Korea Eximbank, IDB sign $300 million co-financing deal for Latin America infrastructure projects

SEOUL, July 26 (AJU PRESS) - The Export-Import Bank of Korea (Eximbank) has signed a memorandum of understanding (MOU) with the Inter-American Development Bank (IDB) to provide co-financing for infrastructure projects in Latin America, the bank announced on Friday. Under the agreement, Eximbank will extend up to some 414.5 billion won ($300 million) in co-financing over the next three years through its Economic Development Promotion Facility (EDPF). The bank aims to identify and joi

July 26, 2024

Opinion: 83 bottles of wine per person: how experts are calculating Paris Olympics' carbon footprint

SEOUL, July 26 (AJU PRESS) - The 2024 Paris Olympics aim to be the greenest edition on record, and the first compatible with the Paris climate agreement. Talk of "green games" goes back to April 2021. At the time, the Organizing Committee for the Olympic Games (OCOG) had even aspired to carbon neutrality by removing more greenhouse gases from the atmosphere than those generated by the games. However, the reference to net zero was quietly dropped in subsequent communications.

July 26, 2024

PHOTOS: WeMakePrice processes refunds amid payment delay crisis

SEOUL, July 25 (AJU PRESS) - Over 700 customers received refunds after waiting up to six hours at WeMakePrice's headquarters in Seoul on Thursday, as the e-commerce platform struggles to manage a growing payment crisis. WeMakePrice and Tmon have been delaying settlements with sellers since early July, prompting some businesses to cancel products and withdraw from the sites. Damages are estimated to exceed 100 billion won ($72.23 million). The crisis stems from a liquidity crunch involv

July 25, 2024

E-commerce payment crisis spreads rapidly across multiple sectors

SEOUL, July 25 (AJU PRESS) - The payment delay crisis at South Korean e-commerce platforms Tmon and WeMakePrice is intensifying, impacting the travel, accommodation, electronics, food, gaming, and entertainment industries as of Thursday. Vendors are facing financial strain, while consumers are worried about cancellations and refunds due to prolonged payment delays to sellers, stemming from a liquidity crunch involving their Singapore-based parent company, Qoo10. The two platforms

July 25, 2024

Children in Seoul feel happier after pandemic blues, survey shows

SEOUL, July 25 (AJU PRESS) - Children and teenagers living in Seoul are feeling happier compared to a few years ago during the height of the coronavirus pandemic, according to a recent survey released by the Seoul Metropolitan government on Thursday. The biannual survey of Seoul's 2,520 households with children aged 18 and under showed that their level of happiness was 2.3 points on a 3-point scale, up 22 percent from an average of 1.88 points in 2021. During the pandemic, al

July 25, 2024

PHOTOS: North Korea's trash balloons land at South Korea's National Assembly

SEOUL, July 25 (AJU PRESS) - Debris from trash-filled balloons from North Korea was found Thursday near South Korea's National Assembly building in Seoul. Police cordoned off the site for investigation. On Wednesday, similar garbage balloons landed inside the presidential compound and the National Assembly compound. Pyongyang has been sending balloons carrying wastepaper and other garbage, including human feces, since May, in retaliation against propaganda leaflets sent across the bord

July 25, 2024

PHOTOS: Despicable Me 4 clebrates release with Interactive pop-up at Seoul's DDP

SEOUL, July 24 (AJU PRESS) - "Despicable Me 4," which made history as the first animated franchise to surpass $5 billion at the global box office, is set to be released in Korean theaters on July 24. To celebrate the film's release, a special experiential pop-up exhibition called "Design Vibes: A Despicable Me Summer Vacation," is being held from July 17 to August 3 at Dongdaemun Design Plaza (DDP) in Jung-gu, Seoul. This special pop-up marks the inaugural collaboratio

July 25, 2024

LG Electronics posts record sales, operating profit in second quarter

SEOUL, July 25 (AJU PRESS) - LG Electronics reported record-high sales and operating profit for the second quarter on Thursday, driven by strong performance in its core home appliance and automotive electronics businesses. Consolidated revenue increased 8.5 percent year-on-year to 21.69 trillion won ($16.8 billion), and operating profit soared 61.2 percent to 1.20 trillion won, setting new records for both metrics in a second quarter. Net profit jumped 222.3 percent to hit 629.5 bil

July 25, 2024

Hyundai Steel files anti-dumping petition against Chinese steel plate manufacturers

SEOUL, July 25 (AJU PRESS) - Korea’s Hyundai Steel has filed an anti-dumping petition against Chinese thick steel plate manufacturers, claiming damage from lower-priced Chinese exports, industry sources said Thursday. The Korean steelmaker recently submitted a complaint to the Ministry of Trade, Industry and Energy. The ministry is expected to review the case for about two months before deciding whether to launch a formal investigation. Thick plates, typically 6 millimeters

July 25, 2024

SK hynix posts record revenue driven by AI chips

SEOUL, July 25 (AJU PRESS) – SK hynix said Thursday its revenue soared 124.8 percent year-on-year to a record 16.42 trillion won ($12.7 billion) in the second quarter, driven by strong demand for artificial intelligence and other high-capacity chips. Sales surpassed the previous record of 13.81 trillion won set in the second quarter of 2022. The Korean chipmaker also turned a profit in the April-June period, with an operating profit of 5.47 trillion won and a net profit of 4.1

July 25, 2024