry center in Hwaseong southwest of Seoul. The American startup is busily moving to start a business in South Korea. The company had rec
March 15, 2023 -
KT to work with camping service startups for outdoor autonomous robot delivery business
SEOUL -- South Korea's major telecom company KT will work with camping service startups to provide autonomous delivery robot services at various campsites. Camping has been rising in popularity in South Korea, especially among people in their 30s and 40s. According to data released by South Korea's statistics office, the number of campers skyrocketed to 6.8 million in 2020 from 5.3 million in 2019. The national statistics office predicts that the number of campers surpass
March 15, 2023 -
Hyundai Motor company becomes world's third-largest carmaker: market data
SEOUL -- South Korea's Hyundai auto group has become the world's third-largest carmaker, thanks to the motor group's clean energy vehicles including electric vehicles which became popular in major car markets in North America and Europe, investor relations data released by various car companies showed. Also, increased sales of Hyundai's luxury car brand Genesis played a vital role in boosting the company's global recognition around the world. Hyundai entered the
March 15, 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