Business
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Bio-venture firm GI Innovation hopes to be listed on S. Korean version of NASDAQ
SEOUL -- As a promising unicorn in South Korea's bio-venture sector, GI Innovation aims to be listed on KOSDAQ, the South Korean version of the U.S stock market NASDAQ. At an initial public offering briefing held on March 13, the bio-venture company unveiled its scheme to transfer five additional technologies by 2028. During the briefing session, the company's CEO Rhee Byung-geon proudly introduced GI-SMART, a smart screening system capable of detecting optimal dual fusion
March 14, 2023 -
Nongshim to establish strawberry smart farm infrastructure in Saudi Arabia
SEOUL -- A consortium led by Nongshim, a major food company in South Korea, will build strawberry smart farms in Saudi Arabia. The Middle Eastern country has been relying on imported strawberries due to the lack of agricultural land and water. A smart farm is an automated indoor farm capable of automatically analyzing the temperature, humidity, and amount of sunlight using the internet of things (IoT) technology. Farmers can grow plants without having to worry about weather conditi
March 14, 2023 -
Hyundai signs term sheet to acquire GM car factory in India
SEOUL -- Hyundai Motor is pushing to acquire a foreign car factory in India for the first time since entering the Indian market in 1996. The company aims to increase its annual production to around 900,000 units and surpass the current leader Maruti Suzuki to take the top spot in the world's fourth-largest car market. According to data released by Statista, a global market analyst firm, India's automobile market is rapidly growing at an annual average growth rate of about 3
March 14, 2023 -
KT rolls out metaverse platform capable of actualizing housing structure in virtual reality
SEOUL -- A new metaverse platform capable of creating a virtual clone of an actual house was released by South Korea's major telecom company KT. The virtual platform requires users to register their phone numbers so they can interact with their actual friends through avatars. KT said in a statement on March 13 that the metaverse platform called "GenieVerse" was rolled out. Anyone can create their own avatars using some 1,000 items in GenieVerse, which incorporates ar
March 13, 2023 -
Opposition Democratic Party of Korea to push to expand tax deduction for semiconductor makers
SEOUL -- The opposition Democratic Party of Korea will push to expand the tax deduction for semiconductor companies so that small and medium-sized semiconductor makers can receive up to 40 percent tax discount for their investment in chip production facilities. The plan was revealed to reduce the impact of the United States' CHIPS Act. The CHIPS Act restricts funding recipients from increasing semiconductor manufacturing operations in China and other countries that have been de
March 9, 2023 -
Convenience store chain CU operator opens 300th store in Mongolia
SEOUL -- South Korea's top convenience store franchise CU has opened its 300th store in Mongolia. The store located in Ulaanbaatar provides various Mongolian food such as Khuushuur, a dumpling usually made with beef, mutton, or camel. Along with Mongolian food and snacks, visitors can also enjoy South Korean snacks including Tteokbokki, finger-sized rice cakes simmered in fiery-red spicy chili sauce. BGF Retail said in a statement that the 300th convenience store was open in Mo
March 9, 2023 -
S. Korea's benchmark interest rate likely to reach 4% after Fed hints at continuing rate hikes
SEOUL -- South Korea is likely to increase its base interest rate to up to four percent, after the United States Federal Reserve Chairman Jerome Powell stated during his speech on March 7 that "the ultimate level of interest rates is likely to be higher than previously anticipated," on Capitol Hill. According to South Korean monetary authorities on March 8, Chairman Powell strongly suggested the need for additional tightening when he addressed the Senate Banking, Housin
March 9, 2023 -
Tuna maker Dongwon F&B releases plant-based dumpling and canned tuna
SEOUL -- South Korea's largest canned tuna maker Dongwon F&B rolled out plant-based cholesterol-free canned tuna to meet growing demands of some 2 million vegans in South Korea. South Korea's vegan meat market has been rapidly growing to meet demands of some 2 million vegans. Data released by the Korea Agro-Fisheries & Food Trade Corporation showed that the country's vegan meat market which stood at 22.7 billion won ($17.4 million) in 2020 will reach 29.4 billio
March 7, 2023 -
Samsung SDS introduces one-stop smart logistics platform in Viet Nam targeting global market
SEOUL -- Samsung SDS, the digital solution wing of Samsung conglomerate, showcased the company's one-stop smart logistics solution called "Cello Square" which small and large-sized traders can use to simplify the import and export process. Cello Square was first introduced in the domestic market in 2021 to simplify the head-aching process of exporting and importing goods. The smart solution helps individual business operators and small and medium-sized enterprises (
March 7, 2023 -
SK Chemicals acquires Chinese recycled material maker targeting global eco-friendly material market
SEOUL -- SK Chemicals, the chemical unit of South Korea's SK Group, has acquired a Chinese raw materials company specializing in recycled materials in a bid to expand its presence in the global recycled materials market. The global market for recycled plastics is predicted to grow at an average annual growth rate of 9.3 percent to reach $43.5 billion by 2026, according to global market research firm Markets and Markets. Plastics can be recycled in many forms. They can be cleane
March 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